Statistics
| Deposit | 270.0 [0.0] |
| Net | 619.1 [+49.2] |
| Gain | 349.1 [+49.2] |
| Cash | -299.0 [-16.8] |
| Long | 918.1 [+32.4] |
| TR% | 1M | 3M | 1Y | 3Y |
| SPY | +3.4 | +6.0 | +23.6 | +78.1 |
| QQQ | +1.9 | +4.2 | +27.6 | +96.1 |
| MXWO | +3.2 | +5.9 | +24.3 | +76.4 |
| IBKR | +8.4 | +9.9 | +47.0 | +158.9 |
Based on a net liquidation value of $618.7k.
Total adjusted leverage ratio is 1.50.
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Largest Positions
| T | Rank | Prev | Ticker | Company | USD | 1WΔ | % |
| ↔ | 1 | 1 | BMNR^ | BITMINE IMMERSION TECHNOLOGI | 56.7 | -2.6 | 9.2 |
| ↔ | 2 | 2 | 285A.T | KIOXIA HOLDINGS CORP | 30.2 | 0.7 | 4.9 |
| ↔ | 3 | 3 | RCP.L | RIT CAPITAL PARTNERS PLC | 21.3 | 0.5 | 3.4 |
| ↑ | 4 | 5 | PLTR | PALANTIR TECHNOLOGIES INC-A | 18.9 | 5.4 | 3.1 |
| ↓ | 5 | 4 | BST | BLACKROCK SCIENCE & TECH TR | 14.6 | 0.7 | 2.4 |
| ↔ | 6 | 6 | IGV | ISHARES EXPANDED TECH-SOFTWA | 10.3 | 0.8 | 1.7 |
| ↑ | 7 | 8 | NVDA | NVIDIA CORP | 10.1 | 1.0 | 1.6 |
| ↓ | 8 | 7 | PGHN.SW | PARTNERS GROUP HOLDING AG | 10.0 | 0.8 | 1.6 |
| ↑ | 9 | 10 | BHP.AX | BHP GROUP LTD | 8.9 | 0.4 | 1.4 |
| ↑ | 10 | 12 | ASML.AS | ASML HOLDING NV | 8.7 | 0.4 | 1.4 |
| ↑ | 11 | 14 | GPW.WA | WARSAW STOCK EXCHANGE | 8.6 | 0.6 | 1.4 |
| ↓ | 12 | 11 | 5020.T | ENEOS HOLDINGS INC | 8.6 | 0.1 | 1.4 |
| ↓ | 13 | 9 | GOOGL | ALPHABET INC-CL A | 8.5 | 0.0 | 1.4 |
| ↑ | 14 | 17 | BX | BLACKSTONE INC | 8.2 | 0.6 | 1.3 |
| ↑ | 15 | NR | GLXY | GALAXY DIGITAL INC-A | 8.1 | 1.8 | 1.3 |
| ↓ | 16 | 15 | 8601.T | DAIWA SECURITIES GROUP INC | 8.1 | 0.0 | 1.3 |
| ↓ | 17 | 13 | 3234.T | MORI HILLS REIT INVESTMENT C | 8.1 | -0.2 | 1.3 |
| ↓ | 18 | 16 | IBKR* | INTERACTIVE BROKERS GRO-CL A | 8.0 | 0.0 | 1.3 |
| ↑ | 19 | NR | ARKK | ARK INNOVATION ETF | 7.9 | 0.8 | 1.3 |
| ↔ | 20 | 20 | PAAS^ | PAN AMERICAN SILVER CORP | 7.6 | 0.7 | 1.2 |
Covered calls :
* Fully covered
^ Partially covered
Dropped out :
INTERCONTINENTAL EXCHANGE IN (ICE)
AUTODESK INC (ADSK)
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Actions
Entered :
| FN | FABRINET | Electronic Components | Technology |
| 5802.T | SUMITOMO ELECTRIC INDUSTRIES | Auto Parts | Consumer Cyclical |
Increased :
| GLXY | GALAXY DIGITAL INT-A | Capital Markets | Financial Services |
Decreased :
| BMNR | BITMINE IMMERSION TECHNOLOGI | Capital Markets | Financial Services |
| BTG | B2GOLD CORP | Gold | Basic Materials |
| CDE | COEUR MINING INC | Gold | Basic Materials |
Exited :
| TOYO | TOYO CO LTD | Solar | Technology |
| RDDT | REDDIT INC-CL A | Internet Content & Information | Communication Services |
| EOSE | EOS ENERGY ENTERPRISES INC | Electrical Equipment & Parts | Industrials |
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Notes
- Net market exposure increased due to outsized portfolio gains, but some of the gains in the gold sector along with reassessments of several portfolio names led to a drop in net adjusted leverage ratio from 1.58 to 1.5. This trend will continue to decrease to around 1.3-1.4 as the portfolio prepares for possible downside before midterms in early November.
- SpaceX unveiled additional details regarding Terafab on August 6th, as SpaceX/Tesla will initially invest $16.8B to bring up the facilities. The vertically integrated Terafab is expected to occupy 100 million square feet in Grimes County, Texas and the rumored merger between the two companies seems likely at this point.
- On a related note, Semianalysis has published the expected revenue run-rate for SpaceX. The chart below shows that by the end of 2027, ARR will break $300B, with ~77% of it coming from monetization of AI compute capacity. On a more observable level, it is ironic that “Space” is only expected to contribute $7B ARR, which would be a paltry 2% of the combined total.
- US employment contracted 23k, a large move in the opposite direction from the expected increase of 80k. Unemployment still fell to 4.1% as labor force participation declined. This pushed the September hike probability down below 50%, which was particularly supportive for stocks and crypto this week.
- Manufacturing was extremely strong once again, as ISM Manufacturing PMI hit 55.6, which was the strongest since May 2022. Internal numbers suggest real improvement, as production (58.5, highest since 9/2021) and employment (52.8, first expansion in 33 months) led the strong headline numbers. Unfilled orders and backlog expanded, while the Manufacturing Prices Index dropped to 71.1 in July compared to 82.1 in May. Input costs are still elevated, but much of this is from rising semiconductor prices which are mainly being handled by the large hyperscalers with better liquidity pools.
- Equities in gold and silver, along with other metals, have bounced from local lows and are primed to rerate higher. The strong manufacturing boom from AI have reached the lower end of the process through high inflation and large order sizes.
- Goldman’s Prime Brokerage desk produced its monthly Hedge fund crowding monitor. Exposure to Broad AI and Data Centers have been slowly unwinding into short territory, while Software (which has lagged the market but just entered positive territory YTD) has been the beneficiary of a sector rotation.
- Palantir had a strong earnings report, gaining 29.5% on August 4th and up nearly 40% for this week. AMD beat consensus, but missed the highest whisper numbers. Also, Musk mentioned that SpaceX will build exclusively on Nvidia as the company thinks that “the Vera Rubin architecture is the best architecture” and that is it also the best AI computer.
- Upcoming earnings (8/10-8/14) for Numana portfolio names are shown below.
- 8/10 : 5713.T, SVM
- 8/11 : SE
- 8/12 : COHR, 5842.T
- 8/13 : ADYEN.AS, ASX.AX, NU, 3445.T, STNE
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