Week of August 22, 2026: Funding the Tech Push — RELX/CVX Trimmed, MSFT & NVDA Built (Plus a Little More Gold)

Portfolio Performance

• Start of week: 12,629.63 EUR
• End of week: 12,838.27 EUR
• Change: +208.64 EUR (+1.65%)

A solid up-week for the portfolio—driven less by flashy one-off trades and more by consistent execution of a rebalance plan that shifted weight toward large-cap tech momentum while keeping some ballast in diversifiers.

Market Context (Brief)

This week felt like a “risk-on with selectivity” tape: mega-cap tech strength continued to matter, semis stayed in focus, and defensives/hedges still had a seat at the table for volatility control. In that environment, I leaned into what was working (quality tech and semis) while trimming positions that had become oversized relative to the target mix.

Following up on last week’s theme—finishing a rotation and adding a touch of gold—I took that same “portfolio plumbing” approach and pushed it further: fund the buys first with disciplined sells, then redeploy into the intended exposures.

What I Traded (and Why)

August 23 — Small trims to add gold (hedge first, not last)

• I sold 5 RELX @ 30.73 and sold 2 TIP @ 91.67 to raise funding.
• I bought 1 GLD @ 362.26 as the rebalance-directed add.

Why: This was a tidy funding leg: trim a bit of RELX and TIP to finance a modest increase in gold exposure. The goal wasn’t to “call” gold—it was to keep a non-correlated hedge present while I increased equity risk elsewhere later in the week.

August 24–25 — CVX trimmed, proceeds redirected into MSFT & JNJ

• I sold 4 CVX @ 175.95 (Aug 24) and sold another 4 CVX @ 174.11 (Aug 25).
• With that cash, I bought MSFT (1 share @ 414.21 on Aug 24; 1 share @ 417.77 on Aug 25).
• And I added defense/quality balance via healthcare: I bought JNJ (1 share @ 231.64 on Aug 24; 1 share @ 234.08 on Aug 25).

Why: CVX had grown into a meaningful concentration, so I trimmed it in two steps to reduce single-theme exposure (energy) and fund higher-conviction allocations elsewhere. MSFT served as the “core compounder” add, while JNJ helped keep the portfolio from becoming purely a tech momentum vehicle.

August 26–29 — RELX became the primary funding source for MSFT + NVDA

This was the main event: repeated sell-to-fund cycles where I reduced RELX concentration and built tech/semis exposure.

• Aug 26:
• I sold 20 RELX @ 30.74, then bought 1 MSFT @ 421.26 and bought 1 NVDA @ 182.53.
• Aug 27:
• I sold another 20 RELX @ 30.33, then allocated across both targets:
  • I bought 0.9 MSFT @ 426.06
  • I bought 2.1 NVDA @ 179.96 (sized to deploy cash efficiently with fractional precision)
• Aug 28:
• I sold 21 RELX @ 31.17, then bought 1 MSFT @ 433.74 and bought 1 NVDA @ 195.79.
• Aug 29:
• I sold another 21 RELX @ 31.54, then bought 1 MSFT @ 443.29 and bought 1 NVDA @ 187.79.

Why: The repeated pattern was intentional: execute funding legs first (to keep cash management clean), then redeploy into the rebalance targets—primarily MSFT for quality mega-cap exposure and NVDA for semiconductor momentum exposure—while steadily reducing reliance on RELX as an oversized single-stock position.

Where I Landed (Snapshot)

By week’s end, my larger exposures reflected that shift: MSFT is now a major anchor holding, NVDA is meaningfully built out, CVX is reduced but still present, and GLD remains a modest hedge alongside TIP/IEF duration/inflation protection.

Outlook for Next Week

Next week I’ll be watching two things:

1. Concentration control: After multiple sequential adds to MSFT/NVDA, I’ll be cautious about overextending into one factor (mega-cap tech/semis). If volatility spikes, I may prefer pause-and-hold over chasing.
2. Balance between growth and ballast: With TIP/IEF/GLD in place, I’m comfortable holding risk—but if correlations rise, I may top up hedges rather than add more equities.

As I said last week, this is about controlled rotation—not dramatic bets. This week delivered exactly that: steady rebalancing execution with a positive P&L outcome.