Dear Investor,
In July, the main US index—the S&P 500—posted a positive result of +2.17% despite moments of volatility.
A key development was the trade agreement between the US and the EU, with an overall tariff reduction of 15% and zero tariffs for defense and energy products.
The Federal Reserve (FED) also put some pressure on stock prices last Wednesday by leaving key interest rates unchanged.
ESBH achieved a profit of 8.32% in July. Year to date, the result is +18.24%.
NVIDIA shares were the best performing shares in the portfolio in July. All positions contributed to the profit.
August got off to a bad start. Last Friday, the (adjusted) job figures caused an unpleasant and unexpected downward surprise.
The markets have recovered remarkably quickly in recent months from the blows they suffered in March this year. A minor correction in price or perhaps in time is very healthy and provides a good starting point for the rest of the year.
With the holidays approaching, trading volumes on the stock market will also decline, leading to what is commonly referred to as the "silly season on the stock markets."