π π’π‘π§πππ¬ π¨π£πππ§πβ¨β¨
Markets in April stabilised following Marchβs energy-driven volatility, but sector dispersion increased markedly. A key development was the unprecedented surge in NAND-related equities, driven by improving pricing dynamics and renewed optimism around memory demand. This sharp rally created a significant headwind for the portfolio, particularly due to our short positions in Sandisk (SNDK) and Western Digital (WDC), which moved materially against us during the period.β¨
While broader markets were relatively balanced, this idiosyncratic move in the semiconductor space highlighted the speed at which sentiment can shift in cyclical industries. We continue to assess whether recent strength reflects durable fundamentals or a more transient repricing.β¨
Against this backdrop, we maintained a disciplined approach and carefully managing risk exposure while seeking opportunities to reallocate capital into high-conviction ideas where valuations remain attractive.
Best Regards
Annβ¨β¨
2025 π£πΏπΌπ³πΆππ --> +7.85% π’β¨
2024 π£πΏπΌπ³πΆππ --> +9.10% π’... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
I appreciate your outlook and asset allocation. What do you think about the upcoming listing of SpaceX on the Nasdaq, with the stock exchange bending the rules to accommodate them, and the subsequent very large mandatory purchases by the passive ETF managers of the stock? Are you going to modify anything... Show More
It's likely to have bullish price distortion around IPO in short term, but it also comes with a risk of underperformance after initial spike once flows normalized and insiders sell.
... Show More
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