Portfolio update: May 2026

The Signal

Hi hunters,

Let’s take a look at all our positions in both portfolios.

Since we started tracking both portfolios at the start of 2025, we have a total return since inception of 35.3%, or, today, a CAGR of 19.8%. (versus our current 15% hurdle rate).

We are sitting on an outperformance of about 9% versus the S&P 500 since we started sharing at the start of last year.

Are we happy with that?

Yes.

It meets our hurdle rate, and based on our information today, we believe our companies will continue to create value over the coming years, leading to an even greater rerating of their market prices. (especially if our biggest position starts performing)

But humility is important.

Keep refining the process. Keep underwriting the positions.

I’m working on a couple of new ideas. I’ll also write about what I finally did with those 15 pitches from Omaha. Which ones survived my investing funnel, and do I plan to take a new position?

If you haven’t read those, you can find all pitches here:

Best pitches from Omaha part 1

Best pitches from Omaha part 2

Best pitches from Omaha part 3

Now, let me explain what happened with each company and what my plan is for each.

I use a tool we custom-built called Tracker to help me keep track of companies. It saves me hours each week. I talked about it in this article.

Here’s the analysis of why I think our portfolios are well-positioned for strong returns towards the end of the year.

All charts used sources from fiscal.ai