The initial screen covers 38 established companies using the 21 October completed US session. ACWI closed at $159.56, below its $160.25 50-session average and above its $152.07 200-session average; VIX closed at 16.68. The broader outlook remains cautious. Those observations alone do not establish a correction or crash forecast.

Active mandate: hold the most attractive eligible stocks, using quality, valuation and relative strength to rank them. A fresh catalyst or perfect breakout is helpful, but is not compulsory. The original all-cash result applied v1 and is superseded. The initial batch targets 75% stocks and 25% cash under the cautious assessment. Actual positions and observed quote-based paper purchases are shown above; the dated research table below is not a current holdings list.

*Provider-labelled forward P/E. An unknown forecast horizon removes that valuation bonus; it does not disqualify an otherwise well-researched holding. The linked original report retains v1 scores and its former all-cash conclusion for audit. V2 ranking and live sizing must be updated before funding, including additional eligible names where diversification requires them.

How the factors guide a trade

Moat and quality: look for durable pricing power, switching costs, network effects or cost advantages, backed by cash generation, returns on capital and manageable debt. Eligible strong businesses can be held without a new short-term catalyst.

P/E and forward P/E: compare with relevant peers and the company’s own history, using consistent earnings definitions. Check growth, estimate revisions, free cash flow and leverage. A low P/E can reflect deteriorating earnings; forward P/E depends on forecasts that can be revised.

Ranking and timing: score quality and moat (30), valuation (25), relative strength and timing (25), catalyst and outlook (10), and liquidity/access (10). Hold the highest-ranked eligible companies within diversification and risk limits. Fresh catalysts and perfect price patterns add confidence but are not compulsory. Retain good holdings and avoid small, unnecessary rotations.

Market scenarios set the stock allocation

Explain why a correction or crash is expected using current evidence, a horizon and conditions that would reverse the view. A moving-average break, ordinary volatility or the phrase “lower and volatile” is not enough by itself. Forecasts can be wrong. Each company still needs bear/base/bull cases; a 2R setup helps timing but is no longer a universal ownership requirement.

Position sizing and exits

New positions remain at least 10,000 DKK and at most 10% of portfolio value, with 25% sector and 30% correlated-theme caps. In cautious conditions, planned risk is 3,000 DKK per new position: a 5% downside distance implies 60,000 DKK, capped at the 50,000 DKK issuer limit. Aggregate planned downside is capped at 22,500 DKK; ordinary conditions permit 30,000 DKK. These replace the incompatible v1 risk budgets and allow greater exposure—and larger potential losses.

Retain attractive holdings rather than selling at a fixed age. Rotate for a broken thesis, breached review level, a meaningfully stronger alternative or changed market allocation. Maintain at least a one-day intended horizon and one decision batch per session. Daily review levels do not guarantee loss limits; gaps can exceed the planned budget. A 6% drawdown requires a documented risk and selection review.

Activation checks

Update the initial shortlist using v2 ranking, add eligible alternatives where needed for diversification, and allocate toward the assessed stock target. Verify business eligibility, actual quotes, broker access, FX and whole-share sizing. Missing optional forecast data or a perfect breakout must not become an automatic all-cash decision.

No shares have been purchased and there is no return history yet. After inception, the planned view will show percentage performance versus ACWI in DKK, individual position returns, drawdown and a reasoned buy/sell journal. The daily automation requires an explicit activation instruction after the selection review.