AI euphoria continues, while traditional energy and infrastructure stocks keep lagging behind. As a result, the UMBRELLA Strategy is once again almost fully invested and is placing greater emphasis on the potential structural trends of the coming years, which currently appear to be in play.
UMBRELLA Strategy – Portfolio Holdings as of June 1, 2026
| Stocks (12) | Share of portfolio |
|---|---|
| Tesla | 14,5 % |
| IBM | 12,1 % |
| Rheinmetall | 9,8 % |
| Apple | 9,7 % |
| Eli Lilly | 9,6 % |
| Occidental Petroleum | 8,8 % |
| Nordex | 8,7 % |
| ConocoPhillips | 8,7 % |
| Microsoft | 5,5 % |
| Palantir Technologies | 5,3 % |
| Schlumberger | 3,6 % |
| NextEra Energy | 2,8 % |
| Cash | 1,0 % |
Market commentary
Last week once again confirmed the dominant theme of the current stock market year: artificial intelligence.
While many sectors continue to compete for attention, a large share of global capital flows is concentrated in a few dominant companies with strong innovative capacity, robust balance sheets, and clear strategic positioning.
In particular, Microsoft, Palantir, Apple, IBM, and Tesla were in focus. The increasing integration of AI into enterprise software, data analytics, cloud infrastructure, and industrial processes continues to provide significant tailwinds. Technology is no longer merely an economic topic; it is increasingly becoming a geopolitical power factor.
Tesla remains the largest position
Tesla remained the largest single position within the UMBRELLA Strategy. In addition to e-mobility, the focus is particularly on energy storage, robotics, autonomous systems, and artificial intelligence.
The company thus combines several of the most important structural growth drivers at the same time and remains a central building block of the strategy.
IBM as a potential AI beneficiary
IBM also appears to be increasingly developing into an interesting beneficiary of the AI cycle. While many market participants focus exclusively on the well-known AI giants, IBM is becoming more and more successful at combining its strong position in the enterprise environment with new AI solutions.
Healthcare and defense as additional strategic pillars
With Eli Lilly, the strategy remains positioned in the area of healthcare innovation.
Developments around obesity, diabetes, and preventive medicine are likely to remain among the most important growth drivers in the healthcare sector in the years ahead.
Rheinmetall continued to benefit from long-term trends related to European defense capabilities and rising NATO spending. Geopolitical reality suggests that defense spending in many countries is likely to remain structurally higher than expected just a few years ago.
Energy remains out of favor – fundamentals remain strong
Despite ongoing geopolitical tensions and a still tight global energy market, traditional energy companies remain largely outside investors’ focus.
Occidental Petroleum, ConocoPhillips, and SLB (Schlumberger) are developing solidly operationally, but so far are benefiting only to a limited extent from the underlying market conditions.
This is causing the valuation gap between technology and energy companies to widen further.
Nordex and NextEra Energy remain under pressure
Renewable energy remains under pressure. The main reason continues to be the elevated interest-rate level, which is weighing on financing costs.
Both Nordex and NextEra Energy are suffering from rising financing costs and potentially more restrained investment activity in the infrastructure sector. In the long term, however, both companies remain important building blocks of the global energy transition.
Positioning of the UMBRELLA Strategy
Last week, the UMBRELLA Strategy was once again almost fully invested, with an equity allocation of around 99%.
The focus continued to shift toward artificial intelligence, technology, healthcare, and defense. Energy infrastructure and long-term structural growth themes also remain part of the portfolio, but were weighted less heavily.
Conclusion
Market leadership remains concentrated in a small group of AI-driven technology companies. While energy companies offer attractive valuations and solid fundamentals, investors currently prefer companies with direct exposure to artificial intelligence, healthcare innovation, and defense.
As long as these capital flows persist, these themes are likely to remain at the center of investor interest.
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