This month we initiate a position in MercadoLibre, cover Kaspi's Q1 print and its take-rate signal, and work through a more dispersed month across the rest of the portfolio.

This update covers a new portfolio initiation backed by a fresh deep dive, a two-percentage-point trim of one of our strongest performers redeployed into two names that have sold off, and our read on the disconnect between Iran-fallout risk and the equity market's response. We also work through Q1 earnings from Ingersoll Rand, Coupang, and Topicus.

March was a brutal month for equities and our portfolio was not spared.

We exited InPost at a 53% gain following the CVC takeover, initiated a new position in Rollins (ROL), and address the portfolio’s short-term underperformance with an honest look at our process and conviction.

InPost receives a €6B+ takeover bid, we add to Coupang amid the selloff, and Cintas joins the watchlist.

We more than doubled our Coupang position following the data breach selloff and initiated a new position in RB Global (RBA), bringing the portfolio to eight holdings with 40% deployed.

We dive into the issues weighing on Coupang's stock and explain why we're adding to our position.

Another month of buying quality.

We capitalized on this month's volatility.

This month’s update highlights steady progress in building a resilient portfolio, with disciplined patience through short-term volatility. We also added Coupang, a dominant e-commerce and logistics player, reflecting our conviction in owning long-term compounders with durable moats.

August brought interesting developments across the portfolio.

July was our first full month with capital deployed and the results are in. See how our model portfolio performed versus the S&P and MSCI World, and how we’re thinking about cash drag and risk.

In our first portfolio update, we walk through the initial positions, explain why we’re starting with a high cash balance, and share the key risks we’re watching (plus what’s on our research watchlist).

A guide outlining how we plan to build the portfolio over time, the investment principles that guide us, and the disciplined process we follow when making buy and sell decisions.