Midyear Portfolio Review: The Rotation Worked. Europe Didn't. (opens in new tab)

× In December I rebalanced my portfolio around five theses for 2026. Five months in, this (early; well just too much happened) midyear review puts four of them ahead of where I expected and one well behind. The one I had the most conviction in, an overweight in European equities by five percentage points, has trailed every other rotation it was meant to beat. Portfolio performance so far Through May, the portfolio is up +3.7% in CHF on a time-weighted basis. A fairly-constructed 60/40 benchma...