TL;DR
April allocation: Semiconductors (SOXX) 38% · Healthcare (XLV) 33% · Defense (ITA) 29%. Returned +3.21% with SPY at +1.5%. Modest alpha +1.7%p.
Why SOXX 38%
Memory pricing inflection + AI capex visibility extending into H2. Round 3 consensus on cyclical bottom thesis.
What worked
SOXX delivered +5.8% in 4 weeks. Defense (ITA) +4.2% on contract awards.
What we missed
Healthcare (XLV) underperformed at +0.4%. Q1 biotech sentiment weaker than modeled.
Not investment advice.