Uitenbroek Research

“Tech correction and geopolitical unrest tests conviction, rebalancing plan set in action.”

Performance vs. Benchmark

Total portfolio return: +10,2%

Q1 2026
Portfolio return: -5,5%
Benchmark (VWRL): -2,5%
Underperformance: -3%

Tech & software drawing down the portfolio as AMD and SNOW decline. Headwinds for UNH and HIMS add to the loss for the quarter. Money is rotating from tech to consumer staples / “Safe Havens” like Coca-Cola & 3M but exposure to this category is not big enough to offset the losses. Besides the Iran confict adds to uncertainty in the market which results in lower valuations.

Actual allocation vs. Targets

Category	Actual allocation	Target Allocation	Conclusion (Tolerance: +/- 5%)
ETFs	30%	50%	Underweight
Individual Stocks	41%	40%	Within tolerance
Speculative Stocks	2%	5%	Within tolerance
Cash	27%	5%	Overweight

Rebalance is needed and is set in action. DCA (i.e. Dollar cost averaging: Buying monthly without taking the price into consideration) plan has been set up to buy VWRL bi-weekly (i.e. twice a month) to burn up overweight cash and rotate it into the underweight ETF section. See more on DCA plan in the “DCA Updates” section below.

Top Performers

KO (Coca-Cola): +8,8%
Coca-cola being the top performer for the quarter tells a lot about the market sentiment. Funds are rotating from high-risk software and tech into stable consumer-staples. Coca-Cola proves to be a “safe heaven” again and again.

Biggest Declines

HIMS (HIMS & HERS): -36,1%
HIMS experienced significant volatility in Q1 2026, driven by a legal battle with Novo Nordisk (NVO) over the sale of “off-brand” compounded weight-loss pills. The stock initially tumbled after Novo Nordisk filed a patent infringement lawsuit in February, but shares saw a sharp relief rally in March after the two companies reached a new strategic partnership.

As part of the new strategic partnership, Hims & Hers agreed to dismiss its compounded GLP-1 marketing and will instead distribute FDA-approved Wegovy and Ozempic directly on its platform. While this resolves major legal and regulatory risks, the stock remains pressured by weaker-than-expected Q1 guidance and investor concerns over the lower profit margins associated with branded drug distribution compared to their previous compounded offerings. More on if my conviction still stand in the “What I’m Thinking About” section down below.

SNOW (SNOWFLAKE INC.): -31,2%
SNOW is primarily down due to their strong Q4 earnings, but conservative guidance. Add the pressure of a broader, 28% drop in the software sector from its peak and concerns regarding intense AI-driven competition and you’ve got a painful mix of negative sentiment. Besides all of this SNOW is still not profitable and concerns about the valuation add downside pressure. More on if my conviction still stand in the “What I’m Thinking About” section down below.

UNH (United Health): -18%
UNH faced a sharp decline in Q1 2026 after issuing its first annual revenue growth cut in decades, projecting $439 billion against higher analyst expectations. The stock was further pressured by disappointing Medicare Advantage reimbursement rates (in simple terms: lower paycheks from the government) and rising medical costs, which continue to squeeze margins despite the company’s shift toward more disciplined operational efficiency.

Transactions

ADDED: VWRL (Vanguard All-world ETF)
Action: Increased position from 9,3% to 30% of total portfolio (including cash).
Rationale: Moved my ETF’s from DEGIRO to my Trading212 account to set up DCA without transaction costs (i.e. selling all my ETF’s on DEGIRO and buying back on Trading 212). Rotated the money from selling my other ETF’s (VHYL & VUSA) into VWRL and started my bi-weekly DCA plan resulting in two buying transactions in february and two in march. I also manually added some VWRL once. Resulting in 5 transactions for Q1.

SOLD: VHYL (Vanguard High Dividend Yield ETF)
Action: Sold off positon from 9,0% to 0,0% of total portfolio (including cash)
Rationale: Rotated VHYL into VWRL as I want to build VWRL to 50% of protfolio acting as the foundation of my portfolio.

SOLD: VUSA (Vanguard S&P 500 ETF)
Action: Sold off positon from 7,2% to 0,0% of total portfolio (including cash)
Rationale: Rotated VUSA into VWRL as I want to build VWRL to 50% of protfolio acting as the foundation of my portfolio.

DCA Updates

DCA is set up to buy VWRL on a bi-weekly basis accumulating till my 50% target is reached. Decision made considering that valuations are high and a correction is due. Setting up my DCA plan now will hopefully ride the wave down, accumulating at more attractive prices overtime. Even if VWRL moves up we still add value to our portfolio as we keep our long-term vision and rotate cash into yielding assets, as cash has been on the sidelines for too long and opportunity costs keep rising.

What I’m Thinking About

• HIMS’s poor performance: HIMS has taken an absolute beating the last 6 months, moving down about 75% to sub $15 levels. Having bought in at an average of $42,79 and HIMS being priced at $19 as of writing means that I’m now down more than 55% on my position. This volatility is all part of a high-growth market disruptor and is the price you pay for possible high future returns. Remember “high risk, high reward” and that is also the reason why HIMS is only 2,5% (at break even price) of my total portfolio including cash. It’s currently about 1%. In the grand scheme of things, I stand by my decision to keep holding HIMS for the long-term. They just announced a new partnership with Novo Nordisk and I believe they will capitulate on the peptides trend which will all add to their future growth and hopefully restores some of their damaged reputation. We do have to keep monitoring their growth in customer base and revenue per customer as these are vital indicators for future growth and performance.
  
• Am I still comfortable owning SNOW?: With SNOW underperforming it forces me to look at the stock and look at myself. I bought SNOW in february 2025 at an average price of $185,50 (Currently $150). I need to be honest with myself and admit that I haven’t looked into it enough before buying, I did some standard research but not close to what I require from myself nowadays. And I don’t want to own a stock I feel I know too little about. So I need to do some proper research in the coming months and reassess if I want to still own SNOW or not.
  
• Low valuations on software companies and MAG-7: Companies like Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) are on sale as they are down 33%, 20% and 28% from all time highs, respectively. This offers opportunities to buy quality companies for reasonable prices. MSFT trades at a P/E ratio of 23,2. But fears of high CAPEX spending on AI pressures their stock price. I think this is a reasonable fear but only for the short-term as I believe that 10-15 years from now the big CAPEX spending will have turned profitable. But looking at the portfolio I should focus on building my VWRL position to 50% as most my cash will go there and the remaining cash will be at the ready for big opportunities might they arise.
  
• Trimming AMD: Even though I’ve taken a lot of profit on AMD already, it is still too big of a part of my portfolio (16% of total portfolio). But taking into account the amount of cash I still have laying around, it doesn’t make sense to trim and keep that money on my account not returning anything. I am planning on trimming AMD once I’ve found an opportunity I want to take advantage off. As I am still highly positive on AMD long- and short-term, I am comforable holding for a little longer.
  

On My Watchlist

• MSFT (Microsoft): Currently at €369. See rationale above.
• 1EL (EssilorLuxxotica): Currently around €191. Stock price keeps going lower and is becoming more and more attractive. It is closing in on its 200-week SMA of €189. And getting close to a conservative R/R ratio of 1. See my latest research report on EssilorLuxottica here.
• AMZN (Amazon): Great company, trading at an attractive valuation.
• VISA (Visa): Great, company trading at an attractive valuation. Will be great for sector diversification as it is a solid financial.
• NKE (Nike): Down 75% and keeps going lower. Strong brand, big troubles in China, could be short-term trouble?
• MC (LVMH): Super solid european giant trading 28% below their 200 week SMA. And down 47% from their all-time high. Will add to geographical diversification.
  

What I Learned This Quarter

Having cash is good but keeping it at more than 5% for more than a year is too much of a waste. Cost of opportunity is way too high. I just have to deploy my cash to reduce the cost of opportunity and that is what I am doing and should have done this whole time. I am deploying my cash into VWRL using my DCA plan. This way I build my position to the desired 50% and put my money in the broad market, meaning I’m relatively protected from a major drawdown in the future and can hopefully capitulate on it when it comes.

Focus For Next Quarter

Next quarter I don’t really know what to expect as things are very tumultuous. What I do know is that I will reasses my SNOW position will research LVMH and keep to my DCA plan to accumulate more VWRL. Also I will be making a list of companies I would love to buy when a “big crash” comes. The question is whether this comes within a couple months or in a couple of years, but better be prepared for it as the probabilities of it happening are rising.

Portfolio overview

Equity	Allocation
ETF’s	30%
VWRL (Vanguard All-World)	30%
Individual stocks	41%
AMD (Advanced Micro Devices) (USA)	16%
UNH (United Health Group) (USA)	8%
MMM (3M) (USA)	6%
SNOW (Snowflake) (USA)	5%
KO (Coca-Cola) (USA)	4%
HIMS (Hims & Hers) (USA)	1%
Speculative stocks	2%
RZLV (Rezolve AI) (USA)	1%
AVTX (Avantium) (NL)	1%
Cash	27%