Portfolio
What the book holds and why: target and current weights by sleeve and position, with a one-line reason for each, and every change logged below.
Paper · as of 2026-11-05 · published with a 3 trading-day lag · percent of fund; negative weights are shorts
Staged deployment. Target weights are not filled on day one. The book is bought in tranches over 6 to 12 months, and undeployed capital waits in T-bill funds (BIL, SGOV). That is why T-bills are currently 88.07% of the book against a 33% target.
Paper portfolio. Not investment advice. Private holdings are excluded.
By sleeve
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Positions
T-bills
target 33% · current 88.07% | Ticker | Target | Current | Why |
|---|
| BIL | 13% | 35.23% | 1–3 month T-bills — cash equivalent ballast. |
| SGOV | 20% | 52.84% | 0–3 month Treasuries — dry powder and private-sleeve park. |
Core equities
target 27% · current 2.53% | Ticker | Target | Current | Why |
|---|
| ASML | 3.5% | 0.33% | EUVlithography monopoly enabling advanced semiconductor nodes. |
| AVGO | 2.5% | 0.23% | Custom AI ASICs and networking silicon for hyperscalers. |
| CRWD | 1% | 0.09% | Endpoint/cloud security demand rises with AI attack surface. |
| ETN | 4% | 0.38% | Grid equipment & electrical infrastructure for AI power build-out. |
| META | 1.5% | 0.14% | Hyperscale AI capex and open-model distribution. |
| MSFT | 2% | 0.19% | Cloud + AI software distribution and capex beneficiary. |
| NEE | 2.5% | 0.23% | Regulated utility / renewables exposure to rising electricity demand. |
| NVDA | 1.5% | 0.14% | AI training/inference GPU franchise. |
| PANW | 0.5% | 0.05% | Network security platform for enterprise AI deployment. |
| PWR | 2% | 0.19% | Transmission & distribution construction for grid upgrade cycle. |
| ROK | 1.5% | 0.14% | Industrial automation & control for factory digitisation. |
| TSM | 1.5% | 0.14% | Leading-edge foundry capacity for AI accelerators. |
| V | 3% | 0.28% | Global card payment rails — durable network effects. |
Wealth / defence
target 15.5% · current 1.5% | Ticker | Target | Current | Why |
|---|
| AWK | 0.5% | 0.05% | Regulated water utility — scarce resource infrastructure. |
| BAER.SW | 0.5% | 0.05% | Swiss private bank — HNW wealth custody. |
| BC.MI | 0.8% | 0.08% | Brunello Cucinelli — quiet luxury apparel. |
| CCJ | 0.7% | 0.07% | Uranium miner leveraged to nuclear fuel cycle restart. |
| CEG | 0.8% | 0.08% | Nuclear / clean firm power beneficiary of data-centre load. |
| CFRUY | 1.2% | 0.11% | Richemont ADR — hard luxury watches & jewellery. |
| HESAY | 1.5% | 0.14% | Hermès ADR — scarcity luxury with pricing power. |
| IHG | 0.8% | 0.08% | Asset-light premium hotels — travel of the wealthy. |
| LLY | 0.6% | 0.06% | GLP-1 / obesity therapeutics leader. |
| LMT | 0.8% | 0.08% | Defence prime — multipolar security spend. |
| LTH | 2% | 0.19% | Premium fitness clubs — longevity / high-income wellness spend. |
| MS | 1% | 0.09% | Wealth management franchise on rising HNW assets. |
| NOC | 0.5% | 0.05% | Defence electronics & platforms. |
| NVO | 0.6% | 0.06% | GLP-1 franchise — metabolic health megatrend. |
| RACE | 1.2% | 0.11% | Ferrari — ultra-luxury autos, constrained supply. |
| RTX | 0.7% | 0.07% | Defence & aerospace systems. |
| UBS | 0.8% | 0.08% | Global private banking / wealth platform. |
| XYL | 0.5% | 0.05% | Water technology & treatment equipment. |
Commodities
target 11% · current 1.04% | Ticker | Target | Current | Why |
|---|
| COPX | 4% | 0.38% | Copper miners ETF — electrification & grid copper intensity. |
| GLD | 3.5% | 0.33% | Physical gold ETF — monetary hedge / real asset ballast. |
| URA | 3.5% | 0.33% | Uranium miners ETF — nuclear fuel cycle. |
Real estate
target 10% · current 0.94% | Ticker | Target | Current | Why |
|---|
| AMT | 4% | 0.38% | Cell-tower REIT — wireless densification. |
| EQIX | 1.5% | 0.14% | Data-centre REIT — AI interconnection & colo. |
| PLD | 4.5% | 0.42% | Logistics REIT — e-commerce & supply-chain warehouses. |
STIP
target 8% · current 2% | Ticker | Target | Current | Why |
|---|
| STIP | 8% | 2% | Short TIPS — inflation-linked ballast, low duration. |
Short IG / CLO
target 5% · current 5% | Ticker | Target | Current | Why |
|---|
| JAAA | 5% | 5% | AAA CLO ETF — modest carry over T-bills with high credit quality. |
Short hedges
target −11% · current −1.04% | Ticker | Target | Current | Why |
|---|
ACN
short | −2% | −0.19% | Short IT consulting — AI automation of white-collar delivery. |
INFY
short | −4% | −0.38% | Short IT outsourcing — AI compresses traditional BPO demand. |
TLT
short | −3% | −0.28% | Short long-duration Treasuries — hedge sticky rates / term premium. |
WIT
short | −2% | −0.19% | Short IT services — same AI-eats-outsourcing thesis. |
Changelog
Dated buys, sells, tranches and thesis corrections, published with a 3 trading-day lag. Paper
-
2026-11-05
Thesis correction
Adopted Whole fund v2: trimmed shorts to TLT/INFY/WIT/ACN; parked undeployed private sleeve in T-bill ETFs; added optional AAA CLO (JAAA) sleeve.
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2026-11-05
Thesis correction
Stage-1 live book ~28% of targets via 6–12 month tranches; remainder stays in T-bill ETFs until deployed.
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2026-11-05
Trade
Optional AAA CLO sleeve (JAAA)
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2026-11-05
Trade
Park residual in T-bills (BIL, SGOV)
-
2026-11-05
Tranche
Inception T0 now tranche (ACN, AMT, ASML, AVGO, AWK, BAER.SW, BC.MI, CCJ, CEG, CFRUY, COPX, CRWD, EQIX, ETN, GLD, HESAY, IHG, INFY, LLY, LMT, LTH, META, MS, MSFT, NEE, NOC, NVDA, NVO, PANW, PLD, PWR, RACE, ROK, RTX, STIP, TLT, TSM, UBS, URA, V, WIT, XYL)
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2026-11-05
tranche_schedule
T0 Inception now tranche — done