Model Portfolio: June 2026
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The model portfolio was made public in July 2025. It has 5 main components: stocks, bonds, cash, real assets, and alternative assets. Last month’s performance has been:
After the market’s meteoric rise over April and May, it is in a sideways corrective process for most of June and July. In the first few days of August, the S&P500 has broken out to new highs.
Overall investor positioning is dangerously bullish and greedy, with near record levels of margin debt and extreme valuations. The Gray Area portfolio outperformed the struggling market in the first quarter and is up a healthy 4.28% year to date with lower risk (Sharp 1.55 vs 0.87, Sortino 1.93 vs 1.19, and max drawdown 4.41% vs 6.5%).
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I will continue to provide a preview of two interesting positions within the portfolio.
Natural Gas Companies (FCG) - 5.7%
We bought into energy before the Iran conflict began, showing the power of technical analysis and understanding macroeconomic conditions. Careful with any short-term trading of energy, as it seems to be heavily manipulated. Energy looks like a good buy here in general.
FCG rallied modestly in July, but hasn’t decisively decided which direction it wants to trend next. This portfolio position is up 17.5% total. It has held support at $26.5 and could continue the bullish pattern from here. Breaking 26 could mean a larger correction to $15 could be taking place, which would be an even better long-term buying opportunity.
Uranium Miners (URNM) - 2.4%
Our reduction in uranium miners last month proved wise, as the trend channel down is still intact, moving averages are acting as resistance, and momentum is down. I expect better buying opportunities with lower price targets being hit or a change in trend.
The idea behind uranium is that it will be an important aspect of our energy future, and real assets should offer true diversification from both the S&P500 and bonds. Our position is up 16.1% despite the recent selling pressure.
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