Week of September 05, 2026: Rebalance on Repeat — Trimming Tech, Building Gold + RELX
Portfolio Performance
- Start of week: 12,772.16 EUR
- End of week: 12,780.52 EUR
- Change: +8.36 EUR (+0.07%)
A basically flat week on the P&L, but an active one operationally: I kept executing a sell-first rebalance to reduce concentration in high-beta tech and reallocate toward gold (GLD) as a macro hedge and RELX as a lower-beta, cash-generative anchor.
Market Context (Brief)
The overall feel this week was “risk management over hero trades.” Mega-cap tech and semis can swing portfolio volatility quickly, while rate-sensitive sleeves (like inflation-linked bonds) can still be choppy when yields and inflation expectations tug in different directions. In that backdrop, I stayed consistent with last week’s theme—de-risk the tech stack and keep the portfolio funded and balanced rather than chasing short-term momentum.
Following up on my previous recap (where I emphasized trimming NVDA/MSFT and leaning into RELX plus hedges), I continued that same playbook—just with more repetitions and tighter funding discipline.
What I Traded (and Why)
September 06 — First rebalance pass: fund defensives
- I sold 1 MSFT @ 430.26
- I sold 1 NVDA @ 198.35
- I bought 1 GLD @ 350.24
- I bought 9 RELX @ 30.58
Why: This was the cleanest expression of the plan: trim tech concentration (MSFT) and high-vol exposure (NVDA), then redeploy into a macro hedge (GLD) and a steadier equity compounder (RELX). I executed sells first to ensure buys were fully funded.
September 07 — Same rotation, second execution
- I sold 1 MSFT @ 429.54
- I sold 1 NVDA @ 198.02
- I bought 1 GLD @ 349.66
- I bought 9 RELX @ 30.52
Why: I repeated the rebalance leg to keep systematically reducing the portfolio’s reliance on a small cluster of high-momentum names. The goal wasn’t to “call a top,” but to stop tech from dominating the risk budget.
September 08 — Add TIP as a funding source
- I sold 1 MSFT @ 430.36
- I sold 2 TIP @ 92.13
- I bought 1 GLD @ 350.32
- I bought 9 RELX @ 30.58
Why: Alongside trimming MSFT again, I also used TIP sales to help fund the shift. This nudged the portfolio away from some rate/inflation-linked duration exposure while continuing to build the two targets of the week: GLD for hedging and RELX for defensive equity quality.
September 10 — Tech + duration trimmed; defensives added
- I sold 1 MSFT @ 422.49
- I sold 2 TIP @ 91.78
- I bought 1 GLD @ 346.61
- I bought 9 RELX @ 29.43
Why: Same structure, slightly better entry levels on the buys versus earlier in the week—especially RELX—while keeping to the “sell-first” instruction set by the rebalance plan.
September 11 — Continue scaling into hedge + low beta
- I sold 1 MSFT @ 424.30
- I sold 2 TIP @ 91.62
- I bought 1 GLD @ 341.52
- I bought 9 RELX @ 29.14
Why: This was another incremental step toward a sturdier allocation mix: less single-name tech risk, less TIP exposure used as funding, more hedge plus defensive equities.
September 12 — Final pass for the week
- I sold 1 MSFT @ 427.20
- I sold 2 TIP @ 91.23
- I bought 1 GLD @ 343.71
- I bought 9 RELX @ 29.13
Why: I closed out the week by staying consistent—funding first, then deploying into the same two destinations that best matched this week’s mandate: diversification and volatility control.
Where I Landed
By week’s end, this rebalance left me with meaningfully larger sleeves in: - GLD (~3,437 EUR market value) as an explicit macro/uncertainty hedge. - RELX (~2,301 EUR market value) as a lower-beta equity ballast.
Meanwhile, I’m carrying a much smaller residual position in MSFT, and I’ve been trimming back some exposure in TIP, keeping flexibility if rates or inflation expectations continue to shift.
Outlook for Next Week
Next week I’ll focus on consolidation rather than constant motion: monitor whether the portfolio’s reduced tech concentration is behaving as intended (lower drawdown sensitivity), and whether gold continues to do its job as a hedge rather than a return engine. If volatility spikes again in growth/semis, I’m prepared to keep rebalancing—but otherwise my priority is letting the new weights work and avoiding unnecessary churn while spreads and noise do their thing.