The past week was characterized by increased volatility and active risk management within the UMBRELLA strategy. Thales and PayPal were completely sold following confirmed stop-loss signals, while Micron Technology was newly added to the portfolio.
At the same time, Eli Lilly and Rheinmetall approached their defined stop-loss ranges particularly closely and were accordingly under close observation.
Following the adjustments, the UMBRELLA strategy comprises 10 positions, with an equity ratio of around 96.1% and a cash ratio of approximately 3.9%.
Healthcare remains the largest portfolio focus
Revolution Medicines remained the largest position at around 17.8%, followed by Johnson & Johnson at 14.0%. Eli Lilly and Bayer are each at around 13.3%.
Eli Lilly was among the particularly closely watched positions during the week. The stock temporarily fell below the defined stop-loss range, but no further portfolio adjustment was made.
Bayer meanwhile ended the reporting period with a performance of around +13.0% since purchase, while Johnson & Johnson was at approximately +9.4% and Revolution Medicines at around +23.6%.
Micron Technology new in the UMBRELLA strategy
One of the most important portfolio changes of the week was the addition of Micron Technology on September 8.
The position was initially built with a weighting of around 2.5% after signs of a possible technical bottoming out appeared following a phase of high volatility and several significant price gaps.
Fundamentally, Micron also expands the strategy with additional exposure to the areas of AI infrastructure and high-performance memory, particularly against the backdrop of structural growth in High-Bandwidth Memory.
After the addition, however, the stock remained very volatile. Micron currently accounts for around 2.7% of the portfolio and is at approximately −10.2% since purchase.
Thales: Stop-loss leads to complete exit
The remaining Thales position of around 3% was completely sold on September 8.
The stock had not been able to sustainably reclaim the 235–236 EUR range and continued to trade below the defined stop-loss level of 235 EUR.
Thales was subsequently moved to the UMBRELLA Watchlist.
The decision does not fundamentally change our longer-term assessment of the European defense sector.
Rheinmetall and TKMS: Exposure to the defense sector remains selective
Following the exit from Thales, Rheinmetall and TKMS are the two remaining European defense positions.
Rheinmetall moved particularly close to the defined stop-loss range during the week. The stock temporarily traded below 1,000 EUR before recovering back toward the 1,010 EUR mark. As the technical signal remained less clear, no further adjustment was made.
Rheinmetall currently accounts for around 3.1% of the strategy, while TKMS is at about 2.5%.
PayPal: Position completely sold
PayPal was completely sold on September 10 after the stock fell below the defined stop-loss level of 45.50 EUR.
PayPal was subsequently moved to the UMBRELLA Watchlist. Technical and fundamental developments will continue to be monitored there.
SpaceX, Palantir and MercadoLibre remain important growth positions
Outside of the healthcare sector, the portfolio continues to combine several structural growth themes.
SpaceX remains one of the largest positions at around 12.2% and is currently at approximately +4.5% since purchase.
MercadoLibre accounts for around 8.8% and continues to represent the strategy’s exposure to Latin American e-commerce and digital financial services.
Palantir Technologies has a weighting of around 8.6%. This stock was also monitored more closely during the week as the distance to the defined stop-loss range narrowed. However, a portfolio adjustment was not necessary. Performance since purchase is currently around −0.4%.
Current Positioning of the UMBRELLA Strategy
| Position | Weighting | Performance since purchase |
|---|---|---|
| Revolution Medicines | 18.0% | +24.4% |
| Johnson & Johnson | 14,0 % | +9,5 % |
| Eli Lilly | 13.3% | +3.1% |
| Bayer | 13.0% | +10.9% |
| SpaceX | 12,3 % | +5.8% |
| MercadoLibre | 8.8% | −2.9% |
| Palantir Technologies | 8.5% | −2.1% |
| Rheinmetall | 3,1 % | −18.3% |
| Micron Technology | 2,7 % | −9.1% |
| TKMS | 2,5 % | −14.7% |
Source: wikifolio.com, UMBRELLA (WFUMBRELLA), as of September 14, 2026.
MUMAK SpotLight: Stop-loss signals change the UMBRELLA strategy
This week’s MUMAK SpotLight focused on the role of systematic risk management within the UMBRELLA strategy.
The exits from Thales and PayPal, the new addition of Micron Technology, and the close observation of Eli Lilly and Rheinmetall show how technical signals are currently influencing the portfolio’s positioning.
The fundamental strategic focus has not changed significantly. Healthcare remains the largest allocation, supplemented by selected exposures in AI, advanced technology, digital commerce, and European defense.
Outlook: Inflation, interest rates and volatility remain in focus
The overall market environment also played an important role during the week.
Inflation data, interest rate expectations, oil prices and the ECB’s monetary policy decision contributed to the increased volatility. Growth and technology stocks continued to react particularly sensitively to changes in interest rate expectations.
Against this backdrop, the UMBRELLA strategy starts the new week with 10 positions and a cash ratio of around 3.9%.
The focus remains on the interplay between fundamental developments and technical signals. Eli Lilly and Rheinmetall remain particularly relevant from a risk management perspective, while the other positions are currently moving largely within their defined technical parameters.
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