12/25: Why We Just Bought 1%+ of This Small-Cap
Portfolio Update. Downloadable audited returns, a new high-conviction trade, and more...
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Index
Briefing
Welcome to the 19th Edition.
This is a milestone issue for us, marking our first full year-end review of Equity Focus. To everyone participating in this venture, thank you… especially those who have committed capital.
In this edition, we open the books.
Right at the top, you will find a downloadable PDF containing our audited performance, detailed 2025 positions, and capital evolution. Transparency is our baseline.
For the quarterly review, we are dissecting the winners and laggards to extract the lessons that can shape our decisions, sharing how these moves have forced us to refine our investment process.
Inside, you will find:
News: How current macro trends are impacting our thesis and individual holdings.
Portfolio Moves: We are unveiling a brand new high-conviction position and detailing tactical changes to eight other names.
Our Roadmap: We conclude with an updated valuation summary for every company we own (categorized by upgrades, downgrades, and holds) along with the fund’s aggregate expected value (net of fees) evolution for the next 12–24 months.
Let’s dive in.
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.
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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
Cumulative Performance Summary
Equity Focus* [A Shares] ➤ -8.14%
Equity Focus* [Y Shares] ➤ -7.54%
All-Weather Portfolio** ➤ +8.97%
* Equity Focus FIL was approved in April 2025 and started operating in June 2025. Figures are net of fees.
** The All-Weather Portfolio, introduced in July 2025, serves as a BENCHMARK reference.
Equity Focus FIL
Updated on December 31st, 2025