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No limit... OpenAI proposes handing Trump administration 5% stake. Sam Altman’s start-up in early talks for a public ownership deal as political pressure rises, and Trump says Micron will be investing $250 million into Trump Accounts Markets : In the past two days: Citi, Bank of America (''Hedge the rally''..), Citadel, IMF, Apollo & BIS have all warned for one reason or another. There’s a signal there somewhere…, Leveraged Fund Short Position in SOFR (Secured Overnight Financing Rate) Futures hits an all-time high, some $700 Billion in Notional Exposure in shorts... (beware short covering!!..), Fed's Warsh vows to 'disappoint' anyone who thinks he will tolerate inflation above 2%, Google loses in court against the record fine of 4.1 bio EUR, there should be little surprise is BoJ gets involved with JPY again as we head into the new quarter Eurozone headline inflation printed 0.6% below ECBs own expectations (for the Q3 peak) from the forecast made in June >> ECB forecasts HUGELY offside already US, Iran talks conclude in Doha, focused on Strait of Hormuz. Sources familiar with the discussions said negotiators for the two countries spent two days in Doha discussing maritime traffic in the Strait of Hormuz and unfreezing Iran's funds Brexit turned Britain into a vulnerable third country outside the Single Market just as trade wars between big blocs intensified Hedge fund run by UK’s wealthiest financier loses £200m tax battle, says UK no longer a serious contender as a place to do business.... sour grapes or ?.. CITI WARNS OF GROWING BEARISH PRESSURE ON NASDAQ Citi says bearish positioning is building in the Nasdaq and S&P 500, with elevated long positions leaving the Nasdaq vulnerable to further selling. Meanwhile, investors continue rotating into small-cap stocks. In Europe, weakening flows point to fragile sentiment, while Asia shows mixed positioning, with bullish bets in South Korea and heavy bearish positioning in Hong Kong increasing short-squeeze risks. BOFA: HEDGE THE RALLY Bank of America is urging investors to hedge further S&P 500 gains, warning the recent rally is losing momentum and could give way to a “three-wave correction” through September. Technical strategist Paul Ciana sees the index falling as low as 6,850—about 8% below current levels—and warns that even new highs could be a “head fake” before a broader pullback. Ukraine war latest: Children among 13 killed in Russian attack on Kyiv Fed's Warsh vows to 'disappoint' anyone who thinks he will tolerate inflation above 2% | Reuters Euro zone inflation falls more than expected, adding to ECB case for patience Barchart on X: "Leveraged Fund Short Position in SOFR (Secured Overnight Financing Rate) Futures hits an all-time high, with more than $700 Billion in Notional Exposure 🚨 🚨 https://t.co/q3wiPe24Bb" / X UK 'no longer a serious place' as hedge fund loses £200m battle in LLP tax row Sam Altman’s OpenAI proposes handing Trump administration 5pc stake EU slashes import quotas on UK steel by nearly a quarter – POLITICO Eurobarometer: 74% of Europeans say that their country has benefited from being a member of the EU | The Diplomat Bucharest Chaos bei Swissquote? – Inside Paradeplatz Chaos at Swissquote? Tax statement cut in half, tax voucher corrected, incorrect account debit. Are these isolated incidents, or is something amiss in the digital bank’s back office? Xiaoyin Qu on X: "I’m bullish on OpenAI’s $1 trillion valuation (not anthropic) despite free Chinese models. Here’s why: 1. OpenAI has Codex(better product IMO) and OpenClaw and supports open source more. Allows people to use Codex subscription on openClaw/Hermes. Codex also supports other" / X No kidding... The world's carmakers are struggling to compete with China Revealed: Reform mega-donor’s jet fuel business linked to refineries using Russian oil Reform mega-donor's jet fuel firm linked to refineries using Russian oil - Unearthed Mind boggling stuff.. this guy... Aaron Rupar on X: "here is the entirety of Palantir CEO Alex Karp's televised nervous breakdown this morning on CNBC https://t.co/gzD8debrKB" / X

Supreme Court cements Trump's power over agencies long considered independent, The conservative majority will hand the president sweeping control over the executive branch, the FTC, the NLRB, the whole alphabet, but it drew one bright line around the Federal Reserve, at least he doesn't have control of the FED....yet anyway.. Trump reported ''earning'' at least $1.4 billion in 2025 from crypto and coin ventures.. Markets : French and German inflation came in incredibly soft yday, EU inflation this morning >> the ECB has made a policy error and will pivot again soon, if not very soon.. #EURO, JPY, CHF and GOLD continue to weaken into quarter-end, let's see now, beware short covering, Microsoft is planning to announce job cuts impacting thousands of roles next week, overall we remain bearish #CHF #underweight Russia has just closed numerous checkpoints between Estonia, Latvia and Finland ..Trump told G7 leaders he is disappointed with Putin and may drop the so-called "Anchorage agreements.", FUEL shortages in Russia, Crimea etc getting pretty serious! Chinese models charge as little as 18 cents per million tokens versus $4 average for top models, says CitiBank Research, China’s open-source AI push (govt-backed) is designed to crush margins to zero. If everyone can get frontier-level models for free, US labs can’t monetize, and that pressure ripples out to the broader US economy #JPY Japan Is Running Out of Easy Choices The yen breaking beyond 162 against the dollar is not just a currency headline. It is the market testing whether Japan’s intervention zone still has power/Thread US negotiators Jared Kushner and Steve Witkoff had positive discussions with regional leaders in Qatar and technical talks with Iran are moving ahead Cleveland Fed President Hammack says AI could fuel inflation, rate hikes may be necessary Russia to halt multiple railway checkpoints on borders with Finland, Estonia, Latvia Supreme Court cements Trump's power over independent agencies : NPR The Supreme Court just made Trump the most powerful president in generations Inflation cools in biggest euro economies, easing rate hike urgency | Reuters #CHF Swiss central bank buys CHF3.94bn foreign currency in Q1 - SWI swissinfo.ch basically hardly any interventions, drop in the ocean Cleveland Fed President Hammack says AI could fuel inflation, rate hikes may be necessary Trump's income topped $2 billion in 2025, boosted by crypto, coin ventures Earnings ?... really.. All totally normal.. Trump reported making more than $594 million from sales by World Liberty Financial, the crypto firm whose co-founders include Trump, his sons, and Steven Witkoff, a top diplomat in his administration. Zach Witkoff, the special envoy’s son, serves as chief executive officer Trump is probably a shareholder in Clark Construction.. Trump using 'unusual arrangement' to secretly funnel $500 million to his ballroom: report Analysis-Cheaper AI Is Better: Soaring Bills Are Reshaping How Businesses Choose Models EndGame Macro on X: "Japan Is Running Out of Easy Choices The yen breaking beyond 162 against the dollar is not just a currency headline. It is the market testing whether Japan’s intervention zone still has power. Tokyo spent roughly ¥11.7 trillion buying yen between late April and late May, yet USD https://t.co/2ANncQip8j" / X Make this corruption/clear insiders... Axon Enterprise (AXON) Stock Drew Ethics Questions After Trump Bought $5 Million In Shares US says Witkoff, Kushner had positive talks in Doha on Iran, Trump sticks to diplomacy Microsoft Eyes Thousands of New Job Cuts in Coming Days - Business Insider Tymofiy Mylovanov on X: "Trump told G7 leaders he is disappointed with Putin and may drop the so-called "Anchorage agreements." After their August 2025 meeting in Alaska, Washington was reportedly ready to let Russia take all of Donetsk region as part of a peace deal. — Forbes Ukraine. 1/ https://t.co/5lNONXezsB" / X

China is effectively flooding the US market with open‑source AI models that are close enough to state‑of‑the‑art and essentially free. No one is going to turn down the opportunity to cut an AI spend from 100 million to 10 million, even if the model isn’t perfect. In that environment, Anthropic and OpenAI cannot easily justify their pricing or their valuations, which helps explain why IPO plans have suddenly stalled. The real bubble in AI is in the pricing of AI. DeepSeek’s funding is directly backed by the Chinese government, and the strategic risk is clear: Chinese models may keep getting better, faster, cheaper – and remain open‑source – while US models are export‑controlled, expensive, and closed. A year ago, almost nobody would have believed that Chinese AI systems could be broadly comparable to US models at roughly 10% of the cost, yet that’s exactly the world we’re moving into Markets : DOW at record high to close H1 2026, NIKKEI had its sharpest quarterly advance since 1965 (up 38% !), while KOSPI is up 70% driven by chipmakers, JPY to a 40year low (BoJ fail !, and againJPN authorities 'stand ready to intervene' apparently, USDollar rallies strongly, #MSTR Strategy abandons ‘Never Sell Bitcoin’ mantra in bid to outlast Crypto winter Coinbase switched to open-weight Chinese models from Zhipu and DeepSeek, and shaved nearly 50% off the company's internal AI spending !!.. China factory activity grows faster than expected in June on tech export demand Iran reiterated plans to maintain control over shipping through the Strait of Hormuz, a sign it has no intention of returning to the status quo before expected negotiations. Tehran will send a delegation to Doha but said no direct talks with US officials are planned China Matches Anthropic in AI Cybersecurity Race — The AI Chronicle Coinbase's CEO pitches Chinese open weight AI models as solution to rising bills - Cryptopolitan >>> the moment cost start to matter and China 'wins' over U.S on AI ? The numbers are absolutely ridiculous: Running the same enterprise workload through Anthropic's Claude costs $4,811. Running it through Zhipu's GLM 5.2 costs $544. That's a 9x price difference for equivalent output Chinese AI Models 2026: 90% Cheaper Than GPT-5 Yet Matching Performance – Full Breakdown | AICost Blog China factory activity grows faster than expected in June on tech export demand Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983 | Reuters Michael Saylor Breaks ‘Never Sell’ Vow: Why and How Will Strategy Offload Bitcoin? Supreme Court lets Trump fire FTC member, boosts presidential power Brexit After a Decade: What Changed for the UK Economy and Europe? | LinkedIn History will judge Brexit not by the arguments made in 2016, but by the outcomes delivered for the decades to come. Swiss Federal Railways tests solar panels — early success shines Why the AI boom could keep interest rates higher for longer – The Armchair Trader Ukraine war latest: Russian attacks kill 15, injure 118 across Ukraine, as casualties rise from morning strike on Dnipro Anton Gerashchenko on X: "Over the past few days, a lot of important things have happened. In recent days, my attention has been focused on Lukashenko and the activity within the Russian-Belarusian-Chinese triangle. For the first time after the meeting between Putin and Lukashenko at Valdai, there was https://t.co/SXkPXDFxIv" / X 16 June 2026 | Minutes of the Monetary Policy Board Meeting | RBA Barclays buys UK headquarters for £750m in Canary Wharf boost

Asset Management Using our unique relative value based Investment Matrix we build portfolios with superior analytical metrics, compared to mainstream equity indices. We currently have two different Portfolio offerings; firstly our classical Long only Global Equity model (suitable for all investors), and a Multi-Asset Class model, designed to generate additional alpha (suitable for Professional and Institutional clients only). We deliver discretionary portfolio management through individually segregated accounts held in your name. This flexible mandate empowers you to complement our core PVM Investment Matrix Portfolio by actively incorporating listed securities of your own selection. PVM Global Equity Long Strategy Type Long Only Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (31. May) +21% +5.1% Performance over 10 years +102% More PVM Global Multi-Asset Strategy Type Multi-Asset Class Suitable for Qualified Investors Focus Absolute return Minimum Investment 250k CHF 2025 Performance 2026 Performance (31. May) + 26% +3.6% Performance over 10 years +170% More Our Investment Philosophy Investment Matrix Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of many fundamental variables, designed to identify value opportunities within Global Equities. Our Investment Matrix is constructed to identify and establish sustainable value. There are many reasons why that value may also not be sustainable, such as changing consumer sentiment or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Algorithmic Processes Systematic Throughout We utilise proprietary algorithmic screening, with a high degree of automation, to analyse the global equity universe, monitor our Clients' Portfolios, and identify new opportunities. Furthermore, we use algorithmic execution tools when buying and selling our clients' portfolios, where appropriate. Qualitative Rationale Deeper Understanding Driven by deep analysis of balance sheets and employing further levels of qualitative analysis, results in a thorough understanding of the companies we invest in. We consider factors, such as; the mix of Goodwill and Intangibles to Net Equity, tracking deviations from recognized Accounting Standards and taking a broader view of the global economic landscape. Robust Returns, less Risk Better Together The combination of quantitative systematic analysis, overlaid with qualitative reviews and active management within clearly defined parameters, results in an investment model which is both robust and not easy to replicate. Stable returns are achieved by taking less investment risk, at higher valuations. Investment Process We believe that an uncompromising investment process is a key component in delivering consistent returns.

MANAGEMENT TEAM Elke Balters Compliance Officer Qualified Lawyer Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More