Investor letter
A modest down week, with the portfolio outperforming its benchmark.
Week of October 19, 2026 – October 25, 2026 · -0.61% return.
Return -0.61%S&P 500 -0.69%Alpha +0.08%Portfolio $1,047,825
Performance
For the week ended 2026-10-25, portfolio value moved from 1054297.77 to 1047824.99, a -0.61% return versus -0.69% for the benchmark. Alpha was 0.08%.
Winners
- UNH gained 5.68% this week; it is up 13.83% since the position was opened.
- V gained 4.21% this week; it is up 18.65% since the position was opened.
- JNJ gained 3.90% this week; it is up 9.99% since the position was opened.
Losers
- META fell -12.87% this week; it is up 13.62% since the position was opened.
- GOOGL fell -7.89% this week; it is down -8.46% since the position was opened.
- NVDA fell -4.67% this week; it is up 4.19% since the position was opened.
Portfolio changes
On 2026-10-22, the fund sold 21 shares of AMD.
Trades this week
Outlook
This week’s relative result was positive despite an absolute decline. We remain focused on the existing portfolio and will continue to assess positions based on their ongoing contribution to portfolio results.