The past week was characterized by further portfolio adjustments and a continued shift toward technology within the UMBRELLA Strategy. Positions in Intel and Micron Technology were increased, while Rheinmetall and TKMS were sold completely due to ongoing technical weakness.
At the same time, Bayer was increased, while Johnson & Johnson, Eli Lilly, and MercadoLibre were partially reduced.
Following these adjustments, the UMBRELLA Strategy comprises 10 positions, with an equity allocation of approximately 99.1% and a cash position of approximately 0.9%
Portfolio Changes Overview
| Increased | Reduced | Sold |
|---|---|---|
| Micron Technology | Johnson & Johnson | Rheinmetall |
| Intel | Eli Lilly | TKMS |
| Bayer | MercadoLibre |
Healthcare Sector Remains Largest Portfolio Focus
The healthcare sector continues to be by far the largest area within the UMBRELLA strategy, accounting for approximately 58% of the equity allocation according to the current sector distribution.
Revolution Medicines remains the largest individual position at around 17.7%, followed by Bayer at 14.3%, Eli Lilly at 13.2%, and Johnson & Johnson at 12.1%.
There were also several fundamental developments in the healthcare segment during the week.
Eli Lilly with Two FDA Approvals
Eli Lilly received two FDA approvals. On September 24, the FDA approved Onswik, Lilly’s once-weekly basal insulin for adults with type 2 diabetes. The following day, approval of Olumiant was expanded to patients aged twelve and older with severe alopecia areata.
Eli Lilly also broke ground on a new manufacturing facility in Houston last week. The site will produce active pharmaceutical ingredients for, among others, the oral GLP-1 medication Foundayo and is part of the company’s broader expansion of U.S. manufacturing capacity.
Despite these positive developments, the position in Eli Lilly was partially reduced on September 22 following positive performance.
Johnson & Johnson Reduced Following Positive Performance
The position in Johnson & Johnson was also partially reduced during the week.
Fundamentally, the company reported several positive clinical developments.
On September 21, Johnson & Johnson announced positive Phase 3 results for CAPLYTA in bipolar I disorder. The study met its primary endpoint; the company reported a statistically significant reduction in manic symptoms compared to placebo.
Additional data presented during the week supported the company’s multiple myeloma pipeline. New analyses from the Phase 3 MajesTEC-3 study showed sustained disease control with a combination of TECVAYLI and DARZALEX FASPRO. Long-term data from CARTITUDE-2, published on September 25, provided additional insights into CARVYKTI.
Despite the partial reduction, Johnson & Johnson remains an important position in the healthcare sector with a portfolio weighting of approximately 12.1%.
Micron and Intel Strengthen Semiconductor Weighting
The technology allocation was further increased over the course of the week, particularly through additional positions in Micron Technology and Intel.
Together, Micron Technology and Intel now account for around 14% of the portfolio, significantly increasing the strategy’s direct weighting in the semiconductor segment.
The two companies represent different parts of the semiconductor value chain: Intel combines chip design with in-house manufacturing, while Micron Technology focuses primarily on memory technologies.
Micron results in focus
Micron Technology will be one of the most important positions to watch in the coming week.
The company is expected to report its fourth fiscal quarter results on September 30.
The figures should provide an important update on demand for memory products, particularly in connection with AI infrastructure and high-bandwidth memory.
Following the recent increase in the position, the quarterly report from Micron Technology is one of the most important upcoming company-specific events for the UMBRELLA Strategy.
Bayer position increased
The position in Bayer was increased. After the adjustment, Bayer accounts for around 14.3% of the portfolio.
Together with Revolution Medicines, Eli Lilly, and Johnson & Johnson, the company continues to contribute to the healthcare sector remaining the dominant sector allocation within the strategy.
Rheinmetall and TKMS Completely Sold
A significant change during the week was the complete exit from Rheinmetall and TKMS.
Both positions were already under particularly close observation the previous week due to their proximity to the defined stop-loss levels.
With these sales, the remaining direct weighting of European defense companies was removed from the strategy, highlighting the continued application of the risk management framework.
Part of the capital released by these adjustments was reallocated into Intel and Micron Technology, further strengthening the portfolio’s technology and semiconductor weighting.
MercadoLibre Further Reduced
The position in MercadoLibre was reduced again following continued technical weakness.
The company thus remains in the portfolio, albeit with a significantly lower weighting than at the beginning of September.
SpaceX, Palantir, and Alphabet Remain Key Technology Positions
Outside of the semiconductor segment, SpaceX, Palantir Technologies, and Alphabet continue to provide weighting for several structural technology themes.
Alphabet, which was added to the UMBRELLA Strategy on September 18, remains weighted at approximately 4.0%.
Together with Intel and Micron Technology, these positions have significantly increased the role of advanced technologies within the UMBRELLA Strategy over the past two weeks.
Current Positioning of the UMBRELLA Strategy
| Position | Weighting | Performance Since Inclusion |
|---|---|---|
| Revolution Medicines | 17.6% | +26.8% |
| Bayer | 14.4% | +13.9% |
| Eli Lilly | 13.2% | +8.9% |
| Johnson & Johnson | 12.2% | +12.3% |
| SpaceX | 12.1% | +7.4% |
| Palantir Technologies | 9.3% | +11.9% |
| Micron Technology | 7.5% | +3.4% |
| Intel | 6.4% | +4.6% |
| Alphabet A (Google) | 4.0% | −1.6% |
| MercadoLibre | 2.4% | −10.9% |
Portfolio Rotation Strengthens Technology Weighting
The sector allocation makes the change particularly clear.
The healthcare sector remains the clear portfolio focus with approximately 58%, while the technology share has risen to around 24%. The remaining weighting is distributed among Industrials, Communication Services, and Consumer Discretionary.
Equity allocation: 99.1%
Cash: 0.9%
Source: wikifolio.com, UMBRELLA, as of September 28, 2026.
The week’s transactions also show a broader portfolio rotation: the weighting of European defense companies was completely eliminated, while semiconductor stocks were increased. At the same time, Johnson & Johnson and Eli Lilly were partially reduced following positive performance, without materially changing the healthcare sector’s role as the largest portfolio allocation.
This development is also consistent with the recent MUMAK SpotLight, which highlighted the shift toward technology following the increases in Intel and Micron Technology as well as the exits from Rheinmetall and TKMS.
Outlook: Micron Comes into Focus
The UMBRELLA Strategy starts the new week with 10 positions, an equity allocation of approximately 99.1%, and a cash portion of about 0.9%.
Following the exits from Rheinmetall and TKMS, the portfolio is now more focused on healthcare, semiconductors, artificial intelligence, and advanced technologies, while risk management and defined technical signals continue to determine future adjustments.
Upcoming Events
| Date | Company | Event |
|---|---|---|
| September 30, 2026 | Micron Technology | Q4/Fiscal Year 2026 Earnings |
