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Markets began January with constructive but more discerning sentiment, as investors weighed improving growth expectations against pockets of stretched valuation. A notable theme during the month was renewed optimism around a potential memory βsupercycleβ, driven by AI-related demand and signs of inventory normalisation across the semiconductor supply chain. This supported strength in select hardware and memory-exposed names, though broader participation remained selective.β¨
Entering into February, our top position $PYPL (PayPal Holdings) detracted from performance following its earnings release, as softer near-term guidance and competitive concerns weighed on sentiment despite ongoing margin discipline and progress on cost controls. We continue to view the longer-term risk-reward as attractive, but near-term execution will remain closely monitored.β¨
Defensive exposures and hedges again provided ballast during periods of market recalibration. The portfolio enters February balanced, with upside optionality and prudent risk management amid evolving macro and sector dynamics.
Best Regards
Ann... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
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