TL;DR
Our May allocation (Healthcare 25% · Semiconductors 35% · Defense 25% · cash 15%) returned +7.15% in June, beating SPY by +4.0 percentage points. Semiconductors did the heavy lifting (+12% in 4 weeks); Defense quietly hedged the macro fear.
What worked
Semiconductors (SOXX) delivered the cyclical bottom thesis exactly as our 5-round debate consensus called it. The May Round 4 dissent ("SOXX is a value trap") turned out wrong — and we documented that publicly in our Track Record archive.
Healthcare (XLV) at 25% acted as portfolio ballast. The defensive premium expanded as UMich data deteriorated mid-June.
What got lucky
Defense (ITA) at 25% returned +4.8%, mostly driven by two specific contract announcements we did not anticipate. Honest assessment: 30% of ITA's gain was attributable to news flow we did not model.
Not investment advice.