Investor letter
A difficult week: the portfolio declined -0.85%, trailing the benchmark by -0.15%.
Week of October 12, 2026 – October 18, 2026 · -0.85% return.
Return -0.85%S&P 500 -0.70%Alpha -0.15%Portfolio $1,045,179
Performance
From 2026-10-12 to 2026-10-18, portfolio value moved from 1054090.17 to 1045178.78. The portfolio returned -0.85% versus -0.70% for the benchmark, producing -0.15% alpha.
Winners
- WMT rose 9.85% this week; its return since the position was opened is 9.32%.
- XOM gained 9.10% this week; its return since the position was opened is 5.41%.
- MA advanced 8.47% this week; its return since the position was opened is 26.37%.
Losers
- NVDA declined -9.83% this week; its return since the position was opened is 6.02%.
- TSM declined -12.62% this week; its return since the position was opened is -0.15%.
- AMD declined -18.13% this week; its return since the position was opened is -13.44%.
Portfolio changes
On 2026-10-15, the fund sold 83 shares of GLW and 94 shares of ORCL.
Trades this week
Outlook
This week’s results reflected sharp dispersion across holdings. We will continue to monitor the portfolio’s positions and recent changes with attention to both weekly volatility and returns since each position was opened.