Portfolio update April - Up and onwards

This was one of my best months ever with my portfolio up +29%. In this update, I share which new position I opened, why I trimmed my top position and what I bought instead.

1 - Performance highlights

3-years performance: +218% vs S&P 500 +78%
Year-to-date performance: +16% vs S&P 500 +5%
March performance : +28% vs S&P 500 +8%

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I always share my portfolio results based on money weighted rate of return. You can read more about what that means in this article.

2 - Top movers and losers

This month, my semiconductor positions did the heavy lifting for my overall portfolio, with NBIS +51%, AMD +71%, and ALAB +90%. It seems there is bullish news on infra businesses nearly every day, further reinforced by hyperscaler capex that shows no signs of slowing down.

While I wouldn’t be surprised to see some sort of correction with so many stocks up 50% or more over the past month, I think the tailwind for many parts of the semi industry is far longer than most expect.

A lot of this comes down to the Jevons paradox: as AI infra costs gradually come down and businesses become more efficient, demand goes up just as price per token decreases. The number of use cases is nearly endless and the amount of value creation is all around us. I genuinely believe we’re just getting started. I could ramble all day about this, but let’s stick to my portfolio update for now :)

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