Portfolio year-to-date

As of 15 September 2026, the portfolio is +13.3% year-to-date, which brings its total return since inception in August 2020 to +199% — or 19.6% a year compounded. It is currently ahead of the S&P 500 by 2.2 points for the year, and ahead of the EURO STOXX 50 by 7.0 points. Currency has been a headwind, as a stronger dollar weighed on non-USD holdings, moving the portfolio by −0.2 pts. Every figure here updates from the live portfolio and carries the date above, so it is a dated snapshot rather than a claim.

Where the portfolio stands

The portfolio is +13.3% year-to-date as of 15 September 2026, against +11.1% for the S&P 500 and +6.3% for the EURO STOXX 50 over the same period. Since inception in August 2020 the cumulative return is +199%, a compound 19.6% a year across 6 years, and every full calendar year since inception has closed in profit. The portfolio currently holds 24 positions with 16% in cash. These are the same figures shown on the performance page; this is the plain-language version of them.

What’s driving the year

RingCentral Inc (RNG) has contributed the most, adding +5.0 pts to the portfolio’s return and +82.7% on the year. Harley-Davidson Inc (HOG) added +1.7 pts (+38.8% on the year), and Wix.com Ltd (WIX) added +1.6 pts (+20.7%). Contribution here is measured in percentage points of the portfolio’s own return, so it already reflects each position’s weight — a large move in a small position and a small move in a large one can contribute the same.

What’s holding it back

The largest detractor year-to-date is Brookfield Corp (BN.US), which has cost −1.8 pts (-16.6% on the year), followed by Prosus NV (PRX.NV) at −1.6 pts (-23.9%) and Imperial Brands PLC (IMB.L) at −1.1 pts (-19.0%). A concentrated portfolio will always have positions working against it at any given moment; the number that matters is the net, not the presence of detractors.

What currency did

Currency moved the portfolio by −0.2 pts year-to-date — a headwind, as a stronger dollar weighed on non-USD holdings. The portfolio holds companies reporting in several currencies, so the dollar’s move against the euro, pound and krona feeds through to returns measured in dollars, independently of how the underlying businesses performed. It is a real effect on the reported number and a mostly reversible one over the holding periods this portfolio works in, which are measured in years rather than months.

How to read this page

This is a dated snapshot that updates as the portfolio does, not a forecast. Past performance is not a promise of future results, and a single year — strong or weak — says little about the next one. What the page is for is letting you see the numbers, dated and benchmarked, rather than being told about them. If you want the checks behind the record, how to verify a track record sets them out, and the portfolio that more than 4,700 people copy is public in full.