Investor letter

A difficult week, but modest relative resilience versus the benchmark.

Week of October 26, 2026 – November 1, 2026 · -0.76% return.

Return -0.76%S&P 500 -0.89%Alpha +0.13%Portfolio $1,040,232

Performance

For the week ended 2026-11-01, portfolio value declined from 1048239.29 to 1040232.31, a return of -0.76%, versus -0.89% for the benchmark. Alpha was 0.13%.

Winners

JNJ gained 5.98% this week; its return since the position was opened is 14.94%.
XOM rose 5.14% this week; its return since the position was opened is 10.32%.
WMT advanced 4.85% this week; its return since the position was opened is 5.90%.

Losers

INTC fell -29.26% this week; its return since the position was opened is -2.17%.
GOOGL declined -16.41% this week; its return since the position was opened is -0.98%.
META fell -11.83% this week, while its return since the position was opened remains 7.94%.

Portfolio changes

Activity included sales of GOOGL, GLW, CAT, and AMZN, alongside purchases of HD, CAT, GLW, AVGO, ORCL, GOOGL, INTC, PG, and WMT. Notably, GOOGL and GLW were both sold and repurchased during the week.

Trades this week

SELL 50 GOOGL BUY 38 HD BUY 17 CAT BUY 96 GLW BUY 37 AVGO BUY 97 ORCL SELL 96 GLW SELL 104 GOOGL SELL 17 CAT SELL 100 AMZN BUY 55 GOOGL BUY 126 GLW BUY 240 INTC BUY 95 PG BUY 125 WMT

Outlook

The portfolio finished below its starting value, although it outperformed the benchmark by 0.13%. This week’s dispersion was pronounced: strength in JNJ, XOM, and WMT was offset by sharp declines in INTC, GOOGL, and META. We remain focused on the existing positions and the changes executed during the week.