Investor letter

Modest Gains Amid Mixed Tech Signals

Week of July 27, 2026 – August 2, 2026 · +0.30% 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 +0.30%S&P 500 +0.69%Alpha -0.39%Portfolio $1,026,287

Performance

The fund rose 0.30% this week, trailing the benchmark's 0.69% advance and resulting in a -0.39% alpha. Portfolio value increased from $1,023,174.67 to $1,026,286.83.

Winners

MA led with a 17.77% gain, followed by MSFT at 15.42% and V at 14.80%.

Losers

NVDA declined -2.12%, and META fell -3.11% despite significant position sizes.

Portfolio changes

We reduced NVDA by selling 264 shares over the week and trimmed AMD by 134 shares. Concurrently, we increased exposure to AAPL via 68 shares, added 45 shares of AMZN, 32 of GOOGL, 33 of HD, and 24 of MSFT, reflecting a shift toward more stable growth names.

Trades this week

SELL 50 NVDA SELL 30 AMD SELL 50 NVDA SELL 104 AMD BUY 20 AAPL SELL 64 NVDA BUY 33 AAPL BUY 45 AMZN BUY 32 GOOGL BUY 24 MSFT BUY 33 HD SELL 50 NVDA BUY 15 AAPL SELL 50 NVDA

Outlook

While the benchmark outperformed, selective profit-taking in NVDA and AMD aims to balance risk. We remain focused on strong performers like MA, MSFT, and AMZN as we navigate ongoing market volatility.