Nabil Sifo @NabilSifo: "𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐄𝐧𝐝-𝐨𝐟-𝐌𝐨𝐧𝐭𝐡 𝐑𝐞𝐯𝐢𝐞𝐰 𝐚𝐧𝐝..."

Germany

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𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐔𝐩𝐝𝐚𝐭𝐞: 𝐄𝐧𝐝-𝐨𝐟-𝐌𝐨𝐧𝐭𝐡 𝐑𝐞𝐯𝐢𝐞𝐰 𝐚𝐧𝐝 𝐊𝐞𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 Dear copiers and followers, October is now officially over with a performance that did not live up to the reputation of the month. Our portfolio ended 2% in red. In total, the portfolio pulled back around 5% from the previous all-time high, which we hit on the 10th of October. This movement was mainly due to higher volatility in our largest positions, especially $META (Meta Platforms Inc) and $ONON (On Holding AG) . 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐌𝐨𝐧𝐭𝐡𝐥𝐲 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 • Number of closed trades: 14 • Profitability rate on closed trades: 100% • Realised gain: 1.1% • Overall portfolio gain: -2.05% 𝐏𝐨𝐫𝐭𝐟𝐨𝐥𝐢𝐨 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐋𝐚𝐬𝐭 𝐖𝐞𝐞𝐤 Reduced positions: • Booking Holdings • Visa • Microsoft • $NBIS (Nebius Group NV) Added positions: • $NFLX (Netflix, Inc.) • $META 𝐖𝐡𝐚𝐭 𝐃𝐫𝐨𝐯𝐞 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐋𝐚𝐬𝐭 𝐖𝐞𝐞𝐤 𝐨𝐟 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 There were three main drivers of volatility last month. 𝟏. 𝐓𝐡𝐞 𝐓𝐫𝐮𝐦𝐩–𝐗𝐢 𝐌𝐞𝐞𝐭𝐢𝐧𝐠 :The first was the Trump and Xi meeting in Busan, South Korea. It passed without any complication or escalation in the trade war “I could not wish for more”. The outcome was a trade truce: the U.S. agreed to cut some tariffs on Chinese goods, while China Committed to resume soybean purchases, keep rare earth exports flowing, and tighten controls on fentanyl-related chemicals. Trump described the meeting as “12 out of 10.” The market welcomed this outcome. 𝟐. 𝐓𝐡𝐞 𝐅𝐎𝐌𝐂 𝐌𝐞𝐞𝐭𝐢𝐧𝐠: The second driver was the FOMC meeting. The Fed cut rates by 0.25% to 3.75–4.00 but the market reacted negatively. The move was already priced in, and attention quickly shifted to Powell’s remarks on December. While investors had positioned for a dovish signal, Powell said another rate cut in December was “not a foregone conclusion,” This introduced uncertainty, and volatility followed. In my view, this is not worrisome volatility, rather it is a healthy adjustment that sets investor expectations to a more realistic scenario for December. 𝟑. 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐒𝐞𝐚𝐬𝐨𝐧: The third and most important driver for our portfolio was earnings season. • $META Investors are worried about the expansion of capital expenditure announced by Mark Zuckerberg. Meta is still doubling down on AI and plans to continue. Some fear this spending could face the same fate as the metaverse, which did not break even. I see this as short term pain that Meta must take on to remain a leader in social media and advertising. Revenue growth was strong, but EPS was hit hard by a $15.9B one time U.S. tax charge, which dragged net income down. I bought more stocks on this dip. • $NFLX Earnings were heavily influenced by a $619M one off tax charge in Brazil. Netflix stock has long traded at a premium, but this dip gave me a chance to add at a more reasonable price. I had sold some shares before the earnings call, not to time the market, but because I needed funds elsewhere. I have now reinvested in Netflix and will let this position run. • $ONON This stock also weighed on our portfolio. Leadership changes and analyst downgrades created uncertainty. ON Holding trades at a high premium, so volatility is amplified. I remain bullish and expect no major rebound before the earnings release on the 11th of November. Until then, I am holding the stock. Best regards Nabil Sifo $SPX500 I am a professional risk modeler and an Associate Member of the Chartered Institute for Securities & Investment (CISI), London. All posts reflect my personal opinions only and do not constitute, nor should they be interpreted as, financial advice or a recommendation to buy or sell any securities. Risk Warnings: Copy Trading does not amount to investment advice | Your capital is at risk | Past performance is not indicative of future results.

5 Mentioned

META

ONON

NBIS

NFLX

SPX500

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