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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Waine is concentrating to 8-12 high-conviction positions amid major life changes. Portfolio down 14% year-to-date entirely from multiple compression—earnings up 21% while valuations fell from 27x to 18x."
Tristan Waine is concentrating his portfolio from 17 to 8-12 holdings as he returns to full-time employment, purchases a first home, and expects a child. The portfolio declined 14.1% year to date, but this was driven entirely by valuation compression rather than business deterioration—look-through earnings rose 21% while multiples fell from 26.7x to 17.8x. In July, he exited five lower-conviction holdings including IFCA, Autocount, Miroku, Fiducian, and Info-Tech. He added QuickFee earlier based on profitability and dividend intentions. The manager identified several positions with limited shelf-life including Banqup (timeline to end-2028), QuickFee (expected delist), and Getbusy/Reckon (sale incentives by decade-end). His 12 higher-conviction names warrant skewed sizing and include founder-owned software companies (Innoscripta, Macompta, Robot Payment, Avant) and broadly-owned professional services firms (Elixir, MHA, Prime Financial, DSW Capital, Kelly Partners). He favors long-term business cases over short-term flips and plans minimal new idea sourcing going forward.
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