QAV America Light Update — 12 October 2026

Happy Monday (Australian time), QAV America.

And welcome to all of our new members.

I turned 56 over the weekend and ate too much. But I also trained for 5 hours on Saturday, so I don’t feel too guilty about it.

In the news this morning, I see that Iran has rejected Washington’s response to Tehran’s seven conditions for reopening the Strait of Hormuz and both sides are still attacking ships in the strait.

Meanwhile Trump’s “energy ceasefire” between Russia and Ukraine seems to have existed only in his imagination (like the opening of the Strait of Hormuz).

Finance ministers and central bankers are gathering in Bangkok as the IMF estimates that global public debt is at its highest level since World War II and will exceed 100% of world GDP before 2030. The oil shock is arriving when governments have less fiscal capacity to cushion households. A decade ago, an emerging economy might subsidise fuel or food and borrow the difference. At present yields, that response can trigger a currency decline, capital flight and still higher refinancing costs.

Market This Week (S&P 500)

The S&P 500 rose 1.15% over the five trading sessions to Friday 9 October 2026, closing at 7,811.54:

All the best,
Cameron

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PORTFOLIO UPDATE

As at the US close on 9 October 2026, our QAV America Light portfolio’s total return since inception was +10.30%, against +13.56% for the S&P 500, leaving us 3.26 percentage points behind. We have some catching up to do.

What moved in our US Light portfolio this week

Stockopedia’s one-week price changes, checked on 12 October before the US market opened. These are price moves, not total returns or explanations of what caused them.

KODK (Eastman Kodak): -6.1% over one week.

VLGEA (Village Super Market): -4.3% over one week.

DB (Deutsche Bank AG): -3.7% over one week.

PBR (Petroleo Brasileiro SA Petrobras): +16.9% over one week.

These are the three largest estimated drags and strongest material rise among our holdings, weighted by position value.

Drill down into the widget above to see different timeframes, or visit our live portfolio page.

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SELLS

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BUYS

** 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.

1. We send you an email every Monday advising which stocks we are adding to our Light portfolio.
2. 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.
3. 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.
4. 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).
5. 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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