09/25: 6 Wins, 5 Misses; the Rhythm of Q3
Portfolio Update. Quarterly Review. Major Inflows
Want more context? Track the journey so far here.
Index
Briefing
Welcome to our sixteenth edition. Inside this rigorously crafted update, you’ll find fragments of growth, a few hard resets, and one or two moments that made us laugh out loud at the market’s sense of humor.
Here’s what’s coming:
Portfolio Overview — How we really did with a bit of context. Expect a transparent look at fund performance, positions, cash levels, and the quiet power of restraint
Quarterly Review — We dove deep into the emotional side of investing: what career risk actually feels like, how comfort can quietly kill ambition, and why focus, not diversification, builds wealth. This section might sting a little… but it’s meant to. Plus, you get a brief on what worked and what didn’t (w/ numbers)
September Review — A rapid-fire pulse check on our companies and the economy. Quiet comebacks, a few modern problems, and the familiar names sneaking back into the watchlist. And a few hints on where our attention is drifting next (hint: 🏴☠️, ⛵️, and 🦃)
Portfolio Changes — One new addition, a position that went from “tiny trial” to “why didn’t we buy more?”
Valuation Review — We’ve introduced a new section that will be updated quarterly. This is a concise snapshot of our holdings’ estimated valuations and their expected developments over the next 12 to 24 months
Note: This information reflects only what happened inside the fund, which effectively started 3 months ago (June). Otherwise, the ranking would look very different, with triple-digit (100%+) winners sitting at the top (DMX, Nebius, Daqo, Spartan Delta, etc.). If you need proof, just revisit any of our updates from February through June 2025.
Please note that this update accurately reflects the portfolio changes within Equity Focus FIL, our regulated European hedge fund.
This publication is confidential and intended solely for the use of the person or entity to whom it is given or sent. It may not be reproduced, distributed, or transmitted without the author's prior written consent.
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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.
📊 Portfolio Overview
YTD Performance Summary
Equity Focus* [A Shares] ➤ -5.10%
Equity Focus* [Y Shares] ➤ -4.37%
All-Weather Portfolio** ➤ +2.35%
* Equity Focus FIL was approved in April 2025 and started operating in June 2025. Figures are net of fees.
** The All-Weather Portfolio, introduced in July 2025, serves as a benchmark reference.
Equity Focus FIL
Updated on September 30th, 2025