Happy Monday, QAV America.
And welcome tour new members.
Market This Week (S&P 500)
The S&P 500 fell roughly 2-3% for the week, while the Nasdaq took a much harder hit, down almost 5%. Bit of a rough end to the week with tech stocks getting smashed and the war flaring up again.
The selloff kicked off Wednesday night when Broadcom reported earnings but couldn’t raise its AI chip revenue outlook. Semiconductor stocks got hammered across the board. Micron, Nvidia, Broadcom, AMD and Intel led the declines. The AI trade has been the dominant market driver for months, so when it cracked, it cracked hard. Then on Friday the Bureau of Labor Statistics came out with 172,000 jobs added in May, nearly double what Wall Street was expecting. Prior months were also revised higher. A labour market that resilient means inflation risk stays elevated, which has one clear implication for the Fed. Markets were already pricing a meaningful probability of another rate hike before the report came out. After the print that jumped to around 70% by December. The 10-year Treasury yield climbed to 4.54%. Stocks and bonds both sold off in a broad risk-off move. The VIX surged 40% to its highest level in two months.
All the best,
Cameron
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PORTFOLIO UPDATE
Our exposure to energy and shipping stocks is still causing us to underperform as the market tries to make up its mind about what’s likely to happen next in the Middle East.
All Time
Since inception (Dec 2025), our Ameircan Light portfolio is +4.84% vs the S&P 500 +7.35%.
Last 30 Days
Over the last 30 days our portfolio is -5.73% vs the S&P 500 +2.54%.
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SELLS
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If you're a QAV Light member who wants to upgrade to QAV Club, go to your Account page (see Footer) and upgrade from there.
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BUYS
This section is for QAV Club Members only.
Register for your 14-day free QAV Club trial here.
If you're already a QAV Club member and seeing this message, please login via the top menu.
If you're a QAV Light member who wants to upgrade to QAV Club, go to your Account page (see Footer) and upgrade from there.
And here’s my TikTok of the week.
@qavinvesting As a value investor, I like boring. Boring is beautiful. Forget AI, Forget crypto. Give me a boring company that's solid and making money and is going to be making money for a long time. This week we added a stock to our American portfolio. It's called Northrim BanCorp (NRIM), basically the bank of Alaska. NRIM valueinvesting investing northrim alaska
♬ original sound - QAV Investing - QAV Investing
** Please remember to review our Buying Guidelines to understand which cap bands you should be looking at and other important considerations.
DISCLOSURE
Please review our trading and disclosure policy.
FOR NEW MEMBERS
If you’re new to QAV Light, here’s a quick reminder on how it works.
- We send you an email every Monday advising which stocks we are adding to our Light portfolio.
- You can copy our trades, but please remember to review our Trading Guidelines to understand which cap you should be looking at and other important considerations. And consult a financial planner before making any decisions.
- We don’t recommend that you add stocks which are already in our portfolio. Their position on our buy list might have changed since we recommended them. Just start with the stocks recommended after you become a member.
- If one of the stocks we add breaches one of our sell conditions, we will sell it from our portfolio and you’ll get an email advising of the trade. Again, you can copy our trades, but seek financial advice before making any decisions. And please check your Rule #1 price (see Trading Guidelines).
- If you come across any QAV terminology that you don’t understand (eg Rule 1, 3PTL, Possibles, etc), please review our terminology guide or just email us for clarification.
That’s it for today!
If we decide to buy or sell something, we’ll let you know.
Got a question?
cameron@qavamerica.com
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