First of all, we would like to emphasize that our analysts continue to closely monitor the stocks in our portfolio at all times. We keep our radar on 24/7. Every week we provide updates, but whenever unexpected news emerges or another important event occurs, we will immediately respond with Breaking News updates. At the moment, we remain satisfied with all the stocks in the portfolio and continue to monitor developments closely. It was another volatile week on the stock markets, with hope and uncertainty alternating rapidly. Monday started nervously as tensions between the United States and Iran escalated, combined with ongoing unrest surrounding the Strait of Hormuz, a crucial route for global oil trade. This immediately caused investors to become more cautious and increased volatility across the markets. Wednesday turned out to be the strongest trading day of the week. Reports suggesting that the US and Iran were close to reaching an agreement pushed markets toward record highs. Strong results from semiconductor companies and continued optimism surrounding artificial intelligence further supported market sentiment. That relief, however, proved short-lived. Later in the week, tensions escalated once again after President Trump increased pressure on Iran and new incidents occurred around the Strait of Hormuz. As a result, sentiment turned negative again on Thursday and Friday, putting pressure back on the stock markets. Nevertheless, it was notable that oil prices ultimately declined significantly on a weekly basis. Investors increasingly appear to believe that both parties have a strong interest in keeping the strait open and avoiding further escalation. Iran did respond to an American peace proposal, although no concrete details were released. US President Donald Trump called Iran’s response to the American proposal to end the conflict “totally unacceptable” on Sunday evening. According to the Iranian news agency Irna, Tehran wants to continue negotiations with the United States in order to end the conflict, but intends to postpone topics such as Iran’s nuclear ambitions until a later stage. At the moment, a ceasefire between the US and Iran remains in place, although both sides continue to test the agreement almost daily. Meanwhile, oil prices have started to rise again. The coming week will mainly revolve around US inflation data and the question of whether the Federal Reserve will need to keep interest rates higher for longer. Tuesday will be the most important moment, with the release of the CPI figures. Wednesday will follow with the PPI data, providing more insight into cost pressures for businesses and possible pressure on profit margins. Looking ahead, geopolitics will likely remain the dominant market driver for the time being. Market sentiment can currently shift rapidly due to news from the Middle East, leaving investors highly alert to new developments. Meanwhile, behind the scenes we are working hard on an analysis of a new stock for the portfolio. It concerns a banking stock where everything seemed to be going wrong just a few years ago, with excessive risks and major doubts from the market. However, a new CEO is now at the helm and the company appears to have regained control of the business. The latest results were certainly remarkably strong. So keep a close eye on your inbox. Brunel Brunel released an update last week that we view as cautiously positive. At first glance, the figures looked mixed, with revenue declining by 4% and EBIT coming in lower. However, beneath the surface we actually see several signals suggesting that the worst may now be behind the company. Most importantly, we are seeing a return to organic growth. Revenue increased organically by 1%, mainly driven by strong performances in the DACH region and stable developments in Australasia and the Americas. Underlying EBIT also improved organically by 5%, while margins remained stable at 2.7%. This shows that the cost-saving measures are beginning to take effect and that the operational foundation is gradually improving. In addition, management sounded noticeably more optimistic than in previous quarters. CEO Peter de Laat spoke about “encouraging” early signs of recovery and expects this trend to continue cautiously in the coming period. At the same time, Brunel remains realistic about the risks, particularly due to geopolitical tensions in the Middle East, where the company has significant exposure. For us, little changes in the broader investment case. Brunel remains active in attractive niches such as energy, engineering and infrastructure, sectors that are likely to benefit from structural investment trends over the longer term. While the stock may continue to move alongside broader economic uncertainty in the short term, we remain confident in the long-term outlook and continue to be highly positive about the company’s long-term potential. BP Oil and gas company BP has remained resilient in recent weeks, partly supported by higher oil prices and geopolitical tensions in the Middle East. The stock is now trading clearly higher than earlier this year, but precisely in this uncertain market environment we still view BP as an attractive hedge within the portfolio. At the same time, the company is working behind the scenes on a major restructuring. The new CEO, Meg O’Neill, is clearly taking a different approach from her predecessor and is steering BP back toward its core oil and gas activities. The organizational structure is being simplified, thousands of jobs are being cut, and the focus is once again shifting toward cost reductions, cash flow generation and returns. Several activities are also being sold or phased out, including parts of its North Sea operations and the gas station business in the Netherlands. Although this creates some short-term uncertainty, we believe BP is trying to become more efficient and profitable in a sector where scale, low costs and strong cash flows remain crucial. Recent quarterly results also showed that the company continues to benefit significantly from higher energy prices and geopolitical tensions. Naturally, BP remains highly dependent on oil prices and sentiment surrounding the Middle East. However, in the current market environment this is also one of the reasons why we continue to find the stock

Last week was once again a volatile one. The market started cautiously but rebounded on Thursday following a series of earnings releases and central bank decisions. Both the ECB and the Bank of England left interest rates unchanged, but it was mainly the tone from the ECB that stood out. Concerns are increasingly shifting toward economic growth, while inflation is rising again to 3.0%. This places the ECB in a difficult position, where a rate hike later this spring is becoming more realistic. Over the weekend, focus shifted back entirely to geopolitics. Iran sent a fourteen-point plan to the United States as a basis for new negotiations. This involves a phased approach, starting with agreements on the Strait of Hormuz and a ceasefire, followed by discussions on the nuclear program. The response from the U.S. was less reassuring. Trump stated he would review the proposal but also made it clear that he is unlikely to find it sufficient and does not rule out new airstrikes. As a result, the risk of escalation remains clearly present, despite renewed diplomatic efforts on paper. For the market, this means the familiar pattern remains intact. Hope for negotiations provides relief, but strong rhetoric from both sides keeps uncertainty elevated. Given the strategic importance of the Strait of Hormuz, any developments continue to directly impact oil prices and overall sentiment. Looking ahead, it will be an interesting week. In the U.S., we will receive key labor market data, including JOLTS and later the non-farm payrolls, along with wage growth and unemployment figures. These data points are crucial for the Fed’s interest rate path. In the UK, a speech from the Bank of England is also scheduled. Overall, the picture remains unchanged. The market is holding up well but continues to operate in an environment where geopolitics and macroeconomic data can quickly alternate as the dominant driver. This keeps volatility present, even within an upward trend. Additionally, it promises to be a busy week with many earnings reports. Within our portfolio, Grab Holdings reported better-than-expected results last night. We are pleased with this and it confirms our decision to recently double our position. Brunel will report its results this Friday. Following encouraging results from peers, we expect a positive signal here as well. Many companies also pay dividends during this period, with Deceuninck going ex-dividend today. Banijay Last week, we added Banijay to the portfolio. In our view, it is a stock that is still underappreciated by the market. The company combines two strong growth pillars: a global content machine with well-known formats and a fast-growing gaming division with high margins. What makes Banijay particularly interesting is the combination of strong cash flows, expanding margins, and a relatively low valuation. Despite solid performance, the stock trades at multiples more typical of a value stock than a growth company. Additionally, the dividend provides an attractive extra return, while cash flow leaves room for further debt reduction and growth. Sharesunderten sees Banijay as a stock with both price appreciation and dividend potential. As the market begins to better understand this story and liquidity improves, we expect a clear re-rating of the stock. Grab Holdings There was news from Indonesia regarding Grab Holdings that initially appeared negative. The government plans to reduce the maximum commission companies can charge on rides via their platform from 20% to below 10%. While this may seem negative at first glance, Grab indicated in its recent earnings update that there are multiple levers it can pull. This does not necessarily mean total revenue per ride will be halved. The company also reported strong results. In the first quarter, revenue grew by 24% to $955 million, while the number of active users increased by 16% to 51.6 million. Transaction volume also rose by 24% to $6.1 billion, demonstrating broad platform growth. Profitability is also clearly improving. Grab reported net income of $120 million, partly supported by a one-off revaluation of financial positions. More importantly, underlying profitability is improving strongly. EBITDA rose by 46% to $154 million, and margins are expanding, indicating increasing operational leverage. For us, the broader picture remains unchanged. Grab benefits from multiple growth drivers, such as deliveries and financial services, both of which are growing strongly. We are satisfied with these results. It appears Grab is gaining traction in the market and adapting well to regulation. This confirms our decision to recently increase our position. ME Group ME Group held its annual general meeting, where several key points were confirmed. A final dividend of 4.79 pence was approved, bringing the total dividend for 2025 to 8.64 pence per share, representing an increase of 9.5%. The annual accounts and remuneration report were approved, and the composition of the board remained unchanged. Management was also granted continued flexibility to issue shares and allocate capital. Notably, the company expressed its intention to launch a share buyback program of £15 to £20 million. This highlights management’s confidence in cash flow and the underlying value of the company. The AGM reinforces the strong fundamentals of ME Group. The combination of growth and a dividend yield of around 6%, which is relatively high, may indicate that the stock is significantly undervalued. This makes the stock, in Sharesunderten’s view, still highly attractive. BP BP reported strong first-quarter results. The British energy giant clearly benefited from higher oil prices, with underlying profit more than doubling. Profit rose from $1.54 billion in the previous quarter to $3.2 billion, significantly exceeding analyst expectations of $2.67 billion. The division responsible for oil trading and fuel sales performed particularly well, with quarterly profit reaching $2.5 billion compared to $1.4 billion previously. Cash flow also remained strong, with operating cash flow at $2.9 billion. Net debt stood at $25.3 billion, but BP remains committed to reducing this to between $14 and $18 billion by the end of 2027. This shows that the company is maintaining a focus on balance sheet strength alongside growth. Shareholders continue to be rewarded. BP is paying a dividend of

Once again, it was a week in which sentiment dominated the markets. This is clearly reflected in the portfolio. Movements are rapid and often driven not by fundamental changes, but by expectations, headlines and geopolitics. In such an environment, it is essential to remain focused on the quality of the underlying businesses. Share prices may correct, but that does not necessarily reflect the intrinsic value of a company. Much of the ongoing uncertainty continues to stem from developments in the Middle East. Where there had previously been hopes of renewed dialogue between the United States and Iran, that scenario now appears increasingly unlikely. Talks failed to materialise over the weekend, and even indirect negotiations did not take place. As a result, the situation remains firmly at an impasse. This is highly relevant for financial markets, as the consequences are immediately tangible. The Strait of Hormuz remains a critical factor, and as long as stability is absent, upward pressure on oil prices is likely to persist. This feeds into inflation expectations and complicates the task for central banks. The likelihood of a near-term de-escalation appears limited, meaning this will remain a key source of volatility. At the same time, earnings season is in full swing. Over the coming weeks, a steady flow of results is expected, including from companies within our portfolio. BP will report its first-quarter results tomorrow. Of particular importance will be management’s outlook on the situation surrounding the Strait of Hormuz. The market currently views BP as a potential beneficiary, but it is crucial to understand how management itself assesses these developments. On the macro front, it will also be a busy week. The Federal Reserve’s interest rate decision is scheduled for Wednesday, followed by the Bank of England and the European Central Bank on Thursday. While rates are expected to remain unchanged, the tone and forward guidance will be equally important. In addition, US growth data and inflation indicators such as core PCE will provide further direction for monetary policy. Overall, the picture remains unchanged. Markets are being driven by sentiment, while underlying uncertainty persists. This calls for discipline and a continued focus on the long term. Periods like these often lay the foundation for future returns. Envipco Envipco introduced some uncertainty last week by postponing the publication of its annual report. While the results were initially expected by 30 April at the latest, this has now been delayed until approximately 15 May. Notably, the company has not provided a clear explanation for the postponement. At the same time, Envipco indicated that no changes are expected compared to the previously published, unaudited figures. From a fundamental perspective, little has changed, but the lack of clarity does create some noise in the market. It is also relevant to look at peer company Tomra. Its results were mixed overall, but the Collection segment, which includes deposit return systems, delivered strong growth, with revenue increasing by 12% to €208 million, and 15% when adjusted for currency effects. This is particularly relevant as it is the exact market in which Envipco operates. It confirms that underlying demand for deposit return solutions remains strong and continues to grow structurally, driven by regulation and further system rollouts. On balance, little has changed in our view. The delay is not ideal and raises questions, but the sector dynamics remain positive. Sharesunderten therefore remains constructive, with a focus on the final results and further commentary from management. Rolls-Royce Rolls-Royce came under pressure last week due to a combination of geopolitical developments and sector sentiment. Rising tensions between the United States and Iran pushed oil prices higher, with Brent approaching $100. This has a direct impact on the aviation sector. For airlines, higher fuel costs translate into margin pressure, often leading to capacity adjustments. This is already becoming visible. Airlines such as Lufthansa have reduced flight schedules due to the situation in the Middle East. Fewer flight hours directly reduce demand for maintenance services, which is a key driver of Rolls-Royce’s business model. Approximately half of the company’s revenue is derived from civil aviation, with a significant portion based on so-called “power-by-the-hour” service contracts. As a result, fewer flight hours have a direct impact on revenue and profitability. Additionally, there was further negative sentiment from within the sector. GE Aerospace lowered its growth expectations for global flight activity in 2026, which weighed on sentiment across the engine manufacturing industry. These factors are largely short-term in nature and do not reflect the company’s long-term potential, but they do create near-term pressure. While this highlights the company’s sensitivity to macroeconomic and geopolitical developments, Sharesunderten continues to see significant long-term potential and maintains a strong position in the stock. Grafton Group At Grafton Group, last week’s movements were primarily technical and capital-driven. The stock went ex-dividend on 23 April, with the final dividend for 2025 of 27 pence per share being detached. As is typical, this resulted in an automatic downward adjustment in the share price, independent of underlying performance. The actual dividend payment will be made on 21 May. At the same time, Grafton continues to return capital to shareholders through share buybacks. In early March, the company launched a new programme of up to £25 million, and additional shares were repurchased last week. Approximately 75,000 shares were bought on 21 April at around 952 pence, followed by further purchases on 23 April. These shares are subsequently cancelled. This underlines management’s confidence in the company’s valuation and its strong cash flow position. From our perspective, the investment case remains unchanged. Grafton continues to be a stable operator, deploying capital in a disciplined manner and rewarding shareholders through multiple channels.

Midway through the week, the market seemed to catch its breath for a moment, but that calm was short-lived. During the night from Tuesday to Wednesday, a further escalation in the Middle East was still clearly looming. The two-week delay provided some relief, which was immediately reflected in the market. However, it quickly felt fragile. It has since become clear that the ceasefire is anything but stable and that the situation could shift again at any moment.

Trump’s deadline is rapidly approaching. Yesterday, President Trump reiterated his warning that the United States will target Iranian energy infrastructure if Iran does not reopen the Strait of Hormuz by Wednesday night at 01:00 (UK time). As a result, short-term market sentiment is almost entirely dependent on what unfolds in the coming hours. That said, within our portfolio, we do not currently see any direct threats regardless of how the situation develops. Last week, markets experienced a sense of relief, with most equities posting modest gains. Investors appeared to catch their breath. Early in the week, there were signs that the situation in the Middle East might stabilize, partly driven by reports of a potential ceasefire. Although Iran later denied these claims, markets reacted positively. Oil prices declined and equities rallied broadly. The FTSE 100 even rose by 5.4%. However, that relief proved short-lived. As the week progressed, sentiment shifted again after Trump signaled his intention to increase pressure on Iran. Heading into the weekend, investors grew more cautious, oil prices moved higher, and markets adopted a wait-and-see stance. Notably, losses on European exchanges remained limited, suggesting that investors are not yet broadly de-risking. Over the weekend, communication remained inconsistent. Trump issued strong threats of escalation, only to shortly thereafter suggest that a deal remains possible. This leaves the situation highly uncertain, with the deadline rapidly approaching. Overall, markets are currently in a fragile equilibrium. Everything hinges on the outcome of this deadline. A de-escalation could reignite last week’s positive momentum, while escalation could quickly translate into higher oil prices and increased volatility. Although several key macroeconomic data releases are scheduled for the coming week—including U.S. inflation (CPI), the PCE index, and Federal Reserve minutes—market direction will in practice be driven primarily by developments in Iran. As long as this uncertainty persists, caution is likely to dominate. Encouragingly, and as reflected in our portfolio, global unrest has little to no impact on low-priced equities. In some cases, this uncertainty is already priced in, contributing to depressed valuations. At the same time, this resilience also reflects the stock selection decisions we have made in recent months. Marston’s Last week, we added Marston’s to the portfolio—a classic turnaround story that, in our view, is still underappreciated by the market. Under the leadership of new CEO Justin Platt, the company is undergoing a clear strategic repositioning, transforming the traditional pub into a modern, experience-driven venue with higher margins and improved scalability. What makes this stock particularly attractive is the combination of operational improvement and a very low valuation. The real estate portfolio represents substantial value, well above the current market capitalization, while debt levels are declining and cash flow is improving. The market still appears focused on the past, while early signs of recovery are already visible. Looking ahead, we see several potential catalysts. Further deleveraging towards a leverage ratio below 4x could pave the way for a dividend reinstatement, which may quickly shift sentiment. In addition, the new pub concepts are delivering strong returns, with rising revenue and margins per location. As rollout accelerates, this should become increasingly visible in the financials. Sharesunderten views Marston’s as a stock in the early stages of a turnaround—typically the phase where the greatest upside potential exists. We remain positive and believe the current valuation does not reflect the underlying value and recovery potential. MEKO MEKO has published the agenda for its Annual General Meeting on May 7, which largely confirms our existing view. The company is clearly in a transition phase, prioritizing balance sheet strengthening and operational improvements over direct shareholder returns. As expected, the board proposes no dividend for 2025, given the elevated debt position following a heavy investment phase. In addition, a new long-term incentive program for management and key employees has been proposed. This program is strongly performance-based, tied to metrics such as EBIT growth, earnings per share, and total shareholder return. Less encouraging is the explicit inclusion of sustainability targets, including CO₂ reduction goals. Furthermore, the board is seeking approval to issue new shares, potentially without pre-emptive rights. This creates flexibility for acquisitions or balance sheet strengthening, but also introduces the risk of dilution. The position is currently down only around 1% relative to our entry price. However, the AGM agenda does not provide sufficient confidence, and we have decided to fully exit the position while the loss remains limited. On to the next opportunity. Sunny Optical Sunny Optical reported its 2025 full-year results last week, broadly in line with expectations. There were no major surprises, as the company had already provided prior guidance. Revenue came in at approximately RMB 43 billion, while net profit increased by around 70% to roughly RMB 4.6 billion. What stands out is the company’s increasing ability to capitalize on growth segments beyond smartphones. In particular, automotive and high-end optical applications are contributing more significantly to profit growth. At the same time, the company continues to invest in technology and is positioning itself in markets driven by structural trends such as ADAS, AI, and sensor technology. The company also proposed a higher dividend, underlining management’s confidence in cash flow development. This further signals that underlying performance is stronger than current market sentiment suggests. While the initial market reaction was cautious, the stock moved higher towards the end of the week. This suggests that investors are beginning to reassess the results and that negative sentiment may be bottoming out. Fundamentally, our view remains unchanged. Sunny Optical continues to be a high-quality player transitioning towards structurally growing markets. Deceuninck Deceuninck published the agenda for its shareholder meeting at the end of April. There are no major surprises, but it does confirm the company’s current strategic direction. The board proposes a dividend of €0.09 per share—a modest increase that highlights stable cash flow generation. In addition, a new remuneration policy for 2026 is on the table, along with several board reappointments. Overall, this is a fairly standard AGM agenda without any major strategic changes. Our underlying view remains

You will undoubtedly have noticed that we have taken fewer new positions in recent weeks. This is no coincidence. Although more and more stocks are falling below the £10 threshold—effectively expanding our hunting ground—we are deliberately adopting a more cautious approach for now. The reason lies in the exceptional market volatility driven by geopolitical tensions and persistently high oil prices, which continue to unsettle investors. The past week was entirely dominated by escalating tensions between the United States and Iran. What began as a tense weekend evolved into a week marked by rapidly shifting deadlines, delays, and conflicting signals. For financial markets, this resulted in an unusually high level of uncertainty. Over the weekend, President Trump set the tone with a firm ultimatum. Iran was required to reopen the Strait of Hormuz, or Iranian energy facilities would be targeted within 48 hours. This immediately triggered panic in the oil market, with prices briefly surging toward $115 per barrel. However, Monday brought a notable shift. Trump suddenly spoke of “very good and productive” discussions and postponed the threatened attacks by five days. Markets reacted with relief, but that optimism proved short-lived. Iran denied that any talks were taking place at all, which quickly reintroduced doubt into the market. This uncertainty remained dominant throughout the rest of the week. Sentiment shifted multiple times, driven more by political statements than by fundamental developments. Oil prices fluctuated significantly, and investors became increasingly sensitive to every new headline. Meanwhile, tensions persisted in the background, with ongoing attacks and indications that other countries might become involved in the conflict. What makes the situation particularly complex is that the risk of escalation is not disappearing, but rather being postponed. Repeated delays in deadlines may indicate that preparations are continuing behind the scenes. Reports of potential additional military deployments by the United States reinforce this view. In such an environment, we believe it is essential to maintain discipline. This does not mean we are inactive—quite the opposite. We continue to monitor the market closely and actively search for opportunities. However, we are consciously more selective, only acting when we believe the risk-reward profile is clearly in our favor. We remain ready to act and have a watchlist of stocks firmly on our radar, so keep an eye on your inbox. Kudelski The Swiss company published its annual report last week, although it contained no major surprises. The key points were largely already known to the market and align with the picture we have previously outlined. Since our entry, the stock has risen by approximately 15%, confirming that sentiment around the company is beginning to improve. Despite this increase, we still see upside potential, particularly given the strong balance sheet, net cash position, and low valuation relative to underlying assets. At the same time, it is important to maintain discipline. Members with relatively large positions may consider taking partial profits. This does not alter our positive long-term view but helps maintain a balanced risk position within the portfolio. Grab Holdings We have seen a clear increase in activity around Grab Holdings over the past week, both strategically and in terms of capital allocation. The company announced a share buyback of up to $400 million within a relatively short timeframe, a strong signal that management has confidence in the company’s underlying value. Additionally, agreements have been reached with major financial institutions such as JPMorgan and Morgan Stanley, indicating further optimization of the capital structure and increased balance sheet flexibility. At the same time, an activist campaign surrounding Delivery Hero is unfolding in the background, with Grab indirectly involved. While this may create short-term noise, we view it as a potential catalyst. Such pressure can lead to sharper strategic decisions and more efficient capital allocation, ultimately benefiting shareholders. Fundamentally, the story remains intact. Grab holds strong market positions in Southeast Asia, benefits from structural growth in digital payments, mobility, and delivery services, and is making clear progress toward profitability. The combination of operational improvement and active capital management positions the stock attractively in our view. Sharesunderten therefore remains positive and continues to see significant upside potential. Auction Technology Group The company received court approval for its announced capital reduction, further optimizing the balance sheet and creating room for more efficient capital usage. While this may appear to be a technical step, it is strategically relevant as it increases flexibility toward shareholders. Market interest also remains evident. Analysts continue to highlight upside potential, driven by the combination of a relatively low valuation and the structural growth of online auction platforms. Previous takeover interest has also demonstrated that the company holds strategic value not yet fully reflected in the current share price. Fundamentally, our view remains unchanged. ATG has strong positions in both art and antiques auctions as well as industrial auctions, supported by a scalable platform and solid cash flows. Recent investments and integrations are temporarily weighing on margins but are laying the foundation for further profit growth in the coming years. Sharesunderten therefore remains positive and continues to see attractive upside potential. Rolls-Royce Rolls-Royce continues to benefit from a steady stream of positive news, particularly within its defence division. The company has secured multiple large contracts for Rolls-Royce Power Systems, increasing visibility on future revenues. This highlights its strategic positioning within defence and energy infrastructure—sectors currently benefiting from structurally higher investment levels. Additionally, Rolls-Royce confirmed that deliveries of new systems will ramp up from 2028 onwards and that production capacity is being expanded. This indicates a well-filled order book and strong confidence in long-term demand. At the same time, the company remains active in optimizing its capital structure, including through share buybacks. Although there are still critical voices regarding the strong share price performance over the past year, we continue to see a fundamentally compelling story. The combination of operational improvements, strong cash flow development, and exposure to defence makes Rolls-Royce attractively positioned. Sharesunderten therefore remains positive and continues to see upside potential, despite the strong run the stock has

We see financial markets heading into another week in which tensions may continue to rise. The combination of geopolitical uncertainty, rising energy prices, and increasing interest rates is putting particular pressure on bond markets. In the short term, there appears to be a temporary pause. President Trump postponed a potential attack on Iranian energy facilities by five days, following what he described as “very good and productive talks” with Iran. This temporarily reduced immediate fears of escalation in the Middle East and gave markets some brief relief. However, that calm appears fragile. Equities gave back part of their earlier gains after Iranian state media reported that no direct talks would take place. The confusion increased further when Trump later stated that there had indeed been contact with a senior Iranian official, though not with the Ayatollah. This highlights how uncertain and fluid the situation remains, and why markets continue to react to every new signal. At the same time, pressure on financial markets is building further, particularly through rising interest rates. The UK 10-year yield has recently climbed sharply toward 5%, levels that have historically been associated with increased stress in the financial system. Higher interest rates not only raise financing costs for governments and businesses but also directly weigh on equity valuations. Notably, equity markets have so far remained relatively calm. This creates a clear tension. While bonds and commodities are already pricing in a more challenging economic scenario, equity markets still seem to assume a controlled outcome. This discrepancy makes the market vulnerable. If the situation escalates further, a correction could accelerate. Sharesunderten is closely monitoring developments and will adjust where necessary. The coming week will revolve around several key macroeconomic indicators. In particular, the first PMI readings will provide insight into how companies are responding to recent turmoil, while inflation data from the UK and labour market figures from the US will guide expectations for central bank policy. In the current environment, these are not ‘ordinary’ data points but early indicators of the economic impact of geopolitical tensions. At the same time, we continue to closely monitor our portfolio and the broader market. It is precisely in these phases that opportunities arise. Falling prices mean that more and more stocks are dropping below the ten-pound threshold — and those are exactly the opportunities we target. This expands our investment universe and simply creates more “fish in the pond.” Our strategy therefore remains unchanged. We remain selective, closely track market developments, and are ready to act when valuations become attractive. In volatile markets, the focus is not only on risks but also on the opportunities that emerge from them. ME Group After weeks of uncertainty, during which the stock was suspended due to delayed annual results, ME Group ultimately surprised the market positively. The company released strong results yesterday morning, showing clear improvements in both revenue and margins. Revenue continued to grow, driven by strong performance in its laundry services, which have become an increasingly important pillar of the business model. Group revenue rose by 2.4% to £315.4 million, compared to £307.9 million a year earlier. At the same time, ME Group improved its EBITDA margin from 37.1% to 38.2%. This margin expansion, combined with revenue growth, resulted in further increases in profitability. Profit before tax came in at £78.2 million, compared to £73.4 million a year earlier — an increase of 6.5%. This underscores that economies of scale and operational efficiency are delivering results. What stands out in particular is the confidence shown by management. The dividend is increased by 9.5%, and the company is also launching a £18 million share buyback programme. This indicates robust cash flows and the ability to return capital to shareholders. Furthermore, management indicated that 2026 is expected to develop positively. The timing of the suspension could even be considered fortunate. The last trading day was 27 February, just one day before the Israeli-American attacks on Iran. While the broader market declined — with the FTSE 100 falling by as much as 10% — ME Group remained unchanged due to the suspension. Investors who do not yet hold a position may still consider doing so. Envipco Envipco featured prominently in the news last week. The company announced that it has become an exclusive supplier for a national retailer in the UK, while a major project in Portugal is also progressing. In addition, it announced an extraordinary general meeting and introduced a new CEO. This creates a clear combination of operational progress and strategic change. What stands out is that Envipco is increasingly securing these types of contracts, underlining its strong positioning in the rollout of deposit return systems across Europe. Governments are increasingly mandating such systems, driving structural demand for reverse vending machines. Envipco benefits not only from the sale of machines but also from long-term service contracts, which make the business model more stable and recurring over time. Overall, the core investment thesis remains unchanged. Envipco remains a typical growth company with strong structural tailwinds, although short-term volatility may persist. The recent contracts confirm that the company is gaining market share and further expanding its presence in Europe. We therefore continue to hold Envipco firmly within the portfolio.   Grafton Group Last week, Grafton announced a strategically important acquisition that aligns seamlessly with its long-term strategy. The company revealed it will acquire Mercaluz, a Spanish distributor of air conditioning and HVAC solutions (heating, ventilation, and air conditioning) with a strong position among professional installers. With this acquisition, Grafton takes another step in expanding its presence in the Iberian market. Following the earlier acquisition of Salvador Escoda, Mercaluz further strengthens that footprint. Both companies operate in the fast-growing HVAC segment, which benefits from structural trends such as the energy transition, climate regulation, and increasing demand for cooling and ventilation. Financially, the deal appears solid. With expected revenue of €150 million and operating profit of over €22 million, Grafton is acquiring a profitable and growing business. The €165 million purchase price suggests

Sharesunderten observes that financial markets appear to be slowly adjusting to the war in the Middle East. While geopolitical shocks often lead to sharp market declines initially, investors tend to adapt to the new reality over time. This became visible again on the British stock market last week. The FTSE 100 fell by about 0.8%, a significantly smaller move than the nearly 5% drop seen a week earlier. In the United States, sentiment also remained cautiously negative. The S&P 500 lost 0.6% on Friday, while the Nasdaq declined 0.9% and the Dow Jones closed 0.3% lower. The energy market remains at the center of attention. The price of a barrel of WTI crude oil climbed back toward $99 on Friday, partly due to the ongoing blockade of the Strait of Hormuz. On a weekly basis, oil prices rose by more than 8%. This shipping lane is one of the most important chokepoints in global oil trade, and any disruption there almost immediately translates into higher energy prices. The United States temporarily decided to ease oil sanctions on Russia to prevent a potential shortage in the oil market, although analysts expect this move to have only a limited impact on the available supply. Meanwhile, recent U.S. macroeconomic data paint a mixed picture of the economy. Economic growth in the fourth quarter was revised downward to 0.7%, roughly half of the previously reported 1.4%. At the same time, core inflation in January edged up slightly from 3.0% to 3.1%. U.S. consumer income and spending both increased by 0.4% month-over-month, while durable goods orders remained unchanged. The upcoming trading week promises to be busy on the macroeconomic front. In the United States, investors will be closely watching producer price data and the Federal Reserve meeting, including new economic projections and comments from Chairman Jerome Powell. However, a significant part of the attention is shifting toward the United Kingdom. A series of economic releases there could provide more clarity on the future direction of British interest rate policy. Wednesday begins with labor market data, including the Claimant Count Change. Later in the week, markets will focus on the Bank of England’s interest rate decision, the vote within the Monetary Policy Committee, and the official policy statement. For investors, the key question is whether the Bank of England sees room to lower interest rates later this year. British inflation remains relatively persistent and still sits well above the central bank’s 2% target. At the same time, there are signs that the economy is cooling, forcing the central bank to strike a difficult balance between combating inflation and maintaining economic stability. Of course, Sharesunderten stocks tend to be less affected by economic disappointments, but positive surprises can act as a powerful catalyst for low-priced stocks. Our focus is precisely on those companies whose share prices appear undervalued. Below is an overview of key developments among the stocks in the Sharesunderten portfolio. ME Group ME Group was originally expected to release its annual results by March 13, but the company has postponed the publication to March 23. This situation is somewhat unusual, because trading in the stock remains suspended until the results are released. For investors, that can understandably feel uncomfortable. However, at this stage we see no reason to immediately assume the worst. Delays in reporting results occur more often than many people think. In many cases, they are related to finalizing the audit process or conducting additional checks before the results are officially confirmed. Often this is primarily an administrative matter rather than a signal that something is fundamentally wrong with the business. Most importantly, the underlying story of ME Group has not changed. In recent years, the company has demonstrated a robust business model with stable cash flows and a strong position in its niche markets. That fundamental strength does not disappear simply because of a short delay in reporting results. Sharesunderten therefore looks forward with interest to March 23, when we will not only see the financial results themselves but also hear management’s commentary and updated expectations for the coming year. Until then, all we can do is wait patiently.   Envipco Envipco released its annual results last week, and they were honestly somewhat disappointing. Revenue fell by 27% in the fourth quarter to €23.8 million, and margins also came under pressure. Because of the lower sales volume, factories operated below capacity, which further weighed on margins. Ultimately, the quarter ended with an operating loss of €1.0 million and a net loss of €2.1 million. The full-year picture for 2025 was also weaker. Revenue came in at €90.4 million, representing a 21% decline compared with the previous year. The net loss widened to €10.8 million. CEO Simon Bolton therefore described the quarter as weak and emphasized that 2025 should primarily be seen as a transition year. However, this does little to change the broader investment case for the company. Across Europe, more and more countries are introducing deposit-return systems for plastic bottles and cans. Envipco directly benefits from this development, because supermarkets and collection points require the company’s machines and systems to operate these programs. New contracts from countries including Poland and Portugal show that this market continues to expand. For us, Envipco therefore remains a story of patience. Quarterly results can fluctuate significantly, but the structural growth of deposit systems across Europe clearly works in the company’s favor. Meanwhile, our position is already up around 7%. We therefore remain patient and continue to monitor the stock closely. Sunny Optical Sunny Optical is expected to attract renewed attention in the coming weeks. The company has announced that its board will meet on March 30 to approve the final results for 2025 and decide on the dividend. Investors will then receive a full picture of the company’s performance over the past year. Ahead of this meeting, the company already issued a profit alert. Sunny Optical expects net profit for 2025 to increase by roughly 70% to 75%, reaching approximately RMB 4.6 to 4.7

The new trading week begins in a tense atmosphere. The war in the Middle East between the United States, Israel, and Iran is still ongoing and continues to dominate the financial markets. The escalation of the conflict has led to an explosive rise in oil prices. Brent and WTI climbed sharply in a short period of time and temporarily traded around $120 per barrel. In particular, the situation surrounding the Strait of Hormuz is creating significant uncertainty, as a substantial portion of global oil exports passes through this strategic passage

The new trading week begins in a markedly different atmosphere from the one in which the month ended. The attack by the United States and Israel on Iran, in which, according to reports, Ayatollah Ali Khamenei was killed, represents a significant escalation in the Middle East. This is no longer a targeted operation conducted in the shadows, but an open confrontation with direct consequences for global risk sentiment. Iran has announced retaliation, and the threat of further military action is clearly hanging over the markets.

The earnings season is drawing to a close, and markets are once again shifting their focus towards macroeconomic developments, geopolitics and the outlook for the months ahead. Beneath the surface, volatility remains present, yet we continue to navigate this environment with discipline and conviction. In recent weeks we have taken profits on a strong performer and added a new opportunity to the portfolio following a period of turbulence. As always, we remain focused on cash flow, margins and long-term value creation, while keeping a close eye on geopolitical tensions and global trade developments that could influence sentiment in the short term.

Last week felt like one of those market weeks in which equities show remarkable resilience, yet at the same time you sense that everyone is keeping one eye on the exit. AI remains the main engine behind sentiment. Precisely for that reason we are seeing something interesting unfold, investors are gradually rotating away from expensive winners and cautiously moving towards value stocks. This is not a panic driven rotation, but a rational shift. Technology has risen sharply, while value stocks tend to move more closely with the temperature of the economy. And that market temperature remains surprisingly comfortable for now. In the United States that uneasy balance once again became clear. On paper the jobs report looked solid. In January, 130,000 jobs were added and unemployment fell from 4.4% to 4.3%. However, once we look under the bonnet, the picture becomes less reassuring. Job growth is structurally slowing and the downward revisions were significant. For 2025 as a whole, only 181,000 jobs ultimately proved to have been created, whereas earlier estimates had pointed to 584,000. That is not a minor adjustment, it is an entirely different story, and moreover the weakest year since 2020. At the same time inflation cooled further. Headline inflation fell to 2.4% in January and core inflation declined from 2.6% to 2.5%. Normally such a combination would push markets directly towards pricing in rate cuts, but that hardly happened. Investors are reacting with notable restraint and are increasingly factoring in fewer rapid moves by the Federal Reserve. At present, a first rate cut is only being priced in towards the summer. ING still expects two cuts this year, in June and September, but explicitly leaves the door open for more if the labour market weakens further. For us as investors, and within Sharesunderten, this means selectivity is more important than ever. In an environment where growth is cooling but no recession is visible, the focus shifts to quality, valuation and balance sheet strength. In the coming week global attention turns to the United Kingdom, and not without reason. A series of data releases in London could, in one stroke, determine how markets assess the future rate path of the Bank of England. On Tuesday the Claimant Count Change will provide an initial signal on the British labour market. Expectations are that the number of new benefit claims will rise, which may point to an economy that is also gradually cooling. Wednesday becomes truly interesting with the release of inflation figures. The market expects a decline to 3.0% year on year, compared with 3.4% previously. That may seem a small difference, but for the Bank of England it is crucial. UK inflation has proved more persistent than in the eurozone and the United States, forcing the UK to maintain restrictive policy for longer. If inflation now genuinely moves towards 3%, the internal debate within the Monetary Policy Committee could shift. That could mark the starting point for a more concrete rate cut later this spring. For now, the calm in the markets appears intact, but beneath the surface the emphasis is shifting. It is precisely in such markets that opportunities arise, provided we remain disciplined on valuation and timing. JD Logistics Last week we added JD Logistics to the portfolio, as the share is currently extremely cheap relative to the company’s operational performance. The original rationale behind the IPO was that the market would finally recognise the true value of JD’s logistics division. Instead, the opposite has happened. Since the IPO in 2021, the share price has fallen by around 70%, while the company has continued to grow, further expand its infrastructure and clearly strengthen its cash flow generation. We are also seeing JD Logistics generate an increasing share of its revenue from external clients. This is important, as it reduces the company’s dependence on JD.com and positions it ever more clearly as an independent player in the Chinese logistics market. At the same time, it is logical that this expansion phase still puts pressure on margins, as external growth is relatively labour intensive and requires substantial investment. Yet this is precisely where the leverage lies, once growth normalises and investment intensity declines, there is room for margin expansion and value creation. Valuation at present is exceptionally low. We are paying a multiple that is typically associated with companies facing structural problems, whereas JD Logistics has a strong balance sheet and a clear technological edge. In our view, this makes the share too attractive to ignore. Owing to its depressed market capitalisation, JD Logistics has also become more attractive to its parent company. JD.com still holds a majority stake, and for them logistics is not a supporting activity, but a core weapon in the competitive battle with other ecommerce platforms.   Grab Holdings Grab recently reported mixed results for the fourth quarter of financial year 2025, yet the market ultimately responded constructively. Revenue increased by more than 18% year on year to 906 million dollars. That was slightly below expectations, but earnings per share surprised on the upside. This demonstrates that increasing scale is translating ever more clearly into operational leverage. More important than the quarter itself was the outlook. The market had anticipated cautious guidance for 2026 and potential pressure on commission rates in Indonesia. The fact that the outlook came in slightly above expectations was therefore seen as a moment of relief. Part of the uncertainty now appears to have been priced in and has eased. In addition, Grab presented a three year plan targeting 1.5 billion dollars in adjusted EBITDA in financial year 2028. Given the level of penetration in South East Asia, its strong position in mobility and deliveries, and its growing fintech ecosystem, this is not an unrealistic ambition. That ecosystem creates scale advantages and increases customer retention. We acknowledge that regulatory risks and competitive pressure remain, particularly in core markets such as Indonesia. At the same time, we see a company that is gaining control over its cost structure, maintaining

Our Dutch holding has performed notably well in recent weeks. We understand that subscribers may be eager to take profits, but the key question is whether the share price still has significant upside potential. More on that later.

Last week, investors also digested the Federal Reserve’s interest rate decision. As widely expected, the central bank left rates unchanged. Rabobank described the move as a “defensive pause”. The accompanying statement showed that the Fed has become more optimistic about the economy and the labour market, which is showing signs of stabilisation, but that inflation remains too high in the central bank’s view.

The British stock market experienced a cautious trading week, in which geopolitical tensions created some noise but caused no lasting damage. Threats from the United States regarding additional import tariffs briefly stirred up market jitters, but these quickly faded following diplomatic talks at the World Economic Forum. This shift gave markets the space to stabilise. In London, the impact remained limited, partly due to the defensive composition of the FTSE, where energy, commodities, and financials offered protection against uncertainty.

And so, investors concluded a hectic week on the markets. Markets were flooded with news from Washington, where concerns resurfaced about the independence of the Federal Reserve. At the same time, geopolitical tensions escalated, with Iran and, unexpectedly, Greenland emerging as flashpoints. That unrest intensified on Friday after President Trump threatened import tariffs on countries he claimed were “not cooperating on the Greenland issue.”

The stock market began the year with confidence. The FTSE 100 broke through the 10,000-point barrier, signalling that investor optimism remains very much alive. Interestingly, this strength did not come from the usual growth stories, but rather from the more “boring” corners of the market. Energy and defence stocks were in the spotlight, driven by geopolitical tensions and a growing focus on security and strategic independence. Investors were seeking stability, visible cash flows and companies positioned to benefit from an increasingly turbulent world. At the same time, the macroeconomic backdrop remained surprisingly constructive. Inflation figures failed to trigger fresh market jitters, and investors continued to believe that central banks may have room to cut interest rates later this year. This created an uneasy but powerful combination: on the one hand, caution around valuations; on the other, enough confidence to continue taking risk. The result was a market that did not surge, but continued to edge higher, step by step.

As the Christmas lights glow once again, the final trading days of the year pass by, and 2025 steadily draws to a close, this is the perfect moment to look back together. Christmas and New Year are, above all, days of reflection, gratitude, and anticipation for what lies ahead. And as we reflect at Sharesunderten, we do so with a big smile. We are closing out 2025 with a fantastic return of 41.1%. This means that members who have faithfully followed our advice have seen outstanding results. That is ultimately what we do it for, and we are genuinely proud and deeply grateful. 2025 also brought some real standouts, shares where timing, vision, and courage all came together. Golgonda Gold exploded by 130% in under a month. Our old favourite, Rolls Royce, also doubled this year, adding to an already substantial gain and bringing us to an impressive total return of nearly 1,300%. Two of our most recent picks, Kloeckner & Co and Kistos, also showed how quickly things can move once the market wakes up. Following confirmation of takeover talks, the latter has already gained nearly 40% in less than six weeks. There is also Glencore, a share that continues to climb steadily. We are now up nearly 35% on this one as well, and we expect much more going into 2026. Christmas is about togetherness, trust, and looking ahead. The same applies to investing. On behalf of the entire Sharesunderten team, we would like to thank all our members for their trust over the past year. We wish you a joyful holiday season and a healthy, happy, and above all profitable 2026.   BP BP has taken an important strategic step by selling a 65 percent stake in Castrol to Stonepeak, based on an enterprise value of 10.1 billion dollars. The valuation of around 8.6 times LTM EBITDA highlights the quality and growth profile of Castrol and confirms that BP is able to unlock value at attractive levels. The transaction is expected to generate approximately 6.0 billion dollars in net proceeds for BP. This amount will be used entirely for debt reduction. At the end of the third quarter of 2025, net debt stood at 26.1 billion dollars, and BP is aiming for a range of 14 to 18 billion dollars by the end of 2027. This divestment brings that goal within closer reach and significantly reduces the company’s financial risk. Importantly, BP will retain a 35 percent interest in Castrol. This means the company will continue to benefit from Castrol’s strong operational performance, which has now delivered year-on-year profit growth for nine consecutive quarters. After a two-year lock-up period, BP will also have the flexibility to sell this remaining stake at a later stage, offering additional strategic options. The sale of Castrol. fits within the broader plan to divest 20 billion dollars in assets. With this deal, more than half of that programme has now been completed or announced. At the same time, BP is simplifying its portfolio, focusing more clearly on its core business, and structurally improving its cash flow. For us, this transaction confirms that BP is making deliberate choices. Value is being realised, the balance sheet is being strengthened, and the business is being streamlined and made more profitable. Combined with continued exposure to Castrol and an improved financial position, we see every reason to hold on to BP with confidence as we enter 2026.   Grab Holdings This listed company continues its steady progress towards profitability, delivering a profitable third quarter in 2025 and raising its outlook, while its share price has recently pulled back, offering a potential entry point. Its super app ecosystem, with strong network effects between mobility, delivery, and financial services, is now showing clear operational leverage. Core segments are growing solidly, margins are improving, and revenues from advertising and fintech are strengthening monetisation. Despite ongoing competition and continued investment, the balance sheet remains very strong with a substantial net cash position. The valuation appears attractive in relation to the growth potential and market penetration in Southeast Asia. Increasingly, peer analysts and strategic desks are recognising this combination of scale, profitability, and underutilised market opportunity. Needless to say, we share this view. Grab is evolving from a growth story into a sustainably profitable platform. In that context, we believe the share is structurally undervalued.   Glencore Glencore shares continue to rise, and the company is making impressive progress. This is also evident in its latest move, acquiring a majority stake in Dutch company FincoEnergies. The market views this mainly as a way to further strengthen its position in the Northwest European fuels market. FincoEnergies is a strong independent player focused on sustainable fuels and providing solutions for decarbonisation. Think of biofuels via GoodFuels, programmes like GoodShipping, and services such as FuelEU Pooling, which help transport companies meet stricter sustainability requirements more easily. This acquisition fits within Glencore’s broader ambition to grow its marketing and trading activities. The company has already raised its earnings target for this division, supported by expansion into new markets and product lines. In 2025, the picture is clear. Metals trading is performing strongly, offsetting weaker energy trading, as energy markets have returned to more normal conditions after a period of extreme volatility. With FincoEnergies, Glencore gains additional scale and access to a key region, precisely where demand and regulation are set to grow in importance over the coming years. Sharesunderten sees this as a strong candidate for the year ahead.

Markets closed strongly last week, supported by favourable interest rate decisions and a reassuring tone from central banks. In both the United Kingdom and the United States, markets reacted positively to signals that inflationary pressure is continuing to ease and that monetary policy may gradually be relaxed towards 2026. No shocks, no surprises, just the kind of stability investors have been looking for. This brought relief, renewed confidence, and a constructive mood as the year draws to a close. The calm feels well-earned after an intense year for markets, but that does not mean the tension has disappeared. The coming week will see the market shift into holiday mode, with shorter trading days, lower volumes, and many major players having already secured their positions. In both the UK and the US, the market will be running at half speed. Precisely because of that, sensitivity may increase. In thin trading, even small signals can trigger relatively large price movements, which makes this quiet week potentially more meaningful than it may appear at first glance. In the United States, attention will focus on the last macroeconomic data before year-end. The final GDP figure for the third quarter will offer one more look at the underlying strength of the economy, while weekly jobless claims will be closely watched. Normally not a major data point, but at this stage, crucial. The labour market remains the key to the Federal Reserve’s interest rate outlook. As long as the economy cools without truly weakening, the scenario of rate cuts next year remains intact, and that is exactly what the market is anticipating. The picture in the United Kingdom is similar. After the recent interest rate decision from the Bank of England, the economic agenda is fairly light, but the market remains alert. Falling inflation offers room to manoeuvre, while the economy is showing cautious signs of stabilisation. Investors are increasingly accepting that the peak in interest rates is probably behind us and are looking ahead more clearly to early 2026. January will be important, when fresh inflation and growth figures must confirm whether further easing is genuinely within reach.   BP BP has announced a change in leadership. The board has appointed Meg O’Neill as the company’s new CEO, effective 1 April 2026. She joins from Woodside Energy, where she led the company to become the largest energy producer on the Australian stock exchange. Current CEO Murray Auchincloss is stepping down with immediate effect and will remain in an advisory role until the end of 2026. Until O’Neill takes over, Carol Howle will serve as interim CEO. This appointment signals a clear move towards acceleration. O’Neill is known for her focus on discipline, capital allocation, and operational improvement. The board has emphasised that BP must become simpler, leaner, and more profitable. For investors, this is a clear signal. BP wants to pick up the pace and create renewed value for shareholders. We are already up nearly 20 per cent and are holding on to the stock.   Grab Holdings Grab is taking a new step towards autonomous driving. The Southeast Asian super-platform has entered into a strategic partnership with Momenta, a leading company in autonomous driving technology, and has also taken a strategic stake. Together, they are exploring how advanced driver assistance systems and robotaxi solutions can be rolled out in the complex urban markets of Southeast Asia. Momenta combines large-scale ADAS technology, already used by manufacturers such as Mercedes-Benz and BMW, with the development of fully autonomous robotaxis. By integrating this technology directly into vehicles, autonomous mobility can be scaled without expensive modifications. For Grab, this represents a key step towards making autonomous transport safe and commercially viable within its platform. A clear investment in the future of mobility. We remain confident in the stock, which stays in our 2026 portfolio.   Rolls-Royce Rolls-Royce jumped nearly 7 per cent last week, benefiting from continued optimism around defence spending and nuclear energy in the UK. Investors increasingly see Rolls-Royce as a strategic winner in a world where energy security and defence are back at the top of the political agenda. With strong cash flows, improved margins, and growing attention for small modular reactors, sentiment around the stock remains positive. The share price movement underlines that the market no longer sees Rolls-Royce as a recovery story but as a structural growth company. In 2025, Rolls-Royce delivered a gain of over 100 per cent, making it a clear winner in our portfolio. We have high expectations for the stock again in 2026.

Last week, investor tension rose significantly. All eyes were on the interest rate decision by the US Federal Reserve. On 10 December, the Fed cut rates again by a quarter of a percentage point. This was the third rate cut this year. The aim is to support the cooling labour market, while inflation remains persistently high. It appears that President Trump is hoping for even lower rates. When asked by journalists, he stated that the United States should have the lowest interest rate in the world. In response to how low that should be, he answered, less than 1 percent. In Europe, the narrative is different. ECB board member Isabel Schnabel noted that the next move could be an interest rate increase rather than a cut. That will not happen immediately, but the option is on the table. During the upcoming meeting on 18 December, the ECB may also revise its growth forecasts. For now, interest rates are expected to remain unchanged. This suggests that equities may still be the only viable option for capital growth. Yet, the markets appear to be standing at a crossroads. On one hand, a surprisingly large number of companies exceeded expectations last quarter. In our view, this is mainly due to steady improvements in AI and automation. Companies are benefiting in concrete ways. Routine tasks can now largely be handled by computers, processes are becoming more efficient, and cost control has improved. This is clearly reflected in the results. On the other hand, investors seem to be growing more cautious. After the strong rebound in recent months, valuations now need to be justified by real and measurable returns from AI. This turns out to be more challenging than the market had anticipated. Last week’s results from Oracle and Broadcom were somewhat disappointing. Not because of poor performance, but because they simply could not meet the very high expectations that are already priced into their shares. The bar has been set extremely high. A Busy Week for Macroeconomic Data The coming week will be full of key macroeconomic events. On Tuesday, we will receive a series of important PMI figures from Europe, the United Kingdom, and the United States. These indicators provide an up-to-date view of economic activity in both manufacturing and services, and often shape short-term market sentiment. Later on Tuesday, significant US labour market data will follow, including non-farm employment change, unemployment figures, and wage growth. These are crucial for the Federal Reserve’s interest rate policy and may lead to increased volatility. On Wednesday, attention will shift to UK inflation, with the release of CPI figures. Thursday will be a major day for central banks. Both the Bank of England and the ECB will announce rate decisions and give their statements. Markets will pay close attention to the tone of these remarks and the press conferences that follow. Finally, on Friday, the UK retail sales figures will be released. These provide insight into the strength of consumer spending towards the end of the year. Kistos Delivers Strong Start Kistos was added to the portfolio only recently, but is already demonstrating why it was selected. The company announced an acquisition in Oman that will immediately contribute to cash flow and production. Kistos is acquiring a 5 percent interest in Block 9 and a 20 percent interest in Blocks 3 and 4, all located onshore in Oman. The total acquisition value is 148 million US dollars and will be fully funded from Kistos’ existing cash position. This is important, as it avoids dilution or additional debt. The acquisition adds an estimated 25.6 million barrels of oil equivalent in 2P reserves. In addition, Kistos expects to produce around 9,000 to 10,000 barrels of oil equivalent per day in 2025, with approximately 91 percent consisting of liquids. This makes revenues relatively stable and attractive. One of the most appealing aspects of this deal is the price. Kistos is paying around 5.80 dollars per barrel for proven and probable reserves, which is low compared to many similar transactions in the sector. The acquisition is immediately cash flow positive. It also marks Kistos’ first entry into the Middle East, providing geographical diversification alongside its current operations in the North Sea. The deal fits the company’s strategy of acquiring assets that offer immediate production with long-term potential. According to management, total production is expected to increase to approximately 20,000 barrels per day by 2026. The market welcomed the news, and the share price rose by 35 percent in just a few days. We see this as a clear quality boost for the company. Cash flows should improve significantly in upcoming reports as earlier investments begin to pay off. We are holding our position for now. HelloFresh: Time to Exit HelloFresh shares have been under pressure for several months and have shown no clear signs of recovery. Competition in the meal kit market remains intense and continues to grow, while structural growth appears to be slowing. This puts pressure on margins and makes the business model more vulnerable than we initially assessed. The stock was also hit by a critical short report, which further weakened sentiment. Combined with several downgraded analyst recommendations, confidence in a swift recovery has declined sharply. Although HelloFresh remains a recognised name, we currently see more attractive opportunities elsewhere in the market. We have therefore decided to sell HelloFresh, accepting a loss of nearly 30 percent. While disappointing, we believe it is more important to free up capital for better opportunities than to wait for a recovery without clear catalysts. New Share Under Ten The next Share Under Ten comes from a part of the market that many investors still tend to avoid. Not because the company is weak, but because it lies outside the usual comfort zone. This is a firm with decades of history, a business that has become essential worldwide, and one that is benefiting from several structural growth trends. Think of technologies you use every day, yet rarely notice. Think of industries

Last week highlighted how quickly market dynamics can shift. A newly added position moved sharply within days as speculation resurfaced, forcing a decision between holding on or taking profits while uncertainty remained. Such moments underline the importance of discipline when exceptional short-term returns present themselves. Meanwhile, broader markets remained cautious, with investors focused on upcoming central bank decisions. Economic data from the United States suggests cooling momentum, while Europe and the UK continue to show a mixed picture. Against this backdrop, sentiment is fragile but increasingly responsive to signals around interest rates and policy direction.

It has been a notably strong week for the portfolio, with gains recorded across the board. Such broad-based performance often reflects improving underlying market conditions rather than isolated developments. Several sectors showed renewed strength, supported by rising expectations that interest rates may soon move lower. Despite ongoing geopolitical and economic risks, markets continue to demonstrate resilience. As the year draws to a close, attention is shifting to whether this momentum can carry through into a potential year-end rally, supported by policy signals and incoming economic data.

Something is beginning to shift in Europe. Inflation is easing, growth is slowing, and markets are responding quickly to the prospect of lower interest rates. While policymakers remain cautious, investors are increasingly positioning for a change in direction. Recent comments from central bank officials have fuelled sharp moves, particularly in interest-sensitive sectors. With key data releases and policy meetings approaching, sentiment remains highly reactive. The balance between caution and optimism will likely define market behaviour in the weeks ahead.

Last week delivered one of those split-screen moments for investors: political relief on one side, rising anxiety about inflated tech valuations on the other. The end of a government shutdown briefly calmed nerves, but attention quickly shifted back to stretched prices in the most crowded corners of the market. While some high-flyers look ready for a pause, a different part of the market is quietly drifting lower from already modest levels. There, a temporary pullback can actually improve the long-term risk-reward. With a fresh batch of macro data due and a major chip company about to report results that could sway sentiment far beyond its own sector, the coming days may offer a clearer view of where genuine opportunity is emerging.

Last week, a sudden price shock in one of our holdings reminded everyone how quickly sentiment can turn, especially when market moves appear to be driven by more than just fundamentals. At the same time, voices calling for a broad correction are getting louder, often from those who sat out the rally and now feel every uptick as an accusation. In the background, politics continues to interfere. A partial resolution to a prolonged budget standoff in the United States has reduced immediate risk, but new tensions are already on the horizon. In the UK, upcoming labour market figures and monthly growth data could influence the timing of the next rate moves. Together, these factors create a market where noise levels are high, but value still hides in places that attract little attention.

So much for predictable policymaking. The Federal Reserve surprised markets by cutting interest rates, even though inflation has not yet convincingly moved toward target. Some voices within the central bank itself have questioned whether the step came too soon, especially given a labour market that is softening rather than collapsing. New import tariffs add another layer of uncertainty to the inflation outlook. Investors, however, chose to focus on the comfort of cheaper money. This week, purchasing managers’ indices will offer a more up-to-date snapshot of economic momentum, while several other central banks prepare their own decisions. At the same time, companies across sectors such as energy, technology and staffing will present fresh results. Their guidance may tell us more about underlying demand than any speech or policy statement.

The new trading week arrives with a packed agenda. Earnings season is in full swing, central banks on both sides of the Atlantic are preparing key interest rate decisions, and a lingering political standoff continues to disrupt the normal flow of economic data. Many investors expect another modest rate cut from the US central bank, encouraged by softer business surveys and signs that the labour market is losing momentum. In Europe, policymakers appear more inclined to wait and observe. At the end of the week, inflation figures from the United States could either validate the recent policy shift or raise questions about timing. Meanwhile, trade tensions and tariff threats are creeping back into the headlines. In such an environment, short-term volatility is almost guaranteed; sustainable opportunity is not.

The earnings season is now in full swing. After major US banks like JPMorgan, Bank of America, and Goldman Sachs set the tone with strong results, the big tech names take the stage this week. Netflix, Tesla, IBM, and Intel will kick things off, followed by a range of European heavyweights. Expectations are high: investors are looking for more clarity on how companies are coping with rising financing costs and a slower growth environment. With parts of the US government still shut down and official data on employment and retail sales unavailable, corporate earnings take on even greater importance. In the absence of hard economic figures, market sentiment is being shaped by what companies themselves report, making this a crucial and potentially volatile week. Politics continues to linger in the background. US Treasury Secretary Scott Bessent is meeting his Chinese counterpart He Lifeng in Malaysia, in an attempt to ease ongoing trade tensions. Still, most market attention is focused on Friday, when long-awaited US inflation data will be released. These figures will be key for the Federal Reserve, which is increasingly questioning whether inflation is truly under control. Elsewhere, figures on Chinese growth, UK inflation, and Japanese consumer prices will be released throughout the week, but the main focus clearly lies at the end of the week. Until then, all eyes are on company results, which remain the most reliable barometer of the state of the economy.   Cadeler Cadeler was the most notable mover within the portfolio this week, falling by around 10%. Interestingly, CEO Mikkel Gleerup took this opportunity to buy in: on 16 October, he purchased approximately 4,000 shares. This insider purchase is seen as a vote of confidence in the company’s future, which is active globally in the installation and maintenance of offshore wind farms. Analysts remain positive: the latest recommendation is Buy with a price target of $23.50. AI analyst Spark from TipRanks also rates the stock as Outperform. Despite temporary pressure on cash flow, revenue growth remains robust, and the valuation still looks attractive in light of the long-term outlook.   Centrica Centrica also came under the spotlight this week. Barclays raised its recommendation to Overweight, with a new price target of 210 GBX, suggesting an upside potential of over 20% from current levels. Other banks followed suit: RBC raised its target to 200 GBX (Outperform), Berenberg to 190 GBX (Buy), while JPMorgan and Citigroup made smaller adjustments, maintaining Neutral and Buy ratings respectively. Our target price has now been reached, but we are holding the position as we still see further upside.   Grab Holdings Grab Holdings remained relatively stable on the market, despite Nordea Investment Management AB further increasing its stake. The asset manager purchased over 437,000 additional shares, bringing its total holding to more than 17.19 million shares—worth approximately $87.6 million. Grab reported a net profit margin of 3.65% for the past quarter and earnings per share of $0.01, in line with expectations. DBS Group Research raised its price target from $6.35 to $7.55. While the share price has yet to move significantly, institutional investor interest continues to rise. According to Sharesunderten, this may signal that the market anticipates a valuation recovery once a clear growth catalyst emerges. We are maintaining our position in the stock for now.

What began as a seemingly calm period ended with a familiar pattern: sharp political rhetoric, renewed trade tensions and an abrupt sell-off in major equity indices. A fresh round of threats aimed at a key trading partner rattled markets already unsettled by an unresolved budget deadlock. Yet it took just a few reassuring social media posts to reverse much of the damage as futures turned higher and talk of compromise resurfaced. With the flow of official economic data restricted, the start of a new earnings season takes on added importance. Company results and outlooks may provide the clearest clues about demand, pricing power and investment plans. For now, investors are forced to navigate a landscape where sentiment can flip in hours, while fundamentals move at a slower, more stubborn pace.

The coming days revolve around a single unresolved question: how long will the partial shutdown of the US government continue, and how much damage will it do? Official statistics are already being delayed, leaving markets dependent on private surveys and incomplete signals. One major jobs indicator has hinted at weakening momentum, fuelling speculation that the central bank could cut rates sooner if conditions deteriorate further. Equity markets, however, appear strangely relaxed, with key indices recently touching record highs. Our portfolio remains skewed toward Europe, where data is more readily available and policy signals clearer. A newly added industrial name is preparing a move to a more prominent stock exchange listing, while another holding in the renewable energy space continues to strengthen its fundamentals despite a flat share price. In both cases, time may be the most important catalyst.

Despite ongoing concerns about interest rates, equity markets remained surprisingly resilient last week. Investors seem to be holding on to the expectation that central banks will start easing later this year, which has helped prevent a broad correction and pushed major indices slightly higher. At the same time, markets sought protection, with gold reaching another all-time high. A combination of

Last week, markets got exactly what they were hoping for. The Federal Reserve cut interest rates and signalled that this may just be the beginning. Investors responded with enthusiasm, triggering a sharp rally across equities. While the ECB, the Bank of England, and the Bank of Japan held their rates steady, Norway surprised markets with an unexpected cut. The message

The coming trading week will be dominated by the Federal Reserve’s interest rate decision. Expectations are high that the US central bank will begin its first rate-cutting cycle since last December. This makes the week particularly important, as the tone set by Jerome Powell could determine market direction for the final months of 2025. On the macroeconomic front, several key

This week, markets will focus primarily on the European Central Bank’s interest rate decision and new inflation figures from the United States. These indicators are expected to shed more light on the likelihood of a rate cut by the Federal Reserve. Recent employment reports from both ADP and the U.S. government suggest a further cooling of the American labour market,

This week, all eyes are on the upcoming US jobs report, due this Friday. Before that, investors will be parsing through a series of purchasing managers’ indices (PMIs) for both manufacturing and services, along with fresh inflation data from the eurozone. With Wall Street closed today (Monday) for Labor Day, trading is expected to remain relatively subdued. July’s US job

In his speech last Friday, Federal Reserve Chair Jerome Powell opened the door to a possible rate cut in September. At the same time, he downplayed expectations for aggressive action, making a 50-basis-point cut highly unlikely. Markets reacted positively to the prospect of a cut, with gains recorded both on Wall Street and in Europe. The macroeconomic week begins with

The international earnings season is gradually drawing to a close. Most major companies have now reported their results, and in many cases the figures have been better than expected, with improvements in margins and cash flows. This allows us to close out the summer period with renewed confidence in the fundamentals of our portfolio. In the coming week, investor attention

Weekly Update: Earnings Season Ends Strong, Focus Shifts to Inflation The summer earnings season is all but over, and many of the stocks in our Sharesunderten portfolio have delivered solid to strong results. Companies not only exceeded expectations but also showed improvements in margins, cash flows, and growth forecasts. As a result, we close this period with confidence in the

The fact that one major trading partner after another is reaching agreements with the United States has not yet restored calm to the financial markets. Both in the UK and abroad, this summer’s earnings season continues to be followed by sharp share price movements. Expensive stocks combined with ongoing uncertainty are keeping investors alert. In many ways, this summer resembles

Earnings season has begun. What immediately stands out: companies are reporting surprisingly strong results, despite a world full of uncertainty. Currency risks, geopolitical tensions, and the looming import tariffs set for August 1st create a volatile backdrop. But for those who stay focused, the main story is one of profit growth, resilience, and new opportunities. At SUT, we remain active,

At Sharesunderten.com (SUT), we’re pleased with our recent acquisitions. So far, it looks like we’ve hit another home run with our position in Grab. You can read all the details in our current portfolio overview. In the meantime, we continue to scour the globe for new opportunities — stocks trading under ten pounds, but with the potential to quadruple or

We’re seeing more and more investors embrace our investment strategy: buying undervalued stocks under 10 euros with serious upside potential. The stock Rolls-Royce, on which we’ve achieved nearly 1,000% gains, is clear proof that you can turn a nickel into a dime. In this update, we provide a clear overview of the positions we currently hold in the Sharesunderten.com portfolio.