LTP Portfolio #001: Introducing My Portfolio
The first monthly update: what I own, why 40% of it is in bonds, and where the money goes next.
TL;DR: Since December 2021, the portfolio is up +101.45% vs +67.48% for the S&P 500. That is +16.12% annualized with a beta of 0.95. Right now: 10 positions, ~40% in treasuries, and I just started moving that cash into stocks - MSFT in July, NVDA and ONON in early August. From now on, I publish this update in the first days of every month.
Why I am publishing this
On this website, I analyze companies that I find appealing. This series is the other side of the story, showing the portfolio where I invest my own money based on those analyses. Each month, you will see the returns, every trade, and the reasoning behind my decisions. I will include the losers too. I currently have two positions down 31% and 38%, and I will discuss both today.
The rules I follow (what I buy, how much I invest, and when I sell) are documented separately in the LTP Portfolio Manifest. This update demonstrates how those rules work.
The method
I track everything in Portseido. Returns are time-weighted (TWR), so deposits and withdrawals do not distort the numbers. What you see is pure investment performance. I compare my results against four benchmarks: S&P 500, QQQ, VUG, and SPYG. My portfolio combines growth stocks with value stocks and bonds. Relying on just one index would misrepresent my performance. I share percentages, not dollar amounts.
The track record
Since it began in December 2021, the portfolio has compounded at a rate of 16.12% per year, outperforming the S&P 500 (11.64%), QQQ (14.96%), VUG (14.45%), and SPYG (14.59%). The aspect that matters most to me: this has been achieved with a beta of 0.95 and a maximum drawdown of -19%, which is no deeper than the index over the same period. It has delivered greater returns than the market while involving no more risk than the market - that is the very objective.
Full honesty. 2026 YTD, I am behind: +5.72% vs +13.04% for the index. I was also behind in 2024. The reason for this in both cases is the same, and it is a deliberate choice, not an accident, since 40% of the portfolio has been held in treasuries while the market has continued to move. The following two sections explain why I accept that.
Below: all 10 positions with weights and entry prices, why 40% of the portfolio is in treasuries, where every dollar of gains and losses came from, and the three buys I just made with the exact reasoning behind each.
