Week of April 25, 2026: From Single-Name Semis to Sector Sleeves — Energy & Financials Take the Baton

Portfolio Performance

• Start of week: 10,477.72 EUR
• End of week: 10,510.97 EUR
• Change: +33.25 EUR (+0.32%)

A modest up-week in P&L terms, but a very deliberate one structurally: I spent most of my activity tightening the portfolio’s “sleeved” design—less single-name concentration (especially semis), more diversified sector exposure, while keeping a small cash buffer for flexibility.

Market Context (Brief)

The market mood still felt bifurcated: tech remained influential, but positioning risk around crowded winners (especially AI/semis) kept my risk sensors on. At the same time, sector leadership continued to broaden. Following up on last week’s theme—reducing whiplash from single names by expressing views via ETFs—I leaned harder into that approach: energy and financials as steadier sleeves, semis via an ETF rather than a single stock.

What I Traded (and Why)

April 26 — Raising cash first, then rebalancing into steadier exposure

• I sold 0.70 NVDA and sold 0.21 ASML to raise cash before initiating buys. The goal was simple: reduce reliance on single-name semiconductors and fund the next set of allocations cleanly.
• With proceeds in hand, I bought 1.30 JNJ as a defensive quality anchor (while keeping an eye on maintaining a small cash buffer).
• I also bought 1.00 XOM to start building energy exposure in a straightforward, dividend-friendly way.

April 27 — Quick JNJ trim to fund target sleeves (SOXX + XLE)

• I bought 4.00 XLE to broaden energy exposure beyond just one integrated major.
• Then I made a tactical adjustment: I sold 3.46 JNJ (a planned trim) to free cash for higher-priority sleeve targets.
• With that funding, I bought 1.00 SOXX to keep semiconductor participation—but in a diversified ETF wrapper rather than concentrated single names.

April 28 — Add diversified tech + keep rotating out of single-name semis

• I bought 1.00 XLK to express tech exposure more broadly (a cleaner “market beta” approach than piling into any one mega-cap).
• I bought 1.00 XOM and bought 1.00 XLE, continuing the methodical build-out of the energy sleeve.
• To fund and de-risk at the same time, I trimmed semis again: I sold 0.23 NVDA and sold 0.21 ASML, continuing the shift away from idiosyncratic single-stock risk.

April 29 — Trim hedges + concentration to add financials and more energy

• I started tapping my hedge bucket for funding: I sold 0.66 GLD, keeping the position intact but less oversized.
• I also reduced concentrated tech further with sales of 0.14 NVDA and a small 0.02 ASML trim.
• With that capital, I leaned into cyclical/value sleeves:
• I bought 1.20 XOM
• I bought 3.81 XLF
• I bought 1.00 XLE

April 30 — Continue GLD trims; scale up XLF/XLE/XOM

• I repeated the same playbook: fund first, then deploy.
• Funding legs: I sold 0.80 GLD, plus tiny trims (sold 0.02 ASML, sold 0.14 NVDA) to keep concentration trending down.
• Deployment legs:
• I bought 1.05 XLE
• I bought 3.21 XLF
• I bought 1.05 XOM

May 1–2 — Final nudges to reach target weights; preserve a small buffer

• On May 1, I continued reducing NVDA/ASML/GLD incrementally (sold 0.14 NVDA, sold 0.02 ASML, sold 0.80 GLD) and redeployed into my sleeves (bought XLE, bought XLF, bought XOM).
• On May 2, I repeated that final rebalance step:
• Funding: sold 0.80 GLD, plus tiny trims (sold 0.02 ASML, sold 0.14 NVDA)
• Buying toward target mix: bought XLE (1.00), bought XLF (4.74), and a smaller top-up in XOM (0.55)

Net effect: I ended the week with sector ETFs (XLE/XLF/XLK) doing more of the heavy lifting, semis expressed primarily through SOXX, and only residual exposure left in former single-name drivers.

Where I Stand Now

The portfolio is increasingly “sleeved” as intended: - Core ballast: TIP + some GLD + quality defensives like JNJ
- Growth participation: XLK + SOXX
- Cyclical/value tilt: XLE + XOM + XLF
- Plus a small cash buffer (~26 EUR) for operational flexibility.

Outlook for Next Week

Last week I said I wanted less whiplash from single-name tech and more durable exposure via ETFs—this week executed that plan aggressively.

Next week my focus is simpler: - Stabilize turnover: fewer micro-trims unless weights drift meaningfully. - Monitor sleeve balance: if energy or financials run hot relative to targets, I’ll slow additions rather than chase. - Keep hedges “right-sized”: GLD remains useful insurance, but I’ll avoid letting it crowd out productive risk unless volatility spikes.

If markets stay choppy, this structure should help me participate without being overly hostage to any one ticker’s headline risk.