Portfolio Review (March 2026)

Apr 01, 2026

∙ Paid

March 2026 Markets Review

S&P 500: -5.25%
NASDAQ: -5.08%

March was one of the most consequential months for markets in recent memory. The US-Israeli operation against Iran, launched in the final days of February and escalated throughout March. Stocks opened the month in free fall as futures plunged on the first Monday of March. By month end, the S&P 500 had posted its fifth consecutive weekly loss, the longest losing streak since 2022, and was sitting nearly 9% below its January all-time high. The Nasdaq entered correction territory, falling more than 12% from its high.

The result of the operation was an oil surge while almost everything else sold off. Brent crude topped $108 per barrel and WTI breached $94 by the final week of the month, as concerns over the Strait of Hormuz disrupting global tanker flows sent energy stocks ripping higher. Energy is the only positive S&P 500 sector this year, up over 30% year to date. Meanwhile, tech heavyweights have been hit hard. Nvidia is down 12% YTD, Microsoft down 24% YTD. Google, seen as the AI leader, is down over 13% YTD. Meta had an especially rough stretch, dropping 12% in three days on the back of layoffs across Reality Labs and Facebook, combined with two separate jury verdicts finding Meta legally responsible for harm to minors through its social media platforms.

The macro picture has darkened considerably. The OECD raised its US inflation forecast to 4.2% for 2026, well above the Fed’s own 2.7% projection. The word “stagflation” has returned to mainstream financial commentary, and could be a persistent worry for the rest of the year.

There were moments of reprieve as markets reacted to various moments of Trump’s infamous TACO (Trump always chickens out). Trump suggested in a Truth Social post that the US and Iran had engaged in “productive” talks, which sparked a sharp relief rally mid-month. However, the optimism was short-lived. By the final days of March, oil was climbing again, the Strait of Hormuz remained a flashpoint, and China opened a trade probe against the US in retaliation to tariffs, adding another layer of uncertainty.

In my view, each subsequent TACO has diminishing returns, and the markets are certainly showing it.

March was yet another brutal month for investors, and I will be discussing my plans moving forward in the following article.

Portfolio Performance (Since Inception)

(Portfolio Inception Date: 27th October 2023)

Portfolio: +143.63%

S&P 500: +53.33% (Outperformance: +90.30%)

NASDAQ: +68.09% (Outperformance: +75.54%)

Portfolio Performance (YTD)

Portfolio: -18.07%

S&P 500: -7.33% (Underperformance: -10.74%)

NASDAQ: -10.40% (Underperformance: -7.67%)

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