Investor letter
Modest decline, relative resilience
Week of September 21, 2026 – September 27, 2026 · -0.34% return.
Return -0.34%S&P 500 -0.46%Alpha +0.12%Portfolio $1,050,901
Performance
For the week ended 2026-09-27, the portfolio declined -0.34%, versus -0.46% for the benchmark, producing 0.12% of alpha. Portfolio value moved from 1054477.64 to 1050900.57.
Winners
- META gained 11.72% this week; its return since the position was opened is 32.45%.
- GLW gained 8.73% this week; its return since the position was opened is 8.94%.
- TSM gained 7.87% this week; its return since the position was opened is 8.91%.
Losers
- JPM declined -1.68% this week; its return since the position was opened is 9.06%.
- XOM declined -1.67% this week; its return since the position was opened is -4.99%.
- V declined -0.96% this week; its return since the position was opened is 15.28%.
Portfolio changes
We sold 50 shares of HD on 2026-09-21.
Trades this week
Outlook
The portfolio finished modestly lower but outperformed the benchmark. Weekly strength in META, GLW, and TSM contrasted with declines in JPM, XOM, and V.