Q3 2026 Portfolio Update

A weak quarter, two additions, and another reminder to trust the process.

By Carles Carrera · 20 October 2026

Q3 was quiet, but not particularly good.

My personal stock portfolio finished the quarter -1.4% net, which also leaves the year at -1.4% YTD.

Since I started tracking it properly in May 2019, the portfolio has compounded at 14.15% CAGR, with an average holding period of 4.0 years.

The more interesting part is that I still find this market difficult to understand.

I have been expecting a meaningful sell-off for months.

It has not happened.

Maybe it comes later.

Maybe I am simply wrong.

This is exactly why I built an investing system.

I do not need to know what the market will do. I need to know what I will do when prices change.

Largest positions

1. Tesla, 17.6%

2. ASML, 14.0%

3. Alphabet, 10.7%

4. Meta, 9.6%

5. LVMH, 6.5%

The portfolio remains concentrated because I prefer owning more of the businesses I understand best rather than constantly adding new names.

My system gave me two buy signals this quarter.

I increased Brookfield Corp ($BN) by roughly 66% and LVMH ($MC.

PA) by around 19%.

Interestingly, both were also among the weakest performers during the quarter.

That is not necessarily a contradiction.

If the thesis remains intact and valuation improves, falling prices can be useful.

Among existing positions, I am watching BAM, Novo Nordisk, Adyen, Meta, MercadoLibre and Airbnb.

Potential new positions include Uber, Nubank, Amazon and Inditex.

Watching is not buying.

Price matters.

So does patience.

The market has spent much of this year doing something different from what I expected.

That bothers me less than it used to.

My job is not to predict the next correction.

It is to own good businesses, understand roughly what they are worth, keep some flexibility, and act when my system tells me there is an opportunity.

Quite often, that still means doing nothing.

This is a record of my own investing process, not investment advice.