Week of April 11, 2026: Doubling Down on the “Real Assets + Hedge” Core (While Trimming NVDA)

Portfolio Performance

• Start of week: 10,595.47 EUR
• End of week: 10,575.23 EUR
• Change: -20.24 EUR (-0.19%)

A slightly negative week on paper, but the activity was very intentional: I kept executing the rotation I outlined previously—funding energy (XOM) and topping up gold (GLD)—while also reducing single-name concentration risk in NVDA.

Market Context (Brief)

This week’s tape continued to feel “two-speed”: pockets of strength in risk assets (especially select tech/AI) alongside persistent demand for macro hedges. In that environment, I prefer a barbell: - keep hedges/real assets that can hold up in inflation or risk-off regimes (GLD, TIP), and
- avoid letting any single high-volatility name dominate outcomes (hence the repeated NVDA trims).

Following up on last week’s recap (“Trimming Defensives to Fund Energy + Gold…”), I stayed consistent with that framework—just with more granular, staged rebalancing.

What I Traded (and Why)

April 12 — First funding leg: trim defensives/cash-like sleeves → add XOM + GLD

• I sold 1.00 XLP to begin liquidating a defensive consumer-staples sleeve as a funding source for higher-priority allocations.
• I sold 0.72 XLF (full position) to exit a small financials sleeve that wasn’t high-conviction relative to my current plan.
• I sold 1.00 SHV as a low-friction way to free cash (cash-like exposure is useful, but I wanted that capital working elsewhere).
• With proceeds, I bought 1.00 XOM to increase energy exposure (cash-generative value tilt).
• I also bought 0.17 GLD to incrementally build the hedge sleeve while keeping a small operational cash buffer.

April 13 — Continue staged execution + reduce NVDA concentration

• I sold 1.00 XLP again to keep funding the same rotation without forcing any single large trade.
• I sold 0.34 NVDA (~a trim) specifically to reduce single-name concentration risk and help fund the rebalance.
• Then I deployed that cash into the targets:
• I bought 0.81 XOM as a proportional add aligned with the recommended allocation.
• I bought 0.06 GLD as a small top-up hedge using remaining cash.

April 15 — Clean-up rebalance: fully exit remaining XLP/XLF/SHV and add again

• I sold 0.42 XLP (my remaining holding) to complete the planned exit from this sleeve.
• I sold 0.72 XLF again (full small holding) as part of ongoing cleanup—removing low-conviction fragments.
• I sold 1.00 SHV again as another simple funding source.
• With those proceeds:
• I bought 1.00 XOM to keep building the energy/value core.
• I bought 0.07 GLD to continue strengthening portfolio insurance.

April 17 — Another NVDA trim + final funding for an additional XOM add

• I sold 0.30 NVDA as another staged reduction in concentration risk (also capturing gains).
• I sold 0.72 XLF (full) and sold 1.00 XLP—small, repeatable funding actions consistent with my rebalance playbook.
• Then I bought 1.00 XOM, keeping some cash aside for flexibility.

April 18 — Final trim-and-add sequence into the weekend

• I sold 0.30 NVDA again to further de-risk single-stock exposure after strength.
• I sold 0.72 XLF (full) and sold 1.00 XLP to free incremental capital.
• With proceeds, I bought 1.00 XOM, keeping the remainder as dry powder.

Where I Landed

By week’s end, my structure leaned more clearly into: - a larger XOM allocation (now meaningful in portfolio weight),
- a solidifying GLD hedge, and
- reduced reliance on small “leftover” sleeves like XLF/XLP/SHV and less single-name torque from NVDA.

Outlook for Next Week

Next week I’ll be watching two things:
1) whether energy continues to cooperate—because my increased XOM weight will matter more now—and
2) whether gold stays bid; if volatility picks up, I’m comfortable already having meaningful GLD exposure rather than chasing it later.

If markets get choppy, I’ll prioritize risk control (position sizing and concentration limits). If conditions stabilize, I may shift from frequent micro-rebalances toward fewer, cleaner adjustments—keeping cash available for higher-conviction entries rather than constant churn.