| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
| 2025 | 2024 | 2023 |
|---|---|---|
| 16.0% | 16.0% | 34.0% |
The Wolf of Harcourt Street delivered 16% returns in 2025, slightly underperforming the S&P 500's 17.2% but following strong performance of 34% in 2023 and 16% in 2024. The manager employs a contrarian approach, adding to high-quality companies during drawdowns. Key contributors included NU (+63%), ASML (+54%), and UBER (+36%). The portfolio experienced a weaker Q4 (-6.0% vs S&P +3.1%) after a strong start to the year. The manager added to Visa for the second consecutive month at 25x forward earnings, viewing it as reasonable for the quality. Uber was added to for the third month despite a 20% drawdown, with the manager disagreeing with market concerns about autonomous vehicle threats. Sea Limited is viewed as one of the most compelling opportunities, having delivered strong revenue growth and improved marketing efficiency with 5x ROI on incremental spending. Looking ahead to 2026, the manager sees the best opportunities in existing positions, particularly Sea Limited and MELI.
The manager focuses on high-quality companies trading at reasonable valuations, particularly during temporary drawdowns, with a contrarian approach to identifying opportunities when market sentiment diverges from fundamental strength.
Looking ahead to 2026, the manager continues to believe that some of the best opportunities in the market are already among the portfolio's largest positions, particularly SE and MELI.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | MSFT, SE, UBER, V | drawdowns, growth, Quality, Reinvestment, valuation |
UBER SE |
The portfolio review focuses on owning high-quality growth businesses experiencing drawdowns but retaining strong fundamentals and reinvestment runways. Positions such as Visa, Uber, and Sea… |
| Oct 1 2025 | 2025 Q3 | - | - | - | - |
| Jul 2 2025 | 2025 Q2 | - | - | - | - |
| Jan 8 2025 | 2024 Q4 | - | - | - | - |
| Oct 1 2024 | 2024 Q3 | - | - | - | - |
| Jun 30 2024 | 2024 Q2 | - | - | - | - |
| Apr 2 2024 | 2024 Q1 | - | - | - | - |
| Jan 9 2024 | 2023 Q4 | - | - | - | - |
| Sep 30 2023 | 2023 Q3 | - | - | - | - |
| Jul 1 2023 | 2023 Q2 | - | - | - | - |
| Mar 31 2023 | 2023 Q1 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Fund Letters | Wolf of Harcourt Street | UBER | Uber Technologies, Inc. | Consumer Discretionary | Ride Sharing & Delivery | Bull | New York Stock Exchange | Autonomy, network, Platforms, profitability, Ridesharing | Login |
| Dec 31, 2025 | Fund Letters | Wolf of Harcourt Street | SE | Sea Limited | Communication Services | Interactive Media & Services | Bull | New York Stock Exchange | ecommerce, efficiency, Fintech, Margins, Reinvestment | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| SE | During the quarter, we initiated a new position in Sea Limited, a Southeast Asian consumer internet company with an integrated ecosystem combining e-commerce, digital payments, and entertainment. Sea has a diversified business model, with its Shopee e-commerce platform, a mobile-centric marketplace that provides integrated payments, logistics infrastructure, and seller services. |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| V | There were companies there such as Visa, which we own, as well as many we do not, and which would not likely be appropriate for this mandate. |
| 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 | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
