Capital Wealth — Q2 2026 Portfolio Report (Through May 29)

CW Portfolio Performance vs. Benchmark

All Five Books vs the S&P — YTD

Through May 29, 2026 · every CW model positive · four of five ahead of the index

CW AGGRESSIVE GROWTH

Tier I–IV (AUM-scaled)

+22.2%

$50K–$500K sleeves +21–22% YTD · +11.0% vs S&P

CW HALAL

Sharia-Compliant ($50K)

+22.0%

HLAL-screened growth · +10.8% vs S&P

CW TECH & QUANTUM

Speculative

+26.6%

Highest YTD · highest volatility · satellite sizing

CW DIVIDEND INCOME

Dividends High Yield ($100K)

+13.1%

Income sleeve · +1.9% vs S&P

CW TAX-EFFICIENT

Diversified

+9.3%

Low-turnover, tax-aware · conservative tilt

BENCHMARK

S&P 500 (total return)

+11.2%

YTD through May 29 · AI & semis-led tape

All eleven CW models are positive year-to-date and the book is comfortably ahead of the S&P 500 (+11.2% YTD). Tech & Quantum leads at +26.6%, the Aggressive Growth suite runs +21–22% across the four AUM tiers, and the Halal sleeve is right with them at +22.0%. The income side is steadier — Dividends High Yield +13.1%, Tax-Efficient +9.3%. Figures are total return (price plus reinvested dividends), gross of fees, computed from split- and dividend-adjusted closes through May 29. Standout holdings YTD: INTC +207%, Rocket Lab +104%, Vertiv +92%.

Q2 Market Snapshot — Close Fri May 29

DOW

50,668.97

All-time high

S&P 500

7,563.63

+6.4% Q2-to-date

NASDAQ

26,917.47

AI-led rip continues

10Y TREASURY

4.454%

Sticky — cuts pushed

2Y TREASURY

4.024%

Firm jobs print risk

WTI CRUDE

$88.90

Strait premium fading

GOLD

$4,499.30

Central bank bid

GDP (REVISED)

1.6%

Cut from 2.0%

Macro frame. The May 28 U.S. strike de-escalated the Iran-strait standoff and a 60-day diplomatic framework is now being negotiated — oil is rolling off the $90s and the geopolitical premium is bleeding out of crude even as gold holds at record highs on central-bank buying. GDP was revised down to 1.6% from 2.0%, which on its own would argue for cuts, but with the 2Y at 4.024% and a firm labor market the curve is telling us cuts get pushed to Q4. Anthropic raised $65B at a $965B valuation — the largest private round in Silicon Valley history — and Dell ripped +28.75% after-hours Thursday on $4.2B in AI server orders. The AI capex cycle has gone from a stock-picking story to a measurable macro flow.

Sector Performance Q2-to-Date

CW Intelligence · Sector Returns Through May 29, 2026

Semis & AI Hardware

+22.4%

Power Infrastructure

+18.1%

Cybersecurity

+14.6%

Industrials/Aerospace

+11.2%

Financials (IB-led)

+9.4%

S&P 500

+6.4%

Healthcare

+4.1%

Consumer Staples

+2.3%

Energy

-3.2%

OEM Autos (F/GM/STLA)

-8.1%

Source: CW Intelligence, FactSet, Bloomberg · Returns 4/1/26 — 5/29/26

Top CW Performers YTD (Through May 29)

Top Six Positions — YTD Return

The book’s biggest single-name wins through May 29

#	Ticker	Company	Sector	YTD	Thesis
1	INTC	Intel	Semis / Foundry	+207.4%	Foundry turnaround + AI re-rate — the book's single biggest winner
2	EWY	iShares MSCI Korea	International / EM	+108.7%	Korea memory & semi complex (Samsung, SK Hynix) riding the HBM cycle
3	RKLB	Rocket Lab	Defense / Space	+103.7%	Neutron cadence + defense launch backlog — small-cap space leader
4	VRT	Vertiv Holdings	Data-Center Infra	+92.2%	Liquid-cooling pure play — backlog visibility into the AI build-out
5	TXN	Texas Instruments	Semis / Analog	+76.3%	Analog cycle turning — broad industrial + auto content
6	AMKR	Amkor Technology	AI Semis / Packaging	+72.5%	Advanced packaging — the assembly layer of the AI silicon stack
7	SFTBY	SoftBank (ADR)	AI / Tech	+66.2%	Arm stake + AI portfolio — levered exposure to the capex cycle
8	PWR	Quanta Services	Power Infrastructure	+66.0%	Grid build-out for data centers — electrical infrastructure spend
9	EWT	iShares MSCI Taiwan	International / EM	+61.3%	TSMC-led Taiwan tech — the foundry of the AI economy
10	PBR	Petrobras	Energy / Intl	+59.2%	High-yield international energy — income with upside optionality

Source: CW Intelligence, Yahoo Finance, Bloomberg · Verified close 5/29/26

Q2-to-Date Book Moves

What we did between April 1 and May 29

We extended the AI capex book on every dip and pulled the OEM auto names from the watchlist into a hard pass. The Aggressive Growth book got eleven new positions — all in the AI hardware, AI-power, and auto-AI-cockpit complex. We reinforced our highest-conviction names rather than chasing new themes. The big retirement: the short-AI-bubble thesis — we are explicitly not short. The chip cycle, the AI-power complex, and cybersecurity have all printed earnings that validate the long book.

Action	Ticker	Company	Weight Added	Thesis	Tag
NEW ADDS — AGGRESSIVE GROWTH (11 POSITIONS)
ADD	AMD	Advanced Micro Devices	+2.8%	MI350/MI400 ramp, ZT Systems integration — #2 in AI accelerators	NEW
ADD	QCOM	Qualcomm	+2.5%	Auto-AI cockpit design wins — we own the silicon, not the cars	NEW
ADD	MU	Micron Technology	+2.2%	HBM3E sold out through 2027 — AI memory bottleneck	NEW
ADD	TSLA	Tesla	+2.0%	FSD + Optimus optionality — treated as an AI/auto-AI hybrid	NEW
ADD	DELL	Dell Technologies	+1.8%	$4.2B AI server orders — the integrator the hyperscalers buy from	NEW
ADD	IBM	IBM	+1.5%	watsonx + consulting attach — deep AI integration backlog	NEW
ADD	SNDK	SanDisk (NAND)	+1.4%	NAND cycle turning — AI training/inference storage layer	NEW
ADD	PH	Parker Hannifin	+1.3%	Motion/control for power, defense, aerospace — spillover play	NEW
ADD	LRCX	Lam Research	+1.2%	HBM and 3D NAND tool intensity — semi-cap picks & shovels	NEW
ADD	BE	Bloom Energy	+1.2%	Behind-the-meter fuel cells for AI data centers (no grid wait)	NEW
ADD	ARM	Arm Holdings	+1.2%	Royalty model on every datacenter + device AI cycle	NEW
REINFORCED — HIGHEST-CONVICTION CORE
REINFORCE	NVDA	NVIDIA	Topped up	Still the only company selling shovels at scale — thesis intact	ADD
REINFORCE	AVGO	Broadcom	Topped up	Custom silicon (XPUs) for hyperscalers — sole-source moat	ADD
REINFORCE	TSM	Taiwan Semi	Topped up	Sole foundry for Nvidia/AMD/Apple/Broadcom — entire stack	ADD
REINFORCE	CEG	Constellation Energy	Topped up	Highest-conviction power infra name — nuclear PPAs to hyperscalers	ADD
REINFORCE	GEV	GE Vernova	Topped up	Gas turbines & grid — the OTHER power story	ADD
REINFORCE	VRT	Vertiv	Topped up	Liquid-cooling pure play — visibility through 2027	ADD
REINFORCE	NEE	NextEra Energy	Topped up	Largest U.S. renewable utility — data center PPAs	ADD
REINFORCE	GS	Goldman Sachs	Topped up	SpaceX IPO mid-June — lead-left underwriter read-through	ADD
REINFORCE	MS	Morgan Stanley	Topped up	IB pipeline & wealth platform — SpaceX co-manager	ADD
REINFORCE	JPM	JPMorgan Chase	Topped up	Best-in-class balance sheet — benefits from sticky rates	ADD
REINFORCE	BAC	Bank of America	Topped up	Net-interest-income lift — rate-cut delay is a positive	ADD

Status	Ticker / Theme	Why We're Watching	Why We're NOT Buying Yet	Tag
WATCH LIST — NOT BUY (YET)
WATCH	F / GM / STLA	Cheap, cyclical, headline AI partnerships	OEM unit economics deteriorating, sector -8% Q2-TD — the silicon wins, not the body	WATCH
WATCH	LI	China-domestic premium EV — profitable	China policy / tariff overhang, want clean read on demand	WATCH
WATCH	MBLY	Mobileye — ADAS / robotaxi software	Intel overhang on float; prefer QCOM exposure for now	WATCH
WATCH	GELYY	Geely / Polestar — cheap China autos	Tariff risk + capital structure complexity	WATCH
WATCH	ANTH	Anthropic pre-IPO — $965B last round	Private. Watching for S-1 filing or secondary access	WATCH
WATCH	OPENAI	OpenAI pre-IPO — structural AI leader	Private. Track via MSFT exposure and secondaries	WATCH
WATCH	LEGN	Legend Biotech — in-vivo CAR-T data ASCO Tue June 4	Binary event — sized as a watch, not a swing	WATCH
THESES VALIDATED IN Q2
CONFIRMED	Chip cycle	NVDA/AVGO/TSM/MU/ARM/LRCX prints all confirmed AI demand	—	VALIDATED
CONFIRMED	AI-power complex	CEG/GEV/VRT/NEE order books visible through 2027	—	VALIDATED
CONFIRMED	Cybersecurity	CRWD/PANW/PLTR — agent-attack-surface is real and monetizing	—	VALIDATED
THESES RETIRED
RETIRED	Short-AI-bubble	We are not short. Tape, capex, and earnings disagree.	—	RETIRED

Aggressive Growth Sector Allocation (as of May 29)

Where the Money Moved — Q1 → Q2 Sector Weights

Aggressive Growth allocation shifts (percentage points of the book)

Sector / Theme	Q1 End Weight	Q2-TD Weight	Change	Driver
Semis & AI Hardware	18.0%	26.5%	+8.5%	Adds: MU, LRCX, SNDK, AMD, ARM · Reinforced NVDA/AVGO/TSM
AI Power Infrastructure	10.0%	14.0%	+4.0%	BE add; CEG/GEV/VRT/NEE reinforced
Auto-AI Cockpit (silicon)	2.5%	7.3%	+4.8%	QCOM + TSLA adds; NVDA cockpit attach
Cybersecurity / AI Software	7.0%	8.5%	+1.5%	CRWD/PANW/PLTR · agent-attack-surface thesis
Financials (IB / Banks)	8.0%	9.0%	+1.0%	GS/MS reinforced (SpaceX), JPM/BAC reinforced
Industrials / Aerospace	6.0%	7.3%	+1.3%	PH add · defense + power-spillover capex
Healthcare / Biotech	7.0%	6.0%	-1.0%	Trim; LEGN binary watch only
Energy	20.0%	10.0%	-10.0%	Strait premium fading; trim trade, keep core integrateds
Defense	10.0%	5.5%	-4.5%	Recycled into AI capex book
Cash / SGOV buffer	11.5%	5.9%	-5.6%	Deployed into Q2 adds
TOTAL	100.0%	100.0%	—	Net: rotated from energy/defense into the AI capex complex

Top 10 Positions — Aggressive Growth

The shape of the book today

This is the firm's flagship growth sleeve — sourced from the daily research process, earnings catalysts, and the CFP audit. The top 10 below now represents about 38% of the Aggressive Growth book — intentionally concentrated where the conviction is highest.

#	Ticker	Company	Sector	Weight	YTD	Q2-TD	Thesis	Action
1	NVDA	NVIDIA AI Accelerators	Semis	6.5%	+24.8%	+11.6%	Sole-source AI shovel at scale — thesis confirmed by Anthropic and Dell flow	HOLD
2	AVGO	Broadcom Custom AI Silicon	Semis	4.8%	+26.1%	+12.8%	Custom XPUs for hyperscalers — sole-source moat per customer	HOLD
3	TSM	Taiwan Semi Foundry	Semis	4.4%	+22.0%	+10.2%	Manufactures every AI chip that matters — entire-stack exposure	HOLD
4	CEG	Constellation Energy Nuclear / AI Power	Power Infra	3.8%	+38.2%	+17.4%	Highest-conviction power name — nuclear PPAs to hyperscalers	ADD
5	GEV	GE Vernova Gas Turbines / Grid	Power Infra	3.6%	+33.0%	+13.2%	Gas turbine orders all-time high — the other side of the power trade	ADD
6	VRT	Vertiv Holdings Data Center Cooling	Power Infra	3.2%	+36.5%	+16.0%	Liquid cooling pure play — visibility through 2027	HOLD
7	MU	Micron HBM Memory	Semis	2.8%	+62.4%	+28.1%	HBM3E sold out through 2027 — the AI memory bottleneck	NEW
8	AMD	AMD AI Accelerators / CPUs	Semis	2.8%	+18.6%	+14.4%	MI350/MI400 ramp + ZT Systems integration — #2 in accelerators	NEW
9	QCOM	Qualcomm Auto-AI Cockpit	Semis / Auto-AI	2.5%	+31.8%	+18.3%	Auto-AI cockpit design wins — we own the silicon, not the OEMs	NEW
10	PLTR	Palantir AI Software / Cyber	Software	2.5%	+29.6%	+15.1%	Agent-attack-surface thesis — gov + commercial double	HOLD

Top 10 = ~37.0% of Aggressive Growth book · Source: CW Intelligence, verified 5/29/26

Q3 2026 Outlook — Seven Themes

🧬

1. The AI Capex Cycle

Anthropic's $65B raise at $965B valuation, Dell's $4.2B AI server orders, and the entire NVDA/AVGO/TSM/MU/ARM/LRCX chain are all printing the same number: AI capex is the dominant capital-formation story of 2026. The right exposure is the picks-and-shovels — chips, foundry, memory, semi-cap — not the model layer.

Bloomberg 5/29/26 · CW Intelligence · Dell AH 5/28/26

⚡

2. Power Infrastructure — Highest Conviction

If AI capex is the demand, power is the binding constraint. Our highest-conviction sleeve: CEG (nuclear PPAs), GEV (gas turbines, all-time-high backlog), VRT (liquid cooling), and NEE (largest U.S. renewables / data center PPAs). BE added for the behind-the-meter, non-grid case. Visibility through 2027.

CW Intelligence · WSJ Energy · EEI grid reports

🚗

3. Auto-AI Cockpit (Not the OEMs)

The OEM auto sector is -8% Q2-to-date and the unit economics are deteriorating. The silicon, however, is winning — QCOM design wins, NVDA cockpit attach, TSLA as an AI/auto-AI hybrid. We own the layer that gets paid per car shipped regardless of which brand wins.

CW Intelligence · Auto OEM Q1 prints

🔒

4. Cybersecurity — Agent-Attack-Surface

Every enterprise deploying AI agents is multiplying its attack surface. CRWD, PANW, PLTR — the thesis we wrote in Q1 is now monetizing in earnings. AI doesn't reduce security spend, it compounds it.

CRWD/PANW Q1 prints · CW Intelligence

🚀

5. SpaceX IPO — Mid-June

SpaceX IPO targeted for mid-June. We do not chase the IPO. The clean read-through is to the GS and MS books — lead-left / co-manager economics, and a re-rating of IB pipelines for the rest of the year. We reinforced both names ahead of the deal.

CW Intelligence · SEC pre-filing watch

🧬

6. ASCO Tuesday June 4 — J&J / Legend

LEGN in-vivo CAR-T data drops Tuesday June 4 at ASCO. We are watching, not buying — this is a binary catalyst. A clean readout reprices the entire in-vivo cell-therapy complex. We may take a small position post-print if the data is clean.

ASCO 2026 program · LEGN IR

⚠

7. Risk Overlay

Two risks we are watching: (a) the Iran-strait diplomatic framework — if the 60-day deal closes, oil unwinds further and energy beta is a headwind we already trimmed for. (b) rate cuts get pushed to Q4 if the jobs print stays firm — long-duration tech still wins on earnings, but watch for duration-trade dislocations.

CW Intelligence · Fed dot plot · geopolitical desks

Risk Section — What Could Break

⚠

AI capex air-pocket — the #1 risk to the book.
If a single hyperscaler signals a capex pause on a quarterly print, the entire NVDA/AVGO/TSM/MU/AMD complex re-rates lower. Mitigant: the order books and Anthropic/Dell flow argue we are mid-cycle, not late-cycle. We size the book at 26.5% semis — concentrated but not all-in.

⚠

Iran strait reopens fully — energy headwind continues.
If the 60-day diplomatic framework closes, WTI could drop into the low $70s. Mitigant: we already trimmed energy from 20% to 10%. Remaining names are core integrateds (XOM, CVX, COP) that work on cycle but won't drag the book.

⚠

Cuts pushed to Q4 — long-duration dislocation risk.
10Y at 4.454% and 2Y at 4.024% are pricing a Q4-or-later cut path. If the next jobs print is firm again, long-duration software (PLTR, CRWD) and small/mid-cap AI names could see a duration unwind. Mitigant: the AI complex is a flows + earnings trade, not a duration trade. We've seen this pattern reverse fast.

⚠

GDP at 1.6% — growth scare risk.
The revision from 2.0% to 1.6% is a marginal signal not a regime change — but if Q2 prints below 1%, the cyclical names (PH, financials, energy) trade off first. Mitigant: AI capex is now a measurable macro line item; it cushions the growth picture even at slower headline GDP.

★

Concentration risk — deliberate, but real.
Top 10 = ~37% of Aggressive Growth book. This is by design (Tactical sleeve). Clients with lower risk tolerance are on the Dividend Income sleeves (+9–13% YTD), the Tax-Efficient model (+9.3% YTD), or the Halal model (+22.0% YTD).

Q3 Scenario Probabilities

Q3 2026 — Scenario Odds

Our probability-weighted view of the next quarter

BULL CASE — 35% PROBABILITY

S&P 8,000+

SpaceX IPO clean, ASCO data clean, jobs softens enough for September cut. Aggressive Growth targets +15–18% by quarter-end.

BASE CASE — 50% PROBABILITY

S&P 7,400–7,800

AI capex prints validate book, cuts pushed to Q4, energy unwind continues. Aggressive Growth targets +12–14%.

BEAR CASE — 15% PROBABILITY

S&P below 7,000

Hyperscaler capex pause + sticky inflation + Iran reignites. Aggressive Growth targets +3–5% with active hedging.

Q2 Review — Book Your 15-Minute Call

Let's get aligned for Q3

We're making real changes this quarter — more defensive on consumer discretionary, deeper into aerospace and semis, lighter on long-held AI positions where the valuation finally caught up. A Q2 review is the right moment to confirm your sleeve (Aggressive Growth vs. Dividends vs. Tax-Efficient vs. Halal vs. 403(b)) and to capture any inheritance / rollover / 1035 funds that should land in this allocation.

Book 15-Minute Q2 Review View All CW Model Portfolios

Advisor's Note

From Sean Anees Saifi — Your Financial Advisor

Q1 was the energy-and-defense quarter. Q2 has been the AI-capex-and-power quarter — and the book has positioned for it cleanly. Aggressive Growth is up +22.2% YTD through May 29 vs. the S&P's +11.2%. The book's standout holdings are working — INTC +207%, Rocket Lab +104%, Vertiv +92% YTD.

The biggest call of the year is the one we did not make: we are not short AI. The tape, the capex, and the earnings prints all disagree with that thesis. Anthropic at $965B and Dell's $4.2B in AI server orders make that case quantitatively, not narratively.

For Q3 we're watching three catalysts: SpaceX IPO mid-June (read-through to GS/MS, not chasing the deal itself), ASCO Tuesday June 4 (LEGN binary readout — we watch, we don't pre-position), and the next jobs print (drives whether cuts come in September or get pushed to Q4).

For my CalSTRS, CalPERS, and 403(b) clients: your pension is the floor; this book is the growth engine on top of it. The 403(b) CWLG Aggressive sleeve is up +6.9% Q2-to-date and is the right exposure for most pension households. If you want the full Tactical book, we'll talk through risk tolerance first.

Let's get a 15-minute Q2 review on the calendar — same format we always run. Defensive shifts, what we're trimming, and where any new money lands.

— Sean Anees Saifi, Financial Advisor
Capital Wealth LG | LA Pension Planners
saifi@capitalwealthlg.com

Research Sources & Citations

[1]
U.S. equity market close, Friday May 29, 2026 — Dow 50,668.97 / S&P 7,563.63 / Nasdaq 26,917.47 (all-time highs) · NYSE / Nasdaq
[2]
U.S. Treasury yields close 5/29/26 — 10Y 4.454% / 2Y 4.024% · U.S. Treasury
[3]
WTI Crude $88.90, Gold $4,499.30 close 5/29/26 · CME / LBMA
[4]
U.S. Q1 GDP revised down to 1.6% (from 2.0%) · BEA Second Estimate
[5]
Anthropic Series F / Series G — $65B raise at $965B post-money valuation · Bloomberg / Reuters 5/29/26
[6]
Dell Technologies Q1 FY27 release — $4.2B AI server orders, +28.75% after-hours 5/28/26 · Dell IR / WSJ
[7]
Iran-Strait of Hormuz — U.S. strike 5/28/26 and 60-day diplomatic framework · WSJ / Reuters geopolitical desk
[8]
NVIDIA, AVGO, TSM, MU, ARM Q1 prints — AI capex confirmation · Company IR filings
[9]
Constellation Energy / GE Vernova / Vertiv / NextEra — data-center PPA backlog reporting · Company IR
[10]
SpaceX IPO — mid-June 2026 targeted (GS lead-left, MS co-manager) · SEC pre-filing watch
[11]
ASCO 2026 program — J&J / Legend Biotech in-vivo CAR-T data Tuesday June 4 · asco.org
[12]
CW Intelligence Daily Notes — April 1 through May 29, 2026 · portfolio book moves logged · capitalwealthlgs.com/intelligence.html
[13]
FactSet, Yahoo Finance, Bloomberg — all stock prices, YTD and Q2-TD returns verified as of close 5/29/26 · Multiple sources
[14]
CFP Portfolio Audit (internal) — CFP IN04/07/08/09/15 grounding for model sizing · CW Internal Methodology