We’ve made trades in Flagship

All in, with conviction

If you recall from our last update, we had several key sign posts we were monitoring in advance of increasing net exposure back to nearly 100%. 

As the weeks have moved forward, nearly every signpost we outlined in our last update has since materialized: key technicals for major indices remain strong even in the face of a U.S. credit downgrade, U.S.–China trade negotiations have moved beyond posturing into official trade agreements, and economic data has remained resilient as the Fed embarks on a rate cutting cycle in the second half of the year.  

Add to that de-escalation in the Middle East, improving recession odds, and progress on additional tariff deals, the landscape for risk assets looks materially different than it did just two months ago.

In our view, the path of least resistance for equities appears higher. 

Macro headwinds are abating, positioning remains balanced, and liquidity is poised to improve as central banks pivot toward easing. Given this backdrop alongside our internal sign posts materializing over the past few weeks, we elected to deploy the remaining cash reserves (~5%) and bring exposure back to fully invested levels. Staying materially underexposed in this environment is no longer prudent—we believe it introduces opportunity cost at a time when the market appears to be transitioning from fragile to resilient.

This latest rebalance reflects a deliberate, data-driven evolution in our positioning and one that represents a departure from playing defense. 

We’re leaning into our highest-conviction U.S. large-cap compounders, like Microsoft, Nvidia, Meta, Amazon, and ServiceNow, while maintaining the flexibility to act as new information emerges. The strategy now sits near fully invested, right in line with our long-term target, and is well-positioned to participate should momentum persist through the second half of the year, in our eyes.

As always, feel free to reach out to our team with any follow up questions. We’re more than happy to chat through the recent trades or deep dive into your personal situation to help position your portfolio effectively over the short, medium and long term.

– Your Titan Team

Disclosures

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