Portfolio and Trades Update #7

Still playing catchup...

It has been c.2 years since the portfolio went live. The portfolio is up c.15% over that time frame which has underperformed most benchmarks. 2025 has been especially hard to navigate no thanks to Trump and his tariff tantrums.

Elevated valuations are always vulnerable to bad news and in April, we saw markets collapsing when Trump announced his punitive tariffs on the world. But then, when the going got tough, he chickened out, changed his mind, reduce tariffs and markets rallied back up. S&P500 is now at all-time high.

But who knows what’s gonna happen next. Two weeks ago, Trump threatened tariffs of 15-40% starting August. Markets are not reacting, because most participants are believe it’s a bluff. Although we never know, Trump could do it for real, or some other bad events happen, then we might see a sudden drop off again!

As such, the portfolio went through a roller coaster ride but with much lower volatility and we took the opportunity to take some profits and lock in more gains. Today, we are reviewing the results until Jun 2025 and the most recent trades.