We are selling lithium company Albemarle (ALB US) into strength, taking a ~42% profit. We remain bullish commodities, but with less conviction in the short term following parabolic moves.
We are selling Goldman Sachs (GS US) following a significant rally in the share price. GS now screens expensive relative to earnings growth expectations. We are taking an ~85% profit since buying in April 2025.
We are trimming Copper company Freeport McMoRan (FCX US) into strength, reducing from a 6% target down to a 4% target weighting. The position is currently up ~86%.
We are trimming Barrick Mining (B US) following a strong rally in the shares, moving from a 5% target weight to a 3% target weight. We have turned more neutral on Gold into new highs. The position is up ~140%.
