Miska Repo @mick_repo: "2025 Performance YTD @mick_repo: +44.84% MSCI World..."

Italy

Edited

2025 Performance YTD @mick_repo: +44.84% MSCI World Index: +19.10% S&P 500: +14.16% No major news on our portfolio companies since the last update. The last open trades of Prudential were closed since the last update, and some of it was already allocated back to the markets. In addition, we currently have some cash on the sidelines waiting to be allocated back into the market when good enough opportunities represent themselves. On the news front, the biggest news related to our portfolio was the announcement of the new CEO for $GSK.L (GlaxoSmithKline) , which was seen as a positive by the markets. I think GSK still has some good upside potential with limited downside risk, as long as they keep improving their pipeline and no major issues will come up in the US by the current administration / government. We are currently up by an average +24% with the GSK position. $PEP (PepsiCo) will be reporting their Q3 earnings on Thursday this week, which will be an interesting read. I look forward to seeing what progress they have made since their latest update. Regarding the central banks, the US Fed will have their next policy meeting towards the end of the month, and the markets are largely expecting a 0.25% percent cut to the interest rate. Also ECB and BoE will have their policy meetings between the end of the month and early November, both of which are expected to maintain the current interest rate levels steady. Meanwhile the US Government continues its shutdown, and it will be interesting to see for how long. It is not the first time this happens, and probably not the last. Finally, we will have a few dividend payments coming in again over the next few weeks. As always, we will keep compounding, and the incoming dividends will be reinvested back into the markets. Enjoy the crispy autumn weather and don’t forget to spend time outdoors. It’s always good for the mind and body. Cheers, Mick $SPX500 $UK100 $NSDQ100

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GSK.L

GlaxoSmithKline

PEP

PepsiCo

SPX500

UK100

NSDQ100

mick_repo

Miska Repo

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