Portfolio Update: August 2026
Between CAPEX, ROI, and durability...
Hi, Investor! 👋🏼
I’m Jimmy, and welcome to another edition of our Monthly Portfolio Update.
In July, our portfolio declined by -1.47%, underperforming the S&P 500 by 134bps, as the index fell -0.13% during the month.
In today’s update, we’ll review the results reported so far by our portfolio companies, introduce a new tracking dashboard (Earnings Radar), analyze the performance attribution of each holding, and outline the next steps.
I hope you enjoy the read.
Portfolio Performance:
For those who enjoy volatility, July delivered more than expected.
Anyone hoping that Micron’s ($MU) earnings at the end of June and SK Hynix’s ($SKHY) Nasdaq IPO would trigger another leg higher for semiconductors was caught off guard by a sell-off of nearly -30% across several names in the $SOXX.
The S&P 500 proved resilient, declining just -0.13% during the month. The NASDAQ, which was down as much as -10% at one point, recovered toward the end of July and finished flat.
Against this backdrop, our portfolio closed July down -1.47%. YTD, it is up +0.38%, compared with a +9.41% gain for the S&P500.
Since inception in December 2022, our portfolio has delivered a cumulative return of +173.45% (equivalent to a +32.4% CAGR), while S&P500 has returned +95.07% (+20.5% CAGR).
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Portfolio Allocation:
Our portfolio is intentionally concentrated - currently across 12 companies - reflecting our belief that generating alpha in a highly competitive market comes from focusing on a select group of high-conviction businesses.
Our Top-5 positions represent ~60% of the portfolio.
Last month, we adopted a more observant stance - and this is where our portfolio of high-quality, long-term companies currently stands: