A Quiet Week Where Six of Seven Portfolios Beat Their Benchmark
The August 14 update was subdued in absolute terms — benchmarks moved between -2.50% and +1.11% — but it was the strongest week of the summer in relative terms. Six of the seven Mosaic portfolios finished ahead of their reference index, and hedge levels came down almost everywhere. Three markets rotated.
USA100 produced the widest gap of the week, gaining 3.36% against a benchmark advance of just 0.40%. The selection was unchanged for the second week running at MU, CAT, GEV, FDX and CSCO, with the hedge broadly stable at 7.84%.
Europe50 followed with 2.47% against 0.59%. IFX.DE entered the portfolio in place of BAYN.DE, and the benchmark hedge eased from about 11% to 9.66%.
Germany40 gained 0.94% versus 0.32% with no rotation, and Italy40 rose 0.47% while its benchmark slipped 0.13%. Italy's rotation is worth noting: PRY.MI returned to the selection just one week after leaving it, replacing PST.MI, which had entered on August 7.
UK100 gained 0.75% against a benchmark decline of 0.78%, and showed similar churn: BGEO.L entered while BEZ.L left after a single week in the portfolio.
Australia50 was the only portfolio to lose ground, but it fell 1.48% against a benchmark drop of 2.50% — so it too finished ahead. Its hedge, the highest in the group, eased from about 20% to 17.67%. Nasdaq100 was the single laggard of the week, gaining 0.43% against 1.11%, with no change to its holdings.
Compact Weekly Dashboard
| Market | Current Tickers | Rotation | Hedge | Portfolio | Benchmark |
|---|---|---|---|---|---|
| USA100 | MU, CAT, GEV, FDX, CSCO | No change | 7.84% | 3.36% | 0.40% |
| Nasdaq100 | MU, MRVL, ON, CSCO, ROST | No change | 12.47% | 0.43% | 1.11% |
| Europe50 | NOKIA.HE, ASML.AS, IFX.DE, ENI.MI, ENGI.PA | In: IFX.DE Out: BAYN.DE | 9.66% | 2.47% | 0.59% |
| Germany40 | IFX.DE, ENR.DE, RWE.DE, BAYN.DE, DHL.DE | No change | 12.04% | 0.94% | 0.32% |
| Italy40 | STMMI.MI, SPM.MI, PRY.MI, ENI.MI, BPE.MI | In: PRY.MI Out: PST.MI | 12.21% | 0.47% | -0.13% |
| UK100 | CCC.L, GLEN.L, PCT.L, SDR.L, BGEO.L | In: BGEO.L Out: BEZ.L | 7.75% | 0.75% | -0.78% |
| Australia50 | BHP.AX, WOW.AX, WDS.AX, QBE.AX, MQG.AX | No change | 17.67% | -1.48% | -2.50% |
Portfolio Message
Three consecutive weeks now tell a more useful story than any one of them. On July 31 the portfolios lagged rising benchmarks, on August 7 they led them, and this week they held an edge in a market that barely moved. That pattern — concentration costing ground in some weeks and gaining it in others — is what a five-stock selection is expected to produce, and it is the reason single-week readings deserve so little weight.
Two rotations this week reversed decisions taken only a week earlier: PRY.MI returned to Italy40 and BEZ.L left UK100 after seven days. Short round trips of this kind are worth watching, because they usually signal that several candidates sit close together in the ranking rather than a genuine change in trend.
Hedge levels fell in five of seven markets, with Australia50 and Italy40 down more than a point and a half.
This weekly update is research material only and is not personalized financial advice.
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