Investor letter

Paper Fund Outperforms Benchmark with 0.09% Return Amid Mixed Tech Results

Week of July 13, 2026 – July 19, 2026 · +0.09% return.

Correction. The per-position percentages below are each holding’s return since the position was opened, not its move during this week, a labelling bug in the letter generator, fixed on 2026-08-08. The fund-level return and the trade list are unaffected and correct as written. Letters from 2026-08-08 onward report true weekly moves. This letter is left as originally published.

Return +0.09%S&P 500 -0.54%Alpha +0.63%Portfolio $1,029,456

Performance

For the week of July 13-19, 2026, the portfolio gained 0.09%, outperforming the benchmark, which declined by 0.54%, generating an alpha of 0.63%.

Winners

META (+13.28%)
AAPL (+13.04%)
V (+12.06%)

Losers

GOOGL (-3.32%)
TSLA (-4.55%)
AMD (-6.35%)

Portfolio changes

We reduced TSLA exposure via multiple sales totaling 25 shares early in the week and added 134 shares of AMD midweek to reposition.

Trades this week

SELL 10 TSLA SELL 10 TSLA SELL 5 TSLA BUY 134 AMD

Outlook

Despite some headwinds in key tech holdings, strong gains in select positions like META and AAPL support cautious optimism as we monitor market signals and adjust exposures accordingly.