Second Extraordinary Reporting / Interim Report Q1 2026

Good Morning Ladies and Gentlemen

”The economic cost of war was so great that no one could possibly hope to gain by starting a war the consequences of which would be so disastrous”

Sir Ralph Norman Angell

Due to fluctuations in financial markets, we have issued an extraordinary report on our clients’ portfolios. Typically, we communicate quarterly, but this year we have already sent two concise extraordinary reports to our clients. I thought you might find this information interesting, so I wanted to share it with you.

“Two months of 2026 are now behind us.

Only a few weeks ago, I sent you an extraordinary report, and now so much has happened again that I am writing to you once more.
The political mood between the allied Western nations and the USA remains frosty. In addition, we are now confronted with a war between the USA, Israel and Iran, which is causing great stress throughout the entire region.

Current situation

Nevertheless, the portfolios continue to perform well. We have made minor adjustments to the portfolios. The energy-sector acquisitions mentioned in the last extraordinary interim report have brought stability to the portfolios.
I think the coming weeks will continue to be characterised by volatility. In times like these, we also like companies that have continuously adapted, restructured their processes and increased productivity during the Covid-19 pandemic and the outbreak of war between Russia and Ukraine. In other words, they knew and know how to hold their own under the most difficult circumstances and deliver regular dividends. In addition, we are still deliberately maintaining a fairly high cash ratio.

Defence stocks

I am often asked why we do not invest in defence stocks. From an investor’s perspective, I understand this question.
The fact is that in my life, I generally try to take a pragmatic approach, not to get too caught up in moral and ethical discussions, to act in a rational and ethical manner, and yet to achieve reasonable returns for our customers.
Nevertheless, and this is where the difficulty lies for me: I have my limits, and investing in arms manufacturers is outside my comfort zone, for which I ask for your understanding. If you, our valued customers, would like to invest in defence stocks, please contact us, and we will implement this for you as requested.

Outlook

In the last extraordinary interim report, I wrote: “The political outlook is likely to remain uncertain in the coming months. We therefore do not want to be fully invested at present and are maintaining a healthy cash quota so that we can buy at favourable prices in the event of possible setbacks. On the other hand, there are indeed economic silver linings on the horizon, even in Europe.” In my opinion, this still applies.
If you, dear customers, expressly wish to increase or decrease your level of investment, please contact us, and we will adjust it together with you.

Thank you very much

Thank you very much, dear customers, for your trust in my/our considerations and in our actions. As always, I hope these remarks have given you some insight into your asset manager’s thinking. If you have any questions, please do not hesitate to contact us. We will be happy to answer them.

Stay healthy, and we hope to see you soon!”

Ladies and Gentlemen

Feel free to send your messages to smk@incrementum.li. Many thanks, indeed!

I wish you an excellent start to the day and weekend!

Yours truly,

Stefan M. Kremeth
CEO & Head of Wealth Management
Incrementum AG – we love managing assets

Tel.: +423 237 26 60
Cell: +41 79 303 48 39
Im alten Riet 153
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li