Fabio De Oliveira Vianna @fabiovianna89: "📊 Portfolio Update – February..."

Portugal

📊 Portfolio Update – February 2026 Dear Copiers, February was a challenging month for our portfolio. Several core positions — Pandora.CO, Novo Nordisk (NVO), Duolingo (DUOL), and Cocoa Futures — experienced meaningful drawdowns, effectively resetting part of our early 2026 gains. While short-term performance was disappointing, our strategic position has actually improved. We now have stronger flexibility, better entry prices, and increased upside potential. --- 💰 Current Position: Stronger and More Flexible - 14% cash reserve, providing immediate capacity to capitalize on opportunities - Higher equity exposure than at the same time last year - Improved cost basis, including successfully reducing and re-entering NVO at lower levels - Proven resilience, with a similar drawdown in 2025 followed by significant recovery and gains Volatility is a normal part of long-term compounding. What matters most is positioning — and today, we are well positioned. --- 📈 Position Outlook and Investment Thesis $PNDORA.CO (Pandora A/S) — Long-Term Brand Strength at Attractive Valuation Recent weakness reflects broader luxury sector sentiment rather than company-specific deterioration. Pandora continues to execute well, expanding into new product categories and strengthening its direct-to-consumer model. Current valuation levels present compelling long-term upside relative to its fundamentals. Novo Nordisk ($NVO) — Structural Growth Remains Intact The recent pullback reflects profit-taking after an exceptional multi-year run and temporary supply concerns. However, demand for GLP-1 treatments remains structurally strong, and Novo Nordisk continues expanding production capacity and pipeline opportunities. Our repositioning improved our risk-reward profile. Duolingo ($DUOL) — Category Leader with Durable Competitive Advantage Short-term concerns around AI competition overlook Duolingo’s core strength: engagement and user retention. AI is more likely to enhance its product than disrupt it. With strong subscription metrics and global expansion opportunities, the long-term growth thesis remains compelling. $COCOA.FUT — Structural Supply Constraints Still Present Recent volatility reflects normal commodity cycles following a strong rally. However, structural supply challenges in key producing regions and steady global demand continue to support the long-term outlook. --- 🎯 Strategy Going Forward Our approach remains disciplined and opportunity-focused: - Maintain cash reserves to deploy during periods of weakness - Systematically improve position cost basis when opportunities arise - Focus on high-conviction assets with strong long-term fundamentals - Prioritize risk management and diversification We are not reacting emotionally to volatility — we are positioning strategically to benefit from it. --- 💪 Final Perspective Drawdowns are never comfortable, but they are often where the best future returns are created. Today, we have: - Strong companies - Improved entry prices - Available capital - And a clear, disciplined strategy This combination creates the foundation for long-term outperformance. Stay disciplined. Stay focused. Disclaimer: This is not financial advice. Investing involves risk, and past performance does not guarantee future results.

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

2 Mentioned

PNDORA.CO

Pandora A/S

COCOA.FUT

Cocoa (Expiring Future)

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