Monthly Portfolio Review

March 2026

Hi Apes!🍌

This is our monthly portfolio review, where we look at the performances of our respective portfolios and deep dives. For the new apes, we have the:

• Banana Index: Best ideas within a global, unconstrained portfolio (15-25 stocks)

• Small Banana Index: Best ideas limited to global companies under US$10 billion in market capitalization (15-25 stocks)

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Our portfolios performed in line with the market in March, which is no mean feat given our concentration and market volatility from incessant headlines and developments surrounding the Iran war. Opportunistically, we raised some cash by trimming silver exposure and are now sitting on 10-12% cash in each of the portfolios, preserving optionality for fat pitches. Risk management remains key here, sometimes it is best to do less and sit out of forecasting short term war outcomes/headlines, where one runs the risk of getting whipsawed on the daily. Our well balanced barbell of precious metals - traditional energy helps us to navigate the binary outcomes of war over the short term.

Portfolio Rules

1. There is no day-trading, leverage, or options in these portfolios. As with my investment philosophy, I seek the best ideas with favourable risk/reward over 1-3 years. Also, leverage is usually where portfolios go to die :/ (don’t ask me how I know this)
2. Maximum of 10% cash position in each portfolio
3. There will be tactical buys/sells (maybe a few times per month) and I send these through the chat as and when I make the changes (remember to join the chat here if you haven’t)