michael eraklis kashioulis @MikesTrades: "📆 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 As we..."

United Kingdom

📆 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗨𝗽𝗱𝗮𝘁𝗲 As we wrapped up October, I wanted to share a quick performance recap and highlight a few key drivers that shaped the month. For October, the portfolio returned -0.84% a small pull back after several back to back strong months, bringing the year-to-date performance as of end of October to +27.76%. Overall, I’m pleased with how the strategy continues to deliver against our long-term goals, supported by a diversified mix of regions and sectors. I continue to keep the aim on long-term growth without the need to continuously change positions. 𝙒𝙝𝙖𝙩 𝙈𝙖𝙙𝙚 𝙏𝙝𝙞𝙣𝙜𝙨 In the US, the Fed cut rates by 25 points, signalling concerns about a softening labour market as inflation remains above target. This move further eased borrowing costs and gave a nice boost to equities. The Fed stated “in considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks” indicating that there continues to be various elements at play here and many risks, especially around quick policy changes coming from the White House which we have seen time and time again this year. It does however show me the Fed continues to take an accommodative stance and I believe they have played this year very well (especially with added pressure on them by some). The trade-tensions continue and I don't expect these to stop any time soon, but their impact continues to drive fast volatility in the markets. In October, we saw the US and China butting heads once again with threats of 100% tariffs creating some sharp drops. Let’s see what tariff threats we see in November. AI also continued to be a main driver (as it will for the rest of the year I’m sure) with many tech firms beating exceptions in their results including positive outcomes from the likes of $META (Meta Platforms Inc) and $AMD (Advanced Micro Devices Inc) , though costs continue to increase as big spending continues and competition intensifies. On my side of the pond, UK construction activity took a hit in October, with output falling at its fastest pace in over five years as project delays and weak sentiment dragged the sector lower. Though the $UK100 did get an uplift from the oil sector after US sanctions on Russian oil firms which was a good boost for the UK whilst there is a lot of background noise on the economy. Two things that drove things in the UK which I’ll follow up with a specific post on in the following days was the anxiety around the budget due later this month an interest rates. In China, despite the manufacturing drag, China remains on track to hit its circa 5% growth target for  2025 but things could change and we’ll wait and see what this last quarter brings for the region. I’m interested to see where the regions AI drive will end up as it continues to drive local reliance on things such as chips and growing its own AI powerhouse but there are definitely some headwinds which we see each month. $CHINA50 Heading into these last two months of the year, I’ll be watching to see how things play out across our key markets and sectors, macro level trend changes and of course, how the topic of AI continues to evolve. We see a lot of news and talk about a bubble in the industry so let’s see how that plays out for people on both sides of the topic. Thanks for your trust, Michael

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

4 Mentioned

META

Meta Platforms Inc

AMD

Advanced Micro Devices Inc

UK100

UK100 Index (Non Expiry)

CHINA50

ChinaA50 Index (Non Expiry)

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