Luca Mulargiu @LucaMulargiu: "PORTFOLIO MONDAY Here we are again..."

Italy

PORTFOLIO MONDAY Here we are again this week to look at how our portfolio has performed. Let’s start with the general picture. As I wrote a few days ago, the market is currently being driven by only a small number of stocks. The rally is not particularly broad-based, and in recent weeks we’ve seen a lot of enthusiasm return around artificial intelligence and semiconductors. This has led to very strong moves in some names and sectors. However, this doesn’t mean that we should sell everything and stay out of the market. That would simply be the opposite mistake of what many investors do during periods of panic. The logic remains the same: when markets fall, we don’t sell out of fear; we try to buy quality at better prices. When there’s a lot of enthusiasm in the market, we don’t run away from it, but we can simply become a little more cautious. That’s why last week we trimmed some positions linked to sectors that had already risen a lot, in order to rebuild part of the cash we had invested over the past few months and be ready in case new opportunities appear. In detail, we closed around 3.6% of our position in $TSM (Taiwan Semiconductor Manufacturing Co Ltd - ADR) with a capital gain of +420.47%, around 12.8% of $SMSN.L (Samsung Electronics Co Ltd - GDR) with a capital gain of +261.27%, and around 8.7% of $GOOG (Alphabet) with a capital gain of +251.02%. In addition to these transactions, we also trimmed part of our position in $ASML.NV (ASML Holding NV). In this case, the portion sold represented around 25.7% of the total position, while on the part sold I realized a capital gain of +129.46%. As always, for every transaction I make, I create a dedicated post, so anyone who wants to can scroll back through the feed and read the full reasoning behind each decision. The most important point for me is that these sales were not made because I no longer believe in these companies. On the contrary, they remain high-quality businesses, and many of them are still significant positions within the portfolio. The point is different: after several months in which we used cash to buy during more difficult market phases, now that the market has recovered and enthusiasm has returned around certain themes, it made sense to rebuild some cash. Thanks to these sales, our cash position has risen to almost $25,000. This allows us to face any future market declines with more calm and, above all, with the ability to act. Because holding cash doesn’t mean standing still. It means having room to move when the market starts offering interesting prices again. In the meantime, this month the portfolio continued to generate cash flows. We received $26.75 in interest on cash, $55.27 in dividends from $BATS.L (British American Tobacco), $38.52 from $ASML.NV, $23.55 from $RACE (Ferrari NV), and $5.85 from $MA. Between interest and dividends, the total received this month is therefore $149.94. These numbers don’t change anyone’s life on their own, but they are a useful reminder: an equity portfolio doesn’t live only through daily price movements. It also lives through the quality of the companies we own, the cash flows they produce, and the rational decisions we make over time. The total value of the portfolio has also reached around €275,000. I share this not to show off, but because I believe transparency is a central part of the relationship with those who follow me and with those who decide to copy the portfolio. I hope that seeing not only what I do, but also the reasoning behind each transaction, can help those who want to better understand my way of investing. I also hope the transparency I try to maintain with my portfolio, and with the content I share every day, is appreciated. As always, the goal is not to guess what the market will do next week. The goal is to continue allocating capital with discipline, keep a solid portfolio, avoid being dragged around by either panic or euphoria, and stay ready when the market offers us new opportunities. I’m also considering opening a Substack page, where I could write without character limits and perhaps talk more broadly about myself, my journey, investing, and the reasoning behind portfolio decisions. Let me know if you would be interested in reading longer content there as well. As always, for anything you can write to me here or privately. Below you’ll also find my social links: feel free to message me there as well or follow the pages if you like. Have a great day everyone @LucaMulargiu You can also find me here: X / Twitter: https://x.com/mulargiuluca LinkedIn: www.linkedin.com/in/luca-mulargiu-5b298157/

Not investment advice. The author may have financial interests in the mentioned instruments.