Portfolio Update: June 2025

The following is my portfolio at 7/1/2025:

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

And the following was my exposure by industry and geography, which I want to start disclosing, at the end of June 2025:

As you can see I've gotten to 83% active weight at the end of June. I anticipate having 96-98% of weight active by the end of the summer and I will hold the rest in cash. I took a big weight in Global-e this month along with expanding my weight in Abacus and starting a position in Jubilant Foodworks. I'm trying to work my U.S. exposure down and would like to have some exposure to China as well, just don't know what that would look like or where to find it.

It's been a tough run relative to the index. I'm now trailing almost 4 points and have accepted this as a reality given my investment philosophy and lack of big tech/crypto/animal spirits exposure. I will try not to invest based on the macro environment but I'm of the opinion that the market is more than frothy at this point in time. Hussman Strategic Advisors published a good paper on where we are at valuation-wise in the cycle and it certainly supports this position. As far as my actual stock picking, my average trade is up 7.94% while my weighted average trade is up 2.94%. This is something I've started tracking this month to see how good I am at picking winners and then sizing those winners. Obviously my position sizing needs a lot of work. I built much too large of a weight in Abacus too fast. I've also held the Denny's weight at 8% which I think is probably the biggest drag on the my slugging. I need to read up on position sizing and how to enter a position because it's definitely something that could inform how I pitch stocks at Grandeur and beyond.

I'm not upset with my performance thought. I've got a very good idea of how I'm approaching this next earnings cycle on a name-by-name basis. Denny's will be cut on anything that isn't a good quarter as will Abacus. I'm still high conviction on Niterra but may trim if I think they haven't allocated capital well on the Bosch and Toshiba deals. Every other print I'm excited for. I think Global-e could be in for a great reaction along with Deckers and Blue Bird. I might trim Blue Bird before the print though depending on if it continues it's rally.

I'm learning a great deal at Grandeur and am doing all I can to take advantage of being full-time. I'm building and updating lots of models, talking with management teams, pitching stocks, and gaining experience. I'm sorry that it has taken away from my effort here but I promise it's helping me be a better investor and thinker! I'll be back in the Fall and will publish the research I do both individually and with my investment clubs. Have a great July!