Monthly Portfolio Review

April 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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The indices came roaring back in April with one of the sharpest V-shaped recoveries concentrated in technology, semiconductors and AI hardware. Our portfolios are pretty much uncorrelated with indices and their growing concentration (and risks) in the AI thematic. Nonetheless, our portfolios recovered slightly even as the bout of hopeful ceasefire headlines caused retracements across the “war hedges” - oil and thermal coal, to which we have exposure to, but where their underlying thesis are independent of war outcomes. In hindsight, trimming our precious metals exposure did hurt us marginally but we like the relative risk-reward of redeploying into increased coal and Chinese solar weightings on a forward-looking basis.

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)