Top wikifolio The Ensou Strategy PatSoros +9,3 % seit Beginn +6,7 % 1 Jahr TOP WIKIFOLIO TRADE Kauf 06.07.2026 um 15:21 AIS-A.CO.GL.AG.BD UEED LU1437024729 Kurs (EUR) 49,425 0,5 % Letzte Aktivität The Ensou Strategy TES Portfolio Letter – June 2026 Review Date: 30 June 2026 Total return (since inception): +10.0% 1 ) Market commentary Since the launch of TES in September 2025, financial markets have remained characterized by elevated uncertainty. While equity markets continued to benefit from structural themes such as artificial intelligence and semiconductor demand, investors also experienced periods of increased volatility driven by geopolitical developments, changing interest-rate expectations and macroeconomic uncertainty. 2) Asset allocation Following this review, no changes have been made to the strategic target allocation. Since inception, market movements have naturally caused the actual portfolio weights to deviate modestly from their strategic targets. Consequently, a minor rebalancing will be carried out to restore the intended allocation (see Section 4 – Portfolio Actions). The current portfolio structure continues to reflect our objective of combining long-term capital appreciation with resilience through broad diversification across asset classes, regions, company sizes, bond maturities and credit segments. Top-level allocation (risk weight | cash weight) • Equity-like: 50.0% | 31.3% • Bond-like: 40.0% | 62.4% • Genuine alternatives: 10.0% | 6.3% Equity-like split (cash weight) • Traditional equity: 95.0% • Equity-like alternatives: 5.0% Bond-like split (cash weight) • Traditional bonds: 97.5% • Bond-like alternatives: 2.5% ETF breadth • Total ETFs: 36 o Equity-like: 14 o Bond-like: 19 o Genuine alternatives: 3 3) Performance Review TES total return (since inception): +10.0% Since inception, portfolio returns have primarily been generated by the Equity-like allocation which was driven by artificial intelligence and semiconductors. In addition, the Genuine Alternatives allocation proved its diversification benefits, with both gold and silver generating positive returns despite recent weakness in precious metals markets. Another encouraging observation is the behavior of the fixed income allocation. As of the review date, 15 of the 19 Bond-like ETFs show a positive total return, demonstrating that the defensive component has contributed not only to risk reduction but also to portfolio performance. The biggest relative winners as of the review date (since inception): Franklin FTSE Korea (IE00BHZRR030): +192% iShares MSCI EM ex-China (IE00BMG6Z448): +63% Invesco Physical Silver (IE00B43VDT70): +47% The biggest relative losers as of the review date (since inception): Amundi S&P 500 VIX Futures Enhanced Roll (LU0832435464): -15% Xtrackers II Japan Government Bond (LU0952581584): -13% iShares EUR High Yield Corporate Bond ESG (IE00BKLC5874): -3% The weakest-performing ETF is the Amundi S&P 500 VIX Futures Enhanced Roll (LU0832435464). Unlike traditional equity or bond investments, this position is intentionally not designed to generate positive long-term returns. Instead, it serves exclusively as a tail hedge, providing protection during periods of severe market stress through exposure to market volatility. During normal market environments, the continuous rolling of VIX futures contracts creates a structural negative carry, making negative long-term returns an inherent characteristic of the product. Its performance since inception therefore reflects its intended function within the portfolio rather than an unsuccessful investment decision. 4) Portfolio Actions As part of the periodic portfolio review, the complete ETF universe was reassessed with respect to implementation quality, diversification, liquidity, tracking quality and ongoing costs. No superior ETF replacements were identified. Consequently, all strategic building blocks remain unchanged. A moderate rebalancing will nevertheless be implemented to get again closer to the original strategic portfolio weights (decrease Equity-like and increase Bond-like weights). To minimize implementation costs, all trades will be executed using limit orders wherever practical. 5) Outlook TES will continue to follow its disciplined, rules-based investment framework. Strategic asset allocation will only be adjusted when justified by the underlying methodology rather than short-term market forecasts or market timing. After 10 months, the portfolio remains positioned to participate in long-term global economic growth while maintaining resilience across a wide range of market environments. Its diversified allocation to defensive fixed income and genuine alternatives has been intentionally designed to help mitigate the impact of future market corrections and periods of elevated volatility, while preserving the portfolio's long-term compounding potential. TES is not trying to predict markets — it is trying to build a portfolio that performs robustly across many different market environments.
The Ensou Strategy TES Portfolio Letter – June 2026 Review Date: 30 June 2026 Total return (since inception): +10.0% 1 ) Market commentary Since the launch of TES in September 2025, financial markets have remained characterized by elevated uncertainty. While equity markets continued to benefit from structural themes such as artificial intelligence and semiconductor demand, investors also experienced periods of increased volatility driven by geopolitical developments, changing interest-rate expectations and macroeconomic uncertainty. 2) Asset allocation Following this review, no changes have been made to the strategic target allocation. Since inception, market movements have naturally caused the actual portfolio weights to deviate modestly from their strategic targets. Consequently, a minor rebalancing will be carried out to restore the intended allocation (see Section 4 – Portfolio Actions). The current portfolio structure continues to reflect our objective of combining long-term capital appreciation with resilience through broad diversification across asset classes, regions, company sizes, bond maturities and credit segments. Top-level allocation (risk weight | cash weight) • Equity-like: 50.0% | 31.3% • Bond-like: 40.0% | 62.4% • Genuine alternatives: 10.0% | 6.3% Equity-like split (cash weight) • Traditional equity: 95.0% • Equity-like alternatives: 5.0% Bond-like split (cash weight) • Traditional bonds: 97.5% • Bond-like alternatives: 2.5% ETF breadth • Total ETFs: 36 o Equity-like: 14 o Bond-like: 19 o Genuine alternatives: 3 3) Performance Review TES total return (since inception): +10.0% Since inception, portfolio returns have primarily been generated by the Equity-like allocation which was driven by artificial intelligence and semiconductors. In addition, the Genuine Alternatives allocation proved its diversification benefits, with both gold and silver generating positive returns despite recent weakness in precious metals markets. Another encouraging observation is the behavior of the fixed income allocation. As of the review date, 15 of the 19 Bond-like ETFs show a positive total return, demonstrating that the defensive component has contributed not only to risk reduction but also to portfolio performance. The biggest relative winners as of the review date (since inception): Franklin FTSE Korea (IE00BHZRR030): +192% iShares MSCI EM ex-China (IE00BMG6Z448): +63% Invesco Physical Silver (IE00B43VDT70): +47% The biggest relative losers as of the review date (since inception): Amundi S&P 500 VIX Futures Enhanced Roll (LU0832435464): -15% Xtrackers II Japan Government Bond (LU0952581584): -13% iShares EUR High Yield Corporate Bond ESG (IE00BKLC5874): -3% The weakest-performing ETF is the Amundi S&P 500 VIX Futures Enhanced Roll (LU0832435464). Unlike traditional equity or bond investments, this position is intentionally not designed to generate positive long-term returns. Instead, it serves exclusively as a tail hedge, providing protection during periods of severe market stress through exposure to market volatility. During normal market environments, the continuous rolling of VIX futures contracts creates a structural negative carry, making negative long-term returns an inherent characteristic of the product. Its performance since inception therefore reflects its intended function within the portfolio rather than an unsuccessful investment decision. 4) Portfolio Actions As part of the periodic portfolio review, the complete ETF universe was reassessed with respect to implementation quality, diversification, liquidity, tracking quality and ongoing costs. No superior ETF replacements were identified. Consequently, all strategic building blocks remain unchanged. A moderate rebalancing will nevertheless be implemented to get again closer to the original strategic portfolio weights (decrease Equity-like and increase Bond-like weights). To minimize implementation costs, all trades will be executed using limit orders wherever practical. 5) Outlook TES will continue to follow its disciplined, rules-based investment framework. Strategic asset allocation will only be adjusted when justified by the underlying methodology rather than short-term market forecasts or market timing. After 10 months, the portfolio remains positioned to participate in long-term global economic growth while maintaining resilience across a wide range of market environments. Its diversified allocation to defensive fixed income and genuine alternatives has been intentionally designed to help mitigate the impact of future market corrections and periods of elevated volatility, while preserving the portfolio's long-term compounding potential. TES is not trying to predict markets — it is trying to build a portfolio that performs robustly across many different market environments.
