Portfolio Update July 2025

The intelligent investor is a realist who sells to optimists and buys from pessimists

Dear reader,

As July draws to a close and we step into August (incidentally, also the month of my birthday — a reminder, perhaps, of how quickly time flies), it’s a good moment to pause and reflect on the portfolio’s progress.

It’s now been three months since we began publishing our portfolio on Substack, and the response so far has been fantastic. Thank you to everyone who’s followed along, challenged our thinking, and shared your own insights.

Since inception, we’ve continued to build on our core ideas, adding selectively to positions where we see strong long-term growth potential and attractive risk-reward dynamics. This month, the quote that best captures our thinking is from Benjamin Graham:

“The intelligent investor is a realist who sells to optimists and buys from pessimists.”

That mindset has served us well in navigating recent volatility. While markets continue to be driven by headlines, earnings season, and interest rate expectations, we remain focused on fundamentals — free cash flow, dividend sustainability, and pricing power.

Currently, the portfolio offers an average dividend yield of 7.41%, reflecting our tilt toward income-generative assets with real underlying resilience.