PORTFOLIO UPDATE +202%

22 Positions, Latest Moves and Full Breakdown

Our portfolio is outperforming the market by a wide margin.

It is +82.3% YTD and +202.6% over the last 2 years. S&P 500 is up 9.4% YTD.

The last few weeks have been rough for AI stocks. Retail dumped, leveraged accounts liquidated. Narrative flipped from “AI is going to change everything” to serious doubts about whether infrastructure spending will actually pay off. These kinds of shakeouts are normal in every big tech cycle.

The sentiment has turned bearish but spending isn’t slowing down.

Morgan Stanley’s numbers show hyperscaler capex is expected to more than 3x from $426 billion in 2025 to $1.4 trillion by 2028. This isn’t short-term. It’s a multi-year buildout forced by real physical limits around power, cooling, interconnect and compute.

Our portfolio will benefit massively from this.

The gap between the current fear and spending is exactly where asymmetric opportunities happen.

In July we made a few moves in the portfolio.

• We fully exited 4 positions

• Opened 3 new ones.

Below I’ll walk through the recent portfolio changes and give updates on the major positions.

Performance Overview

- Last 2 years: +202.6%

- Last 1 year: +103.7%

- 2026 YTD: +82.3% vs. SPY +9.4%

No options. No leverage.

Let’s dive in...