Markets are currently making every effort to regain confidence in stability. While technology and AI stocks continued to dominate headlines in recent weeks, the macroeconomic environment remained fragile.
Defensive Stability Despite Volatile Energy Markets
Oil markets remained volatile as geopolitical tensions in the Middle East continue to influence global supply expectations. Markets are increasingly pricing in normalization—yet structurally, the energy market remains far more strained than many currently acknowledge.
Several of our energy positions came under considerable pressure in recent weeks. We therefore fully closed our positions in Cheniere and Equinor, deliberately accepting realized losses rather than clinging to a short-term altered market thesis. Capital preservation is more important than emotional attachment to an investment.
Strategic Realignment with Tesla and Apple
At the same time, we established new positions in Tesla and Apple.
This is not a random shift in the “Big Tech hype”, but rather a strategic adjustment to structural changes. Tesla is increasingly positioning itself as one of the winners of a new industrial and geopolitical environment. Rising tariffs on European vehicles, fragmented supply chains, and the global trend toward electrification further strengthen the company’s competitive position. At the same time, higher energy costs and rising fuel prices are likely to further support long-term demand for electric mobility.
Apple remains one of the few companies globally with sufficient pricing power and ecosystem strength to manage inflationary and geopolitical pressure without structural demand weakness.
The portfolio has thereby become slightly more growth-oriented and technology-focused.
Energy nevertheless remains a central component of the strategy. We continue to hold positions in Halliburton, Chevron, Occidental Petroleum, Exxon Mobil, ConocoPhillips, SLB, Nordex , and Uranium Energy, as we continue to believe that long-term structural supply risks in the global energy market remain underestimated.
The UMBRELLA Strategy remained positioned defensively and continues to maintain an elevated cash allocation of approximately 22%. For us, liquidity does not mean inactivity, but strategic optionality.
