April 2026
Portfolio review for the month of april
We ended April down -2,71%, marking our first negative month since summer 2025. This change of pace isn’t anything I’m particularly concerned about, and I will continue to follow the same ideology that has worked in the past.
Some positions have grown to a size that doesn’t reflect my ideal position sizes, namely Sasol, Sibanye, and Braskem. I will adjust sizing accordingly when I think the timing is right.
Trades
I have only bought one stock in April, $BUFF.V, a Canadian potash junior. My entry price has proven disastrous, and I will lower my cost basis eventually if weakness persists.
About the market
The war between the US and Iran continues, and Trump continues manipulating markets to the benefit of whoever has access to the insider information he provides. I have been somewhat passively watching, though, with most of my cash allocated to investment ideas. I will continue waiting for the world to make sense again, and then I will judge each position and its future in the portfolio.
The current situation is strange since we’re balancing between a massive global financial disaster on the back of the Hormuz disruption and a rapidly evolving technology that might change everything about how we live our lives. It’s either a depression or all gas no breaks for the rest of this decade.
The portfolio
We hold the same stocks we held in March; the largest positions are Sasol, Braskem, Sibanye, and Noram Drilling, in that order. We still hold a basket of offshore drilling companies, as well as additional Latam and chemical exposure.
