Miska Repo @mick_repo: "2026 Performance YTD @mick_repo: 2.43% MSCI World..."

Italy

2026 Performance YTD @mick_repo: 2.43% MSCI World Index: 2.04% S&P 500: 0.60% While geopolitical uncertainty persists, it is likely that investors will only begin to fully assess the long-term implications once we see some degree of stability in the Middle East. Given the duration of the conflict and its global impact, the risk of stagflation continues to rise, and in my view, ongoing geopolitical tensions are likely to have longer-lasting effects across different economies, companies, and sectors Turning to our portfolio, we are approaching the Q1 earnings season, which should provide more clarity on how management teams have been preparing for potential disruptions on both the supply and demand sides. Over the past few weeks, we have exited some higher-risk positions (e.g. PayPal) at a profit, while also trimming a few of our larger holdings. This was done in order to allow us to reallocate capital into some new positions, primarily $RKT.L (Reckitt Benckiser) and $UL, both of which I believe offer attractive value at current levels, while also reducing the overall portfolio volatility at the same time. Regarding Unilever, the company announced a major strategic move on March 31st, outlining the combination of Unilever Foods with McCormick. This positions Unilever as a more focused home and personal care company going forward, once the transaction is completed. I view this as a positive step for both companies, with the potential to create meaningful value for Unilever shareholders over the medium to long term. In addition, $GSK (GlaxoSmithKline plc ADR) continues to deliver encouraging updates on its R&D pipeline, which supports confidence in the company’s strategic execution. Since initiating our position, we are now up approximately 58%, and GSK is currently our second-largest holding. That’s all for now. I’m looking forward to analysing the Q1 earnings reports as they begin to come through. Cheers, Mick $SPX500

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