The past week was largely shaped by two opposing forces: relief over lower energy prices and renewed caution around interest rates and inflation. The first round of talks between Iran and the United States produced a roadmap for further negotiations. The goal is to work toward a more definitive peace agreement within the next sixty days. For markets, the most important outcome was an agreement aimed at preventing incidents and miscommunication around shipping traffic in the Strait of Hormuz. Oil prices reacted by moving lower, providing immediate relief to inflation concerns. However, this is not a situation where investors can simply erase geopolitical risk from the equation. Israel is not part of the negotiations, and security conditions in Lebanon remain fragile. That captures the current market environment well: reduced short-term stress around oil helps, but the underlying risks have not disappeared. As a result, some areas of the market welcomed the news while investors remained hesitant to draw broad conclusions. Adding to the uncertainty, political developments in the United Kingdom came into focus. According to British media reports, Prime Minister Keir Starmer is expected to announce a timeline for his departure following growing pressure within the Labour Party and the return of Andy Burnham to Parliament. For financial markets, this matters primarily through the British pound, government bonds, and domestically focused UK equities. An orderly leadership transition could limit the damage, but fresh political uncertainty arrives at a time when the UK is already grappling with interest rates, consumer purchasing power, and budget constraints. In both the United States and the United Kingdom, central banks left interest rates unchanged, but their message remained cautious. Inflation has not yet been defeated, and investors should not assume rate cuts are imminent. In the UK, two policymakers even voted in favor of a rate hike despite softer inflation data for May. Smaller and rate-sensitive companies could recover strongly if rate expectations begin to shift, but they remain vulnerable as long as central banks maintain a restrictive stance. This week, investors are primarily focused on the United States. Attention will center on the PCE inflation report, the Federal Reserve’s preferred inflation gauge. The data is scheduled for release on Thursday. Alongside our existing portfolio, we are currently evaluating a new company within the real estate sector—but not a traditional property owner. Instead, the company generates revenue through services related to real estate. As a result, the stock remains highly sensitive to interest rate expectations. When rates rise, the market tends to punish the shares. When rates fall, higher valuations typically follow. What interests us is that the business appears to be gradually reducing its dependence on rate movements. Its service offering is becoming broader, revenue streams are becoming more stable, and yet the market still seems to value the company as though it were entirely tied to real estate cycles and interest rate fears. That disconnect may create an opportunity. We will share our full analysis with members via email in the near future. BP For BP, the week was largely driven by developments in the oil market. The roadmap for continued peace negotiations between Iran and the United States put downward pressure on oil prices as investors priced in less risk around the Strait of Hormuz. For BP, this cuts both ways. Reduced geopolitical tension is positive for inflation and overall market sentiment, but lower oil prices can also dampen cash flow expectations. For us, BP remains primarily a story of execution. The market wants proof that the company can maintain discipline and continue delivering attractive shareholder returns even in a more normal oil price environment. Lower oil prices are not necessarily negative if they coincide with lower geopolitical risk and softer inflation, but they do reduce the margin for additional shareholder distributions. We continue to view BP as a company where evidence matters more than promises: consistent execution, stability within management, and sufficient free cash flow, even without exceptionally high oil prices. Rolls-Royce Rolls-Royce received further support from the nuclear sector during this period. The company was selected for three small modular reactor projects in Sweden and also entered into a partnership with British and Japanese nuclear organizations focused on advanced reactor technology. This is meaningful because it further strengthens Rolls-Royce’s position in the small modular reactor market beyond its home market. What matters most to us is repeatability. Investors are no longer valuing Rolls-Royce solely on the aviation cycle; increasingly, the question is whether new growth engines can scale successfully. The Swedish selection confirms that the technology is being taken seriously on an international level. At the same time, this remains a long-term story. Reactor projects involve lengthy timelines, political risks, and execution challenges. Shares Under Ten therefore views this development as positive for the strategic investment case, though it is unlikely to materially affect earnings in the short term. Deceuninck On June 19, Deceuninck released a transparency notification showing that Gramo, Holve, and Francis Van Eeckhout had jointly surpassed the 30% voting rights threshold. Their combined position now stands at 30.52%. This matters because ownership structure and control are becoming increasingly important factors in the Deceuninck story. From an investment perspective, the stock is now viewed less as a traditional industrial small-cap and more as a situation involving control, valuation, and potential takeover dynamics. Operationally, the announcement changes nothing regarding demand for window and door systems, margins, or a recovery in European markets. However, for minority shareholders, shifts in voting power and influence remain highly relevant. Shares Under Ten sees this development as one that warrants close attention to valuation, governance, and the protection of minority shareholder interests. Global Dominion Access Global Dominion Access has struggled somewhat in recent months. There was little significant company-specific news over the past week, which largely reflects the current situation: no major problems, but also no obvious catalyst that would force the market to reassess the stock. For Shares Under Ten, this does not change the core investment thesis. This is the type