Long-only equity · Real money · Built out over time
Long-term positions in energy infrastructure, aerospace and defense, and the software defense runs on.
This is my own money in a small number of companies I’ve researched. Every holding has a written thesis dated before the outcome. I post an update after each earnings report.
- Holdings
- 5 + cash
- Largest position
- AIR 26.2%
- Defense-budget exposure (cap 45%)
- 38.1%
- Track record starts
- Nov 11, 2026
Allocation
Click a holding to open its research. Weights use market value, cash included.
Weight vs target, by leg
Shaded: allowed band. Line: target. Bar: current weight. Scale 0% to 35%.
Build-out phase: the portfolio launched with five holdings bought before the mandate. New money goes to underweight legs first; nothing is sold just to hit a target.
Holdings
| Holding | Leg | Weight | Bought | Tracked since | Return since tracked | Research |
|---|---|---|---|---|---|---|
| AAR Corp AIR | Commercial aftermarket | 26.2% | Oct 26, 2026 · $97.50 | Nov 11, 2026 · $114.17 | Starts today | Full write-up |
| CACI International CACI | Defense software | 23.1% | Feb 11, 2025 · $375.00 | Nov 11, 2026 · $645.88 | Starts today | Preliminary thesis |
| Kinder Morgan KMI | Gas for power | 16.7% | Feb 11, 2025 · $25.37 | Nov 11, 2026 · $31.59 | Starts today | Preliminary thesis |
| Kratos Defense KTOS | Defense supply chain | 15.0% | Feb 11, 2025 · $32.92 | Nov 11, 2026 · $36.69 | Starts today | Preliminary thesis |
| Eaton ETN | Grid equipment | 10.5% | Feb 11, 2025 · $308.11 | Nov 11, 2026 · $360.62 | Starts today | Preliminary thesis |
| Cash BIL | Held in a T-bill fund | 8.6% |
Bought: actual purchase date and average price, backed by the trade confirmation. Tracked since: the date and price all performance on this site uses.
Performance
Measured from Nov 11, 2026 against a sector blend matching the target allocation (GRID, MLPX, ITA, BIL) and against the S&P 500 (SPY). Total return, dividends included.
Tracking began at the Nov 11, 2026 close. The chart appears here after the next trading day. No returns are shown for any period before the tracking date.
Latest research
Full write-up AAR Corp (AIR) AAR paid a full price for MRO Holdings, but the market still values the combined company like the old AAR.Coming up
- AAR earnings update est.
- Q4 2026 quarterly letter
- Kinder Morgan and CACI updates est.
- Eaton earnings update est.
- Kratos earnings update est.
About this project
This is a personal project. I share my research and am open to feedback. If you think I’ve missed something or got a number wrong, I’d like to hear it.