02/26: Uncorrelated Returns
Portfolio Update. Record earnings, geopolitical drama, and navigating the volatility.
Want more context? Track the journey so far here.
Index
Briefing
Our 21st edition was probably the most emotionally volatile yet. At one point, we were up about 13% for the month. This is the type of volatility we like (the upside part), even though it deflated slightly toward the end of the month.
Our companies have posted incredible earnings so far, which explains the rise, though the macro context remains a bit rough. We’ll dive deeper into this when we look at participant perception in our Macro Context section.
Most of our holdings remain easy holds with independent catalysts expected in the coming months. Once realized, we believe these will lead to a rerating, regardless of geopolitical tension or what Donald Trump announces on Twitter.
Want to see the exact adjustments we made and our playbook for the coming months? Keep reading today’s update. While the rest of the market panics, we’re quietly profiting with our ultra-solid, uncorrelated portfolio.
Please note that this update accurately reflects the portfolio changes within Equity Focus FIL, our regulated European hedge fund.
This publication is confidential and intended solely for the use of the person or entity to whom it is given or sent. It may not be reproduced, distributed, or transmitted without the author's prior written consent.
By accepting to receive the full post as a 🧙♂️ Inner Circle or Paid member, the recipient agrees to be bound by the foregoing limitations.
None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
📊 Portfolio Overview
YTD Performance Summary
Equity Focus* [A Shares] ➤ +7.53%
Equity Focus* [Y Shares] ➤ +7.44%
All-Weather Portfolio** ➤ +3.59%