Portfolio Update: Easter 2026

GEV and INTC holding the line amidst global turmoil

Happy Easter everyone! As announced earlier this year, I’ve decided to begin sharing my portfolio’s performance and also the weighting of each position.

As of April 5th, the year-to-date total return for my portfolio is -3.2% vs. -3.6% for the S&P 500.

Obviously, as an investor you want to be both in positive territory and outperforming your benchmark. However, that’s not always going to happen—not even the greats have unblemished records.

The markets can be a great teacher in humility.

It will humble you just when you think you’ve got it all figured out.

It will force you to confront the full picture—the bull case and the bear case alike. To do otherwise is willful ignorance. And in investing, blind spots are the death knell of an investor.

Looking at my portfolio through a “glass half full” lens, I am outperforming the S&P 500 by ~40 bps. My outperformance comes despite MSFT—my largest position to start the year—recording its worst quarterly return since the ‘08 financial crisis. That’s something I can hang my hat on. Plus, I have three more quarters left to get back into positive territory. After all, it’s about playing the long game, right?

However, looking through a “glass half empty” lens, there are still nine months left in the year. So, the pendulum can easily swing to underperformance in a heartbeat. Also, who cares about the outperformance? My goal is to not lose money, not just outperform the broader market.

Performance

Up until the first week of March, my portfolio had been mostly green and outperforming the S&P 500. Then of course, the ‘26 Iran War began and threw the global market into upheaval.

The top three laggards in my portfolio are: RDDT (-40.8% YTD), NKE (-30.6% YTD ), and LULU (-25.1% YTD).

Despite the drawdown, I still have a positive total return in RDDT. Hindsight is 20/20, but I should have taken some profits when it was trading at $250+ a few months ago. I wrote about RDDT in a previous post here back in May ‘25 with a fair value estimate of $142/sh. I still think RDDT is a good business with runway for growth. Perhaps I will write an updated post in the future.

For NKE, the company beat consensus estimates in the most recent quarter but gave disappointing Q4 guidance. Subsequently, the stock fell -15% post earnings.

Although both NKE and LULU are still fighting tariff headwinds and competition, I still like both these names over the longer-term.

These drawdowns were partly offset by gains in GEV (+37.5% YTD), INTC (+36.5% YTD), and PTLO (+22.5% YTD).

I continue to hold GEV due to the robust demand for gas turbines and power equipment— their backlog is now worth over $150B.

I also intend for INTC to be a long-term hold. I continue to believe that CEO Lip-Bu is the right man to lead the turnaround and that his efforts have barely scratched the surface. I look forward to updates on 14A customer commitments in the back half of this year.

As for PTLO, the fast-casual restaurant has been inching higher the first few months of this year. It’s a welcome trend as the stock has been beaten down the last few years. I will be monitoring the company closely to see what plans newly-appointed CEO Brett Patterson has in store for the future.

Transactions

I have no new transactions to report thus far in ‘26.

In January, I had been thinking about adding an energy name. But I missed the boat and don’t feel comfortable adding at this point.

In my view, you have to be selective about investing in energy here as many names have already run up a lot. I think there’s not much margin of safety left given that XLE (SPDR Energy Sector ETF) is already up +32.5% YTD.

Portfolio Weighting

On January 1st, my largest holdings were: 1) MSFT, 2) GE, 3) INTC, 4) GEV, and 5) NKE.

However, after weakness from MSFT and NKE earlier this year, my Top 5 largest holdings are now: 1) GE, 2) MSFT, 3) INTC, 4) GEV, and 5) PTLO.

As it stands right now, ~37% of my portfolio is in Industrials, ~30% in Tech, ~13% in Consumer Cyclical, and ~20% in Other.

Final Thoughts

What happens next in the Middle East? And when does it happen?

No one knows.

I’m not going to pretend like I’m a geopolitics or warfare expert. I don’t know how it will play out in Iran or the Strait of Hormuz—I don’t think anyone truly knows.

There’s probably a million different scenarios. Throw in a black swan event that no one sees coming, and it’s a fool’s errand to try to predict what will happen next.

All I can do is try to invest in quality companies that will do well over the longer-term.

History shows that while the 'what' and 'when' are often unpredictable, quality usually finds its way to the top eventually.

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Disclosure: I have positions in MSFT, GE, INTC, GEV, NKE, PTLO, BA, SPY, AAPL, WBD, MMM, RDDT, LULU, BRK-B, PFE, PCG, UPS, GEHC, and SOLV at the time of this publication.

The information provided here is solely for informational purposes and should not be construed as investment advice. Please seek guidance from a licensed professional before making any investment decisions. Although the information and statistical data presented herein have been sourced from reputable entities, the accuracy and completeness is not guaranteed. This report includes statements and observations on investment strategies, individual securities, and market conditions. However, there is no assurance that these statements, opinions, or forecasts will be accurate. Past performance is not a guarantee of future results. These comments may also include speculative opinions that should not be regarded as factual statements. My views and opinions may include forward-looking statements which may or may not be accurate over the long term. This information is a snapshot in time and is subject to change at any moment. I reserve the right to buy or sell any security at any time without prior notification. No part of this material may be shared or reproduced without prior written permission from Aklan Investment Research.