Investor letter

Navigating a Volatile Week with Resilience and Positive Alpha

Week of July 20, 2026 – July 26, 2026 · -0.18% return.

Return -0.18%S&P 500 -1.06%Alpha +0.88%Portfolio $1,025,723

Performance

The fund saw a modest decline of -0.18% from July 20 to July 26, outperforming the benchmark which fell -1.06%. This generated a positive alpha of 0.88%.

Winners

AAPL led gains with a 13.25% return, followed by JPM at 12.38% and V at 11.12%.

Losers

GOOGL was the biggest detractor with a -10.33% return, alongside AMZN at -2.68% and AMD at -0.83%.

Portfolio changes

We executed a sale of 7 shares of TSLA on July 23, trimming exposure amid market volatility. Key positions such as AAPL, JNJ, and NVDA remain significant contributors to portfolio stability.

Trades this week

SELL 7 TSLA

Outlook

Despite near-term pressure, the fund’s ability to generate alpha in a down market provides confidence. We will continue to monitor risks closely while seeking selective opportunities in high-conviction holdings.