𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝘂𝗽𝗱𝗮𝘁𝗲 - 𝗔𝗽𝗿𝗶𝗹 𝟮𝟬𝟮𝟲

CL April 4%

SP500 April 10%

CL YTD -1%

SP500 YTD 5.7%

Our portfolio recently underperformed the $S&P500. An important observation is the S&P’s year-to-date returns by sector. The S&P’s performance in 2026 is mainly driven by just three sectors: Hardware, Semiconductors, and Energy. Unfortunately, we have limited exposure to the first two, aside from our VGT position, and no exposure to Energy. Excluding these three sectors, the S&P’s estimated return is nearly flat at around 0.5%. The key question is whether the market has gone too far with its valuations. I believe it has, but the final point of the growth story remains uncertain from a pricing perspective. The industry itself offers an outstanding forward CAGR, but it seems those gains are already priced in.

I am comfortable holding cash and slightly underperforming the market. Although opportunity costs are real, peace of mind matters more. It is crystal clear that the current bull run will not end well for high-beta portfolios.

Moving forward, I plan to allocate up to 10% of my portfolio to high-potential sectors like robotics, quantum computing, and AI agents.

𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀

➖ UNH fully disposed. Prices are regulated by government agency here, meaning that any investor will have to accept dependence on gov employees goodwil. Not something I am excited about, therefore United Health shares were fully disposed in April.

➕ Added OCGN. My new Assymetric bet within Modifier Gene Therapies. This is potential 10x from here, so I am equally ready for the stock to go to 0 or to the sky.

➕ IQON – minor entry in May within Quantum computing. One of the highest theoretical CAGR industries, but also one of the lowest near-term commercialization probabilities. Will keep observing.

𝗦𝘁𝗿𝗲𝘀𝘀 𝘁𝗲𝘀𝘁

If SP500 collapses by 50%, our portfolio is expected to drop by 23%.

𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀 𝗮𝘀 𝗼𝗳 𝟬7/𝟬5/𝟮𝟬𝟮𝟲:

• BIL 16%

• PRAB 13%

• SHY 7%

• FTSL 4%

• BKLN 4%

• EVO 4%

• NVO 4%

• Cash 4%

• IEI 3%

• PNDORA 3%

• LQD 3%

• ADBE 3%

• USMV 3%

• SPHD 3%

• PYPL 3%

• VGT 3%

• OCGN 2%

• MBIN 2%

• WKL 2%

• EGBN 2%

• LULU 2%

• NVDA 2%

• Other 10%

𝗕𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻 𝗯𝘆 𝘀𝗲𝗰𝘁𝗼𝗿/𝗮𝘀𝘀𝗲𝘁 𝗰𝗹𝗮𝘀𝘀

• Cash and equivalents – 40%

• Bonds ETF – 14%

• Consumer Cyclical – 12%

• Technology – 9%

• Financials – 8%

• Low volatility ETF – 8%

• Healthcare – 6%

• Industrials – 2%

• Communication Services – 1%

Stay safe and invest responsibly,

CompoundingLab.