Portfolio Update: July 2025

The following is my portfolio at 8/9/2025:

And the following is my performance against the S&P 500:

And the following is my exposure by sector and geography at month end July 2025:

US is marked as a note-to-self to get exposure down.

A lot has changed in the last month. I've thought about the blog and what I want it to be and am deciding to make an effort to publish it publicly. That effort has led me to remove all Grandeur-related names from my coverage and I'm rationalizing name count to only own my best ideas. I'm planning to talk more about this effort in an Annual Report, which I plan to publish at the end of the month. The Annual Report will set out how I invest and what my portfolio will look like moving forward, along with reviewing my performance from the year and detailing some lessons learned. Obviously, I'm still learning a lot at 19 and so my mandate will be subject to change. I merely want the product I release on the blog to be of a higher standard.

As for this last month, name count shrank from 13 to 10 positions owned. I sold out of Blue Bird and Denny's and am planning to write postmortems for both as these were non-Grandeur names. I also sold out of Niterra, both because it was a Grandeur name and because incremental diligence has made me reconsider my conviction. Central Automotive Products was cut quickly after I realized it didn't belong in the portfolio in the first place. It's not something I had personally done diligence on and I want to eliminate those kinds of purchases. Additionally, Stalexport Autostrady has been added to the portfolio. I'm unsure of it's future in the portfolio because I found it while working at Grandeur and have yet to fully peel the onion.

The overarching theme of the moves I'm making are to own only my best ideas and own them at high weights. I simply don't have the bandwith to know 15 stories well. I would rather publish good work on 3 names than mediocre work on 7 names. Global-e is a Grandeur name so I can't share my thesis but I've sized up feeling that this next quarter should be a really good re-rating opportunity for the stock. Shopify read through and generally low expectations make me think the current risk to reward is favorable. I did some additional work on the Strategy pitch and realized I was tracking the position incorrectly, so I benefitted from a positive adjustment in recalculating it. I also owned Balsu Gida, a Turkish hazelnut producer for a few weeks. There's an incredibly well done piece of research on the company and I captured a lot of alpha already. I'll follow the story closely but because it's not my own research I don't want to own it here.

I'm really happy with performance at large over the last month. This earnings season has allowed me to take some share back on the S&P, largely because of the great performance contribution from Blue Bird and Balsu Gida. I continue to believe viewing things one month at a time is myopic, and so I don't have a ton of portfolio-wide views especially with all of the change underway.

I've got a lot on the to-do list in order to get the blog in a place where I feel comfortable publishing but I'm looking forward to being proud of the improved product. You should expect earnings writeups on Strategy and Honeywell out this week and then postmortems on Blue Bird and Denny's when I have the time. Thanks for reading!