The Income Portfolio: This one’s built for cash flow, not fireworks. Utilities that keep the lights on and the checks coming, REITs collecting rent from storage units and casino floors, preferred shares and global banks doing the quiet work of paying you to hold them. Nothing flashy, nothing chasing a headline. Just a portfolio doing what income portfolios are supposed to do: put money in the account whether the market’s up, down, or sideways.
The Growth Portfolio: This is the other side of the coin — all upside conviction. This one is out here betting on where the world’s headed: photonics, AI infrastructure, battery storage, the guts of what’s coming next. Small book, big swings — every position built up from where it started, which tells you these aren’t lottery tickets, they’re conviction plays getting bigger as the thesis proves out. This ain’t the portfolio for sleeping easy. It’s the one for building wealth on purpose.
Growth vs. S&P 500
Spread vs. S&P 500
Performance
Sectors
Holdings
Income Portfolio Review (Mon 9/21 – Fri 9/25)
📊 Weekly Performance Snapshot
- Friday’s change was +0.17%. The account is 96.3% invested and 3.7% in cash.
- Since purchase, holdings are down −3.75%. Most of the portfolio was bought 9/11–9/16, so this is roughly the two-week result of the reallocation.
- A full Monday-to-Friday change can’t be calculated, because neither the files nor the screenshots include last Friday’s values.
Change since purchase:
- GTY: −10.5% (mostly bought 9/11–9/14)
- GFI: −10.0% (bought 9/11–9/14)
- MGEE: −11.7% (older and newer purchases)
- PEG: −10.2% (older and newer purchases)
- LAMR: +20.0% (older holding)
- EGP: +11.9% (older holding)
UGP fell −5.2% on Friday alone.
This week’s trades:
- Added CUBE, worth 1.4% of the account. It is now −2.9% below your purchase price.
- Added ELS, worth 0.3% of the account. It is now −1.1% below your purchase price.
Market backdrop:
- The S&P 500 rose about +2% for the week.
- The 10-year Treasury yield reached about 5.15–5.18%, its highest level since 2008.
- One-year inflation expectations rose to 4.6% from 4.0%.
- Rising yields hit your rate-sensitive holdings while the broad market rallied.
⚠️ Concentration & Risk Flags
No single position is above 10%. The largest are GLPI at 6.5%, ET/PRI at 6.4% and BBD at 5.7%.
Sector weights:
- REITs: 35.3%
- Utilities: 26.9%
- ADRs (foreign stocks): 18.0%
Hidden correlations:
- Interest rates, about 73%. The REITs, utilities, the ET preferred and BIP all fall when long-term yields rise, so this is effectively one bet on rates falling.
- Oil and fuel, about 20%. SGU (heating oil), ET/PRI (energy pipeline), UGP (fuel distribution) and GTY (gas-station properties).
- Brazil, 9.8%. BBD and UGP.
- BBD pays very little. Schwab shows a 0.81% yield. It is 5.7% of the account but produces about 1% of its income.
📉 Drift & Rebalancing Check
Actual weights are:
| Asset bucket | Proxy target | Actual | Drift |
|---|---|---|---|
| U.S. Government Bonds | 20% | 0% | −20 pts |
| Municipal Bonds/Funds | 25% | 0% | −25 pts |
| Corporate Bonds/Funds | 15% | 0% | −15 pts |
| Preferred Stock | 10% | 6.4% | −3.6 pts |
| Utility Stocks | 15% | 26.9% (31.1% with BIP) | +12 to +16 pts |
| REITs | 10% | 35.3% | +25 pts |
| ADRs | 5% | 18.0% | +13 pts |
| Not in any bucket (SGU energy LP) | 0% | 5.4% | +5.4 pts |
Zero-coupon bonds: none held. No policy violation. There are no bonds of any kind in the portfolio.
Yields [Certain, based on Schwab’s dividend yields]:
- 4.77% on current market value.
- 4.59% on what you paid.
- The new CUBE shares yield about 5.4% on your purchase price.
How the income is taxed:
| Income type | Share of income |
|---|---|
| Qualified dividends | ~37% |
| REIT dividends (ordinary rate, 20% deductible) | ~41% |
| Partnership income reported on K-1 forms (SGU, BIP, ET/PRI) | ~22% |
| Tax-exempt income | 0% |
After-tax comparison. This assumes a 22% federal bracket and about 10% combined NY state and city tax, so treat it as [Guessing] until you confirm your bracket.
- Your portfolio yields about 3.4% after tax.
- A 10-year Treasury yields about 4.0% after tax, because it is exempt from state and city tax.
- A NY municipal bond is exempt from federal, state and city tax. Check current NY muni yields against both numbers above.
Tax flags:
- Many positions reinvest dividends automatically. A reinvestment within 30 days before or after you sell that stock at a loss cancels the tax deduction for the loss (the wash-sale rule).
- Losses on positions bought in September are short-term, so they offset gains taxed at ordinary rates.
- The sales on 9/11–9/16 already produced realized gains and losses for 2026.
📌 Actionable Research Agenda for Next Week
- Compare after-tax yields on NY munis and Treasuries at your actual bracket against the portfolio’s roughly 3.4%.
- Find out what drove the 10% drops in GTY and GFI.
- Watch the 10-year yield around the September jobs report (Fri 10/2).
Growth Portfolio Review (Mon 9/21 – Fri 9/25)
📊 Weekly Performance Snapshot
- Friday’s change was +3.10% of your equity (+2.17% on the holdings).
- Since purchase, holdings are down −3.0%.
Weekly movers:
- SMCI: about +10.7%, which added about +3.9% to your equity.
- It began shipping NVIDIA Vera Rubin server racks.
- Its order book already covers about 83–92% of its fiscal 2027 revenue target.
- POET: roughly flat.
- It jumped +10.6% on Monday after announcing appearances at China tech conferences.
- It gave all of that back by Friday.
- FLNC: +8.0% from Tuesday to Friday. That rebound follows the 9/17 guidance cut:
- Revenue guidance cut −20%.
- Projected loss (adjusted EBITDA) roughly 20 times larger than before.
- Baird’s new price target is about 62% below Friday’s close.
- CARS: −5.7% on Wednesday, then +2.7% on Friday.
- Wednesday’s drop came from worries that AI shopping assistants will cut out car listing sites.
- Friday’s rise followed a +1.9% increase in the industry forecast for new-car sales.
- UFPI: no weekly data. It rose +0.86% on Friday.
⚠️ Concentration & Risk Flags
| Position | Share of holdings | Share of your equity |
|---|---|---|
| SMCI | 28.6% | 40.5% |
| POET | 25.7% | 36.4% |
| UFPI | 24.1% | 34.0% |
| CARS | 16.4% | 23.2% |
| FLNC | 5.2% | 7.4% |
Leverage:
- You hold 1.42 times your own money in stock.
- The margin loan equals 41.6% of your equity.
- Margin interest runs at roughly 2.9% of your equity per year.
When a margin call would hit:
- At a 30% maintenance requirement, a call comes after a −58% drop in your holdings.
- At 50%, a call comes after a −41% drop.
Hidden correlations:
- AI data-center spending. SMCI and POET are 54.3% of holdings and 76.9% of your equity.
- High interest rates. UFPI (housing), CARS (car affordability) and FLNC (project financing) are 45.7% of holdings.
📉 Drift & Rebalancing Check
Balanced Growth is 0% and Aggressive Growth is 100%.
| Asset type | Share of holdings |
|---|---|
| Technology (SMCI, POET) | 54.3% |
| Cyclicals (UFPI, CARS, FLNC) | 45.7% |
| Defensive stocks | 0% |
| REITs | 0% |
| Mutual funds | 0% |
| Sector funds | 0% |
| ADRs | 0% |
- SMCI’s weekly gain made it the largest position at 28.6%.
- Rotation risk is past a healthy threshold: about 77% of your equity moves with the AI trade.
- A 10-year yield above 5% works against these stocks’ valuations and raises your borrowing cost at the same time.
Behavioral flag: you have kept buying every position as it fell.
- FLNC: later purchases were −34% and then −50% below your first buy. The last one came three days before the guidance cut.
- UFPI: you added all the way down a −39% decline.
📌 Actionable Research Agenda for Next Week
- FLNC: check the timeline for fixing its Houston factory, and whether your original reason for owning it survives the 20% revenue cut.
- SMCI: check how much of the order book turns into revenue and what happens to margins, ahead of early-November earnings.
- Margin rules: find your exact maintenance requirement on SMCI and POET.
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The content on Van’s Log — including the Income Portfolio, Growth Portfolio, market commentary, and any related posts — is for informational and educational purposes only. It reflects one person’s personal trading and investment activity and opinions, not professional financial, legal, or tax advice. Van is not a licensed financial advisor, broker, or registered investment professional, and nothing on this site should be construed as a recommendation to buy, sell, or hold any security.
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