Galahad trading system performance for April 2026

Here is the Galahad trading system performance report for April 2026, including the monthly benchmark comparison and a brief review of the market environment that shaped the portfolio during the period.

Monthly Performance

See Performance Disclosures: Monthly Performance. Evan uses Interactive Brokers as his primary broker and reporting agent.

Market Environment

April began with a sharp geopolitical shock as conflict around Iran and the Strait of Hormuz drove oil higher, revived inflation fears, and kept the Fed in a tighter box. By mid-month, ceasefire progress and the reopening of Hormuz reversed much of that pressure, sending oil lower, yields down, and equities back into a broader risk-on move. That relief carried markets to fresh highs before leadership narrowed again late in the month, with semiconductors doing most of the heavy lifting while oil and breadth became more of a headwind.

Portfolio Positioning

Galahad started April with only its Gold trend position engaged and total gross exposure near 104%. Mid-month, the system added a Nasdaq trend position, lifting gross exposure to roughly 150% by month-end, while the Bitcoin trend was reopened briefly and closed on the final day of the month.

Gold weakened over the period, and the paired put protection helped absorb part of that decline as designed, while core holdings in technology, STRF, and bitcoin added support. For the month, Galahad returned 2.83%, compared with 10.51% for the S&P 500 and 6.24% for a 60/40 portfolio.

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