Disclosure
18 active positions as of 2026-05-24T01:16:18+00:00. Weights are precise; book size and per-position dollar amounts are intentionally withheld. Returns are computed against the position's weighted-average cost basis.
Space
| Symbol | Name | Weight | Return since entry | Entry | Tranche | Thesis node |
|---|---|---|---|---|---|---|
| PL | PL | 29.74% | +924.42% | 2024-07 | Anchor | space_eo |
| RKLB | RKLB | 12.88% | +400.1% | 2024-07 | Anchor | space_launch |
| BKSY | BKSY | 10.12% | +757.16% | 2023-20 | T2 | space_eo |
| LUNR | LUNR | 6.14% | +472.56% | 2024 or | T2 | space_lunar |
| RDW | RDW | 1.24% | +63.84% | 2026-01 | Probe | space_manufacturing |
| YSS | YSS | 0.69% | -23.61% | 2026-01 | Probe | defense_space |
Nuclear
| Symbol | Name | Weight | Return since entry | Entry | Tranche | Thesis node |
|---|---|---|---|---|---|---|
| URG | URG | 5.47% | -10.58% | 2026-04 | T1 | nuclear_fuel |
| LEU | LEU | 5.25% | -4.61% | 2026-05 | T3 | nuclear_enrichment |
| UUUU | UUUU | 4.94% | -10.15% | 2024 or | T2 | nuclear_fuel |
| DNN | DNN | 2.35% | +17.16% | 2025-09 | T1 | nuclear_fuel |
Critical Minerals
| Symbol | Name | Weight | Return since entry | Entry | Tranche | Thesis node |
|---|---|---|---|---|---|---|
| WRN | WRN | 3.47% | -13.65% | 2026-05 | T1 | copper |
| UAMY | UAMY | 3.1% | -2.52% | 2026-01 | T2 | critical_minerals |
| LYSDY | LYSDY | 1.58% | +30.04% | 2024 or | T2 | critical_minerals |
| MP | MP | 1.52% | +15.73% | 2025-11 | T2 | critical_minerals |
| REA | REA | 0.51% | -3.67% | 2026-05 | Probe | critical_minerals |
Precious Metals
| Symbol | Name | Weight | Return since entry | Entry | Tranche | Thesis node |
|---|---|---|---|---|---|---|
| HL | HL | 1.64% | +178.02% | 2024 or | T2 | precious_metals |
Vault
| Symbol | Name | Weight | Return since entry | Entry | Tranche | Thesis node |
|---|---|---|---|---|---|---|
| D | D | 7.35% | +8.28% | 2026-05 | Vault | vault_utility |
| WM | WM | 1.99% | +1.19% | 2026-05 | Vault | vault_services |
Weights are computed against current market value. Return since entry is current market value over weighted-average cost basis (positive in green, negative in red). Share counts and dollar amounts are intentionally not disclosed.
Risk disclosure
This publication is not investment advice and not a solicitation to buy or sell any security. Past performance does not indicate future results. The portfolio shown above has experienced significant drawdowns and will again. The author holds positions in every security discussed in the brief and on this page; the publication's value derives in part from that alignment, but it also means the author benefits if a position appreciates after a post mentions it. Readers should weigh that conflict accordingly.
The author is not licensed to give financial advice. Do your own research and consult a licensed advisor before making investment decisions.
What this page shows
- Symbol and name. Public-market ticker and the company it identifies.
- Weight. The position's share of the current book at the build timestamp.
- Return since entry. Current market value over weighted-average cost basis. Positive returns shown in green; negative in red. Positions with no recorded basis show a dash.
- Entry. The month of the earliest surviving lot.
- Tranche. The internal classification used in the portfolio's tier framework -- Anchor (high-conviction core), T1-T3 (probabilistic scaling), Vault (capital-protection layer), Probe (small thesis test).
- Thesis node. The specific pattern the position indexes (e.g.,
space_eo,nuclear_fuel,critical_minerals). Holdings are grouped above by higher-level thesis pillar.
What this page does not show
Share counts. Dollar amounts. Cost basis values in dollars. Cash balances. Active pending orders. These live in the private repository this site is built from; they do not leave it. The boundary is enforced programmatically by a sanitization layer with regression tests against the canonical data.
Methodology
The full measurement convention for the headline performance numbers is documented on the About page.