Week in Review: May 22 - May 30, 2026

Performance Snapshot

This week AlphaWizzard delivered a solid +2.5% return, outperforming the S&P 500 (+1.5%) while trailing the Nasdaq (+2.9%) as tech stocks rallied. Year-to-date, we've significantly outpaced both benchmarks at +29.9% versus SPY's +10.9% and QQQ's +20.2%. Our disciplined risk management continues to shine with a maximum drawdown of just -8.8% since inception, demonstrating superior downside protection compared to both the S&P 500 (-9.1%) and Nasdaq (-11.8%).

The F1 Dashboard

AlphaWizzard maintained a steady 49% equity exposure throughout the week, keeping us in CRUISING mode on the F1 Dashboard. This measured positioning reflects our systematic approach's assessment of current market conditions—neither fully accelerating into risk-on territories nor hitting the brakes with defensive positioning. At 49% exposure, we're positioned to capture meaningful upside while maintaining substantial dry powder should market dynamics shift.

Market Radar

Markets kicked off a shortened trading week following Memorial Day with a tech-fueled rally that pushed major indices to fresh all-time highs. The standout catalyst came Thursday when April PCE data showed headline inflation rising to 3.8% year-over-year from 3.5% in March, with core PCE increasing to 3.3% from 3.2%. Despite this representing the highest PCE reading in nearly three years, markets shrugged off the inflation uptick and continued their ascent, with the S&P 500 closing Friday at 7,580.06 and the Nasdaq reaching 26,972.62.

The week's biggest story was Dell Technologies' explosive earnings beat, which sent shares soaring 33-37% in their best single-day performance on record. Dell's massive guidance raise—calling for $17.90 adjusted EPS on $165B-$169B revenue versus analyst estimates of $13.09 EPS on $142.5B revenue—created a ripple effect across computer hardware stocks. This momentum carried into memory semiconductors, with Micron gaining 5% on Friday alone and posting an astounding 88% gain for the month of May.

Looking ahead, markets are digesting the transition to new Fed leadership under Chairman Kevin Warsh, who took office May 22nd and faces his first FOMC meeting June 16-17. Geopolitical developments remain in focus with reports of a potential 60-day Iran-US ceasefire extension pending presidential approval. With a packed economic calendar next week featuring ISM data and the critical jobs report, markets appear positioned for continued volatility amid the ongoing AI-driven tech rotation.

Under the Hood

Top Contributors

Laggards

Sector Performance

Here's how the major sectors performed this week and how our stock picks in each sector compared to the sector ETFs:

*Our Return is the weighted average of portfolio holdings in each sector. Impact is each sector's NAV-weighted EOD impact in percentage points (pp). Σ Impact (+2.32pp) sits slightly below the headline NAV (+2.50pp); the 0.18pp difference reflects cash-sleeve carry, dividends in period, and intraday execution by the daily risk overlay (the model uses end-of-day prices, while live trades happen throughout the day).

Our sector allocation strategy delivered exceptional alpha generation this week, particularly in cyclical sectors where our stock selection significantly outpaced benchmark ETFs. Energy was our standout sector, where we generated +3.4% returns while the XLE ETF fell -5.4%—an impressive +8.8% outperformance that contributed +0.22% to total portfolio returns. Basic Materials showed similar strength with our holdings up +5.8% versus XLB's +1.7% gain, delivering +4.1% outperformance. Technology, our largest allocation at 29.5% weight, closely tracked the sector ETF with our stocks returning +5.6% versus XLK's +5.9%, contributing the most to absolute returns at +1.65%. Even in challenging sectors like Financial Services, our stock selection generated positive returns (+0.6%) while the XLF ETF declined -0.7%.

Pit Stop

This week we're spotlighting one of our materials holdings that exemplifies our systematic approach to capturing sector rotation and commodity cycles.

CDE - Coeur Mining Inc

Coeur Mining delivered strong gains this week, rising +9.6% as precious metals gained momentum amid inflation concerns and geopolitical uncertainty. As one of North America's leading silver and gold producers, CDE operates high-grade mines across Nevada, Alaska, Mexico, and Argentina. The company has benefited from improving operational efficiency at its key Palmarejo and Rochester mines, while rising silver prices have provided fundamental tailwinds. With our systematic models identifying favorable momentum and technical patterns in the precious metals space, CDE represented our tactical allocation to the materials sector's commodity exposure. Note: we closed this position during last week's rebalancing for June 2026, so this spotlight reflects its contribution while held rather than a current portfolio holding.

Week Ahead

Next week brings a critical economic calendar that could significantly impact our systematic positioning, headlined by the monthly jobs report and key manufacturing data.

Portfolio Earnings

No portfolio holdings are scheduled to report this week.

Key Events

The week's data flow will provide crucial insights into economic momentum, with Friday's jobs report serving as the marquee event for markets and Fed policy expectations. Our systematic models will be monitoring these releases closely for any shifts in economic regime that could trigger adjustments to our equity exposure. Given Chairman Warsh's upcoming first FOMC meeting on June 16-17, economic data takes on added significance as markets calibrate expectations for potential policy changes under new Fed leadership.

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