Peter Ahl @Wealthbystrategy: "🌎 𝙅𝙪𝙣𝙚 𝟮𝟬𝟮𝟲 - 𝙈𝙤𝙣𝙩𝙝𝙡𝙮..."

Sweden

🌎 𝙅𝙪𝙣𝙚 𝟮𝟬𝟮𝟲 - 𝙈𝙤𝙣𝙩𝙝𝙡𝙮 𝙣𝙚𝙬𝙨𝙡𝙚𝙩𝙩𝙚𝙧 💲 𝙒𝙚𝙖𝙡𝙩𝙝𝙗𝙮𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝙔𝙏𝘿 𝟭𝟯,𝟮% (𝙅𝙪𝙣𝙚 𝟬,𝟮%) SP500 ( $SPX500 ) YTD 9,6% (June -1,1%) Risk June: 4/10 ________________________ 💹 𝙈𝙖𝙧𝙠𝙚𝙩 𝙍𝙚𝙘𝙖𝙥 June was a volatile but constructive month for risk assets, with market sentiment shifting several times between inflation worries, interest-rate sensitivity, Middle East tensions and renewed strength in AI-related shares. Technology and semiconductor stocks remained at the center of the market’s attention. After a very strong run, parts of the sector saw sharp profit-taking as investors started to question valuations, margins and the future cost of the AI buildout. At the same time, the broader AI investment cycle remained intact, supported by continued demand for infrastructure, computing power and memory. Oil prices and inflation were also major market drivers. Middle East tensions pushed energy prices higher at times, creating concern that inflation could stay sticky and force central banks to remain cautious. Later in the month, easing geopolitical stress and lower oil prices helped improve risk appetite. The final trading days of June ended on a stronger note, led by a rebound in technology and semiconductor shares. 𝙊𝙫𝙚𝙧𝙖𝙡𝙡, 𝙅𝙪𝙣𝙚 𝙨𝙝𝙤𝙬𝙚𝙙 𝙩𝙝𝙖𝙩 𝙩𝙝𝙚 𝙢𝙖𝙧𝙠𝙚𝙩 𝙨𝙩𝙞𝙡𝙡 𝙬𝙖𝙣𝙩𝙨 𝙩𝙤 𝙢𝙤𝙫𝙚 𝙝𝙞𝙜𝙝𝙚𝙧, 𝙗𝙪𝙩 𝙡𝙚𝙖𝙙𝙚𝙧𝙨𝙝𝙞𝙥 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙘𝙤𝙣𝙘𝙚𝙣𝙩𝙧𝙖𝙩𝙚𝙙 𝙖𝙣𝙙 𝙚𝙭𝙥𝙚𝙘𝙩𝙖𝙩𝙞𝙤𝙣𝙨 𝙖𝙧𝙚 𝙝𝙞𝙜𝙝. 𝙏𝙝𝙖𝙩 𝙢𝙖𝙠𝙚𝙨 𝙨𝙩𝙤𝙘𝙠 𝙨𝙚𝙡𝙚𝙘𝙩𝙞𝙤𝙣, 𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣 𝙙𝙞𝙨𝙘𝙞𝙥𝙡𝙞𝙣𝙚 𝙖𝙣𝙙 𝙧𝙞𝙨𝙠 𝙘𝙤𝙣𝙩𝙧𝙤𝙡 𝙚𝙨𝙥𝙚𝙘𝙞𝙖𝙡𝙡𝙮 𝙧𝙚𝙡𝙚𝙫𝙖𝙣𝙩. 💼 𝙋𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤 𝘼𝙘𝙩𝙞𝙫𝙞𝙩𝙮 𝙄𝙣 𝙩𝙝𝙚 𝙥𝙤𝙧𝙩𝙛𝙤𝙡𝙞𝙤, 𝙄 𝙘𝙤𝙣𝙩𝙞𝙣𝙪𝙚𝙙 𝙩𝙤 𝙛𝙤𝙘𝙪𝙨 𝙤𝙣 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙬𝙝𝙚𝙧𝙚 𝙛𝙪𝙣𝙙𝙖𝙢𝙚𝙣𝙩𝙖𝙡𝙨, 𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣 𝙖𝙣𝙙 𝙢𝙤𝙢𝙚𝙣𝙩𝙪𝙢 𝙨𝙪𝙥𝙥𝙤𝙧𝙩 𝙚𝙖𝙘𝙝 𝙤𝙩𝙝𝙚𝙧. I added further to $NVDA (NVIDIA Corporation) , which became our second-largest holding, as I still view Nvidia as attractively valued relative to its growth profile and central role in the AI infrastructure buildout. I also added to $DAVE (Dave Inc.) , $LLY (Eli Lilly & Co) and $EXEL (Exelixis Inc) . These holdings continue to show strong fundamentals, earnings growth and, in my view, attractive valuations relative to that growth. At the same time, I reduced exposure to $GLD (SPDR Gold) and $GDX (VanEck Vectors Gold Miners ETF) after a strong period for gold, and sold $META (Meta Platforms Inc) , $BABA (Alibaba-ADR) and $MCHI (iShares MSCI China ETF) as their technical and fundamental setup became less attractive. $MU (Micron Technology, Inc.) report was one of the most relevant portfolio events of the month. It supported the view that memory has become a bottleneck in the AI value chain, which is positive for memory suppliers but also a reminder that AI is raising costs elsewhere. Looking into July, I will closely follow the Q2 earnings season, inflation data and the next Federal Reserve meeting. 𝙈𝙮 𝙛𝙤𝙘𝙪𝙨 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙪𝙣𝙘𝙝𝙖𝙣𝙜𝙚𝙙: 𝙥𝙖𝙩𝙞𝙚𝙣𝙩 𝙤𝙬𝙣𝙚𝙧𝙨𝙝𝙞𝙥 𝙤𝙛 𝙦𝙪𝙖𝙡𝙞𝙩𝙮 𝙜𝙧𝙤𝙬𝙩𝙝 𝙘𝙤𝙢𝙥𝙖𝙣𝙞𝙚𝙨 𝙖𝙩 𝙧𝙚𝙖𝙨𝙤𝙣𝙖𝙗𝙡𝙚 𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣𝙨, 𝙬𝙞𝙩𝙝 𝙖𝙘𝙩𝙞𝙫𝙚 𝙧𝙞𝙨𝙠 𝙘𝙤𝙣𝙩𝙧𝙤𝙡 𝙬𝙝𝙚𝙣 𝙢𝙖𝙧𝙠𝙚𝙩 𝙘𝙤𝙣𝙙𝙞𝙩𝙞𝙤𝙣𝙨 𝙗𝙚𝙘𝙤𝙢𝙚 𝙢𝙤𝙧𝙚 𝙨𝙚𝙡𝙚𝙘𝙩𝙞𝙫𝙚. ________________________________________________ 📈 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙮 𝙃𝙞𝙨𝙩𝙤𝙧𝙮 𝘾𝙪𝙢𝙪𝙡𝙖𝙩𝙞𝙫𝙚 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 & 𝙍𝙞𝙨𝙠 𝙨𝙞𝙣𝙘𝙚 𝙞𝙣𝙘𝙚𝙥𝙩𝙞𝙤𝙣 (𝟯𝟭 𝘿𝙚𝙘𝙚𝙢𝙗𝙚𝙧 𝟮𝟬𝟮𝟯) Number of months: 30 Annualised return (CAGR): 27,7% Volatility: 14,9% Sharpe: 1,61 ______________________________________________ 𝘾𝙖𝙡𝙚𝙣𝙙𝙖𝙧 𝙔𝙚𝙖𝙧 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 2025 𝙒𝙚𝙖𝙡𝙩𝙝𝙗𝙮𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝟭𝟰,𝟱% / (SP500 SPX 16,4%) 2024 𝙒𝙚𝙖𝙡𝙩𝙝𝙗𝙮𝙨𝙩𝙧𝙖𝙩𝙚𝙜𝙮 𝟰𝟮,𝟭% / (SP500 SPX 23,3%) Past performance is not indicative of future results. ________________________________ 💪 Portfolio winners 1 month (Holdings throughout the month) DAVE +32 % MU +19 % LLY +9 % 👎 Portfolio losers 1 month (Holdings throughout the month) PLTR -25 % APP -16 % DECK -13 % 💲 Other assets, performance (Holdings throughout the month); GLD (SPDR Gold) (Gold) –11,7 %. ___________________________ 🆕 New holdings added during the month; None ⚠️ Exits during the month; META BABA GDX (ETF) MCHI (ETF) ______________________________ #️⃣ Number of holdings by month end: 21 (12 stocks, 9 ETFs) Cash position by month end: 20,1% _______________________________ Thanks for copying and your continued trust! 🙂

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