September 2026 Portfolio Review

on


September 2026 Portfolio Review: Yields, CapEx, and Structural Monopolies

Our portfolio closed September 2026 with an +11.71% return, decisively decoupling from the S&P 500 (+0.39%) and the Nasdaq 100 (+4.85%). Total performance since January 2024 stands at +126.48%.

This outperformance occurred during a period of severe macroeconomic tightening. The Federal Reserve executed a 25-basis-point rate hike, elevating the target range to 3.75%–4.00%. Concurrently, the 10-year US Treasury yield breached the 5% threshold. Traditional financial models mandate that rising borrowing costs compress equity multiples, which is exactly why broad indices stalled. The financial media quickly amplified an "AI slowdown" narrative, triggering a temporary pullback across standard semiconductor index funds.

Our capital allocation bypassed this margin compression entirely due to the mechanics of our structural monopoly thesis:

  • Absolute Pricing Power: We do not own broad technology ETFs. We own the physical supply chain bottlenecks (NVIDIA, ASML, TSMC). These entities do not absorb higher macroeconomic costs; they pass them directly downstream.

  • CapEx Inelasticity: Hyperscalers (Microsoft, Amazon, Alphabet) cannot reduce their infrastructure investments without forfeiting their platform moats. The hardware compute layer functions as a closed-loop economic system. Even with a 5% risk-free rate, they are mathematically forced to procure hardware.

  • Immunity to the Cost of Capital: When the 10-year yield spikes, consumer-facing technology companies struggle with demand destruction. Structural monopolies are bounded strictly by physical supply constraints, not macroeconomic demand cycles.

Volatility is a statistical feature of concentrated alpha, not a bug. We continue to ignore short-term interest rate noise and concentrate capital aggressively in the physical infrastructure of the digital economy.

Copier Blueprint I manage this strategy openly as a Popular Investor on eToro.

  1. Search for razvancd.

  2. Click Copy and strictly check "Copy Open Trades" to capture our exact 16-position allocation. Minimum recommended allocation: $500. Copy Trading is not investment advice | Capital at risk | Past performance does not guarantee future results.