๐๐๐ฎ ๐ฎ๐ฌ๐ฎ๐ฒ ๐ช๐ฅ๐๐๐ฉ๐
๐๐๐ง๐๐ค๐ง๐ข๐๐ฃ๐๐
โข The portfolio returned 5.49% in May vs 5.15% for the SP500.
โข YTD the portfolio returned 2.36% vs the SP500 return of 10.73%.
โข The annualized return since inception of the portfolio is 20.8% vs 13.09% for the SP500.
$VTY.L (Vistry Group PLC) had their AGM last month. They downgraded their profit guidance for H1-2026 due to higher discounts being applied to their sales, which led to another sell-off in the market price. However, their full year 2026 guidance implies a working capital unlock of >ยฃ300m (30% of their market cap). This coincides with them finally moving to their capital light partnership model, which means this capital will be available to return to equity holders via debt paydown and share buybacks/dividends. I think too much focus is being applied on the accounting profits (which doesnโt take into account working capital changes). When focussing on cashflow, things look like they are turning around for the positive. The primary risk is the high interest rates in the UK. The more in depth analysis on the Vistry thesis is available here: open.substack.com/pub/balanciercapital/p/vistry-update?r=3ehfwb&utm_campaign=post-expanded-share&utm_medium=web
I mentioned $CSIQ (Canadian Solar Inc.) in last monthโs update as a potential US electricity demand beneficiary. While the company is very cheap, I believe it to be too early to enter a position due to regulatory overhang. CSIQ is expanding their US manufacturing aggressively this year and once these facilities come online in 2027 their earnings will inflect significantly higher. I will look to enter into a position when more clarity is made regarding the Section 232 overhang, news on this is expected at the end of June. Full analysis available here: open.substack.com/pub/balanciercapital/p/canadian-solar-nsadq-csiq?r=3ehfwb&utm_campaign=post-expanded-share&utm_medium=web
Best regards
Jacob Enslin
... Show More
Not investment advice. The author may have financial interests in the mentioned instruments.
A steady month like this reinforces the value of a rulesโbased pace, and itโs the kind of simple, compounding journey thatโs easy for everyday investors to follow.... Show More
Thanks, great update! What were the reasons to sell Tigr Brokers? ... Show More
.
We use our own and third-party cookies on our websites to enhance your experience, analyze traffic, and for security and marketing. For more info, see our Cookie Policy or go to Manage Settings.
Privacy Preference Center
When you visit any website, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences or your device and is mostly used to make the site work as you expect it to. The information does not usually directly identify you, but it can give you a more personalized web experience. Because we respect your right to privacy, you can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, blocking some types of cookies may impact your experience of the site and the services we are able to offer.
More information
Manage Consent Preferences
Strictly Necessary Cookies
Always Active
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work. These cookies do not store any personally identifiable information.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not know when you have visited our site, and will not be able to monitor its performance.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Cookie List
label
ConsentLeg.Interest
label
label
label
Sat Jul 11 2026 18:05:21 GMT+0000 (Coordinated Universal Time)
