Last Updated: July 31, 2025

Number of holdings today: 12

June changes: 2 exited; 1 trade in/out; 4 added.

July changes: 4 exits; 2 partial sales; 1 in/out; some adds with proceeds.

Portfolio % change for July:

-0.12% after expenses (+2.35% since inception)

Portfolio % change for June:

+8.5% after expenses (+2.46% since inception)

June, July, and August will be added to quarterly performance at the end of August.

Next Update: August 31, 2025