𝗔 𝗤𝟯 𝗥𝗲𝘃𝗶𝗲𝘄: 𝗛𝗼𝘄 𝗪𝗲'𝗿𝗲 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 Hey everyone, Hope you've all been well. After a bit of a break over the summer, I'm back and wanted to do a proper deep dive into how the portfolio performed in Q3 and, most importantly, why. Let's start with the headline numbers. September was a solid month, with the portfolio gaining +𝟰.𝟰𝟴%. This brought our performance for the first nine months of the year (YTD) to an excellent +𝟮𝟴.𝟴𝟵% (all data as of Sep 30th). After a slower summer in July and August, it felt great to get back to strong outperformance. The key takeaway for me is that our long-term, disciplined strategy is working exactly as it should: we're weathering the choppy months and capitalizing when the market turns. 𝗠𝗮𝗸𝗶𝗻𝗴 𝗦𝗺𝗮𝗿𝘁 𝗠𝗼𝘃𝗲𝘀 So, what drove the performance? It was a combination of patience with our core holdings and a few strategic new additions. (Note: The performance numbers below are as of end of Q3). A big winner has been our additional investment in $SNOW (Snowflake). The position we added in August gained a fantastic +18.9% in the quarter, validating our thesis on the long-term growth of the data cloud. We also re-entered a position in $GOOGL in August, after selling it earlier in the year. The initial catalyst was their impressive "Google Cloud Next" event, which showcased a very strong and credible roadmap for their AI and cloud divisions. That new position has performed very well, up +19% since our re-entry. Our other June additions, $DDOG and $MRVL, have also been solid contributors, up between +15% and +18% since we opened them. The thesis for these "picks and shovels" plays on AI infrastructure is proving to be a strong one. 𝗧𝗵𝗲 $𝗢𝗥𝗖𝗟 𝗦𝘁𝗼𝗿𝘆: 𝗔 𝗟𝗲𝘀𝘀𝗼𝗻 𝗶𝗻 𝗣𝗮𝘁𝗶𝗲𝗻𝗰𝗲 Not everything was a straight line up. Our new position in $ORCL (Oracle) is currently down. I’m not worried. My reason for buying Oracle is a long-term bet on their growing cloud infrastructure business, especially as they carve out a niche in the AI space. Short-term price moves don’t shake a long-term thesis. This is a perfect example of needing to have patience and conviction in your research. 𝗔 𝗡𝗼𝘁𝗲 𝗼𝗻 𝗥𝗲𝗰𝗲𝗻𝘁 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 (𝗢𝗰𝘁𝗼𝗯𝗲𝗿) In the spirit of full transparency, I want to mention that I've made a few important strategic adjustments to the portfolio since the quarter ended. This is part of our active management strategy to ensure our capital is always positioned for the best long-term growth opportunities. I will be sharing a detailed post next week with a full breakdown of these changes and the rationale behind them. Stay tuned! Thanks for your trust, and I'm excited for what Q4 will bring.