05/26: Giga Company Review
Portfolio Update. Reviewing 24 companies and 2 years of monthly updates.
Want more context? Track the journey so far here.
Index
Portfolio Overview
May Review
Macro News
Prospective Company News
SSC Security Services (TSX:SECU)
Nova Leap (TSXV:NLH)
District Metals (TSX:DMX)
Oil and Gas Company News
Saturn Oil & Gas (TSX:SOIL)
Yangarra Resources (TSX:YGR)
Helix Energy Solutions Group (NYSE:HLX)
TGS ASA (OSL:TGS)
Northern Oil & Gas, Inc. (NYSE:NOG)
US Company News
Crocs, Inc. (NASDAQ:CROX)
Credit Acceptance Corporation (NASDAQ:CACC)
Blue Bird Corporation (NASDAQ:BLBD)
Clearwater Paper Corporation (NYSE:CLW)
EU Company News
Arcure (EURONEXT:ALCUR)
Fountaine Pajot (EURONEXT:ALFPC)
Groupe Beneteau (EURONEXT:BEN)
Catana Group (EURONEXT:ALCAT)
Yü Group PLC (LSE:YU.)
Cyber_Folks S.A. (WSE:CPF)
CeoTronics AG (XFRA:CEK)
Invisio AB (STO:INVIS)
Spectra Systems Corporation (LSE:SPSY)
Mha Plc (LSE:MHA)
Other Company News
Cover Corporation (TYO:5253)
ANYCOLOR Inc. (TYO:5032)
Generation Capital Ltd (TASE:GNPT)
Briefing
This 24th edition marks exactly two years since we started being fully transparent about every single holding in our portfolio.
Think about that for a second. June 2024 feels like a lifetime ago. It definitely was a different world culturally, politically, and economically. Back then:
Biden was still in the White House, and the idea of a Trump comeback was still just a debate stage away (plus we got to see ‘White Dudes for Harris’ in action).
Sabrina Carpenter’s ‘Espresso’ had just become the song of the summer, and we were all picking sides in the Kendrick vs. Drake feud.
The Hawk Tuah girl was a freshly baked meme, and Diddy’s legal troubles were just starting to dominate the news cycle.
Back then, we were a community of a few thousand subscribers.
That first post yielded a grand total of 8 likes, 5 restacks, and our first paid subscriber… it was the first time we ever published with a paid option.
Of course, back then, every email started with that stupid suitcase emoji (💼). Please, guys, never do this unless you want to be classified as spam by Gmail.
I still had a lot to learn at the time, and I was publishing my personal portfolio. Coming off triple-digit returns in 2023, I thought I would make a killing in 2024.
That was obviously not the case, mostly due to some heavily concentrated bets.
Breakdown of CVNA holding (pre-split):
Purchase ~$8.10 (in May/June 2023)
Sale at ~$104 (May 2024)
Total Return: 1,184%
Return in 2023: 554%
Return in 2024: 96%
I had just sold all of my Carvana shares for a nice little 10 bagger that May and was riding the high of reallocating everything into Cardlytics… but we all know how that worked out.
If, instead, you look back at our post from exactly one year ago, you can see the moment the training wheels officially came off.
That was when we transitioned into a professionalized fund structure, which forced us to get serious about risk management and asset allocation.
By then, instead of flying by the seat of our pants with a few highly concentrated bets, we built a much more resilient, balanced machine.
Strategically spreading our weight across three core pillars with diversified commodities, high-operating-leverage tech, and programmatic market consolidators.
This allowed us to create a deeply balanced set of holdings. It gave us protection to weather unexpected macro events while owning the cost and tech leaders in the micro- and small-cap space.
Anyway, a lot has changed in 24 months, but our focus on finding compounders is at the center of everything we do.
In this post, we look beyond the short term to share updates on 24 companies we love, from past holdings to new names we are actively researching or plan to buy.
Right now, we are deep in the weeds on the operational details for a few specific private and public holdings, and we hope to share those full write-ups with you as soon as possible.
We hope you find these insights valuable. Enjoy the read!
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None of the following should be construed as investment advice. Please consult a financial advisor before making any investment decision. You will find a full disclaimer at the end of this post.
