March is over… and what a month it was 😬. The war in Iran dominated the month. Oil prices jumped, and that brought a lot of fear into the markets ⚔️📉

In this recap, we break down what happened. How did the indexes perform? What did our portfolios do? Which stocks held up during the fear, and which ones didn’t? We end with the moves we made this month.

Dive into our full March Recap below 👇

📢 Our Best Buys for April drop this weekend — don’t miss it 🎯

What Moved the Markets in March?

March was a brutal month for markets. The war in Iran dominated the whole month. Iran responded with missiles and drones across the region, targeting U.S. bases and countries like Qatar and the UAE.

Iran also made it clear ships were no longer safe in the Strait of Hormuz. Tankers were attacked, traffic dropped sharply, and in practice the route was almost shut down. Around 20% of the world’s oil normally goes through that route, so this had a big impact. Supply dropped, and Brent oil prices shot up to well above $100.

That brought a lot of fear back into the markets. High-growth stocks were hit the hardest, but big tech names like Meta and Microsoft also dropped sharply. Almost all companies, except oil companies, came under pressure.

The VIX moved above 30, and the Fear & Greed Index dropped to 13, clear signs that extreme fear had taken over.

Source: CNN Fear & Greed Index

But yesterday, on the last day of the month, sentiment shifted. Iran signaled it wants to end the war, as long as it gets guarantees the conflict won’t return. At the same time, reports suggested Trump is open to ending the war as well, even if the Strait of Hormuz remains largely closed. Markets reacted immediately, with indexes up more than 2–3%.

The big question now: is the war really nearing its end, and on what terms?

If a deal is reached soon, markets could recover further. But if the war continues, markets could fall again, and possibly even further than before.

Besides geopolitics, there was also a lot of company news. Nvidia announced major investments in U.S. photonics companies Lumentum and Coherent. During GTC, Jensen Huang said demand for Blackwell and Rubin could reach $1 trillion through 2027. He also introduced Feynman as the next step after Rubin, and expanded partnerships with Uber, Adobe and BYD.

Uber moved further into autonomous driving, announcing partnerships with Zoox, Rivian, Wayve, Nissan and Nvidia to bring robotaxes onto the platform, and acquiring Blacklane to expand into premium rides.

The leak of Anthropic’s Claude Mythos model showed how fast AI is moving, and investors started selling cybersecurity stocks.

Meta announced layoffs of around 20% of its workforce, shifting focus toward AI and moving away from the metaverse, shutting down parts of Horizon Worlds.

MercadoLibre plans to invest $3.4 billion in Argentina and $11 billion in Brazil across logistics, its marketplace and fintech platform MercadoPago.

Novo Nordisk and Hims & Hers resumed their partnership, with Wegovy available again on the platform as both a pill and pen.

Elon Musk introduced “Terafab,” a new initiative where Tesla and SpaceX plan to build massive AI compute in-house, instead of relying on external infrastructure.

So how did the markets respond to all of this? Let’s take a look at how the three major indexes performed in March:

• S&P 500: -5.1% 📉 (-4.6% YTD)

• Nasdaq: -4.8% 📉 (-6.0% YTD)

• Dow Jones: -5.4% 📉 (-3.6% YTD)

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Portfolio Performance: How Did We Do?

How did our portfolios perform in March?

In this update, we break it all down: how we performed vs the S&P 500, Nasdaq, and Dow Jones, which stocks held up best, and which ones underperformed.

The falling stock prices gave us the chance to buy more of the companies we believe in at better prices.

Want to see what we bought and sold? Check out the full breakdown below 👇

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February has come to an end and it was a volatile month across global markets 🌍📈📉

In this recap, we break down what moved the markets last month. How did the major indexes perform? How did our portfolios do? Which stocks held up best, which ones underperformed, and what moves did we make along the way?

Read our full February Recap below 👇

📢 Our Best Buys for March are coming later this week — don’t miss out! 🎯

What Moved the Markets in February?

February was a volatile month for global markets.

Geopolitically, things were relatively calm compared to January. But on the very last day of February, everything changed. The United States and Israel launched a major military attack on Iran. In that attack, Iran’s Supreme Leader, Ayatollah Ali Khamenei, was killed. Iran responded quickly with missile and drone attacks on U.S. and Israeli forces in the Middle East. What this means for the markets will likely become clear in the coming days, and much will depend on how Iran chooses to respond further.

Earlier in the month, the U.S. Supreme Court ruled that former President Trump’s tariffs were unlawful. Trump responded quickly by announcing a new 10% global tariff, with the intention to increase it to 15% under Section 122 of the Trade Act of 1974. This added a new layer of uncertainty to global trade policy.

February was another tough month for software stocks. Anthropic launched Claude Opus 4.6, while OpenAI introduced OpenAI Frontier. Investors are increasingly worried that AI agents could replace (parts of) traditional software. Wondering how we think about this? You can read our full view in The Software Reset: Who Survives?

Markets also weakened late in February after a report from Citrini Research warned of a potential “2028 Global Intelligence Crisis.” The report describes a scenario where AI is not a bubble, but instead develops so quickly that many white-collar workers are replaced by AI and laid off. This would reduce consumer spending, weaken the economy, and push companies to rely even more on AI to cut costs — leading to even more layoffs and creating a vicious cycle. According to the report, this dynamic could eventually result in deep economic crisis and a market downturn by 2027–2028.

Big Tech companies generally reported good earnings, but most of the shares still fell. The reason: worries that capital spending (capex) is rising fast. Hyperscaler capex (the big cloud and AI infrastructure spend) is now expected to be well over $600 billion this year, which makes investors nervous about future profits.

Then let’s look at the most important company highlights from last month:

Walmart crossed a major milestone, reaching a $1 trillion market cap for the first time ever. At the same time, Amazon reported higher annual revenue than Walmart for the first time in history.

In healthcare, Hims & Hers launched a copy of Novo Nordisk’s weight-loss drug Wegovy. The FDA made clear that these copies are only allowed during official shortages and reminded companies to follow the rules. Soon after, Hims & Hers removed the product from its platform. Novo Nordisk then sued the company for selling an unauthorized version of its drug. As a result of the regulatory pressure and the lawsuit, Hims & Hers shares fell sharply during the month.

Novo Nordisk also disappointed investors with weaker-than-expected results for its new drug CagriSema, showing 23% weight loss compared to 25.5% for Tirzepatide from Eli Lilly. Novo Nordisk shares dropped 15% in one day after the news.

Adyen fell around 20% after giving a slightly weaker outlook for 2026. The company now expects revenue growth of 20–22%, instead of the earlier 20–25% range.

Finally, Meta announced a multi-year deal with Nvidia to buy millions of next-generation AI chips, including Vera Rubin GPUs and standalone CPUs. This clearly shows that investment in AI infrastructure remains very strong.

Many individual stocks are trading well below their 52-week highs, but the major indexes remain relatively stable. Under the surface, however, a lot is happening. Software stocks are under strong pressure, and we are seeing a rotation away from high-growth names toward more defensive sectors such as consumer staples and utilities. Investors are becoming more cautious and positioning for more uncertainty in the months ahead.

So how did the three major indexes respond? Let’s take a quick look at their February performance:

• S&P 500: -0.9% 📉 (+0.5% YTD)

• Nasdaq: -3.4% 📉 (-2.5% YTD)

• Dow Jones: +0.2% 📈 (+1.9% YTD)

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Portfolio Performance: How Did We Do?

How did our portfolios perform in February?

In this update, we compare our results to the S&P 500, Nasdaq, and Dow Jones, highlight our top performers, and walk you through the key moves we made throughout the month.

Market volatility created attractive opportunities, allowing us to add high-quality companies at fair prices and further strengthen our long-term positioning.

Curious about the exact moves we made? Discover the full breakdown below 👇

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The first month of 2026 is already behind us, with plenty happening across the world and on financial markets 🌍📈

In this recap, we break down what moved the markets last month. How did the major indexes perform? How did our portfolios do? Which stocks held up best, which ones underperformed, and what moves did we make along the way?

Dive into our January Recap below 👇

📢 Our February Best Buys are coming early next week 🎯 — keep an eye on your inbox 👀

What Moved the Markets in January?

January was filled with geopolitical headlines. Venezuela’s president, Nicolás Maduro, was taken into custody, and tensions around Iran increased. Donald Trump once again raised the idea of the United States taking control of Greenland and clashed with the European Union about it. These events added uncertainty to the markets at the start of the year.

In the markets, sectors moved in very different directions. Semiconductors had a strong month. Earnings from ASML and TSMC came in better than expected and confirmed that demand for AI chips remains strong. Software stocks were under pressure. Many investors worry that AI could change how software companies make money and make some products easier to replace. This concern grew after Anthropic launched Cowork, showing how quickly new AI tools can reach the market.

Stocks like Microsoft and ServiceNow had a very tough month. In Microsoft’s case, Azure growth came in at 39%, slightly lower than the 40% seen in the previous quarter. Investors also focused on how much of Microsoft’s future revenue depends on OpenAI. That led to a sharp drop after earnings. Other software stocks moved lower as well, showing that sentiment in the sector is still weak.

January was also a strong month for memory and storage companies. These stocks jumped sharply as investors saw how important memory chips are for AI. Micron rose 41%, SK Hynix gained 39%, Western Digital climbed 42%, and SanDisk reported blowout earnings, surging 140% in January.

There were also a few important milestones. Alphabet overtook Apple in market value, becoming the world’s second-largest company behind Nvidia. We also saw several moves in agentic AI. ServiceNow expanded partnerships with OpenAI and Anthropic, Shopify launched agentic commerce, Alphabet worked more closely with Nvidia, and PayPal acquired Cymbio to strengthen its position in agentic commerce.

Finally, gold and silver had a wild month. Both started the year strongly, with gold rising to nearly $5,600 per ounce and silver to $121. Last Friday, prices dropped sharply, with gold falling 11% to around $4,900 and silver down more than 30% to roughly $80, showing how quickly markets can change.

How did the three major indexes react to all these developments? Here’s a quick look at their market performance in January:

• S&P 500: +1.4% 📈

• Nasdaq: +1.0% 📈

• Dow Jones: +1.7% 📈

Portfolio Performance: How Did We Do?

How did our portfolios perform in January?

Let’s take a closer look at how we compare to the S&P 500, Nasdaq, and Dow Jones, plus our best performers and the moves we made this month.

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Hi Investor 👋

A short update from our side. Vincent made a portfolio move yesterday. You’ll find the details below 👇

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Hi Investor 👋

A quick update from us. Yesterday, we made a transaction in both our portfolios. You’ll find all the details below 👇

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December is behind us — and that means 2025 is officially in the books. It turned out to be a relatively calm month compared to the rest of the year. Less panic, fewer wild swings, and a market that started to feel a bit more stable heading into 2026.

So how did our portfolios perform in December? Where did we end up for the full year? Which stocks were the big winners this month and in 2025 — and which ones were the losers? And what moves did we make in our portfolios last month?

You’ll find it all in our December & Full Year 2025 recap 👇

📢 Our January Best Buys are dropping this weekend — keep an eye on your inbox! 🚀

What Moved the Markets in December?

December was a much calmer month than most of 2025. Most major Q3 earnings were already behind us, and markets stayed relatively stable without big swings.

The most important macro event of the month came from the Fed: as widely expected, the Fed cut interest rates by 0.25%, bringing the policy rate to 3.50%–3.75%. The outlook for 2026 is less clear. For now, the market expects only one additional 0.25% rate cut next year.

In tech, Nvidia was back in the spotlight after reports suggested it may still be able to supply its H200 AI chips to China and Elon Musk announced that SpaceX is preparing for a potential IPO in 2026.

December also saw a wave of acquisitions. Meta announced it is buying AI startup Manus. Nvidia reached a deal involving Groq to strengthen its AI inference capabilities. ServiceNow acquired cybersecurity company Armis, and Alphabet bought Intersect to expand its infrastructure and data operations.

Outside of tech, the FDA approved the first GLP-1 weight-loss pill from Novo Nordisk, a major step in the fast-growing weight-loss market.

There was also progress around TikTok in the US, with a structure in which Oracle and partners will own 50%, reducing uncertainty around a potential ban. And finally, precious metals performed very well, especially silver. Silver surged 21.5% last month and reached record levels.

All three major indexes finished the year near all-time highs. Here’s a quick look at how the markets performed in December and over the full year 2025:

• S&P 500: -0.1% 📉 (+16.4% YTD)

• Nasdaq: -0.5% 📉 (+20.4% YTD)

• Dow Jones: +0.7% 📈 (+13.0% YTD)

Portfolio Performance: How Did We Do?

How did our portfolios perform in December — and how did we finish 2025?

In the next section, we’ll take a closer look at how our portfolios compare to the S&P 500, Nasdaq, and Dow Jones. We’ll also highlight our best performers and losers for both this month and the full year — and share the key portfolio moves we made in December.

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This kept pressure on tech for most of the month. There was a small rebound near the end, but many stocks still finished November lower.

How did our portfolios perform this month? Which stocks held up best — and what moves did we make? Check it out in our November recap 👇

📢 We’re sharing our December Best Buys at the beginning of next week — keep an eye on your inbox! 🚀

What Moved the Markets in November?

November was one of the most volatile months of the year. Mid-month, markets were sharply lower — with the Nasdaq down almost 10%, and many tech stocks falling even more. Software, semiconductors, AI-related names and the more speculative stocks saw the biggest drops.

Worries about a possible AI bubble played a big role. Michael Burry added to this fear by saying the hype was getting too big and later shutting down his fund. This pushed many tech stocks lower and made investors more careful this month.

Nvidia posted very strong Q3 results, but the stock still had a difficult month. Google made quick progress with its TPU chips, and this raised the idea that Nvidia’s lead in AI chips could become smaller over time. Nobody knows if that will happen, but the idea alone influenced how investors looked at the stock in November.

It was also the month of Google. With the launch of Gemini 3, Google delivered very strong AI performance. Six months ago, many thought Google was falling behind — now it is seen as one of the leaders again. News that Warren Buffett had opened a position in Alphabet gave the stock an extra boost. By the end of November, Google had become the 3rd largest company in the world, moving ahead of Microsoft.

There were a few other major moments this month:

• AMD said at its Analyst Day that the global data center market could reach $1 trillion by 2030.

• Eli Lilly became the first healthcare company in history to reach a $1 trillion valuation.

In the final days of the month, markets recovered part of the earlier losses. Still, many tech stocks ended November with clear declines.

Let’s take a quick look at how the markets performed in November:

• S&P 500: +0.1% 📈 (+16.5% YTD)

• Nasdaq: -1.5% 📉 (+21.0% YTD)

• Dow Jones: +0.3% 📈 (+12.2% YTD)

Portfolio Performances: How Did We Do?

How did our portfolios perform in November?

Let’s take a closer look at how we compare to the S&P 500, Nasdaq, and Dow Jones — plus our best performers and the moves we made this month.

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Yesterday was a strange day in the markets. It looked set to be a very green session after Nvidia’s incredibly strong earnings the day before. Futures were deep in the green, and markets opened higher.

But sentiment flipped fast. Markets dropped sharply, the VIX surged toward 28, and the Fear & Greed Index collapsed to 6 (extreme fear). The last time we saw that level was in early April during the tariff escalation.

Source: CNN Fear & Greed Index

We didn’t freeze, we acted. Vincent opened a brand-new position in a high-quality business and added to two of his holdings. Stefan boosted one of his positions as well.

👇🔓 Unlock all transactions — including the new position, our explanations, and full details. Exclusively for paid members. ✨

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After Thursday’s sharp declines, markets continued to slide on Friday.
Fear stayed high — the VIX spiked above 22 and the Fear & Greed Index hit 15, showing extreme fear.

While others sold, we acted again. We used the market panic to add to three quality positions and two core holdings to further strengthen our portfolios.

👇 Discover all 5 names, including our explanations and transaction details. Exclusively for our paid members ✨

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Yesterday was a rough day for the markets. We turned weakness into opportunity — increasing 5 quality positions in our portfolios. Stefan also sold 1 position in full.

👇 Discover all 5 names we just added to — and the one Stefan sold — including our explanation and transaction details. Exclusively for our paid members ✨

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The Fed delivered another rate cut, keeping optimism high and pushing indexes to fresh all-time highs. 📈

How did our portfolios perform this month? Which stocks performed best — and what moves did we make? Check out our full October recap below 👇

📢 Next Monday or Tuesday we’re dropping our Best Buys for November — keep an eye on your inbox, you don’t want to miss these! 🚀

What Moved the Markets in October?

October was another standout month for the markets — with all three major indexes hitting new all-time highs 📈. Strong earnings, renewed AI excitement, and another rate cut from the Fed kept momentum going across the board.

The Fed lowered interest rates for the second time this year, to 3.75%–4.00%. A third cut in December is still uncertain, as policymakers continue to weigh inflation data and the overall strength of the economy.

Gold had quite a ride this month. Around mid-October, prices shot up to a record $4,300 per ounce before dropping back below $4,000 toward the end of the month. It’s a perfect example of how quickly markets are switching between risk and safety.

In the tech sector, there were major milestones to celebrate. Nvidia became the first company ever valued above $5 trillion, after a successful GTC event packed with new AI partnerships. Microsoft and Apple both reached the $4 trillion mark for the first time — showing how dominant the biggest names in tech have become.

OpenAI also grabbed attention this month with the launch of ChatGPT Atlas — a new AI browser that blends search and reasoning in real time. Companies like PayPal, Broadcom, and AMD quickly announced new partnerships with OpenAI, highlighting how rapidly AI is being adopted across the industry.

And as Big Tech reported earnings last week, one thing stood out: the AI boom is only just beginning. Cloud companies and chipmakers are investing heavily in AI infrastructure, setting the stage for what comes next. 🚀

Let’s take a quick look at how the markets performed in October:

• S&P 500: +2.3% (+16.3% YTD) 📈

• Nasdaq: +4.7% (+22.9% YTD) 📈

• Dow Jones: +2.5% (+11.8% YTD) 📈

Portfolio Performances: How Did We Do?

How did our portfolios perform in October?

Let’s take a closer look — how we compared to the S&P 500, Nasdaq, and Dow Jones, which stocks performed best, and the key moves we made this month!

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As a paid subscriber, you get full access to our portfolios — both Stefan’s and Vincent’s. Our portfolios reflect our highest-conviction ideas: the companies we believe have the fundamentals, leadership, and long-term potential to outperform.

View our Portfolios

But not every company we research makes it into our portfolios. Some move onto our watchlist — a list of high-potential companies we’re following closely.

In this article, we’re giving you an exclusive look at our watchlist: 3 companies with the fundamentals, leadership, and potential to become future market leaders 🚀

We see strong long-term potential in these companies, but valuation, market conditions, or the need for stronger execution keep us on the sidelines for now.

Because sometimes, the best opportunities come to those who wait ⏳

Let’s now dive into the three stocks on our watchlist. Three companies we believe could become tomorrow’s market leaders.

⚙️ One is building the backbone of productivity, powering today’s workplace.
🤖 Another is building the cloud infrastructure that powers the AI revolution

Ready to discover the 3 stocks on our watchlist?
They’re just one click away 🔓 — exclusively for our premium members ✨

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Earnings season has passed, but the next quarter is already around the corner. With the Fed finally moving on rates, markets kept their momentum.

So how did our portfolios perform this month? Who were the winners and losers, and which moves did we make? Check it out in our full September recap 👇

📢 This Friday we’re dropping our Best Buys for October — keep an eye on your inbox, you don’t want to miss these! 🚀

What Moved the Markets in September?

September was another strong month for the markets, with indexes climbing to fresh all-time highs 📈

The biggest headline came from the Fed, which finally cut rates for the first time since 2024 — lowering them from 4.25% to 4.00%. Investors now expect up to two more cuts before the end of the year, giving the bull market another boost.

Gold also had a massive run, jumping more than 11% to a record $3,880 per ounce. Gold miners like Newmont and Barrick surged in response, ranking among the strongest performers not just in September, but across all of 2025 so far.

The U.S. government surprised markets by taking a 10% stake in Intel, underlining the strategic importance of chips. Alphabet reached a historic milestone, crossing a $3 trillion market cap, while Oracle’s stock exploded after it raised long-term cloud revenue targets for 2030.

And just before the month closed, the U.S. government shut down for the first time in six years, after Congress couldn’t strike a short-term deal to keep it running.

September once again proved the bull market’s strength — with supportive macro conditions, fresh record highs, and standout winners 🚀

Here’s how the major indexes performed in September:

• S&P 500: +3.5% (+13.7% YTD) 📈

• Nasdaq: +5.6% (+17.3% YTD) 📈

• Dow Jones: +1.9% (+9.1% YTD) 📈

Portfolio Performances: How Did We Do?

How did our portfolios perform in September?

Let’s dive in — see how we compared to the S&P 500, Nasdaq, and Dow Jones, which stocks were the top performers, and the moves we made last month!

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Stefan just opened a new position in a small cap with a very strong moat and explosive potential!

This company leads in a niche market — its moat is so strong that competition is minimal, and expansion into new markets could unlock a massive potential.

It scores 🟢 76 on our fundamental model, surprisingly high and very rare for a company of this size.

👇 Discover which small cap we just bought and why we believe it has massive upside — Exclusively to our paid members.

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With earnings season nearly over, some companies impressed while others disappointed. August gave us plenty to look back on.

Which of our stocks stood out, which ones fell behind, and what changes did we make this month? Check out our full August recap! 👇

📢 Don’t miss it: tomorrow (or Monday at the latest) we’ll share our Best Buys for September, so make sure to check your inbox! Next week we’ll be a bit quieter than usual, as we will enjoy a week of sun ☀️.

What Moved the Markets in August?

August was a relatively quiet month, even as the major indexes climbed to even higher all-time highs.

On the macro side, inflation stayed in the spotlight. Core inflation ticked a little higher to 2.9%, but at Jackson Hole Fed Chair Jerome Powell sounded more dovish and kept hopes for a September rate cut alive.

The U.S. government surprised markets by taking a 10% stake in Intel. Officials also hinted that similar moves in other chip companies could follow, which underlines how strategic semiconductors have become.

Software stocks came under further pressure this month, with many big names sliding. Monday.com fell more than 30%, Atlassian dropped 11%, and even SAP slipped 5%, as the launch of GPT-5 added to fears that AI could disrupt existing software businesses. Earlier this month we published an article on this topic: Is AI Really Killing Software?

The big event of the month was Nvidia’s earnings. The company once again beat expectations, but it wasn’t enough to push the overall market higher. That shows how much optimism is already priced in.

Overall, August brought record highs but also a wait-and-see mood. Investors are now looking to September for the next real drivers: the Fed’s rate decision and fresh economic data.

Now let’s see how the three major indexes performed in August:

• S&P 500: +1.9% (+9.8% YTD) 📈

• Nasdaq: +1.6% (+11.1% YTD) 📈

• Dow Jones: +3.2% (+7.1% YTD) 📈

Portfolio Performances: How Did We Do?

Curious how our portfolios performed this month?

Let’s dive in — see how we stacked up against the S&P 500, Nasdaq, and Dow Jones, which stocks were the top performers, and what moves we made last month!

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With earnings season in full swing and meme stocks making a comeback, it was another eventful month.

Which of our stocks outperformed? Which ones struggled? And what moves did we make this month? 👇 Check out our full July review for all the key insights!

What Moved the Markets in July?

It was another strong month for the markets, with all three major indexes hitting all-time highs again.

On the macro side, it was all about tariffs again. The U.S. made a new deal with the EU for a 15% tax on most European goods, and raised tariffs for countries like Canada (35%), Brazil (50%), and Taiwan (20%). Other countries quickly made last minute deals — and Mexico got a 90-day delay.

The Fed also got plenty of attention this month. Trump ramped up the pressure on Jerome Powell to cut rates, and even a fake resignation letter went viral on social media. But Powell didn’t give in and kept rates at 4.25–4.50%. A rate cut in September is still uncertain.

At the end of the month, there was a wave of deal activity. Palo Alto Networks announced it's buying CyberArk for $25 billion, and Synopsys finalized its acquisition of Ansys. In the meantime, Big Tech earnings impressed — especially Microsoft and Meta. Figma went public and jumped over 250% on its first day, making it one of the biggest IPO surprises of the year.

Meme stocks made a comeback too. Opendoor and Kohl’s surged, not on fundamentals, but simply because they were trending on X and Reddit.

There was plenty going on in the markets. Let’s take a look at how the major indexes performed this month:

• S&P 500: +1.0% (+7.8% YTD) 📈

• Nasdaq: +3.7% (+9.4% YTD) 📈

• Dow Jones: +0.1% (+3.7% YTD) 📈

Portfolio Performances: How Did We Do?

Curious how our portfolios performed this month?

Let’s dive in — see how we stacked up against the S&P 500, Nasdaq, and Dow Jones, which stocks were the top performers, and what moves we made last month!

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We took profits on our biggest winner — the #1 stock in our portfolios!

After a massive run-up, the risk/reward no longer justified the concentration.
So it was time to act — and Vincent immediately reallocated part of the proceeds into 10 existing positions with stronger upside potential.

Curious which stock we sold — and which 10 we bought more of?
The full details of these transactions are available exclusively to our paid members ✨

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This transaction alert is now available to all our subscribers — giving you a one-time chance to experience the exclusive insights usually only available for our paid members.

Stefan just added to ASML — one of the world’s most essential tech companies — even as uncertainty rises. Here’s why we believe now is a smart time to buy 👇

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Transaction

Stock: ASML (AMS: ASML)
📅 Date: July 16, 2025
👤 Who: Stefan
🔄 Action: Bought
💵 Price: €658.00
🔵 Fund. score: 81 → High-Quality

Yesterday, Stefan increased his position in ASML, the global leader in EUV lithography systems — the machines needed to produce advanced chips. The timing? Right after the company’s Q2 earnings, which beat expectations across the board:

• EPS: €5.90 vs €5.24 expected ✅

• Revenue: €7.69B vs €7.56B expected ✅

• Gross Margin: 53.7% vs 51.7% expected ✅

• Bookings: €5.54B vs €4.44B expected ✅

Despite these strong results, ASML’s CEO added a note of caution:

“Although we still expect growth in 2026, we can’t guarantee it at this point.”

This led to a drop of over 10% in ASML’s stock price yesterday.

Importantly, ASML isn’t saying it expects no growth — just that it’s being cautious amid macroeconomic uncertainty. Rising import tariffs are driving up the cost of key materials ASML needs to build its machines. On top of that, potential tariffs on the machines themselves could further inflate prices.

But, ASML’s position remains incredibly strong. Even if prices rise, leading chipmakers like Intel and TSMC — who are investing billions in new fabs in the U.S. — will still depend on ASML’s EUV machines to make next-generation chips. And ASML is the only company in the world that can build these machines.

These machines are critical to modern chip production, and it’s hard to imagine the U.S. — which sees semiconductors as an important strategic industry — taking steps that would make them harder or more expensive to import. Any import tariffs would not only hurt ASML, but also U.S. chipmakers and the broader supply chain.

For this reason we believe the fear around import tariffs may turn out better than expected. This is more about management being careful than a real change in the company’s fundamentals.

💡 Why Stefan Bought

While the rising uncertainty might scare investors, we remain confident in ASML’s long-term path. Why?

1. Monopoly in EUV
   ASML is the only company in the world that can produce EUV machines — essential for making cutting-edge chips. Giants like Intel, TSMC, and Samsung rely on them, especially now they’re building fabs in the U.S. Without the machines from ASML, even Nvidia’s most advanced AI chips can’t be produced.

2. AI is driving long-term growth
   We’re still early in the AI cycle. Demand for advanced chips is only going up — and so is demand for ASML’s machines.

3. Strong guidance for 2030
   ASML currently generates around €30B in annual revenue, but expects that to grow to €44–60B by 2030, with gross margins rising to 56–60%.

4. Share buybacks show confidence
   The company has consistently bought back its own stock — and in just the first two quarters of 2025, it already exceeded its total buybacks for all of 2024. A clear sign of confidence from management.

   

   Source: X Profile Investing with Aria

5. Valuation looks fair
   The stock trades at a P/E of 26.6 (NTM), well below its 10-year mean of 31 (source: Koyfin). For a company with a monopoly in EUV machines crucial for the AI future, that’s a multiple we’re happy to pay.

Source: Koyfin

📌 Conclusion

We’re not ignoring the near-term risks, but we believe these will fade over time. ASML’s strategic importance, monopoly position, and long-term growth driven by AI make it a high-conviction stock in our portfolio. At today’s valuation, we see it as a great opportunity to buy a wonderful company at a fair price. If the stock drops further, we won’t hesitate to add more.

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Disclaimer:
The transaction updates, information and opinions provided in this article are for informational and educational purposes only and should not be considered as investment advice or a recommendation to buy, sell, or hold any financial product, security, or asset. The Future Investors does not provide personalized investment advice and is not a licensed financial advisor. Always do your own research before making any investment decisions and consult with a qualified financial professional before making any investment decisions. Please consult the general disclaimer for more details.

Stefan added to a European Powerhouse — still undervalued by the market.

The full details of this transaction are available exclusively to our paid members.

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In this article we’re giving you exclusive insight into the Top 10 stock positions across both of our portfolios. The list is ranked by portfolio weight, starting from #10 all the way up to our biggest position at #1.

For each stock, you’ll find:

• Why we own it — what makes the business so attractive to us.

• The company’s mission statement.

• A Fundamental Score from 0 to 100 — based on our own scoring framework. This score reflects how fundamentally attractive we believe the company is as an investment.

• The average weight across both portfolios.

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Now, let’s dive in.
Here are the top 10 positions in our portfolios — and spoiler: No #1 will surprise you! 🚀

Disclaimer:
The information and opinions provided in this article are for informational and educational purposes only and should not be considered as investment advice. Please consult the general disclaimer for more details.

#10: Salesforce (NYSE: CRM) — 2.6%

Salesforce has earned its spot in our portfolio thanks to its dominant role in enterprise software and CRM. It has a wide moat driven by high switching costs. Once companies embed Salesforce into their workflows, they rarely leave.

Under the leadership of co-founder Marc Benioff, Salesforce has expanded well beyond CRM — into data, AI, automation, and analytics with products like Slack, Tableau, and Einstein AI.

It’s also a frontrunner in applying AI to enterprise workflows, helping customers boost productivity and automate decisions.

We believe Salesforce’s recurring revenue, smart acquisitions, and ongoing innovation make it a strong long-term pick — with room to grow as more companies need digital and AI-driven solutions.

Mission: “Help businesses succeed and to use business success to drive positive change for people and our planet.“

Fundamental Score: 78 🟢 → Quality
Weight in Portfolios: 2.6%

#9: Taiwan Semiconductor (NYSE: TSM) — 2.8%

TSMC is the world’s most advanced chipmaker and that’s exactly why it’s in our portfolio. With over 60% market share and a clear lead over rivals like Samsung and Intel, its moat is wide and durable.

It’s years ahead in producing the smallest, most powerful chips, including 3nm and 2nm — a level of precision no other foundry can match. Catching up would take massive capex, deep expertise, and decades of work.

TSMC powers everything from iPhones to AI data centers, and is critical for companies like Nvidia and AMD. As demand for AI and compute surges, TSMC stands at the center of it all — one of the most important and fundamentally strong businesses in the world!

Mission: “Be the trusted technology and capacity provider of the global logic IC industry for years to come.“

Fundamental Score: 79 🟢 → Quality
Weight in Portfolios: 2.8%

#8: Visa (NYSE: V) — 2.8%

Visa is a prime example of a high-quality compounder with a wide moat. As the world’s largest payment network, it processes over 270 billion transactions a year — earning a small fee on each one. Its moat comes from network effects, trust, scale, and global reach — nearly impossible to replicate.

Visa doesn’t issue cards or take on credit risk, which means high margins, low capital needs, and massive free cash flow.

It continues to innovate in real-time payments, B2B, and digital wallets — while benefiting from the shift away from cash.

In our view, Visa is a cash-generating machine with one of the strongest business models in the world. So profitable and dominant it’s almost untouchable.

Mission: “Connect the world through the most innovative, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive“

Fundamental Score: 74 🟢 → Quality
Weight in Portfolios: 2.8%

View our Portfolios

Now things get more exciting. We’re entering the Top 7, which includes:

🛡️ Fast-growing cybersecurity leader protecting thousands of businesses in real time.
🛒 E-commerce powerhouse building an ecosystem of shopping, payments and logistics.

And then there’s No. 1 — our biggest position. This one will surprise you! A small company powering the AI revolution. It quietly became our biggest position.🔥

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