11/25: The Setup Most Investors Miss at Year-End
Portfolio Update. New Core Position, Forced Reassessments, and a Discipline Cut of What No Longer Works.
Want more context? Track the journey so far here.
Index
Briefing
In our eighteenth edition, we break down what it really means to be the buyer of last resort (w/ our new buys), update every core holding with fresh earnings call info, and show you exactly what we are preparing for the months ahead.
November was an inflection point. We executed four major moves, two dollar-cost-averaging deployments, and two new core holdings.
At the same time, we received confirmation of significant inflows scheduled for Q1 2026, capacity we will deploy to defend volatility with cash alternatives and through dollar-cost averaging into our seven high-conviction core positions.
We’re aggressively optimizing, addressing several end-of-year decisions that will materially shape 2026.
This is the perfect time of the year to ask ourselves the uncomfortable questions and test for biases.
Two companies forced us to reassess. It hurts to admit that when the situation changes, we must change as well.
That means December will include some uncomfortable sells and tax-loss harvesting. As always, we aim to structurally improve our portfolio and our processes.
Finally, we revisit the All-Weather portfolio. In volatile conditions, it is designed to protect and quietly compound while everything else is distorted. November delivered exactly the kind of relative performance we expect during stress.
From July to the end of October, the S&P was up 6.34%, while the All-Weather was up 4.47%. As of November 30th, the S&P stands at +6.46% while the All-Weather is now at +8.99%.
The gap flipped in one month.
What most people underestimate is what happens next… the compounding effect.
Note: Our portfolio stands at 17 holdings.
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 🧙♂️ Hermit Premium 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
Cumulative Performance Summary
Equity Focus* [A Shares] ➤ -9.25%
Equity Focus* [Y Shares] ➤ -8.62%
All-Weather Portfolio** ➤ +8.99%
* 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 November 28th, 2025