January Portfolio Update
Updated: 4 hours ago
New year, New positions, New Portfolio Update! January kicked off 2026 with quite a bit of volatility for what ultimately turned out to be a sideways month.
Quite a lot of news shook up the markets in January causing quite a lot of noise and volatility. Geopolitics especially took center stage, as I’ll explain in the Markets & News section.
It was also an extremely busy month for my portfolio, with significant rebalancing, and re-opening positions in some old portfolio staples. Performance was hit slightly by the terrible Microsoft earnings and general volatility and a slightly higher portfolio beta over the past few months.
Key Metrics
January Portfolio Performance: -0.61%
January S&P 500 Performance: +1.14%
January Nasdaq 100 Performance: +0.94%
Number of New Trades: 36
Assets Under Copy: $39M
Copiers: 9326
Copier Profitability: 91.99%
Full BullAware Factsheet: https://bullaware.com/etoro/jaynemesis
Position Changes
I Reduced SPOT from 4.6% down to 3.2%. Although I like the dominant position of the company in it’s industry, I felt the position was too large overall.
I cut INTU after lackluster performance for a long time.
After over a decade among my top 5 portfolio holdings, $MSFT got a big cut down to my 9th largest position as my confidence in their AI position has been gradually falling. Their poor earnings later in the month helped justify this decision, although it still hurt our performance for the month.
I added new positions in SMSN WDC and SNDK to regain some diversified exposure to memory markets. Frustratingly, I held a lot of SMSN a year ago but cut it from the portfolio too early.
I finished closing my BYD position.
I closed my HIMS position after 4 months of very poor performance, this was an extremely volatile stock that provided big returns last year.
I took some profits and refreshed some old trades in $UI to maintain healthy trade sizes.
I slightly reduced exposure to SOFI CRWD and NVDA, adding it to ABBN ETN and PRY, lifting ABB to the largest holding in the portfolio.
I added a tiny position in struggling UBI, who I believe have dropped low enough to be an acquisition target.
I re-introduced $SCCO to the portfolio with a sizable 3% allocation, alongside a smaller position in FCX for exposure to metals, but most importantly copper. I’ll write a post about this soon.
I made small reductions in WAB GRMN ROCKB and RDDT.
Markets & News
Maduro Captured by US
The month kicked off with US forces capturing Venezuelan president Nicolas Maduro and seizing control of the country’s oil industry. It remains to be seen how this will develop over the long term.
Epstein Files Drama
The release of over 3 million files on the final day of the deadline made waves around the world. The impact is mostly political, although some major companies like DP World, were impacted with major pension funds immediately pulling investments from the company. This is an ongoing situation that could see more disruption in the future.
Memory Shortages Intensified
The impact of AI on the semiconductor industry was discussed heavily in earnings calls, resulting in major changes to product pricing and availability, especially in memory dependent product categories, something I touched on in a recent eToro post here: https://etoro.tw/49iKSGz
I believe we are near the peak of demand, but like the covid semiconductor supply chain problems, it could be years before prices fall back to levels seen a year ago.
Earnings Movers
There were a few big moves from earnings:
Microsoft
This was my largest portfolio holding going into 2026, but fell more than 11% in January, most of which came from their poor earnings.
ABB
A long-term portfolio heavyweight, ABB again delivered excellent earnings, jumping 8% on the day to new all-time highs. Extremely happy with this company.
Trane Technologies
Another portfolio favourite also jumped 8% on the same day as ABB with data center demand boosting earnings again.
SoFi
A bad start to 2026, made worse by an 11.5% earnings drop despite 30% revenue growth and product expansion. I remain bullish long-term, but this undoubtedly hurt our January performance.
Next Era Energy
NEE rallied after their earnings and shared forecasts for 8% CAGR for the next 10 years with strong dividend growth supported by their major long-term investments in renewables.
Closing Comments
As always, thanks for reading, following, copying and commenting. All questions are welcome as usual. Let me know your thoughts on the current markets.
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