Damien Albin Douarre @Lyssky: "𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐑𝐞𝐯𝐢𝐞𝐰 – 𝐐𝟏..."

France

𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐑𝐞𝐯𝐢𝐞𝐰 – 𝐐𝟏 𝟐𝟎𝟐𝟔 Dear followers and copiers, It is time for our first full quarterly performance review, and I must admit I am happy with what we have achieved, especially given the very complex environment we’ve been navigating. The early exit of some of the hottest positions last year when euphoria dominated gave us the necessary cash which acted as a cushion during the initial phase of the correction we are currently seeing. As repricing hit some sectors harder than others, I am using that liquidity to reenter with caution into some high-conviction assets, while keeping some dry-powder for when panic will hit investors as it will signal the bottoming area and the start of global sales. Let’s review the key highlights of the quarter. 1️⃣ Portfolio Performance The portfolio delivered a resilient performance of -0.57%, outperforming the S&P500 by more than 4% over the quarter. The resilience came primarily from exposure to energy and income-generating assets, which benefited from rising commodity prices. The low exposure to the tech sector provided protection against the global decline, but may reduce the benefits from potential rebounds. This is a choice I made and with which I’m totally fine. 2️⃣ Income Profile Current dividend yield: 2.84% Dividend income remains one if the portfolio’s core focus, particularly as capital gains become less reliable and volatility picks up. It’s backed by resilient payers such as energy producers, diversified REITs, and companies with revenues that hold up in economic slowdowns. 3️⃣ Market Environment Markets have flipped from optimism to skepticism. The AI rally that drove late 2024–2025 is fading, with high-growth tech pulling back. The problem isn’t just valuation—it’s timing. AI capex is huge, but monetization is lagging. At the same time, “higher for longer” rates are weighing on an economy facing price-driven inflation, especially from energy. Crypto has entered a bear phase that could persist, though institutional adoption continues to strengthen, particularly for Bitcoin and Ethereum. 4️⃣ My Investment Convictions Entering Q2, my convictions remain centered around a few plays. I stand clear of the tech sector where winners are hard to identify with enough certainty for now. I keep my focus on cash-generating businesses that rely on human nature and core needs: ➡️ Energy – Structural Tailwind As long as the Iranian conflict persists, energy prices stay supported by supply constraints. Even in a softer scenario, elevated prices should linger. A reversal is possible, but disruptions won’t vanish overnight. I’m not adding to positions, but may rotate from oil into greener, electrified solutions, as local energy production gains importance and solar and SMRs are among the best answers. ➡️ Real Estate (REITs) – Income Still Attractive Listed real estate continues to offer compelling income relative to bonds even after the recent rally in short term yields, particularly in segments with stable occupancy and pricing power. The strategy remains focused on quality REITs with strong balance sheets. ➡️ Mortgage REITs – Caution Required Higher rates and leverage make for a fragile setup. Yields are attractive, but balance sheet stress is a real risk, so I’m watching closely for any deterioration. Given the underlying exposure is mostly residential, spillover from private credit stress should remain limited, with only mild impact expected. ➡️ Luxury – Mispriced Weakness The sector has been heavily sold despite limited structural deterioration. Pricing power, brand equity, and global demand remain intact. Current valuations suggest an overly pessimistic scenario and are more a reflection of the global situation than a real shift in fundamentals. I remain very optimistic on the resilience of the sector, and particularly the big names, because decades of brand recognition is a great natural MOAT that only few can achieve to the extend of $RMP.PA or $MC.PA. Thank you again for your trust and interest. Let’s grow wisely, patiently, and together. 🌱 𝗖𝗼𝗽𝘆-𝘁𝗿𝗮𝗱𝗶𝗻𝗴 𝗽𝗿𝗲𝗳𝗲𝗿𝗿𝗲𝗱 𝗽𝗮𝗿𝗮𝗺𝗲𝘁𝗲𝗿𝘀: ➡️ Minimum copy amount: 500$ ➡️ Ensure that “Copy Open Positions” is selected. ➡️ Add funds regularly either when I do, or more frequently if you want — consistency is key. ➡️ Be prepared for a minimum two-year investment horizon Cheers 🥂 D.A.D $SPX500 $NSDQ100 $FRA40 $GOLD $BTC 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘊𝘰𝘱𝘺𝘛𝘳𝘢𝘥𝘪𝘯𝘨 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘴 𝘯𝘰𝘵 𝘪𝘯𝘥𝘪𝘤𝘢𝘵𝘪𝘷𝘦 𝘰𝘧 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴. 𝘠𝘰𝘶𝘳 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘪𝘴 𝘢𝘵 𝘳𝘪𝘴𝘬, 𝘢𝘯𝘥 𝘭𝘰𝘴𝘴𝘦𝘴 𝘤𝘢𝘯 𝘰𝘤𝘤𝘶𝘳.

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