The technology rotation within the UMBRELLA Strategy continued this week and gained further momentum.
Following the expansion of semiconductor positions in the previous week, Intel and Micron Technology were increased once again. At the same time, positions in Palantir Technologies and SpaceX were raised. This strengthens the strategy’s focus on artificial intelligence, semiconductor infrastructure, and advanced technologies.
On the other hand, positions in Eli Lilly, Johnson & Johnson, and Bayer were reduced. MercadoLibre, which had already been gradually reduced in recent weeks, left the UMBRELLA Strategy completely on September 28.
As a result, the portfolio currently comprises nine positions and remains almost fully invested. The equity ratio stands at 99.9%, with the cash portion at around 0.1%.
Micron Technology: Record results strengthen semiconductor focus
Micron Technology was among the most important company-specific developments this week.
On September 30, Micron reported record results for the fourth quarter of fiscal year 2026. Following the results, the position was further increased. It currently accounts for around 12.1% of the UMBRELLA Strategy.
Intel: Position further increased
The position in Intel was significantly expanded.
Following its initial inclusion in September and subsequent increases, Intel now accounts for around 11.9% of the strategy.
Palantir Technologies: AI weighting expanded
Also Palantir Technologies was further increased during the week. The position thus reaches around 13.3% of the portfolio. Since inclusion, Palantir currently shows a performance of around +11.8%.
At the same time, political and procurement-related risks remain relevant. In the United Kingdom, the discussion about reducing dependence on foreign technology providers has intensified, including possible alternatives to Palantir in the area of public infrastructure.
SpaceX: Position increased amid continued operational momentum
The position in SpaceX was increased on October 1 and currently accounts for around 13.4% of the UMBRELLA Strategy.
Operational activity also remained high this week.
SpaceX successfully launched the NASA mission Crew-13 to the International Space Station (ISS) on October 1. The Dragon spacecraft reached the ISS after approximately eight hours, completing the fastest manned US flight to the space station to date.
Eli Lilly and Johnson & Johnson: Healthcare weighting reduced
Positions in Eli Lilly and Johnson & Johnson were reduced during the week.
The adjustments reduce the previous concentration in the healthcare sector and create room for a stronger weighting of technology and AI-related positions.
Both companies remain part of the UMBRELLA Strategy and continue to contribute to a more defensive element of the current portfolio structure.
Bayer: Position actively adjusted
There were several adjustments to Bayer during the week.
The position was initially increased again on September 28 at prices of around 50.84 to 50.98 EUR. However, following subsequent price weakness, part of the position was reduced again. The current weighting is around 9.0%.
The Bayer share recorded several weaker trading days toward the end of the week and declined further on October 2. The reduced weighting lowers portfolio concentration while maintaining positioning for a possible longer-term recovery.
MercadoLibre: Exit from the UMBRELLA Strategy
MercadoLibre left the UMBRELLA Strategy completely.
The position had already been reduced several times in September after the technical chart picture weakened. The remaining holding was closed completely. In the final transactions, the performance stood at around −10%.
The underlying company continues to expand its e-commerce and fintech ecosystem in Latin America. Recent initiatives include faster delivery services in Brazil and further expansion of pharmacy distribution.
Revolution Medicines: Largest position remains unchanged
Revolution Medicines remains the largest position within the UMBRELLA Strategy with a weighting of around 18.1%.
Since inclusion, the position currently shows a performance of around +29.4%.
The fundamental focus remains on the recent regulatory progress around RASONQUE™ (Daraxonrasib), including FDA approval for metastatic pancreatic cancer.
Current positioning of the UMBRELLA Strategy
| Position | Weighting | Performance since inclusion |
|---|---|---|
| Revolution Medicines | 18.4% | +31.3% |
| SpaceX | 13.4% | +13.8% |
| Palantir Technologies | 13.2% | +10.2% |
| Micron Technology | 12.0% | +3.2% |
| Intel | 11.8% | +4.3% |
| Johnson & Johnson | 9.1% | +7.3% |
| Bayer | 9,0 % | −1.1% |
| Eli Lilly | 9.0% | +6.3% |
| Alphabet | +6.3% | −0.7% |
Equity ratio: 99.9%
Cash: 0.1%
Source: wikifolio.com, UMBRELLA, as of October 2, 2026.
Conclusion
The past week marked another important step in the repositioning of the UMBRELLA Strategy.
The shift is particularly evident in the semiconductor sector: Intel and Micron Technology together now account for around 24% of the portfolio. Along with Palantir Technologies, SpaceX, and Alphabet, technology and AI-related companies have thus achieved a significantly larger share within the UMBRELLA Strategy.
The record quarterly figures from Micron Technology provided important fundamental confirmation for the AI infrastructure theme this week.
Revolution Medicines remains the largest position at 18.1% and continues to show the strongest performance among current positions at around +29.4%.
With nine positions, an equity ratio of 99.9%, and only 0.1% cash, the UMBRELLA Strategy remains almost fully invested and is increasingly focusing on AI, semiconductors, advanced technologies, and selected healthcare positions.
