Statistics
| Deposit | 270.0 [0.0] |
| Net | 569.9 [+4.7] |
| Gain | 299.9 [+4.7] |
| Cash | -315.8 [+7.8] |
| Long | 885.7 [-3.1] |
| TR% | 1M | 3M | 1Y | 3Y |
| SPY | +0.0 | +4.2 | +19.5 | +69.4 |
| QQQ | -6.6 | +3.2 | +22.4 | +82.4 |
| MXWO | +0.6 | +4.5 | +20.6 | +67.9 |
| IBKR | +3.6 | +5.6 | +39.4 | +130.6 |
Based on a net liquidation value of $565.7k.
Total adjusted leverage ratio is 1.57.
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Largest Positions
| T | Rank | Prev | Ticker | Company | USD | 1WΔ | % |
| ↔ | 1 | 1 | BMNR^ | BITMINE IMMERSION TECHNOLOGI | 59.3 | 4.8 | 10.4 |
| ↔ | 2 | 2 | 285A.T | KIOXIA HOLDINGS CORP | 29.5 | -4.7 | 5.2 |
| ↔ | 3 | 3 | RCP.L | RIT CAPITAL PARTNERS PLC | 20.8 | 0.7 | 3.6 |
| ↔ | 4 | 4 | BST | BLACKROCK SCIENCE & TECH TR | 13.9 | 0.3 | 2.4 |
| ↑ | 5 | 6 | PLTR | PALANTIR TECHNOLOGIES INC-A | 13.5 | 2.5 | 2.4 |
| ↑ | 6 | 9 | IGV | ISHARES EXPANDED TECH-SOFTWA | 9.5 | 0.7 | 1.7 |
| ↔ | 7 | 7 | PGHN.SW | PARTNERS GROUP HOLDING AG | 9.2 | 0.1 | 1.6 |
| ↑ | 8 | 11 | NVDA | NVIDIA CORP | 9.0 | 0.8 | 1.6 |
| ↑ | 9 | 20 | GOOGL | ALPHABET INC-CL A | 8.5 | 0.9 | 1.5 |
| ↑ | 10 | 12 | BHP.AX | BHP GROUP LTD | 8.5 | 0.3 | 1.5 |
| ↑ | 11 | 14 | 5020.T | ENEOS HOLDINGS INC | 8.4 | 0.4 | 1.5 |
| ↓ | 12 | 8 | ASML.AS | ASML HOLDING NV | 8.3 | -0.6 | 1.5 |
| ↑ | 13 | 14 | 3234.T | MORI HILLS REIT INVESTMENT C | 8.3 | 0.2 | 1.4 |
| ↑ | 14 | 17 | GPW.WA | WARSAW STOCK EXCHANGE | 8.0 | 0.1 | 1.4 |
| ↑ | 15 | 18 | 8601.T | DAIWA SECURITIES GROUP INC | 8.0 | 0.1 | 1.4 |
| ↔ | 16 | 16 | IBKR* | INTERACTIVE BROKERS GRO-CL A | 8.0 | 0.0 | 1.4 |
| ↑ | 17 | 19 | BX | BLACKSTONE INC | 7.7 | -0.1 | 1.3 |
| ↑ | 18 | NR | ICE | INTERCONTINENTAL EXCHANGE IN | 7.6 | 0.3 | 1.3 |
| ↑ | 19 | NR | ADSK | AUTODESK INC | 7.0 | 0.7 | 1.2 |
| ↑ | 20 | NR | PAAS | PAN AMERICAN SILVER CORP | 6.9 | 1.6 | 1.2 |
Covered calls :
* Fully covered
^ Partially covered
Dropped out :
MITSUBISHI CORP (8058.T)
OKTA INC (OKTA)
PALO ALTO NETWORKS INC (PANW)
Note: 3234.T was not previously included in the top 20 holdings as an error.
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Actions
Entered :
| 1802.T | OBAYASHI CORP | Engineering & Construction | Industrials |
| OWL | BLUE OWL CAPITAL INC | Asset Management | Financial Services |
| TOYO | TOYO CO LTD | Solar | Technology |
| AMD | ADVANCED MICRO DEVICES | Semiconductors | Technology |
| ISRG | INTUITIVE SURGICAL INC | Medical Instruments & Supplies | Healthcare |
| KKR | KKR & CO INC | Asset Management | Financial Services |
| TTD | TRADE DESK INC/THE -CLASS A | Advertising Agencies | Communication Services |
| HALO | HALOZYME THERAPEUTICS INC | Biotechnology | Healthcare |
| COHR | COHERENT CORP | Scientific & Technical Instruments | Technology |
| RDDT | REDDIT INC-CL A | Internet Content & Information | Communication Services |
| ORCL | ORACLE CORP | Software – Infrastructure | Technology |
Increased :
| NST.AX | NORTHERN STAR RESOURCES LTD | Gold | Basic Materials |
| NVDA | NVIDIA CORP | Semiconductors | Technology |
| PAAS | PAN AMERICAN SILVER CORP | Gold | Basic Materials |
| GLW | CORNING INC | Electronic Components | Technology |
| PLTR | PALANTIR TECHNOLOGIES INC-A | Software – Infrastructure | Technology |
| EOSE | EOS ENERGY ENTERPRISES INC | Electrical Equipment & Parts | Industrials |
| DXYZ | DESTINY TECH100 INC | Asset Management | Financial Services |
| 5803.T | FUJIKURA LTD | Conglomerates | Industrials |
| KTOS | KRATOS DEFENSE & SECURITY | Aerospace & Defense | Industrials |
| SOFI | SOFI TECHNOLOGIES INC | Credit Services | Financial Services |
Decreased :
| 8058.T | MITSUBISHI CORP | Conglomerates | Industrials |
| OKTA | OKTA INC | Software – Infrastructure | Technology |
| ADBE | ADOBE INC | Software – Application | Technology |
| HLI | HOULIHAN LOKEY INC | Capital Markets | Financial Services |
Exited :
| 6762.T | TDK CORPORATION | Electronic Components | Technology |
| 7832.T | BANDAI NAMCO HOLDINGS INC | Leisure | Consumer Cyclical |
| 9074.T | JAPAN OIL TRANSPORTATION CO | Railroads | Industrials |
| SS1.AX | SUN SILVER LTD | Other Precious Metals & Mining | Basic Materials |
| 4231.T | TIGERS POLYMER CORP | Specialty Chemicals | Basic Materials |
| DHLU.SI | DAIWA HOUSE LOGISTICS TRUST | REIT – Industrial | Real Estate |
| SQN.SW | SWISSQUOTE GROUP HOLDING-REG | Capital Markets | Financial Services |
| CI | THE CIGNA GROUP | Healthcare Plans | Healthcare |
| PANW | PALO ALTO NETWORKS INC | Software – Infrastructure | Technology |
| KEP | KOREA ELEC POWER CORP-SP ADR | Utilities – Regulated Electric | Utilities |
| EG | EVEREST GROUP LTD | Insurance – Reinsurance | Financial Services |
| NTNX | NUTANIX INC – A | Software – Infrastructure | Technology |
| BN | BROOKFIELD CORP | Asset Management | Financial Services |
| NK.PA | IMERYS SA | Specialty Chemicals | Basic Materials |
| ZM | ZOOM COMMUNICATIONS INC | Software – Application | Technology |
| MKTX | MARKETAXESS HOLDINGS INC | Capital Markets | Financial Services |
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Notes
- There was large turnover this week within the portfolio, as a comprehensive reassessment of each portfolio company was processed using several fundamental metrics. Low-growth names were sold in favor of high-growth names, especially those involved in the AI infrastructure boom.
- Semiconductors took a huge hit as Aschenbrenner’s Situational Awareness LP was taken out by Citadel’s trading division. It was most likely a targeted hit on the 4x leveraged LP, and Citadel likely shorted all the way down and closed out most of the shorts using the new positions from the Situational Awareness fund acquisition.
- Headline PCE slowed in June as it was in the negative for the first time since 2020. The annual rate decreased to 3.7% from 4.1% in the prior month.
- The market still expects a 25bps hike in September, with the FedWatch tool putting the chances of a hike at 67%. The Fed’s dot plot is all over the place, but rates holding for 2026 still has the most votes.
- Based on UBS estimates, hyperscalers are expected to increase memory spend significantly into 2027, as shown below.
- It should be noted that we are entering the period before midterm elections where returns have mostly been muted. However, markets have tended to explode higher once the uncertainties of the midterms have been taken off the books.
- However, with the AI capex supercycle at its early stages, there may be a noticeable offset to the upside. Although there have been some concerns about funding (noted by CDS premiums) the big players should have enough liquidity and funding sources to continue to increase spending into 2027. Microsoft was the latest to confirm that there will be no slowdown in capital expenditure in FY 2027.
- The US has continued with its on-and-off rhetoric on its offensive in Iran, and this continued into this weekend as Trump announced that there would be a pause in strikes as “the perimeters of a deal has been agreed to” between Iran and other Gulf nations. At face value this seems like another round in the conflict and the outcome is as uncertain as ever. An end to the conflict would likely cause short-term price decreases on downstream energy products, but there will definitely be an increase in the investment into energy infrastructure to reduce future risks.
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