Investor letter
Modest gain and benchmark outperformance in a mixed week
Week of September 14, 2026 – September 20, 2026 · +0.06% return.
Return +0.06%S&P 500 -0.23%Alpha +0.29%Portfolio $1,045,195
Performance
For the week ended 2026-09-20, the fund rose 0.06%, from 1044613.12 to 1045195.44. The benchmark returned -0.23%, resulting in 0.29% of alpha.
Winners
- AAPL gained 6.59% this week; its return since the position was opened is 12.47%.
- GOOGL rose 5.71% this week; its return since the position was opened is -0.81%.
- PG advanced 2.63% this week; its return since the position was opened is -0.50%.
Losers
- GLW declined 10.88% this week, despite a 4.61% return since the position was opened.
- UNH fell 3.52% this week; its return since the position was opened is -7.05%.
- HD declined 3.37% this week; its return since the position was opened is -8.40%.
Portfolio changes
We sold 75 shares of AMZN on 2026-09-15; bought 81 shares of PG, 109 shares of WMT, 70 shares of XOM, 83 shares of GLW, and 28 shares of TSM on 2026-09-15; and sold 33 shares of HD on 2026-09-17 and 50 shares on 2026-09-18.
Trades this week
Outlook
The week was mixed: strong gains in AAPL and GOOGL helped offset weakness led by GLW, UNH, and HD. We will continue to monitor both recent price action and position-level returns since entry.