Portfolio Review - August 2025

Plus, a new profile on an under-the-radar gold producer poised to turn cash into growth

Volatility has been the friend of disciplined investors this summer. While headlines have focused on rate uncertainty and shifting geopolitical risks, our portfolio has quietly outperformed by leaning into companies with accelerating earnings power, expanding global demand, and strategic tailwinds that aren’t yet fully priced in.

The past month highlighted two clear themes: defense and security assets are moving from concept to production scale, and hard assets are regaining investor attention as currency stability and inflation hedges come back into focus. Our rules-based approach continues to guide us into businesses positioned not just for the next quarter, but for the next cycle. Companies converting pipeline into revenue, turning scarcity into pricing power, and using volatility as a launchpad for durable growth.

The result: steady outperformance in a choppy market, and a portfolio increasingly tilted toward the sectors most likely to lead the next leg higher.

We closed out some positions this week to free up space for new ideas. Let’s dive into our new addition to the portfolio.