Portfolio Review (May 2026)

Extremely strong May, and the market rally continues

GabGrowth

Jun 01, 2026

∙ Paid

May 2026 Markets Review

S&P 500: +5.15%
NASDAQ: +8.43%

May was a strong month for the indexes, not least led by semis and tech, as we have become accustomed to.

The MAG7 was up strongly, AAPL up 15%, TSLA up 14%, MSFT up 10%. Of course, the real strength was in the AI/Semi/Compute trade (AMD +45%, MU +87%, DELL +101%, QCOM +39%). Interestingly, we also saw some rotation to software (!), who would’ve guessed it?

CRWD and FTNT were up 64% each, NOW up 40% and DDOG up 87%. Incredible numbers for stocks that got sold off just a couple months back as the entire market seemingly believed Anthropic was eating all of software up.

However, this did hide a lot of weakness in other sectors of the market. Financials, Consumer Defensive, Energy and Utilities were notably weak. It was by no means a perfect month for the index. However, due to the relatively larger weighting of tech and semis in particular, we of course saw the index continue climbing.

SPY is now up nearly 11% for the year while QQQ is up over 20%. This is of course following a weak March and April where stocks tanked and the indexes were down 7-8% respectively for the year. This is a remarkable turnaround that I cannot claim to have foreseen.

Portfolio Performance (Since Inception)

(Portfolio Inception Date: 27th October 2023)

Portfolio: +188.08%

S&P 500: +83.22% (Outperformance: +104.86%)

NASDAQ: +118.23% (Outperformance: +69.85%)

Portfolio Performance (YTD)

Portfolio: -3.08%

S&P 500: +10.73% (Underperformance: -13.81%)

NASDAQ: +16.34% (Underperformance: -19.42%)

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