Jacobus Enslin @Enslinjaco: "𝙎𝙚𝙥𝙩𝙚𝙢𝙗𝙚𝙧 𝟮𝟬𝟮𝟱 – 𝙈𝙤𝙣𝙩𝙝𝙡𝙮 𝙪𝙥𝙙𝙖𝙩𝙚..."

United Kingdom

𝙎𝙚𝙥𝙩𝙚𝙢𝙗𝙚𝙧 𝟮𝟬𝟮𝟱 – 𝙈𝙤𝙣𝙩𝙝𝙡𝙮 𝙪𝙥𝙙𝙖𝙩𝙚 𝙋𝙚𝙧𝙛𝙤𝙧𝙢𝙖𝙣𝙘𝙚 • The portfolio returned 12.11% in September vs 3.53% for the SP500. • YTD the portfolio returned 45.15% vs the SP500 return of 13.72%. • The annualized return since inception of the portfolio is 24.75% vs 12.04% for the SP500. 𝙐𝙥𝙙𝙖𝙩𝙚𝙨 I materially reduced the allocation to $IREN (Iris Energy Ltd) after another strong appreciation over the past month. I am a bit conflicted about this. On one hand the retail ‘hype’ around the name makes me uneasy. I’m also cognisant that any news of AI capex slowing down will hit Iren hard, although this has not surfaced yet. On the other hand, it’s not difficult to make the case that Iren’s fair value is at least 50% higher than current levels. I‘m still thinking through what % of the portfolio to allocate to Iren. $VTY.L (Vistry Group PLC) released their H1-2025 earnings last month. I have previously mentioned that there is a big catalyst on the horizon for them in the form of the Labour government’s increased (+60%) budget for affordable housing. This has been reiterated by management in the call. I think we’ll really start to see this play out in about 12 months’ time. I think Vistry is a good example of an asymmetrical return profile. There is low risk for permanent capital loss due to the low valuation (trading at 1x Price/Book) and there is a clear catalyst on the horizon which could increase the value of the business by ~200%, by my calculations. I added $WIX (Wix.com Ltd ) to the portfolio over the past month. The market sold off Wix due to the perception that they would be an AI loser. Wix has however acquired Base44, which is an AI website builder platform (Similar to Lovable) that is growing incredibly fast. Although vibe coding tools are very efficient/useful for fast development, they lack in other aspects such as SEO, security, site analytics, site management and easy editing. Integrating Base44 into the Wix stack could create the ultimate website/app builder combining AI and the traditional necessities already built into the Wix platform. This could give Wix a leg up on competitors. Considering the likely growth in front of them, Wix trades at an undemanding multiple of 18x owners earnings (FCF less stock-based comp). I plan to use a portion of the cash balance to increase the allocation to a few of the existing positions in the portfolio. Best regards Jacob

Not investment advice. The author may have financial interests in the mentioned instruments.