Week of August 29, 2026: De-Risking the Tech Stack — NVDA/MSFT Trimmed, RELX/CVX Built, Gold Topped Up
Portfolio Performance
- Start of week: 12,838.27 EUR
- End of week: 12,772.16 EUR
- Change: -66.11 EUR (-0.51%)
A slightly down week on paper, but it was also a “portfolio plumbing” week: I spent most of my energy reducing concentration risk in high-beta tech and redeploying into lower-beta cash generators (RELX), energy (CVX), and a modest gold hedge (GLD). The result wasn’t meant to maximize short-term upside—it was meant to make the overall mix sturdier.
Market Context (Brief)
The tape this week rewarded selectivity more than broad enthusiasm. Big tech remained influential, but it also felt like the kind of environment where single-name volatility can dominate outcomes—especially in semis. Against that backdrop, I leaned into a rebalancing mindset: keep exposure to winners, but avoid letting them become the whole portfolio.
Following up on last week’s recap—where I talked about funding moves cleanly and keeping hedges in place—I doubled down on that discipline: sell first, then buy, so the portfolio stays funded and intentional.
What I Traded (and Why)
August 30 — Start the rotation: trim NVDA → add CVX
- I sold 1 NVDA @ 187.82
- I bought 1 CVX @ 174.27
Why: This was a straightforward rebalance leg. NVDA had become an outsized source of volatility and concentration risk, so I trimmed it and redeployed into CVX for lower-beta energy exposure. Same capital, different behavior profile—more ballast, less whiplash.
September 1 — Continue funding discipline: NVDA funds CVX + RELX
- I sold 1 NVDA @ 190.46
- I bought 1 CVX @ 177.83
- I bought 2 RELX @ 31.43
Why: I kept following the “funded rebalance” plan: reduce NVDA weight and use that freed cash to build positions that should hold up better in choppy markets. CVX added more cyclical/dividend-style stability, while RELX added a defensive, cash-generative profile—exactly the kind of name I like when I’m trying to reduce portfolio drawdown sensitivity.
September 3 — Bigger rebalance step: trim NVDA + MSFT → add GLD + more RELX
- I sold 1 NVDA @ 193.42
- I sold 1 MSFT @ 428.21
- I bought 1 GLD @ 347.16
- I bought 9 RELX @ 30.30
Why: This was the clearest expression of the week’s theme: reduce tech concentration, add diversifiers. MSFT is high quality, but concentration is concentration—so I trimmed it alongside NVDA to fund two things: - GLD, as a modest hedge (not a prediction—insurance). - A larger add to RELX, leaning into steadier earnings/cash flow characteristics.
September 4 — Reinforce the same posture: another MSFT/NVDA trim → GLD + RELX
- I sold 1 MSFT @ 438.94
- I sold 1 NVDA @ 196.57
- I bought 1 GLD @ 352.98
- I bought 9 RELX @ 31.54
Why: The multi-agent rebalance recommendation stayed consistent: keep improving diversification and reduce reliance on a couple of mega-cap tech names to drive results. I repeated the same playbook—sell first to free cash, then allocate into hedges/defensives.
Where I Landed by Week’s End
By Friday, my portfolio leaned more intentionally toward a three-part structure: - Core quality growth still present, but with less single-stock dominance (NVDA/MSFT trimmed). - Defensive compounders increased (RELX built meaningfully). - Diversifiers maintained/enhanced (GLD added; energy via CVX strengthened).
The small weekly dip (-0.51%) doesn’t bother me much given the goal: improve resilience without abandoning upside entirely.
Outlook for Next Week
Next week I’ll be watching two things closely:
- Does tech leadership broaden or narrow? If gains concentrate again in a few names, I’ll stay strict about position sizing.
- How do defensives and hedges behave on volatility spikes? If GLD/RELX do their job during stress, that validates this week’s rotation.
My base case is to keep executing incremental rebalances rather than making dramatic calls—tight funding hygiene, controlled concentration risk, and steady exposure to cash-generative businesses while keeping a measured hedge in place.