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Week 10 Portfolio Summary

11 May 2026. A transition week after the Google sale, with cash now meaningful and the portfolio still close to breakeven while gold and Rheinmetall remained the largest drags.

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11 May 2026 / Weekly Reviews

Week 10 Portfolio Summary

A transition week after the Google sale, with cash now meaningful and the portfolio still close to breakeven while gold and Rheinmetall remained the largest drags.

1. Portfolio Snapshot
The portfolio is now sitting just below the £ 2,000 area after the Google sale and the latest movement in the remaining holdings. The account is not in a bad place, but it is no longer in the same clean recovery position it was in after Week 7 and Week 8. The main reason is that gold and Rheinmetall remain the largest drags, while the winners are still concentrated in ASML, QQQA, VUAG and Airbnb.
Holding
Value
Weight
Current P/L / Comment
Cash
£ 220.82
11.12%
Dry powder for Google re-entry
SGLN / Gold
£ 314.07
17.79%
-£ 32.13 / -9.28%
Meta Platforms
£ 231.97
13.14%
-£ 13.93 / -5.66%
VUAG / S&P 500
£ 213.20
12.07%
+£ 15.20 / +7.68%
QQQA / Nasdaq 100
£ 163.78
9.27%
+£ 23.92 / +17.10%
Realty Income
£ 149.13
8.45%
-£ 12.51 / -7.74%
NextEra Energy
£ 139.36
7.89%
-£ 0.19 / -0.14%
Berkshire Hathaway
£ 135.98
7.70%
-£ 3.69 / -2.64%
ASML
£ 135.65
7.68%
+£ 16.15 / +13.51%
Airbnb
£ 126.69
7.17%
+£ 7.13 / +5.96%
Rheinmetall
£ 88.34
5.00%
-£ 30.98 / -25.96%
Symbotic
£ 67.70
3.83%
-£ 0.97 / -1.41%
Estimated current account value: £ 1,986.69, made up of roughly £ 1,765.87 invested and £ 220.82 cash.

2. Executive View
Week 10 is best described as a transition week. The portfolio is still around the original cost base, but the structure has changed materially because Google has been sold and cash now represents around 11% of the account. This is useful because it gives the portfolio flexibility, but it also means the portfolio has less exposure to one of the strongest large-cap AI names while the market is still rewarding AI-linked businesses.
The strongest areas remain the broad-market and AI infrastructure sleeve: QQQA, VUAG and ASML. These positions are doing the main work in keeping the account close to breakeven. Airbnb has also improved and looks healthier than it did earlier in the period. The weak areas remain gold, Rheinmetall, Realty Income and Meta. Symbotic is no longer a major drag, but it still needs to prove that revenue growth can translate into cleaner earnings and margin expansion.
Overall, the portfolio still looks disciplined rather than broken. The account has moved from a difficult period around £ 1,860, recovered back above £ 2,000, and now sits slightly below that level while holding a meaningful cash position. The main task from here is not to force trades, but to redeploy cash patiently and keep reviewing each holding against its original role in the portfolio.

3. Market Backdrop: What Changed Over the Last 10 Weeks
The last ten weeks have been unusually volatile. Early in the period, the portfolio was hit by a broad risk-off move caused by higher oil prices, Middle East tension, firmer bond yields and reduced confidence that rates would fall quickly. That pressure affected most of the portfolio at once: growth stocks, speculative names, REITs, utilities and even gold. This explains why the account moved down towards the £ 1,860 area in Week 3 and Week 4.
After that, the market recovered sharply. The recovery was led by large-cap technology, AI infrastructure, semiconductors and the broad US equity market. This helped ASML, QQQA, VUAG, Google before it was sold, and Airbnb. The improvement in the core of the portfolio is why the account recovered back above £ 2,000 by Week 8, even though not every individual position had repaired itself.
The market is now in a more complicated position. AI optimism is still very strong, and that supports the Nasdaq, ASML and the S&P 500. However, interest-rate expectations remain important. If inflation stays sticky because of energy prices or geopolitical risk, the market may keep pricing fewer rate cuts. That would be less helpful for gold, Realty Income, NextEra and other rate-sensitive positions. In simple terms, the portfolio benefits if AI leadership continues, but it remains exposed if higher rates and geopolitical risk keep pressuring the defensive side of the book.

4. Position Review
SGLN / Gold
Gold remains the largest holding and also one of the biggest drags. It is down 9.28% in the portfolio. This is frustrating because gold was meant to act as a hedge, but the reason it has struggled is important: gold does not always rise just because there is uncertainty. If uncertainty also pushes energy prices and inflation expectations higher, markets may expect rates to stay higher for longer, and that can hurt gold because it pays no income. The role of gold is still valid as a hedge against systemic stress, but it should not be treated as a guaranteed short-term winner.
Meta Platforms
Meta remains a high-quality business, but it is currently down 5.66% in the account. The issue is not that the core business is weak. The issue is that investors are paying close attention to AI spending, legal risk and whether heavy capex will produce clear returns. For the portfolio, Meta is still a long-term AI and advertising platform holding, but it needs monitoring because high spending can pressure sentiment even when revenue remains strong.
VUAG / S&P 500 ETF
VUAG is doing exactly what it is meant to do. It is up 7.68% and gives the portfolio broad exposure to the US market without relying on one single company. It should remain part of the core because it reduces single-stock risk and captures the general strength of US equities. I would not rush to trim this unless I deliberately wanted to reduce overall market exposure.
QQQA / Nasdaq 100 ETF
QQQA is the strongest visible winner, up 17.10%. This confirms that the market is still rewarding the AI and large-cap technology theme. The risk is concentration: QQQA, ASML, Meta and the planned Google re-entry all overlap around the same AI and growth theme. I would not trim just because it is green, but if it runs much further, taking a small amount of profit could be reasonable to protect the recent recovery.
Realty Income
Realty Income is down 7.74%. This looks more like a rate and sentiment issue than a complete thesis break. REITs struggle when investors think interest rates will stay higher, because the income they pay competes with safer bond and cash yields. The business still has value as a monthly dividend and property-income holding, but it may remain under pressure until the market feels more confident about lower rates.
NextEra Energy
NextEra is almost flat, down only 0.14%, which is acceptable given the broader volatility. Its role is defensive growth through power demand, renewables and grid infrastructure. The main risk is the same as Realty Income: higher rates can weigh on utilities because they are capital-intensive and often trade partly as bond substitutes. I would keep it, but not expect it to move as quickly as the tech sleeve.
Berkshire Hathaway
Berkshire is down 2.64%, but this is not a major concern. It is not in the portfolio for fast upside. It is there to add quality, diversification, cash discipline and downside resilience. Berkshire has lagged AI-led markets, but that is also why it is useful: it gives the account a different kind of exposure compared with the Nasdaq and ASML.
ASML
ASML remains one of the best-performing individual holdings, up 13.51%. The thesis is still strong because ASML is one of the cleanest ways to own the semiconductor infrastructure needed for AI. The main risk is valuation and China export restrictions. After a strong run, it may be sensible to watch the position size, but I would not treat the strength as a reason to sell aggressively. This is one of the highest-quality holdings in the portfolio.
Airbnb
Airbnb is now up 5.96%, which is a good improvement compared with earlier weeks. The business has benefited from resilient travel demand and better risk appetite. The key thing to watch is whether consumers remain strong and whether geopolitical disruption affects international travel. For now, Airbnb looks healthier and does not need urgent action.
Rheinmetall
Rheinmetall is the biggest disappointment, down 25.96%. The defence thesis is not broken, but expectations were too high. When a stock has already run hard, even decent results can be punished if they are not strong enough versus market expectations. The question now is whether this is only a reset after a strong run or the start of a longer reassessment. I would not average down aggressively until there is evidence the stock has stabilised.
Symbotic
Symbotic is down only 1.41%, so it has stabilised compared with earlier weakness. The company still has strong growth potential in warehouse automation, but the market wants proof that revenue and backlog can convert into better margins and earnings quality. Because it is a speculative name, the holding size is now more sensible. It can stay, but it should remain under stricter review than the core holdings.

5. Google Sale and Re-Entry Plan
The Google sale was the biggest portfolio decision of the period. Selling after a gain of around 21% was disciplined, especially after the stock had become a strong winner. The important point is that this was not a change in the long-term view on Google. Google remains a company I want to own again, but I do not want to chase it after a strong move.
The current plan is clear: if Google falls to around $360, 30% of the cash position will be put back into Google. With cash at £ 220.82, that first buy would be about £ 66.25. If Google continues to fall, I will keep adding gradually rather than buying everything at once. This avoids trying to call the exact bottom and keeps dry powder available if the pullback becomes deeper.
This plan is investor-friendly because it combines conviction with risk control. It recognises that Google is a high-quality long-term holding, but it also respects valuation and short-term market risk. The worst mistake would be selling well, then emotionally buying back too quickly simply because the stock stays strong for a few more days.

6. What Helped and What Hurt This Week
What helped:
QQQA and VUAG continued to support the portfolio through broad US market and technology strength.
ASML remains one of the clearest winners, supported by AI semiconductor infrastructure demand.
Airbnb has improved and now looks less like a problem position.
The Google sale created a meaningful cash position, giving flexibility rather than forcing a rushed decision.
What hurt:
Gold remains a drag despite being the largest holding.
Rheinmetall is still the worst individual position by percentage loss.
Realty Income remains under pressure from rate-sensitive sentiment.
Meta is down because the market is debating AI spending, regulation and margin pressure.
Holding cash means some opportunity cost if the market continues to rally without giving a Google entry.

7. Outlook for the Coming Week
The most important thing to watch this week is whether the market continues to reward AI and large-cap technology, or whether inflation and rate concerns start to push back against the rally. If the market remains risk-on, QQQA, ASML, VUAG and possibly Airbnb should continue to support the portfolio. If inflation data is hot or oil prices rise again, the portfolio could become more mixed, with pressure on gold, Realty Income, NextEra and possibly growth stocks.
Gold is difficult to call in the short term. It could rise if geopolitical risk escalates, but it could also stay weak if the market focuses on higher rates. Rheinmetall also needs close attention. A stabilisation there would help the portfolio psychologically, but I do not want to average down unless the price action and news flow improve.
For Google, patience is the main strategy. The cash is not there to sit forever; it is there to be used properly. The first planned re-entry is around $360 using about £ 66. If Google does not fall, I should not force the trade. There will always be other opportunities, and preserving flexibility is better than chasing.

8. Action Plan
Keep £ 220.82 cash available for planned Google re-entry.
Buy roughly £ 66 of Google if it reaches around $360.
Add more only if Google keeps falling and the thesis remains intact.
Do not aggressively trim VUAG because it is a core holding.
Consider a small trim only in QQQA or ASML if either becomes too dominant after another strong move.
Monitor Rheinmetall closely, but avoid averaging down without confirmation.
Keep gold as a hedge, but do not assume it will rise every week.
Review Symbotic through execution and margin progress rather than price alone.

9. Overall Conclusion
Week 10 shows a portfolio that is still healthy, but not effortless. The account is slightly below £ 2,000, but it also holds £ 220.82 in cash. That matters because the portfolio now has optionality. The strongest parts of the portfolio remain the AI and broad-market core: QQQA, VUAG, ASML and Airbnb. The weakest parts remain gold, Rheinmetall, Realty Income and Meta.
The biggest positive is that the portfolio has recovered strongly from the earlier low around £ 1,860 and is still close to the original cost base even after selling Google. The biggest risk is that the recovery is heavily dependent on AI and large-cap technology, while the defensive sleeve has not provided as much support as expected.
The best approach from here is to stay patient, investor-minded and disciplined. The Google cash should be used only if the price gives a proper entry. The winners should be allowed to keep working unless position size becomes uncomfortable. The weaker positions should be monitored carefully, but not sold emotionally unless the original thesis breaks.