IBKR Portfolio 26W34 - Numana Ventures

Based on a net liquidation value of $652.8k.
Total adjusted leverage ratio is 1.54.

T	Rank	Prev	Ticker	Company	USD	1WΔ	%
↔	1	1	BMNR^	BITMINE IMMERSION TECHNOLOGI	58.8	11.4	9.0
↔	2	2	285A.T	KIOXIA HOLDINGS CORP	34.2	0.4	5.2
↔	3	3	RCP.L	RIT CAPITAL PARTNERS PLC	21.1	-0.2	3.2
↔	4	4	PLTR	PALANTIR TECHNOLOGIES INC-A	19.8	0.6	3.0
↔	5	5	BST	BLACKROCK SCIENCE & TECH TR	14.9	-0.1	2.3
↔	6	6	IGV	ISHARES EXPANDED TECH-SOFTWA	10.3	-0.1	1.6
↑	7	8	PGHN.SW	PARTNERS GROUP HOLDING AG	9.8	0.0	1.5
↓	8	7	NVDA	NVIDIA CORP	9.7	-0.5	1.5
↔	9	9	GLXY	GALAXY DIGITAL INC-A	9.5	0.8	1.4
↔	10	10	BX	BLACKSTONE INC	8.6	0.0	1.3
↑	11	14	5020.T	ENEOS HOLDINGS INC	8.4	0.3	1.3
↑	12	13	3750.HK	CONTEMPORARY AMPEREX TECHN-H	8.3	0.1	1.3
↓	13	11	GOOGL	ALPHABET INC-CL A	8.3	0.0	1.3
↑	14	NR	ASST	STRIVE INC-A	8.2	2.7	1.3
↓	15	12	GPW.WA	WARSAW STOCK EXCHANGE	8.1	-0.1	1.2
↑	16	17	3234.T	MORI HILLS REIT INVESTMENT C	8.1	0.1	1.2
↑	17	20	ICE	INTERCONTINENTAL EXCHANGE IN	8.1	0.3	1.2
↓	18	15	ARKK*	ARK INNOVATION ETF	8.0	0.0	1.2
↓	18	15	IBKR*	INTERACTIVE BROKERS GRO-CL A	8.0	0.0	1.2
↓	20	18	8601.T	DAIWA SECURITIES GROUP INC	7.8	-0.1	1.2

Covered calls :
* Fully covered
^ Partially covered

Dropped out :
MICRON TECHNOLOGY INC (MU)

Entered :

PBR	PETROLEO BRASILEIRO-SPON ADR	Oil & Gas Integrated	Energy
CLF	CLEVELAND-CLIFFS INC	Steel	Basic Materials
ZTS	ZOETIS INC	Drug Manufacturers – Specialty & Generic	Healthcare
HDB	HDFC BANK LTD-ADR	Banks – Regional	Financial Services

Increased :

STNE	STONECO LTD-A	Software – Infrastructure	Technology
5802.T	SUMITOMO ELECTRIC INDUSTRIES	Auto Parts	Consumer Cyclical
SPCX	SPACE EXPLORATION TECHN-CL A	Aerospace & Defense	Industrials

Decreased :

ADBE	ADOBE INC	Software – Application	Technology
KULR	KULR TECHNOLOGY GROUP INC	Electronic Components	Technology

Exited :

No special notes regarding the portfolio.
Bessent came out in multiple interviews this week in support of the Treasury’s liquidity-support buybacks of 10-30y Treasuries. This operation is backed by issuing short-duration debt.
As a result, crypto prices were strong this week, sending BTC and ETH higher by 21% and 29%, respectively. Gold also had a strong showing as it rose 5% to support the overall debasement trade. Open interest has shifted heavily in favor of the call side in gold.

One caveat is that gold (along with others in the same debasement bucket) has recently traded in reciprocal to 2y-10y yield spread. As the US Treasury continues the Treasury’s version of “Operation Twist” where the 10y yield is artifically suppressed, this spread will move in a direction that is less favorable to gold.

High-beta Momo (high momentum) went through another round of unwinding, as the number of large single-day selloffs (>5%) this year eclipsed the total from the previous 5 years combined. GSPRHIMO has failed to get near the peak reached in late June as it struggles under the 200-day MA. However, the collapse of the Situational Awareness fund seems to have marked the bottom of the selloff and even with Citadel ultimately liquidating over 80% of the fund we have not seen new lows for this index. It should be noted that this index weight has slowly shifted from the AI hardware sector to the Software sector.

One interesting note: South America has gone through a Conservative realignment as many of these nations have voted in favor of right-wing candidates since 2025. As such, countries such as Brazil (run by the left-wing Socialist Lula da Silva) offer interesting risk-reward opportunities with the possibility of a regime change in October 2026. Numana will add to its Petrobras and Nu Holdings shares while also introducing Vale to the portfolio. These plays also contribute to the energy shortage and debasement theses.

Nvidia earnings and Jackson Hole news will dominate next week’s events. Numana maintains the opinion that these events will have favorable near-term outcomes.

8/26 (Wed) :
CRM, CRWD, NVDA, OKTA, 0836.HK, 6838.HK, VIG.VI

8/27 (Thu) :
ADSK

8/28 (Fri) :
0267.HK, 2328.HK, 3988.HK, STR.VI