Portfolio Update: April 2026

Performance Review

The following is my active portfolio as of close on 5/8/2026:

Here is my portfolio underperformance at market close on 5/8/2026:

And alpha by active position at market close on 5/8/2026:

Trades

I made a couple changes to the portfolio since my last writing. I scaled down the Morningstar position to be 2% weight instead of 10% weight. I turned the Deckers naked long into a pair trade with shorts on Asics Corp, ONON, BIRK, and NKE. I have felt frustrated getting punished on that position by broader consumer discretionary moves. Hopefully this allows me to express my views in a purer fashion. I plan to continue holding the Deckers position for the foreseeable future or until my thesis is proven wrong by incremental earnings reports. I added GENI, which is a story I've followed since last summer. They've been crushed in 2026 after making a dumb acquisition. The underlying asset is remarkably good though. Wish I had more time to do some research but I think the acquisition isn't as bad as the market's making it out to be and recent developments suggest the bottom is in sight. The last trade made was yesterday, when I took the GLBE position from 30 to 40% weight. They report this Thursday. It's the most important catalyst in the history of my investing career up to this point.

Notes from the Month

Another terrible month and I'm now sporting my worst underperformance ever. I continue to be in the wrong pockets of this market. I'm now in New York working for the summer, so haven't had any time to diligence new ideas. That also means I don't have much time to follow the markets. I'm cut off from my BBG data too, so I'm reliant on Yahoo Finance watchlists and can't see price movements for all the names I follow.

It's discouraging to see day after day of deeper and deeper underperformance. This month was tough. But I need to stick to my guns. It's easy to have a style when things are going well. It's critical to stick to that style when they aren't. So I'll continue to pick my stocks and hope that earnings from my heavyweights are great over these next ~3 weeks.