Statistics
| Deposit | 270.0 [0.0] |
| Net | 565.2 [+2.9] |
| Gain | 295.2 [+2.9] |
| Cash | -323.6 [-13.7] |
| Long | 888.8 [+16.6] |
| TR% | 1M | 3M | 1Y | 3Y |
| SPY | +0.8 | +3.8 | +17.8 | +68.9 |
| QQQ | -3.7 | +3.2 | +21.7 | +85.0 |
| MXWO | +0.9 | +3.9 | +17.8 | +66.9 |
| IBKR | +4.5 | +4.6 | +33.6 | +134.3 |
Based on a net liquidation value of $563.2k.
Total adjusted leverage ratio is 1.6.
Largest Positions
| T | Rank | Prev | Ticker | Company | USD | 1WΔ | % |
| ↔ | 1 | 1 | BMNR^ | BITMINE IMMERSION TECHNOLOGI | 54.5 | 0.3 | 9.6 |
| ↑ | 2 | NR | 285A.T | KIOXIA HOLDINGS CORP | 34.2 | 34.2 | 6.0 |
| ↓ | 3 | 2 | RCP.L | RIT CAPITAL PARTNERS PLC | 20.1 | -0.7 | 3.6 |
| ↓ | 4 | 3 | BST | BLACKROCK SCIENCE & TECH TR | 13.6 | 0.1 | 2.4 |
| ↓ | 5 | 4 | 8058.T | MITSUBISHI CORP | 12.0 | 1.1 | 2.1 |
| ↑ | 6 | 8 | PLTR | PALANTIR TECHNOLOGIES INC-A | 11.1 | 1.8 | 2.0 |
| ↓ | 7 | 6 | PGHN.SW | PARTNERS GROUP HOLDING AG | 9.1 | -0.2 | 1.6 |
| ↑ | 8 | 11 | ASML.AS | ASML HOLDING NV | 8.9 | 0.1 | 1.6 |
| ↓ | 9 | 7 | IGV | ISHARES EXPANDED TECH-SOFTWA | 8.8 | -0.5 | 1.6 |
| ↔ | 10 | 10 | OKTA | OKTA INC | 8.3 | -0.7 | 1.5 |
| ↑ | 11 | NR | NVDA | NVIDIA CORP | 8.3 | 2.2 | 1.5 |
| ↑ | 12 | 14 | BHP.AX | BHP GROUP LTD | 8.2 | 0.2 | 1.5 |
| ↓ | 13 | 9 | PANW | PALO ALTO NETWORKS INC | 8.1 | -0.9 | 1.4 |
| ↑ | 14 | 17 | 5020.T | ENEOS HOLDINGS INC | 8.1 | 0.4 | 1.4 |
| ↔ | 15 | 15 | IBKR* | INTERACTIVE BROKERS GRO-CL A | 8.0 | 0.0 | 1.4 |
| ↓ | 16 | 12 | GPW.WA | WARSAW STOCK EXCHANGE | 7.9 | -0.4 | 1.4 |
| ↓ | 17 | 16 | 8601.T | DAIWA SECURITIES GROUP INC | 7.9 | 0.3 | 1.4 |
| ↑ | 18 | 19 | BX | BLACKSTONE INC | 7.8 | 0.2 | 1.4 |
| ↓ | 19 | 13 | GOOGL | ALPHABET INC-CL A | 7.7 | -0.6 | 1.4 |
| ↑ | 20 | NR | MU | MICRON TECHNOLOGY INC | 7.4 | 0.6 | 1.3 |
Covered calls :
* Fully covered
^ Partially covered
Dropped out :
PERSHING SQUARE HOLDINGS LTD (PSH.L)
TESLA INC (TSLA)
ARK INNOVATION ETF (ARKK)
Actions
Entered :
| AVGO | BROADCOM INC | Semiconductors | Technology |
| GLW | CORNING INC | Electronic Components | Technology |
| SLR.MC | SOLARIA ENERGIA Y MEDIO AMBI | Utilities – Renewable | Technology |
| 5803.T | FUJIKURA LTD | Conglomerates | Industrials |
| HAL | HALLIBURTON CO | Oil & Gas Equipment & Services | Energy |
| BKR | BAKER HUGHES CO | Oil & Gas Equipment & Services | Energy |
| 285A.T | KIOXIA HOLDINGS CORP | Semiconductors | Technology |
Increased :
| MSCI | MSCI INC | Financial Data & Stock Exchanges | Financial Services |
| NVDA | NVIDIA CORP | Semiconductors | Technology |
| PLTR | PALANTIR TECHNOLOGIES INC-A | Software – Infrastructure | Technology |
| NOW | SERVICENOW INC | Software – Application | Technology |
| 6762.T | TDK CORPORATION | Electronic Components | Technology |
Decreased :
None.
Exited :
| SBET | SHARPLINK INC | Capital Markets | Financial Services |
| TIGR | UP FINTECH HOLDING LTD – ADR | Capital Markets | Financial Services |
| PSH.L | PERSHING SQUARE HOLDINGS LTD | Asset Management | Financial Services |
| PYPL | PAYPAL HOLDINGS INC | Credit Services | Financial Services |
| SMT.L | SCOTTISH MORTGAGE INV TR PLC | Asset Management | Financial Services |
| KLAR | KLARNA GROUP PLC | Software – Infrastructure | Technology |
| 7189.T | NISHI-NIPPON FINANCIAL HOLDI | Banks – Regional | Financial Services |
| 8593.T | MITSUBISHI HC CAPITAL INC | Credit Services | Financial Services |
| 5302.T | NIPPON CARBON CO LTD | Specialty Chemicals | Basic Materials |
| BBVA.MC | BANCO BILBAO VIZCAYA ARGENTA | Banks – Diversified | Financial Services |
Notes
- Markets were broadly lower this week, as the US market recorded its second consecutive weekly decline. Weakness was concentrated in semiconductors this week as well. It should be noted that the S&P funding (TRS) rate peak aligned with the peak in memory stock prices.
- Although the AI infrastructure projects are expected to produce ~20% ROIC which is comfortably above the cost of capital under 10%, the market is worried that the transition period will result in a funding gap similar to what Oracle is facing with its aggressive capital expenditures. This concern is shown through CDS blowing out for hyperscalers.
- The conflict in Iran has continued to escalate as nightly strikes reached a consecutive 13 days on July 23rd. Strikes were paused for the weekend while talks proceeded through Oman. Houthis were also active in the Saudi region as Saudi oil facilities were targeted.
- The portfolio initiated positions in Baker Hughes and Halliburton, two major oil services companies. Since the 2014 collapse in oil prices, capital expenditure into oil services has been extremely limited while the US just recently hit 13.9 million barrels per day, an all-time high. Record production should naturally create a need for increased services spending.
- A large bet was placed on Kioxia this week based on the belief that NAND flash spot prices will hold while long-term contract prices will eventually catch up to spot prices. In addition, past practices of flooding the market with commodity NAND is now impossible considering the extraordinary demand coupled with limited production. This is reflected in the fact that YMTC NAND currently has little to no discount to other manufacturers when in the past it had accepted 20% less. The big three DRAM/NAND manufacturers are expected to prioritize DRAM cleanroom capacity over that of NAND.
- As mentioned last week, Numana will look to reduce its current margin balance to ~$250k. The margin balance is currently at ~$324k. This unwind is expected to take several weeks.