Portfolio Update: October 2025

I think it's more helpful to show active positions only, so the following is my portfolio as of market close 11/7/2025:

I've realized I'm not measuring performance correctly, and so I'm going to rebuild the portfolio over the course of the coming month. It's quite manual and sluggish. My calculation of alpha is not honest enough and there's essentially no rebalancing going on ever. I might even transition to tracking performance in a paper trading portfolio and use excel to track individual positions.

You can see that there has been a lot of cleaning going on in the portfolio over the last month. I've gotten rid of some lower confidence ideas and ideas that I'm not able to share my research on. Jubilant Foodworks, Chapters Group, Vicat S.A., and some Consolidated Water were sold in the month. Unfortunately that's left me with outsized U.S. weight and a ton of dry powder. I've got some ideas in the pipeline that I'm excited to add, but would really like to get the cash balance to 0%. That's been a consistent problem I've had as an investor. The level of diligence I do certainly helps me make better choices, but it also prevents me from moving quickly and taking big weights.

October was undoubtedly a bad month for me. The market has continued to march up and I don't have the juice to keep up. Abacus reported great earnings on Friday so that certainly helps. Global-e reports later this week, and that report alone will likely determine how performance looks in November. Consolidated Water, my darling, has been so good to me. I've trimmed half the position and am hoping to diligence it through Maverick. Morningstar was taken to a full position and has had a relatively muted month. Stalexport Autostrady is gaining some technical momentum and has officially turned into a positive return for me. The big loser is obviously Deckers. I took weight up because I think they kitchen sinked plus expectations seem remarkably low. I could be black holing the name but I think it's more likely patience is going to win out here. I hate the U.S. consumer discretionary bet though. I'm planning to hedge some of it soon with the BNPL pair trade. That will enter the portfolio within the next 14 days for sure.

My exposure has drifted heavy into the U.S., which is something I absolutely hate. Incremental Silver Fund pitches will be focused on ex-U.S. ideas and I hope that allows me to pick up a meaningful APAC and Europe weight. I've again got some interesting ideas in the pipeline, and I think by the end of this semester I'll be somewhere closer to 8 names owned.

I have thoughts on the broader market but am choosing to build a portfolio with multiple paths to victory. That might mean taking a position in an AI exposed name (I'm thinking TSMC over GOOG now) after doing the requisite diligence. This would be a small weight, but might help me keep up if this is 1996 and not 1999. Or is this the kind of thinking that gets investors in trouble? I certainly don't think I can time the market, but that fact alone means the bubble that I believe exists could last for much longer than I anticipate and I'm left underperforming for multiple years. It's certainly food for thought.

We've made a lot of progress on rationalizing what I own and look forward to hopefully having the portfolio in a place I'm really proud of by semester end. Looking forward to the continued learning investing brings me.