Portfolio Review (April 2026)

May 01, 2026

∙ Paid

April 2026 Markets Review

S&P 500: +9.30%
NASDAQ: +14.30%

April was, in many ways, the mirror image of March. Both the S&P 500 and the Nasdaq just posted their best monthly performance since 2020. The S&P 500 closed the month at 7,209.01, a fresh all-time high and its first ever close above the 7,200 threshold. The Nasdaq notched 24,892.31, also a new record. The MAG7 gained over 16% on the month, semiconductors rallied an extraordinary 37%, and communication services led all sectors with an 18.4% gain.

The pivot point was April 7th-8th, when President Trump announced a two-week ceasefire with Iran. As I discussed in previous portfolio reviews, the silver lining in this crisis is the fact that these events could all be erased by a singular individual.

Interestingly, in the final two days of April, the war premium was creeping back in. Brent briefly touched $126 per barrel on April 30th, the highest level since 2022, as US-Iran negotiations stalled, the Strait of Hormuz remained functionally closed, and Trump signalled an extended blockade. Stocks and Oil are up at the same time, which makes it even more confusing. I would not be surprised to see another bout of volatility if the ceasefire formally breaks down.

But as I have done in previous months, my decision in geopolitical uncertainty is always to buy businesses that do well regardless.

Portfolio Performance (Since Inception)

(Portfolio Inception Date: 27th October 2023)

Portfolio: +163.05%

S&P 500: +72.48% (Outperformance: +90.57%)

NASDAQ: +99.49% (Outperformance: +63.56%)

Portfolio Performance (YTD)

Portfolio: -11.50%

S&P 500: +4.24% (Underperformance: -15.74%)

NASDAQ: +6.34% (Underperformance: -17.84%)

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I post several articles per month, ranging from extensive 50-60 pager deep dives on the most interesting businesses I can find, to shorter articles on valuations, market musings and specific verticals/geographies.

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