Mid(ish) Year Update (36%)
A few bad calls overshadowed by sizing
I haven’t been doing a great job of posting lately as I’ve been busy at work but I want to continue being transparent and share the ups and downs. I know its not exactly mid year yet but I find myself with some time tonight to write and reflect.
Let’s start with the mistakes.
I wrote two articles and purchased positions in two companies that were crushed with the SaaS trade. I ended up exiting both at a loss. I am usually not one to sell quickly but with the SaaS space coming unglued, I realized I didn’t have enough information to be comfortable in my thesis. In retrospect, I should have took more time to consider the AI implications, but to be fair at that time of research I probably would not have changed my course of action. The “SaaS Apocalypse” didn’t really start until February.
To be clear, I still believe both companies have merit and may repurchase if I get a better handle on their outlook. My conviction was simply not as strong as other names.
The numbers:
NABL - I took a 33% loss on this position after making my first purchase in December of 2025 and selling my last shares in April of 2026.
CLMB - Here I took a 22% loss. Average cost (after stock split) was $25.77. I first purchased in January of 2026 and sold this around the same time and NABL.
Luckily both of these were starter positions and pale in comparison to my seasoned positions which make up the bulk of my portfolio.
Portfolio Year to Date Performance (as of 06.17.2026)
Despite the lumps I took above, the overall portfolio was up 36% YTD. As you can see I lagged big time starting in February but have steadily climbed since April. This is most notably due to my larger positions in AXSM (+64% YTD) and ENVA (+22% YTD).
Other new(er) and still relatively smaller positions are only up modestly YTD. These positions include MUEL, PLMR, SMID, and MCCK.
Since Inception Performance (sort of)
The portfolio is still doing very well since inception as seen below. Inception isn’t exactly accurate as the date below represents when my TD Ameritrade account was transferred to Schwab after their merger. Either way letting winners run has proved to work well. I don’t expect to continue this same type of outperformance over an extended period but hoping to I can continue finding companies I am comfortable holding over the long term or have a catalyst I can get behind.
Thanks for reading!