Andrea Marcon @AndreaMarcon16: "📊 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 / 𝗠𝗼𝗻𝘁𝗵𝗹𝘆..."

Switzerland

📊 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 / 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗨𝗽𝗱𝗮𝘁𝗲 Dear Copiers & Followers, 📈 February proved to be a 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗶𝗻𝗴 𝗺𝗼𝗻𝘁𝗵 𝗳𝗼𝗿 𝗴𝗹𝗼𝗯𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁𝘀, with the $SPX500 recording a -1.87% following growing tariff & trade war concerns. The portfolio was also affected by the negative market sentiment, dropping 1.22%, bringing our YTD performance down to +𝟬.𝟳𝟰% 𝗮𝘀 𝗼𝗳 𝗠𝗮𝗿𝗰𝗵 𝟭𝘀𝘁. 𝗠𝗮𝗷𝗼𝗿 𝗺𝗮𝗿𝗸𝗲𝘁 𝗺𝗼𝘃𝗲𝗿𝘀 for us in January included: ◾ $TPR (Tapestry, Inc) with a +𝟭𝟱.𝟳𝟲% 𝗴𝗮𝗶𝗻 ◾ $TROX (Tronox Holdings PLC) with a -𝟮𝟰.𝟮𝟵% 𝗱𝗿𝗼𝗽, likely as a direct result of US tariff concerns. As regards specific 𝙘𝙝𝙖𝙣𝙜𝙚𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤, we: ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟰 of our investment in $MGY (Magnolia Oil & Gas Corp) (+𝟲.𝟴𝟲% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ Took 𝗽𝗿𝗼𝗳𝗶𝘁 on 𝟭/𝟯 of our investment in $TTE (TotalEnergies SE) (+ 𝟮.𝟯𝟭% 𝗽𝗿𝗼𝗳𝗶𝘁) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $INSW (International Seaways Inc) (currently -0.40%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $EQNR (Equinor ASA-ADR) (currently -2.90%) ◾ 𝗢𝗽𝗲𝗻𝗲𝗱 a 𝗻𝗲𝘄 𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻 in $LEN (Lennar Corp) (currently -3.30%) 🔍 𝗪𝗵𝗮𝘁 𝘁𝗼 𝗲𝘅𝗽𝗲𝗰𝘁 𝗶𝗻 𝗠𝗮𝗿𝗰𝗵... ◾ 𝗖𝗼𝗻𝗰𝗲𝗿𝗻𝘀 𝗼𝘃𝗲𝗿 𝗨𝗦 𝘁𝗮𝗿𝗶𝗳𝗳𝘀, 𝗮𝗻𝗱 𝗮 𝗹𝗼𝗼𝗺𝗶𝗻𝗴 𝘁𝗿𝗮𝗱𝗲 𝘄𝗮𝗿, have seen the markets go 𝗿𝗲𝗱 in February, and again in the first week of March, with US tariff's against China, Canada and Mexico going into force. Whether the negative market sentiment persists long-term will largely depend on the real economic impact of the tariffs themselves, together with investor sentiment on the resilience of the US economy and prospects for a more-amicable resolution. 𝗡𝗼𝗻𝗲𝘁𝗵𝗲𝗹𝗲𝘀𝘀, 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝗲 𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱 as the situation continues to play out. ◾ 𝗖𝗣𝗜 𝗻𝗲𝘄𝘀 will undoubtedly continue to influence the market. Tariff's in particular could lead to new inflationary pressures, hampering hopes for further rate cuts. ◾ 𝗗𝗶𝘃𝗶𝗱𝗲𝗻𝗱𝘀 are expected from a number of our holdings, including: $CTRA, $GGB (Gerdau SA-ADR), and 𝗻𝗼𝘁𝗮𝗯𝗹𝘆 $PBR., among others. This is all for now, happy trading everyone, Andrea

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