Week of May 16, 2026: Funding the Semi Push — Trimming Broad ETFs, Rotating from XOM into SOXX

Portfolio Performance

• Start of week: 11,035.50 EUR
• End of week: 11,019.50 EUR
• Change: -16.00 EUR (-0.15%)

A slightly down week on paper—but it was an active one operationally. Most of the P&L softness came while I was repositioning (selling to fund buys) rather than taking big directional bets with leverage.

Market Context (Brief)

Following up on last week’s “rotation week” theme—where I trimmed broad tech exposure and rebuilt across energy/financials/defense with selective semis—my signals kept pushing a similar message:

• Keep risk-on optionality in semiconductors/AI, but do it in a more deliberate way.
• Fund new exposure by trimming broad sector ETFs, especially where I already had overlap.
• Reduce single-stock concentration in energy (XOM) and redeploy into a diversified semi basket (SOXX).
• Maintain balance with “non-tech” sleeves like defense (ITA) and some macro-sensitive exposure (XLE).

In short: this week was about funding rules and structure—sell first, then deploy.

What I Traded (and Why)

May 17 — Trim XLK + GLD, add NVDA + ITA

• I sold 1.0 XLK to raise cash as part of a rebalance recommendation—reducing broad tech ETF exposure to make room for more targeted positions.
• I sold 0.5 GLD for the same reason: free up funding for higher-conviction allocations.
• With those proceeds, I bought 1.0 NVDA to increase momentum-driven exposure to AI/semis in a single-name expression.
• I also bought 1.0 ITA to strengthen the defense/aerospace sleeve—useful as a counterbalance when growth gets choppy.

May 18 — More funding sells (XLK, XLF), then NVDA + XLE

• I sold 1.0 XLK again—continuing the systematic trim of broad tech exposure to avoid redundancy versus my direct semi bets.
• I sold 2.0 XLF to raise additional cash for tactical buys; this was about reallocating rather than turning bearish on financials outright.
• After funding, I bought 1.0 NVDA (small, controlled add) to keep building the AI/semi tilt.
• And I bought 1.0 XLE to add energy sector exposure based on Momentum/Macro signals—more diversified than adding only XOM.

May 19 — Repeat the rebalance loop: sell XLK/XLF, buy NVDA/XLE

• I sold 1.0 XLK and sold 2.0 XLF as planned funding steps.
• Then I redeployed into the same targets: I bought 1.0 NVDA and bought 1.0 XLE.

This may look repetitive—and it is—but it reflects how my execution rules work when recommendations arrive in steps: keep exposures controlled while gradually shifting weight from broad ETFs into the desired sleeves.

May 20 — Final round of XLK/XLF trims; add NVDA + XLE again

• I sold 1.0 XLK and sold 2.0 XLF to free cash.
• Then I followed through: I bought 1.0 NVDA (with priority if cash got tight) and bought 1.0 XLE with remaining proceeds.

May 21–23 — Trim XOM repeatedly to build SOXX

To reduce single-stock concentration risk in energy while keeping my “semis” thesis diversified: - May 21: I sold 3.0 XOM, then bought 0.90 SOXX. - May 22: I sold another 3.0 XOM, then bought 0.89 SOXX (sizing flexed slightly based on available cash). - May 23: I sold another 3.0 XOM, then bought 0.86 SOXX, again leaving a small cash buffer.

Net effect: less reliance on one energy name, more exposure to the broader semiconductor complex via an ETF wrapper.

Where I Landed by Week’s End

Key positioning themes after all that turnover: - A clearer semi stack: meaningful weight split across NVDA (single-name) and SOXX (basket). - Energy still present via both XOM + XLE, but with slightly better diversification and less single-name dominance than before. - Continued ballast from holdings like TIP, plus sector balance via ITA, healthcare names, and modest residual ETF positions.

Outlook for Next Week

Last week I noted that rotation can feel “whipsaw-y.” This week reinforced it: my job is to keep the portfolio adaptable without letting overlap or concentration creep in.

Next week my focus is: - Letting the new semi exposure (SOXX/NVDA) breathe before adding more risk, - Watching whether energy strength persists (and whether further trimming of concentrated winners like XOM makes sense), - And keeping cash discipline tight—small buffer, but no forced buying without signal support.

If markets stay range-bound, I’ll prioritize structure and diversification over chasing every move; if momentum expands, I’m already positioned with semis + defense + energy to participate without being all-in on one theme.