King MODEL PORTFOLIO Factsheets

Monthly Portfolio Changes

In July we made several changes to the ACUMEN Portfolios. In equities we sold our allocation to European oil and gas majors and Japanese small cap companies and increased our exposure to global ‘quality’ stocks with strong and stable earnings and a new position providing exposure to the US healthcare sector. This is consistent with our decision to rein-in our ongoing preference for cyclical stocks exposed to the reopening narrative. We also sold our allocation to Chinese technology companies which has continued to suffer from ongoing geopolitical tension and regulatory crack-down by the Chinese communist party.