MS Portfolio Update | April 2026
Hedging the crisis
Hi there, a quick vibe check before we get started:
Q1 2026 has not been kind to equities. Amid geopolitical uncertainties and rising oil prices, the S&P 500 is down ~4% YTD, and the Nasdaq is down 5%. We had briefly entered a correction territory for QQQ before the bounce back in the last two days.
Our bottleneck thesis continues to shine, as even with the drawdown, all three of our baskets have outperformed the market.
1. Advanced Packaging +4.5% vs -6.7% QQQ
2. Optics +0.7% vs -6.6% QQQ
3. Energy +1.5% vs 0.6% SPY
MS Portfolio Holdings Update
March was tough for the portfolio compared to Feb as geopolitical crisis muted AI investments and Google launched its TurboQuant AI-compression algorithm, which is expected to reduce the LLM memory usage — a headwind for our memory thesis. Even with these headwinds, our portfolio is in the green for the year while QQQ is down 5%.
With Oil price rising a whopping 78% this year and the crisis far from over, here’s how we are positioning our portfolio:
