{"id":9691,"date":"2026-09-25T17:56:45","date_gmt":"2026-09-25T15:56:45","guid":{"rendered":"https:\/\/mumak.me\/?p=9691"},"modified":"2026-09-25T18:57:16","modified_gmt":"2026-09-25T16:57:16","slug":"mumak-spotlight-of-the-week-portfolio-rotation-strengthens-technology-weighting","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/portfolio-updates\/mumak-spotlight\/mumak-spotlight-of-the-week-portfolio-rotation-strengthens-technology-weighting\/","title":{"rendered":"MUMAK SpotLight of the week: Portfolio rotation strengthens technology weighting"},"content":{"rendered":"\t\t
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The UMBRELLA Strategy<\/strong> was realigned this week through several portfolio adjustments. Rheinmetall<\/strong><\/a> and TKMS<\/strong><\/a> left the portfolio, while the semiconductor positions Intel<\/strong><\/a> and Micron Technology<\/strong><\/a> were expanded.<\/p>

Intel and Micron: Semiconductor weighting expanded<\/h2>

Intel<\/strong><\/a> and Micron Technology<\/strong><\/a> were among the most important focuses in the portfolio this week.<\/p>

The position in Intel<\/strong><\/a> was increased on September 21 following the company’s recent strong price performance. Demand for processors for AI applications remains high, while Intel continues to expand its positioning in advanced semiconductor manufacturing and advanced packaging.<\/p>

Subsequently, Intel was named the RED HOT CHILI\u2122 MUMAK of the week<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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RED HOT CHILI\u2122 MUMAK of the week<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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At the same time, the position in Micron Technology<\/strong><\/a> was increased and added to again on September 22. Through its involvement in DRAM, NAND, and High-Bandwidth Memory, the company remains positioned directly at the center of the current AI memory cycle.<\/p>

The next important impulse is already imminent: Micron will publish its results for the fourth fiscal quarter on September 30, 2026.<\/strong><\/p>

MUMAK Assessment<\/h3>

The higher weighting of Intel<\/strong><\/a> and Micron Technology<\/strong><\/a> strengthens the technology component of the UMBRELLA Strategy and increases participation in the expansion of AI infrastructure.<\/p>

Rheinmetall and TKMS: Defense positions sold<\/h2>

The UMBRELLA Strategy<\/strong> completely sold its positions in Rheinmetall<\/strong><\/a> and TKMS<\/strong><\/a> at the beginning of the week.<\/p>

The sales significantly changed the portfolio\u2019s sector structure. With Rheinmetall and TKMS no longer included, there is currently no direct positioning in European defense stocks.<\/p>

MUMAK Assessment<\/h3>

The sales reflect the UMBRELLA Strategy\u2019s risk management approach. Part of the capital freed up was rotated into semiconductor companies, further strengthening the portfolio\u2019s technology focus.<\/p>

Bayer: Position increased<\/h2>

Bayer<\/strong><\/a> moved back into sharper focus this week.<\/p>

After recent weakness linked to ongoing uncertainty surrounding the Roundup litigation<\/strong>, the stock was able to recover over the course of the week.<\/p>

Following the transactions and recent price performance, Bayer currently accounts for around 14.1% of the UMBRELLA Strategy<\/strong>, making it the second-largest position in the portfolio.<\/p>

MUMAK Assessment<\/h3>

The increase in Bayer raises the weighting of a company where fundamental recovery potential continues to be accompanied by significant legal uncertainties.<\/p>

Revolution Medicines: Largest position continues positive development<\/h2>

Revolution Medicines<\/strong><\/a> remains the largest position within the UMBRELLA Strategy, currently at around 18.0%<\/strong>.<\/p>

Since its inclusion, the position now shows a performance of approximately +29.4%<\/strong>, supported by recent regulatory progress surrounding RASONQUE\u2122 (Daraxonrasib)<\/strong>.<\/p>

This week, Revolution Medicines published no significant new company announcement. The market is therefore continuing to process the latest FDA developments, including the Breakthrough Therapy Designation<\/strong> for RASONQUE in combination with chemotherapy for first-line treatment of metastatic pancreatic cancer, announced in early September.<\/p>

MUMAK Assessment<\/h3>

The recent price performance reflects the continued positive market sentiment following the regulatory progress surrounding RASONQUE.<\/p>

What remains decisive now are the further clinical and commercial developments as well as the company’s ability to translate its RAS-focused pipeline into sustainable commercial growth.<\/p>

Johnson & Johnson: Position reduced despite positive clinical news<\/h2>

The position in Johnson & Johnson<\/strong><\/a> was partially reduced following the positive performance since its addition.<\/p>

At the same time, the company reported several positive clinical developments this week.<\/p>

On September 21, Johnson & Johnson published positive Phase 3 results for CAPLYTA\u00ae in bipolar mania<\/strong>. On September 23, a new model-based analysis followed, supporting the potential of TECVAYLI\u00ae plus DARZALEX FASPRO\u00ae<\/strong> in relapsed or refractory multiple myeloma.<\/p>

MUMAK Assessment<\/h3>

The partial reduction realized a portion of the previous price gains, while at the same time maintaining a significant position in Johnson & Johnson in the portfolio.<\/p>

Eli Lilly: Position partially reduced<\/h2>

The position in Eli Lilly<\/strong><\/a> was also partially reduced.<\/p>

Lilly’s outlook continues to be shaped primarily by the expansion of its business in metabolic disease therapies as well as by the expansion of production capacity to support rising demand.<\/p>

MUMAK Assessment<\/h3>

The partial reduction decreases concentration while a significant position in one of the portfolio’s central healthcare companies continues to exist.<\/p>

Palantir: Strong performance, volatility remains<\/h2>

Palantir Technologies<\/strong><\/a> currently represents approximately 9.5% of the UMBRELLA Strategy<\/strong> and shows a performance of approximately +13.7%<\/strong> since its addition.<\/p>

Company-specific news this week was mixed. Five British police forces decided against continuing a two-year pilot project with Palantir’s Foundry platform<\/strong>, citing funding constraints and insufficiently defined benefits.<\/p>

The development does not materially change Palantir’s overarching growth story, but does highlight the procurement and implementation risks in large public-sector projects.<\/p>

MUMAK Assessment<\/h3>

Palantir continues to combine strong positioning in AI demand from enterprises and government institutions with a demanding valuation.<\/p>

The position therefore remains particularly sensitive to changes in AI market sentiment, new contract announcements, and expectations for future growth.<\/p>

MercadoLibre: Position further reduced<\/h2>

The position in MercadoLibre<\/strong><\/a> was reduced again.<\/p>

Following the adjustment, MercadoLibre now represents only around 2.5% of the portfolio<\/strong> and is thus the smallest position within the current UMBRELLA Strategy.<\/p>

MUMAK Assessment<\/h3>

The company continues to offer structural participation in the growth of e-commerce and digital financial services in Latin America. However, recent price performance and the technical picture remain under observation.<\/p>

Current positioning of the UMBRELLA Strategy<\/h2>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Position <\/th>Weighting<\/th>Performance since purchase<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
Revolution Medicines <\/b><\/td> 18%<\/b><\/td> +29.3%<\/b><\/td><\/tr>
Bayer <\/b><\/td> 14.0%<\/b><\/td> +11.7%<\/b><\/td><\/tr>
Eli Lilly <\/b><\/td> 12.8%<\/b><\/td> +6.4%<\/b><\/td><\/tr>
Johnson & Johnson <\/b><\/td> 12.1%<\/b><\/td> +11.0%<\/b><\/td><\/tr>
SpaceX <\/b><\/td> 12.0%<\/b><\/td> +7.2%<\/b><\/td><\/tr>
Palantir Technologies <\/b><\/td> 9.5%<\/b><\/td> +13,7 %<\/b><\/td><\/tr>
Micron Technology<\/b><\/td> 7,6 %<\/b><\/td> +5,0 %<\/b><\/td><\/tr>
Intel <\/b><\/td> 6.7%<\/b><\/td> +10,0 %<\/b><\/td><\/tr>
Alphabet<\/b><\/td> 4.0%<\/b><\/td>\u22121.2% <\/b><\/td><\/tr>
MercadoLibre <\/b><\/td> 2.5%<\/b><\/td>\u22128.9% <\/b><\/td>\t\t\t\t<\/tr>\n\t\t\t<\/tbody>\n\t\t<\/table>\n\t\t\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Equity ratio:<\/strong> 99.1%
Cash:<\/strong> 0.9%<\/p>

Source: wikifolio.com, UMBRELLA, as of September 25, 2026.<\/em><\/p>

RED HOT CHILI\u2122 MUMAK<\/h2>

This week, Intel was honored with the RED HOT CHILI\u2122 MUMAK<\/strong>.<\/p>

The combination of high demand for AI infrastructure, improved sentiment in the semiconductor sector, and positive technical momentum brought several levels of the MUMAK\u00ae methodology<\/strong> into alignment.<\/p>

Intel’s strong price performance during the week further confirmed the assessment. At the same time, the rapid upward movement increases the importance of continuous monitoring of valuation and technical indicators.<\/p>

Key Statement<\/h2>

The week brought a significant shift in the positioning of the UMBRELLA Strategy.<\/strong><\/p>

The sales of Rheinmetall<\/strong><\/a> and TKMS<\/strong><\/a>, as well as the increases in Intel<\/strong><\/a> and Micron Technology<\/strong><\/a>, shifted the portfolio more strongly toward technology, semiconductors, and AI infrastructure<\/strong>. At the same time, increasing Bayer<\/strong><\/a> strengthened an existing healthcare position.<\/p>

Revolution Medicines<\/a> remains the largest position at 18.0% and currently shows the strongest performance among portfolio holdings, at +29.4% since inclusion.<\/strong><\/p>

With 10 positions<\/strong>, an equity allocation of 99.1%<\/strong>, and a cash share of approximately 0.9%<\/strong>, the UMBRELLA Strategy remains almost fully invested. The next important company-specific date is Micron Technology<\/a>‘s quarterly results on September 30<\/strong>. Furthermore, the ongoing AI momentum at Intel<\/strong><\/a>, the Roundup litigation at Bayer<\/strong><\/a>, and the further development of RASONQUE at Revolution Medicines<\/a><\/strong> remain in focus.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

More Intel and Micron, exit from Rheinmetall and TKMS: The UMBRELLA Strategy is clearly shifting its focus toward technology.<\/p>\n","protected":false},"author":2,"featured_media":2171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[221],"tags":[613,346,336,337,158],"aktie":[],"class_list":["post-9691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mumak-spotlight","tag-intel","tag-kunstliche-intelligenz","tag-micron","tag-semiconductors","tag-umbrella-strategy"],"acf":[],"_links":{"self":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/9691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/comments?post=9691"}],"version-history":[{"count":8,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/9691\/revisions"}],"predecessor-version":[{"id":9723,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/9691\/revisions\/9723"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media\/2171"}],"wp:attachment":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media?parent=9691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/categories?post=9691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/tags?post=9691"},{"taxonomy":"aktie","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/aktie?post=9691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}