Investor letter
Navigating a Volatile Week with Resilience and Positive Alpha
Week of July 20, 2026 – July 26, 2026 · -0.18% 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 -0.18%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
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.