Uitenbroek Research

“Managing the Luxury of Outperformance.”

Performance vs. Benchmark

Total portfolio return: +46,5%

Q2 2026
Portfolio return: 35,8%
Benchmark (VWRL): 15,9%
Overperformance: +19,9%
AMD pulling the cart but overall market has performed well. SNOW, HIMS & UNH all turned around and are outperforming the market.

Actual allocation vs. Targets

Category	Actual allocation	Target Allocation	Conclusion (Tolerance: +/- 5%)
ETFs	32%	50%	Underweight
Individual Stocks	46%	40%	Overweight
Speculative Stocks	2%	5%	Underweight
Cash	20%	5%	Overweight

The individual stock category ended Q2 slightly overweight, sitting 1 percentage point above the 5% tolerance limit. It is a luxury problem, the category simply outpaced expectations this quarter. Even though the AMD position was trimmed twice to lock in gains, AMD and the rest of the holdings performed strongly enough to push the allocation just over the line. For now I am not taking any extra steps to correct this. The DCA-plan is in place and will balance things out (rotate cash into ETF’s) automatically. No rebalance needed.

Top Performers

AMD (Advanced Micro Devices): +189,0%
People are finally seeing what AMD had planned all along, dominating inference. The AI Landscape has changed from just the training of AI models with GPU’s to running AI models using CPU’s (Called inference). This was a major catalyst for AMD who had a blowout Q1 earnings report. Beating estimates and Q2 guidance.

SNOW (Snowflake): +68,7%
Snowflake’s stock jumped after a strong earnings report showed customers are spending heavily again, boosted by the quick rollout of its new AI tools and a massive partnership with AWS (Amazon Web Services). Investors also gained confidence after the management raised their forward guidance and showed a clear path to long-term profitability by 2028.

HIMS (Hims & Hers): +67,0%
HIMS rallied +67.0%, cutting down the losses on my overall position which currently stands at -19.0% total return. The rally was primarily sparked by massive investor enthusiasm surrounding its weight-loss business, specifically its GLP-1 distribution partnership with Novo Nordisk and the rollouts of generic and oral Wegovy options. Momentum accelerated in late June after the company secured a $400 million financing deal with JPMorgan, giving it a massive cash buffer to scale its rapidly growing telehealth operations.

UNH (United Health): +53,6%
UnitedHealth Group rose in Q2 2026 due to stronger-than-expected margin recovery due to favorable medical cost trends, and optimistic analyst upgrades following a strong Q1 earnings beat. Additionally, investor confidence was boosted by an approved multi-billion dollar Medicare Advantage funding rate increase for 2027, meaning UNH will get more compensation for medicare.

Biggest Declines

EL (Essilor Luxottica): -17,3%
EssilorLuxottica’s stock fell in Q2 2026 as investors realized that high-volume sales of its Meta smartglasses carry lower profit margins than traditional eyewear, compressing the company’s overall margins. The decline was further fueled by major tech giants like Apple & Google rumored to enter the smart eyewear space, alongside a Goldman Sachs downgrade that cut revenue expectations due to a tougher consumer spending environment.

Transactions

BOUGHT: EL (Essilor Luxottica)
Action: Bought a new position which is now 7,2% of my total portfolio. I bought in two tranches right on the support at an average of €176,15.
Rationale: Beautiful company for a great price. Also good to diversify away from the US and heavy tech. Strong corebusiness with potential upside with their wearables (AI-glasses) and a stable dividend payer.

ADDED: VWRL (Vanguard All-world ETF)
DCA Buying has increased the position by 50% in Q2 from 30% to 32%.

TRIMMED: AMD (Advanced Micro Devices)
Action: Trimmed AMD twice first on 24-04 at €299,35 (+106%) and later on 15-05 at €374 (+157%).
Rationale: Took profit twice to keep the position within allocation tolerance.

DCA Updates

Continuing to buy VWRL on a bi-weekly, until my 50% allocation target is reached. After that I will go back to a monthly contribution basis.

What I’m Thinking About

• Own Quantum Fund: I’ve been doing research to invest in quantum but there is a lot to take in and as it is such an early phase to invest I think the best way to approach it is to invest in a fund. After doing my research I’ve noticed a lot of these quantum ETF’s have a lot of placeholder semiconductor companies to make sure the ETF’s is compliant to the rules. Therefore I think the best way to go at it is to make my own fund using the Trading 212 pie function. That way I can select the companies I want to invest in.
  
  To make sure I understand what I am investing in I am doing research by reading the weekly Quantum Computing Report by GQI (Global Quantum Intelligence) listening to Anders Indset’s podcast: The Quantum Economy Podcast. I’ve also watched youtube video’s on what Quantum is and how it works. However, the fun part is that most quantum physicists admit the subatomic mechanics are fundamentally counter-intuitive, as an investor, my job isn’t to build a quantum computer, but to map the commercial landscape. I need to understand how different companies bet on different modalities, their respective pros/cons, and their commercial applications.
  
  So far, I’ve learned that there are 4 main technologies at this moment in time to create a qubit (i.e. a basic unit of information in a quantum computer): Superconducting Qubits, Trapped Ions, Neutral atoms and photonics. It is important to know as all four have different use cases and pro’s and cons. Knowing this is very important as I want to take this into account when making my Quantum Fund. I don’t want to bet on only one technology let alone one company. To capture the growth of the quantum market I need to spread my risk across different technologies, modalities and different kind of companies (pure play, picks & shovels and big-tech).
  
  So far I’ve looked into the following companies to possibly include them into my Quantum Fund:
  • IBM, Google, Microsoft, Nvidia and Amazon as a Big-Tech Anchor.
  • ASML and MKS as a picks and shovel play.
  • D-wave, IoniQ, Quantinuum, Infleqtion, Rigetti, QUBT, Sealsq, Xanadu and Horizon Quantum Holdings.
    
• Blowout portfolio performance, what to do next?: This quarter delivered an extraordinary 35.8% return, a milestone performance driven by an incredibly strong, earnings-backed market rally. To manage downside risk and reduce over-dependence on a single position, I took a disciplined approach by taking profits on AMD twice. While the broader market remains red-hot and major indexes sit near all-time highs, the euphoria seen in May and early June has fortunately begun to cool into a more rational optimism. Looking ahead, macro indicators remain solid and valuations are supported by robust earnings. However, a potential interest rate hike from the Federal Reserve could cause valuations to compress. In this environment, the strategic priority is to tread carefully: avoiding impulsive adjustments, prioritizing deep fundamental research and reminding myself that sometimes not doing anything, is the best thing to do.
  
• Evaluating My 3M Position: Is the Thesis Complete?: I regularly stress-test my portfolio using AI to identify weaknesses and optimize asset allocation. Recently, a prompt run through Perplexity sparked an important realization regarding my position in 3M (MMM).
  
  Currently, the position is up 75%. While 3M is a low-growth, “boring” business, which is typically a positive trait, it begs a broader portfolio construction question: given that VWRL already serves as my stable anchor, how many of these mature, slow-growth positions do I actually need?
  
  Reflecting on my initial thesis, I bought 3M back in February 2024 when the stock was heavily depressed due to litigation and operational underperformance. My contrarian view was that these headwinds were transitory. Shortly after entry, management cut the dividend by 53%, snapping a 64-year streak of annual increases. Despite the market’s reaction, I maintained conviction in the turnaround. Fast forward two and a half years: the lawsuits have settled, financial performance has recovered, and the stock has re-rated significantly.
  In short, the original turnaround thesis has played out exactly as anticipated.
  
  Consequently, the opportunity cost of holding this low-growth asset at current valuations feels high. While 3M remains a solid business, it has fulfilled its purpose in my portfolio. I believe there are now alternative opportunities capable of generating superior returns without introducing asymmetric risk.
  
  However, in alignment with my investment discipline, I must tread carefully. Given my current high cash balance, executing a sale without a concrete re-allocation plan makes little strategic sense, as it would simply leave more capital sitting idle on the sidelines. To avoid impulsive adjustments, I will prioritize deep research into specific equity alternatives and 3M itself, before making a final decision to rotate out of the position.
  

On My Watchlist

• MC (LVMH): Solid business in a sector that’s not been getting any love for a while now. Trading 24,5% below the 200-week SMA and down 45% from their all-time high. Will add to geographical and sector diversification.
• MSFT (Microsoft): Mag-7 on sale. Trading just 11% above their 200-week SMA. Down 29% from their all-time high. Trading at lowest P/E ratio in years.
• META (Meta): Mag-7 on sale. Trading 42% above their 200-week SMA. Down 26% from their all-time high. Trading at on of it’s lowest P/E ratio since February 2023.
• MELI (Mercado Libre): High growth “Amazon of South-America” who also act as a fin-tech. Trading 11% above their 200-week SMA and down 33% from their all-time high. With a P/E ratio sitting below the average of the last couple years.
• Quantum Stocks: See “Own quantum fund” under the “What I’m thinking about” section.
  

What I Learned This Quarter

This quarter has been a new experience, as my portfolio has taken-off dramatically. I have to keep my cool and I think I am doing that quite well, so far. My portfolio being up this much does not mean I am such a good investor as the whole market is up big. My outperformance is mainly due to AMD which I initially bought because I thought they’d win the race with Intel for the PC market, not knowing AI would be their next “big thing”, luck favors the prepared. For 3M and UNH I’ve made my own luck by doing good research and taking on a risk, which luckily worked out in my favour but it could have turned out the other way. I need to keep doing what I am doing, deep research and not making any impulsive decisions, not doing anything has helped me this quarter. I didn’t jump on any hype stocks and I think that will prove to be benificial in the future.

Focus For Next Quarter

• Finishing SNOW research and Re-evaluation.
• Starting 3M research and Re-evaluation.
  

Portfolio overview

Equity	Allocation	BEP	Total Return (%)
VWRL	31%	€145,37	+10,1%
AMD	15%	€135,19	+276,3%
UNH	9%	$281,00	+47,9%
EL (EssilorLuxottica)	7%	€176,15	-6,9%
SNOW	6%	$185,50	+37,1%
MMM	5%	$92,50	+75,0%
KO	3%	$59,46	+36,7%
HIMS	2%	$42,79	-19,0%
RZLV	1%	$4,08	-22,7%
AVTX (Avantium)	1%	€12,66	-43,1%
Cash	20%	N/A	N/A (Increased by 7,3%)