Free Portfolio Update: Recap of Q1 2026

Key Takeaways

• Portfolio YTD down 1.5%, beating SPY -4.4%.
• Initiated Wix.com position, averaging $82.97 per share.
• Trimmed Rocket Lab, locking 1,360% gain.
• Added NeurAxis, up ~40% since entry.
• Increased Harrow and Omada despite market volatility.

Summary

M. V. Cunha released his Q1 2026 portfolio recap, showing a year‑to‑date return of –1.5% that still outperformed the S&P 500’s –4.4% decline. Since inception in 2024 the portfolio has generated a 432.4% gain versus the market’s 40.6% rise. Key moves included initiating a Wix.com position at an average $82.97, trimming Rocket Lab to lock a 1,360% gain, and adding micro‑cap NeurAxis, which is up roughly 40% since entry. The update underscores disciplined capital allocation amid volatile high‑beta stocks.

Pulse Analysis

The Q1 recap underscores a portfolio that has consistently outperformed broad market indices, delivering a 432.4% cumulative return since early 2024 while the S&P 500 lagged at 40.6%. This outperformance stems from a blend of high‑conviction growth bets and a disciplined exit strategy that curtails concentration risk. By avoiding leverage and options, the manager emphasizes capital preservation, a tactic that proved valuable as many high‑beta names suffered steep declines during the quarter.

Strategic trades defined the period. The new Wix.com stake leverages an asymmetric thesis: despite AI‑related pricing pressure, the SaaS platform remains cash‑generative and is trading below eight times trailing free cash flow, offering a margin of safety. Conversely, the decisive trim of Rocket Lab locked in a 1,360% gain, reducing exposure to a single high‑growth name that had ballooned to over 50% of the portfolio. The addition of NeurAxis, a micro‑cap biotech that secured a Category I CPT code, illustrates a willingness to pursue niche catalysts that can decouple performance from macro trends.

For investors, the update signals that transparent, data‑driven allocation can navigate market turbulence without sacrificing upside. The manager’s commitment to full disclosure, even while reserving deeper analysis for paying subscribers, builds credibility and aligns with the growing demand for accountable investment commentary. Looking ahead, continued focus on asymmetric opportunities, disciplined position sizing, and selective profit‑taking may sustain the portfolio’s relative resilience as macro uncertainty persists.