{"id":9730,"date":"2026-09-28T15:04:37","date_gmt":"2026-09-28T13:04:37","guid":{"rendered":"https:\/\/mumak.me\/?p=9730"},"modified":"2026-09-28T16:32:25","modified_gmt":"2026-09-28T14:32:25","slug":"weekly-market-overview-september-21-september-27-2026","status":"publish","type":"post","link":"https:\/\/mumak.me\/en\/portfolio-updates\/weekly-update\/weekly-market-overview-september-21-september-27-2026\/","title":{"rendered":"Weekly Market Overview \u2013 September 21-September 27, 2026"},"content":{"rendered":"\t\t
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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<\/a><\/strong> were increased, while Rheinmetall<\/a><\/strong> and TKMS<\/a><\/strong> were sold completely due to ongoing technical weakness.<\/span><\/p>

At the same time, Bayer<\/a><\/strong> was increased, while Johnson & Johnson<\/a><\/strong>, Eli Lilly<\/a><\/strong>, and MercadoLibre<\/a><\/strong> were partially reduced.<\/span><\/p>

Following these adjustments, the UMBRELLA Strategy comprises 10 positions<\/strong>, with an equity allocation of approximately 99.1%<\/strong> and a cash position of approximately 0.9%<\/strong><\/p>

Portfolio Changes Overview<\/span><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Increased<\/th>Reduced<\/th>Sold<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
Micron Technology<\/b><\/td>Johnson & Johnson<\/b><\/td>Rheinmetall<\/b><\/td><\/tr>
Intel<\/b><\/td>Eli Lilly<\/b><\/td>TKMS<\/b><\/td><\/tr>
Bayer <\/b><\/td>MercadoLibre <\/b><\/td><\/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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Healthcare Sector Remains Largest Portfolio Focus<\/h2>

The healthcare sector continues to be by far the largest area within the UMBRELLA strategy, accounting for approximately 58% of the equity allocation<\/strong> according to the current sector distribution.<\/p>

Revolution Medicines<\/strong><\/a> remains the largest individual position at around 17.7%<\/strong>, followed by Bayer<\/strong><\/a> at 14.3%<\/strong>, Eli Lilly<\/strong><\/a> at 13.2%<\/strong>, and Johnson & Johnson<\/strong><\/a> at 12.1%<\/strong>.<\/p>

There were also several fundamental developments in the healthcare segment during the week. <\/p>

Eli Lilly with Two FDA Approvals<\/h2>

Eli Lilly<\/strong><\/a> 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.<\/p>

Eli Lilly<\/strong><\/a> 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.<\/p>

Despite these positive developments, the position in Eli Lilly<\/strong><\/a> was partially reduced on September 22 following positive performance.<\/p>

Johnson & Johnson Reduced Following Positive Performance<\/h2>

The position in Johnson & Johnson<\/strong><\/a> was also partially reduced during the week.<\/p>

Fundamentally, the company reported several positive clinical developments.<\/p>

On September 21, Johnson & Johnson<\/strong><\/a> 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.<\/p>

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.<\/p>

Despite the partial reduction, Johnson & Johnson<\/strong><\/a> remains an important position in the healthcare sector with a portfolio weighting of approximately 12.1%<\/strong>.<\/p>

Micron and Intel Strengthen Semiconductor Weighting<\/h2>

The technology allocation was further increased over the course of the week, particularly through additional positions in Micron Technology<\/strong><\/a> and Intel<\/strong><\/a>.<\/p>

Together, Micron Technology<\/strong><\/a> and Intel<\/strong><\/a> now account for around 14% of the portfolio<\/strong>, significantly increasing the strategy\u2019s direct weighting in the semiconductor segment.<\/p>

The two companies represent different parts of the semiconductor value chain: Intel<\/strong><\/a> combines chip design with in-house manufacturing, while Micron Technology<\/strong><\/a> focuses primarily on memory technologies.<\/p>

Micron results in focus<\/h2>

Micron Technology<\/strong><\/a> will be one of the most important positions to watch in the coming week.<\/p>

The company is expected to report its fourth fiscal quarter results on September 30<\/strong>.<\/p>

The figures should provide an important update on demand for memory products, particularly in connection with AI infrastructure and high-bandwidth memory.<\/p>

Following the recent increase in the position, the quarterly report from Micron Technology<\/strong><\/a> is one of the most important upcoming company-specific events for the UMBRELLA Strategy.<\/p>

Bayer position increased<\/h2>

The position in Bayer<\/strong><\/a> was increased. After the adjustment, Bayer<\/strong><\/a> accounts for around 14.3% of the portfolio<\/strong>.<\/p>

Together with Revolution Medicines<\/strong><\/a>, Eli Lilly<\/strong><\/a>, and Johnson & Johnson<\/strong><\/a>, the company continues to contribute to the healthcare sector remaining the dominant sector allocation within the strategy.<\/p>

Rheinmetall and TKMS Completely Sold<\/h2>

A significant change during the week was the complete exit from Rheinmetall<\/strong><\/a> and TKMS<\/strong><\/a>.<\/p>

Both positions were already under particularly close observation the previous week due to their proximity to the defined stop-loss levels.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Weekly Market Overview <\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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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.<\/p>

Part of the capital released by these adjustments was reallocated into Intel<\/strong><\/a> and Micron Technology<\/strong><\/a>, further strengthening the portfolio’s technology and semiconductor weighting.<\/p>

MercadoLibre Further Reduced<\/strong><\/h2>

The position in MercadoLibre<\/strong><\/a> was reduced again following continued technical weakness.<\/p>

The company thus remains in the portfolio, albeit with a significantly lower weighting than at the beginning of September.<\/p>

SpaceX, Palantir, and Alphabet Remain Key Technology Positions<\/strong><\/h2>

Outside of the semiconductor segment, SpaceX<\/strong><\/a>, Palantir Technologies<\/strong><\/a>, and Alphabet<\/strong><\/a> continue to provide weighting for several structural technology themes.<\/p>

Alphabet<\/strong><\/a>, which was added to the UMBRELLA Strategy on September 18, remains weighted at approximately 4.0%<\/strong>.<\/p>

Together with Intel<\/strong><\/a> and Micron Technology<\/strong><\/a>, these positions have significantly increased the role of advanced technologies within the UMBRELLA Strategy over the past two weeks.<\/p>

Current Positioning of the UMBRELLA Strategy<\/strong><\/h4>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Position <\/th>Weighting<\/th>Performance Since Inclusion<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
Revolution Medicines <\/b><\/td>17.6% <\/b><\/td> +26.8%<\/b><\/td><\/tr>
Bayer <\/b><\/td>14.4% <\/b><\/td> +13.9%<\/b><\/td><\/tr>
Eli Lilly <\/b><\/td>13.2% <\/b><\/td> +8.9%<\/b><\/td><\/tr>
Johnson & Johnson <\/b><\/td>12.2% <\/b><\/td> +12.3%<\/b><\/td><\/tr>
SpaceX <\/b><\/td>12.1% <\/b><\/td> +7.4%<\/b><\/td><\/tr>
Palantir Technologies <\/b><\/td>9.3% <\/b><\/td> +11.9%<\/b><\/td><\/tr>
Micron Technology<\/b><\/td>7.5% <\/b><\/td> +3.4%<\/b><\/td><\/tr>
Intel<\/b><\/td>6.4% <\/b><\/td> +4.6%<\/b><\/td><\/tr>
Alphabet A (Google)<\/b><\/td>4.0% <\/b><\/td>\u22121.6% <\/b><\/td><\/tr>
MercadoLibre <\/b><\/td>2.4% <\/b><\/td>\u221210.9% <\/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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Portfolio Rotation Strengthens Technology Weighting<\/strong><\/h2>

The sector allocation makes the change particularly clear.<\/p>

The healthcare sector remains the clear portfolio focus with approximately 58%<\/strong>, while the technology share has risen to around 24%<\/strong>. The remaining weighting is distributed among Industrials, Communication Services, and Consumer Discretionary.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\"Allocation\t<\/a>\t\t\t\t

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Equity allocation:<\/strong> 99.1%
Cash:<\/strong> 0.9%
Source: wikifolio.com, UMBRELLA, as of September 28, 2026.<\/em><\/p>

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<\/strong><\/a> and Eli Lilly<\/strong><\/a> were partially reduced following positive performance, without materially changing the healthcare sector’s role as the largest portfolio allocation.<\/p>

This development is also consistent with the recent MUMAK SpotLight, which highlighted the shift toward technology following the increases in Intel<\/strong><\/a> and Micron Technology<\/strong><\/a> as well as the exits from Rheinmetall<\/strong><\/a> and TKMS<\/strong><\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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MUMAK SpotLight of the Week<\/strong><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Outlook: Micron Comes into Focus<\/strong><\/h2>

The UMBRELLA Strategy starts the new week with 10 positions<\/strong>, an equity allocation of approximately 99.1%<\/strong>, and a cash portion of about 0.9%<\/strong>.<\/p>

Following the exits from Rheinmetall<\/strong><\/a> and TKMS<\/strong><\/a>, the portfolio is now more focused on healthcare, semiconductors, artificial intelligence, and advanced technologies<\/strong>, while risk management and defined technical signals continue to determine future adjustments.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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Upcoming Events <\/h3>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Date <\/th>Company<\/th>Event<\/th>\t\t\t\t<\/tr>\n\t\t\t<\/thead>\n\t\t\t\t\t\t
September 30, 2026 <\/b><\/td>Micron Technology<\/td>Q4\/Fiscal Year 2026 Earnings<\/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\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

UMBRELLA Strategy: Technology weighting expanded after exit from defense stocks<\/p>\n","protected":false},"author":2,"featured_media":2174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[40],"tags":[332,612,505,473,529,331,129],"aktie":[],"class_list":["post-9730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-weekly-update","tag-halbleiter","tag-intel","tag-alphabet","tag-healthcare","tag-artificial-intelligence","tag-micron","tag-technologie"],"acf":[],"_links":{"self":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/9730","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=9730"}],"version-history":[{"count":14,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/9730\/revisions"}],"predecessor-version":[{"id":9781,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/posts\/9730\/revisions\/9781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media\/2174"}],"wp:attachment":[{"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/media?parent=9730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/categories?post=9730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/tags?post=9730"},{"taxonomy":"aktie","embeddable":true,"href":"https:\/\/mumak.me\/en\/wp-json\/wp\/v2\/aktie?post=9730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}