April 2026 - Portfolio Update
Welcome to the April 2026 portfolio update.
April was an incredibly strong month for the portfolio, with my ~30% overweight position in Amazon paying off. After a bullish shareholder letter from Andy Jassy at the beginning of the month, Amazon shares continued to climb toward earnings near the end of the month.
I wrote two posts about Amazon this month, so I will not repeat myself here. Instead, if you are interested in Amazon and the reasoning behind my conviction, I recommend reading those posts:
In addition to the Amazon updates, I discussed stock concentration through the lens of Nick Sleep’s letters. The main conclusion is that patience is key—not only in holding stocks, but also in buying them. Investors should devote more time to what they already own and look inward instead of constantly searching for new ideas. Capital concentration matters, but so does knowledge concentration.
I currently hold 13 stocks and will not increase this number, as I already notice I lack the time to give each stock enough attention. Instead, if I want to add a new stock, an existing one must make space. I think this is generally a smart strategy for maintaining portfolio concentration.
I also revisited The Trade Desk following my original thesis a few months ago. Paid subscribers have full access to that update.
We also had a major update for Capaxe, the stock research platform exclusively available to paid subscribers. Check out the new features here:
Finally, Basic-Fit held its Capital Markets Day alongside a Q1 trading update. The business is moving in the right direction; I like its capital-light approach and increased focus on returns on capital. Basic-Fit remains one of my top three positions.
I had planned some other posts for April but did not manage to cover everything. I still plan to research Nintendo and eventually publish an investment thesis if the case holds up. I like the company’s durable IP, and the stock is currently in a major drawdown.
May will be a busy earnings month. Duolingo reports tonight, Topicus tomorrow, Novo Nordisk in two days, and The Trade Desk, Airbnb, and Sanlorenzo later this week.
Other stocks I like reporting this month include Shopify, Ferrari, Zoetis and Nintendo. Salesforce and Copart report near the end of the month.
Other companies I follow that report this month include Shopify, Ferrari, Zoetis, and Nintendo. Salesforce and Copart report near the end of the month. I will cover portfolio stocks in dedicated posts, and potentially some watchlist stocks as well.
Portfolio Update
