Let’s check:
And my strategy for 2026 was energy, which has already gained a lot.
What is still undervalued? Various SaaS companies: CRM (new position and now 6th biggest in portfolio, currently 10% down), MORN, DOCU, etc. CHTR is more risky/uncertain but risk/reward is good enoug to go on at 11th biggest position (currently 11% down). Let’s check back on 24 months if these pan out (or maybe longer if Iran tips the world into a stagflationary recession).
My current portfolio breakdown:
| Classification | Yield | MV% |
|---|---|---|
| + Oil&Gas Midstream | 6.8% | 8.5% |
| + Oil | 2.6% | 8.4% |
| + Tobacco | 5.6% | 8.2% |
| + Gold miners | 1.9% | 7.8% |
| + Commodities | 2.4% | 7.2% |
| + Natural Gas | 3.1% | 6.7% |
| + SaaS Plus | 1.6% | 6.4% |
| + SaaS | 0.6% | 5.7% |
| + Uranium | 3.8% | 5.6% |
| + Turnaround | 2.6% | 5.2% |
| + REIT | 6.1% | 5.1% |
| + Oil Refiners | 2.3% | 4.4% |
| + Insurance | 4.7% | 4.4% |
| + Consumer Staples | 5.6% | 4.4% |
| + Healthcare | 5.7% | 3.7% |
| + Health Insurance | 1.2% | 1.9% |
| + Tailrisk Hedge | 1.8% | |
| + Software Infra | 1.6% | |
| + Silver Miners | 1.0% | 1.1% |
| + Dividends | 5.0% | 0.8% |
| + Swiss | 1.3% | 0.6% |
| + Oil Services | 0.1% | 0.5% |
| Total | 3.4% | 100.0% |
As you can see, it is heavily tilted towards energy and real assets and is designed to be more resistant to a stagflationary environment than S&P 500.
Gold was out of favour when I weighted it. Same with energy (even now is still out of favour after gains post-Iran). Saas I started buying this year as people panic-sold due to AI fears (these are still risky as many are long duration and will be vulnerable to an economic downturn and increased interest rates that could be triggered by an oil shock). Tobacco and commodities have been out of favour for a while. Uranium is niche and may be making a comeback.