𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗢𝘂𝘁𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗶𝗻 𝗮 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗶𝗻𝗴 𝗠𝗮𝗿𝗸𝗲𝘁 𝗔𝗽𝗿𝗶𝗹 𝟳, 𝟮𝟬𝟮𝟲 𝟮𝟲 𝗰𝗼𝗽𝗶𝗲𝗿𝘀 +𝟭𝟰𝟮% 𝘀𝗶𝗻𝗰𝗲 𝗦𝗲𝗽𝘁 𝟮𝟬𝟮𝟮 𝘃𝘀 𝟲𝟮.𝟴% 𝗦&𝗣 𝟱𝟬𝟬 Since the beginning of the year, our portfolio is up +5.3%, while the S&P 500 is down -4.5% ,a strong outperformance in a volatile environment. 𝗖𝘂𝗿𝗿𝗲𝗻𝘁 𝗠𝗮𝗿𝗸𝗲𝘁 𝗖𝗼𝗻𝘁𝗲𝘅𝘁 Markets remain cautious as the deadline of Donald Trump’s latest ultimatum approaches (2 a.m. French time). Without an agreement between the United States and Iran - particularly regarding free trade in the Strait of Hormuz - tensions could escalate significantly. Washington has mentioned potential strikes on civilian infrastructure, increasing fears of broader conflict and retaliation. Investors are therefore staying on the sidelines. 𝗢𝗶𝗹 𝗣𝗿𝗶𝗰𝗲𝘀 𝗦𝘂𝗿𝗴𝗲 Oil prices continue to rise and remain at elevated levels: WTI: $116.52 (+2.39%) Brent: $110.62 (+1.0%) The highest levels since June 2022, reflecting geopolitical tensions. 𝗡𝗲𝘅𝘁 𝗞𝗲𝘆 𝗘𝘃𝗲𝗻𝘁: 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗦𝗲𝗮𝘀𝗼𝗻 Q1 2026 earnings season is about to begin, withNetflix reporting on April 16, 2026. This will provide greater visibility on both market trends and our portfolio positions. In this uncertain environment, we remain disciplined, focusing only on assets we truly understand, with strict risk management. Our objective remains unchanged: to outperform the market over the long term, even during periods of volatility. $NSDQ100 $SPX500 $ENR.DE $AL2SI.PA $NFLX $FDE.PA ⚠️ 𝘙𝘪𝘴𝘬 𝘞𝘢𝘳𝘯𝘪𝘯𝘨: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘢𝘱𝘱𝘭𝘺 𝘪𝘵 𝘰𝘳 𝘯𝘰𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘤𝘩𝘰𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.