What changed in July?

As markets continue to signal volatility, July’s portfolio shows a deliberate shift: toward more defensive and higher-quality growth continuation. My engine leaned harder into minimum volatility equities and cut back lower-confidence exposure.

My personal eToro profile to follow my trades: https://www.etoro.com/people/shuharicapital

Stability Core (33% of Portfolio)

• VWCE.XETRA (Global Equity) holds steady at 47.5%
• EUNA.XETRA (Global Bonds) remains at 30%
• Gold (8PSG.XETRA) and Commodities (SXRS.XETRA) continue at 10% each
• Bitcoin (BTIC.XETRA) unchanged at 2.5%

No change in allocation weights, but ESG scores were added. This sleeve remains our macro-aware slow moving core — low turnover comes by design.

Momentum Chaser (33% of Portfolio)

This sleeve shows the biggest shift:

• EUN0.XETRA (Minimum Volatility) climbs sharply to 47.44% (from 34.52%)
• VFEA.XETRA (EM Equity) gets cut from 20.8% to just 4.23%
• Gold (8PSG.XETRA) increases from 16.3% to 20.14%

The fall in EM allocation reflects both relative underperformance and volatility filters. Momentum stayed strong in low-beta global equities and commodities.

Sector Navigator (33% of Portfolio)

Sector leadership remains surprisingly stable, but geography rotated:

• U.S. picks (ZPDK, ZPDT, ZPDI) stayed unchanged
• Global picks now lean into European Industrials (XDWF), Communication Services (XWTS), and Materials (XDWI), replacing WFIN and WUTI from June
  • These are not available on eToro unfortunately, so I’m currently overweighing the US sectors. I’m still trying to decide how I can proxy this in the smaller eToro universe.

My model emphasised tactical defensiveness with cyclical optionality. Momentum in global industrials triggered entry. This move is particularly interesting as I’ve seen press releases of hedge funds reducing their position going into Q3. Keen to see if my model picked up a misleading noise signal or if fund managers are trying to capture more risky momentum in technologies / AI.

Structural Overlay

No changes this month:

• Gold (+2%), Emerging Market Bonds (+1.5%), and Asia-Pacific Equities (+1.5%) remain active overlays from previous macro triggers.

Portfolio Notes

• Portfolio ESG Score: 2.20
  • I have now introduced an ESG indication based on a composite score across the portfolio assets. (Excl. interpreted ESG impact of assets like Bitcoin.)
• Sector Navigator picks now include internal quality grades (A+ to D), marking the first integration of fundamental scoring alongside momentum.

What It Means

This month’s portfolio continues to stay away from speculation and leans toward risk-aware growth. As macro conditions stay unstable, the engine is rewarding assets with:

• Strong trend persistence
• Lower volatility
• Quality momentum

While I’m not necessarily bearish, the combination of rate decisions and reigniting US trade pressure (after the July 9th deadline) pushes me to be tactically cautious. If trend strength returns more broadly, the engine is built to rotate fast.

Full PDF breakdown: Download July Report, Powered by the Shuhari Capital Engine