Pullback from record-highs, and a chance to deploy cash.
Thank you for following the ingruc portfolio! Here is how September went: Performance, market mood, position changes, and what's ahead.
ingruc−6.4%
S&P 500−0.4%
MSCI World−1.6%
Euro Stoxx 50−4.9%Past performance is not a guide to future results. Capital at risk. Figures as of 30 Sep 2026.Full analytics on ingruc.com →
Rates went up, and US Big Tech carried the index
Renewed inflation concerns dominated headlines in September. With oil above $100 a barrel, the ECB raised rates by 0.25% on 10 September, and the Fed followed on 16 September with its first increase since 2023, to a range of 3.75 – 4%. The S&P 500 still ended the month almost flat at −0.4%, and the Nasdaq 100 rose +3.4%. That hides how narrow it was: about three-quarters of the stocks in the S&P 500 fell. A few of the largest companies held the index up - especially Meta, riding on the success of its new product Muse.
Away from US Big Tech it was a harder month. Europe's Euro Stoxx 50 finished at −4.9% in dollar terms, held back by energy prices and rising bond yields. Smaller US companies fell too, with the Russell 2000 down more than 5%. And businesses that live on people searching and browsing were sold on fears that AI assistants will go around them: after Meta launched its Muse agent on 8 September, Expedia, Airbnb and Booking each fell around -10% in just 2 sessions on 22/23 September.
A pullback from a record high, and a chance to build positions
The portfolio finished September at −6.4%, against −0.4% for the S&P 500. For context, the pullback came only weeks after the portfolio closed at an all-time high in late August, and the year is still +8.8%.
With little exposure to Big Tech, the portfolio was on the receiving side of the selloff mentioned above.
I used the pullback to open two new positions (Adobe and EPAM), and added to eight others. Mostly names that had fallen with the market but whose fair value I believe is significantly higher than the current share price. The details are below in Section 5 "Position Changes".
MSTRStrategy Inc+15.1%+0.4%
MSTRStrategy Inc+15.1%+0.4%Bitcoin rose about 10% in September to an eight-month high above $87,000. Strategy holds bitcoin as its main asset and kept buying through the month, so it moved with it, only harder. On the chart →
KIE.LKier Group PLC+14.9%+0.2%
KIE.LKier Group PLC+14.9%+0.2%Kier reported strong full-year results: average net cash for the first time in over a decade, a record order book and a raised outlook for next year. I sold the position during the month.
ADBEAdobe Systems Inc+2.9%+0.1%
ADBEAdobe Systems Inc+2.9%+0.1%A new position this month. Adobe's results on 10 September beat expectations and it raised its full-year forecast, while a slightly softer outlook for the current quarter held the shares back. On the chart →
TMV.DETeamViewer AG−15.2%−1.1%
TMV.DETeamViewer AG−15.2%−1.1%No company-specific news. The next real information comes with the results on 3 November. The case →
WIXWix.com Ltd−15.0%−1.2%
WIXWix.com Ltd−15.0%−1.2%Fell late in the month after a report that Gen Digital had approached GoDaddy, a rival in website building, a reminder that consolidation talk cuts both ways. On the chart →
YELPYelp Inc.−14.6%−1.3%
YELPYelp Inc.−14.6%−1.3%No company news that I could find; the shares simply slid to new lows. I read it as the market pricing AI risk into anything that depends on people searching for local businesses. The case rests on the cash the business still generates, and I'll judge it on the next results, not the share price. The case →
Stock = the stock's own return over the month. Portfolio impact = how much of the portfolio's monthly return came from this stock. All positions →
- Portfolioweight
- ADBEAdobe Systems IncNew position0% → 3.2%
EPAMEPAM Systems Inc.New position0% → 2.2%
BN.USBrookfield CorpAdded8.6% → 9.1%
CALMCal-Maine Foods, IncAdded0.8% → 1.6%
FISVFiserv IncAdded3.1% → 3.8%
GDDYGoDaddy Inc.Added2.0% → 3.1%
PRX.NVProsus NVAdded4.4% → 5.4%
UPWKUpwork IncAdded1.6% → 2.5%- WIXWix.com LtdAdded7.8% → 7.5%Share price fell
- YELPYelp Inc.Added7.9% → 8.2%
- KIE.LKier Group PLCSold1.0% → 0%Held 6 monthsReturn +46.7%
The portfolio continues in its 6-year uptrend:
Past performance is no guide to the future.
October is about whether inflation keeps pushing rates up. The month ended on a softer-than-expected inflation reading; September's US consumer prices arrive on 14 October, and both the Fed and the ECB meet again at the end of the month.
- 14 Oct
- US inflation (CPI) for September
- 28 Oct
- Federal Reserve rate decision
- 29 Oct
- European Central Bank rate decision
My view as of 30 Sep 2026, not a forecast or advice.
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Not financial advice. This newsletter is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any financial instrument. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results.
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