Celestino Brunetti @celesh: "June 2026 Portfolio Update: Energy,..."

Italy

June 2026 Portfolio Update: Energy, Gold, USD and Hedges Dear copiers, investors and followers, Here is a short update on the latest changes I have made to the portfolio in the current macroeconomic and geopolitical environment. I continue to manage it as an integrated system across equities, commodities, currencies and hedges, staying invested while keeping risk under active control. Disclaimer: The information in this post is provided for informational and educational purposes only and does not constitute financial advice, investment recommendations, or a solicitation to invest. Any investment decision remains the sole responsibility of each individual investor. Energy: profits taken, thesis intact Over recent weeks, I closed two higher-beta producers that had performed strongly, $CVE (Cenovus Energy Inc) (Cenovus) and $MUR (Murphy Oil Corp) (Murphy), locking in gains. My medium-term view on oil remains constructive as long as tensions in the Middle East stay elevated. However, I preferred to exit single-stock names with limited dividend support that had become largely redundant relative to my direct oil exposure. I continue to hold integrated majors, $ENI.MI (Eni Energy Company) (Eni), $BP.L (BP) (BP), $SHEL.L (Shell PLC) (Shell) and $TTE.PA (TotalEnergies SE) (TotalEnergies), whose 3.5 to 5% dividend profile and diversification make them more balanced holdings. I have also increased my direct oil position via $OIL. Alongside this, I have started building a position in $CCJ (Cameco Corp) (Cameco), gaining exposure to the nuclear fuel cycle, a long-term structural theme I intend to develop gradually. Currencies I remain long the US dollar, both for its positive carry and as a potential safe-haven exposure should the conflict escalate. I used the recent strength in the dollar to streamline the book, reducing $EURUSD and trimming $USDCHF. Gold I have started building a gold position through $GLDM (SPDR Gold MiniShares Trust), $IAU (iShares Gold Trust), $8PSG.DE (Invesco Physical Gold ETC) and $GLD (SPDR Gold), taking advantage of the recent pullback and looking ahead to a potential return to quantitative easing. To be clear, I do not view gold as a safe-haven asset in the current environment. For me, this is a forward-looking, strategic position. Equity hedges My index short positions ($SPX500, $NSDQ100, $GER40, $UK100 and $CHINA50) have worked well in containing the swings of the last few days, materially reducing the portfolio drawdown. I have taken partial profits on some of them and am keeping the rest in place in case volatility persists. In summary Each position has a precise function. My objective remains unchanged: to pursue growth while keeping risk and drawdown under active management. Ad maiora

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

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