Money-weighted annualized returns hit +28.4% (+31.5% cumulative), short of the previous snapshot’s high of +29.1% last Feb 2026. Market volatility remains elevated with Geopolitics still very much driving performance.
| Perf since start, Time Weighted | +39.3% |
| Perf since start, Money Weighted | +28.4% |
| Cumulative perf since start, Money Weighted | +31.5% |
| Performers | 1-month € Gains |
|---|---|
| Campine | +1,088 |
| LDC SA | +813 |
| Saipem | +783 |
| Losers | 1-month € Loss |
|---|---|
| Exosens | -252 |
| Vusion | -118 |
| Irish Continental | -109 |
TACO means Antimony, Chicken, and Oil
I did not expect Campine to be the top performer this month, but it is now evident that Chinese export bans are biting hard. Western antimony supply is scarce and Campine benefits.
I prefer this game of Chicken
LDC SA is my defensive play. I’m not expecting much volatility here unless an aviary epidemic strikes. I have broken my rule of not letting a position run beyond 10% of the entire portfolio. But I remain convinced that the primary demand for eggs and poultry will keep increasing in Europe for a number of reasons;
- some consumers turn their back on meat due to animal welfare, and eggs is a good compromise.
- red meat has a bad rap healthwise due to cancer fears. Not that I have read those studies in detail, but the concerns are out there.
- many consumers are conscious that climate change is one of the biggest challenge of our time and have reduced CO2 and CH4 intensive meats
- consumers allocate a growing share of their wallets to expenses other than food, and inflation bites hard. Poultry and eggs are cheaper aminal proteins than beef or pork.
- LDC is exceptionally well managed and has been growing revenues steadily while growing high value brands
Deep Sea Value: Saipem
Saipem is surfing the return of energy services in the context of the Hormuz blockade. Middle East tensions have driven oil higher. As a result, offshore backlogs are expanding. Some merger rumors have added fuel. I was considering taking profits, but the rest of the European equities in the portfolio remain quite vulnerable to high oil prices for long. I prefer to hold Saipem in case of a protracted Iran crisis.
The portolio still has 21 names. One too many! I’ll be working on finding the one to consolidate.
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