How We Build and Manage Positions

• ·Demographic growth advantage — young Asia vs aging West
• ·Following gold — Asian equities expand when the monetary premium rises
• ·Rising economic activity — industrial output, domestic consumption, digital economy

Not betting on a single country. The ETF automatically reweights to the winning economies — if China wins you win, if India wins you win. Captures the growing share of the global economy held by Asia. Asian deflation export ended (May 2026): China PPI turned positive after 33 months of deflation — Asia now sets its own price level.

• ·Copper exposure for AI and chips demand — critical infrastructure metal for the digital economy
• ·Structural institutional bid — Chilean AFP pension fund ($600B) deploys monthly regardless of politics

Second-layer AI play: AI → chips → copper → Chile. The theme without the semiconductor bubble risk (semis already meet all 3 NBER bubble criteria). Lowest debt/GDP in LatAm (40%), stable governance, Monroe Doctrine backstop prevents nationalisation. Big institutional money from Latin America — the Americans are paying attention.

• ·Big energy demand from AI — data centers need 24/7 baseload that wind and solar cannot provide
• ·AI electricity gap — ChatGPT uses 10× a Google search; 760→950 GW new demand projected

Uranium is in the accumulation phase — semiconductors are in euphoria, nuclear is where smart money enters now (Bravos 3-phase bull market rotation tool). Zero new uranium discoveries in two years. IQQF preferred over US alternatives (URA / URNM): EUR-listed, UCITS compliant, 0.35% TER, no USD currency drag.

• ·Dedollarisation losses — gold preserves value as USD debases
• ·War & geopolitical instability — no counterparty, cannot be frozen or sanctioned
• ·Stock and economy crashes — gold moves inversely in systemic crises

Gold by default. Central banks bought 4,000 tons in 4 years — structural bid regardless of price. The 2022 EU→Russia asset freeze proved it: gold cannot be confiscated. Rotate to bonds only when a country has all of: solid currency + real growth + low debt + peaked rates. Strong Asia sovereign bonds only — never EU or US bonds.

• ·Energy crisis losses — holding energy offsets rising costs across the portfolio
• ·Oil-shock damage — energy producers benefit directly when oil spikes

Always maintain the energy line. 30-year supercycle is active — natural resources already +30% vs S&P TTM. When energy pumps hard past ~25%, rotate the excess into NOK: same macro direction as energy in currency form, far lower volatility. Return to energy equities when uncertainty clears. A Middle East ETF can substitute temporarily during regional crises.

• ·Overall market crashes — CHF historically appreciates during risk-off events
• ·Inflation erosion — strong currency preserves purchasing power passively

Cash is stability, not optionality. CHF by default — the only truly safe sovereign. No USD paper: the US repays by debasing. Switch to SGD when: (1) Chinese interest rates rising AND (2) SGD cheap vs CHF. SGD co-moves with CNY via the MAS basket but is more stable — indirect RMB Phase 2 upside without capital control risk.