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.