Positano Wealth Management Ltd

Positano Wealth Management ended Q1 2026 with an unmistakable posture: a $135 million portfolio running roughly 75 percent in large-cap technology and communication services, front-loaded in Alphabet, Nvidia, and Microsoft. Those three alone absorb nearly 44 percent of the book, and the manager's Q/Q activity reads less like diversification than rationalization of the concentrated bet — Microsoft nearly doubled in size, Salesforce tripled, and Micron was boosted meaningfully, while Adobe was slashed from a $5.1 million position to roughly $24,000. Four new positions — Uber, Intuit, Futu, and Arthur J. Gallagher — are sensible thematic add-ons at this fund's scale, but they are rounding errors against the core AI-and-semiconductor exposure. The 5.7 percent AUM gain since year-end is almost entirely attributable to mark-to-market on the existing tech book, not fresh capital deployment; this is conviction showing, not a portfolio in expansion mode.