Concentrated Compounding

Investor Summary

Kyler Willis Hasson is the author of the Concentrated Compounding Substack newsletter and works professionally as a Portfolio Manager at Delta Investment Management LLC in San Francisco. He holds SEC registration as an investment adviser representative (CRD #5968309) with a clean regulatory record. Hasson earned degrees from Stanford University (B.A. in Economics, M.S. in Management Science & Engineering) and holds a Series 65 license. His professional experience includes founding Hasson Investments (2012-2017) before joining Delta Investment Management.

Fund Strategy

N/A - Not applicable as this is not a registered investment fund. The Substack newsletter focuses on analysis of larger, well-run companies that allocate capital well, with a buy-and-hold approach targeting companies that can compound investors' money at good rates of return over long periods of time.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Sep 3 2024	2023 Q4	AMZN, BRK/A, CHTR, CSU CN, FRCB, GOOG, TDG	-	-	-
Dec 1 2023	2022 Q4	AMZN, BRK/A, CHTR, CSU CN, EPD, FRC, GOOG, MA, RADI, TDG, V	-	-	-

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Sep 3 2024

2023 Q4

AMZN, BRK/A, CHTR, CSU CN, FRCB, GOOG, TDG

Dec 1 2023

2022 Q4

AMZN, BRK/A, CHTR, CSU CN, EPD, FRC, GOOG, MA, RADI, TDG, V

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
AMZN	This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA.
CHTR	Charter Communications was sold during the quarter as it was not tracking to plan.
GOOG	Alphabet's Q4 performance marks a significant triumph, characterized by a rare beat and raise narrative across all critical business segments. The company's recent earnings report was driven by a balanced contribution from its legacy Search and YouTube divisions, with Google Cloud emerging as the standout performer. Cloud's revenue growth reached an impressive 34%, and it boasts an extraordinary $155 billion backlog, a nearly double increase compared to the previous quarter. This remarkable transformation has propelled Cloud from a margin drag to a high-octane profit center.
TDG	TransDigm is a leading aerospace parts supplier that designs and produces highly engineered components for almost every commercial and military aircraft in service today. TransDigm has spent the last 30 years building a portfolio of hundreds of thousands of parts with these characteristics. And while each part breaks unpredictably and infrequently, by assembling this vast portfolio, they have essentially created a collection of near monopolies that create an incredibly smooth and high pricing power annuity stream.

TICKER

COMMENTARY

AMZN

This quarter, we took profits in our hyperscaler portfolio companies (Amazon and Google) and increased our position in NVIDIA.

CHTR

Charter Communications was sold during the quarter as it was not tracking to plan.

GOOG

Alphabet's Q4 performance marks a significant triumph, characterized by a rare beat and raise narrative across all critical business segments. The company's recent earnings report was driven by a balanced contribution from its legacy Search and YouTube divisions, with Google Cloud emerging as the standout performer. Cloud's revenue growth reached an impressive 34%, and it boasts an extraordinary $155 billion backlog, a nearly double increase compared to the previous quarter. This remarkable transformation has propelled Cloud from a margin drag to a high-octane profit center.

TDG

TransDigm is a leading aerospace parts supplier that designs and produces highly engineered components for almost every commercial and military aircraft in service today. TransDigm has spent the last 30 years building a portfolio of hundreds of thousands of parts with these characteristics. And while each part breaks unpredictably and infrequently, by assembling this vast portfolio, they have essentially created a collection of near monopolies that create an incredibly smooth and high pricing power annuity stream.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Concentrated Compounding

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st December 2023

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

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Current Portfolio as of ( 31st December 2023 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Concentrated Compounding