1. Position Changes & Performance

• Closed STX at $1,010 — an 88% gain from inception, realizing a total return of ~USD150.
• Closed GLDM at $89.1 — a 10.9% decrease from inception. As of this wrap-up, GLDM has fallen further to 80.80, with a low of USD78 on June 24.
• Closed GEV, realizing a loss of ~$20. The exit was intended to de-concentrate exposure to AI energy infrastructure, previously split between GEV and CEG. GEV currently trades at 1,045, versus its 52-week high of 1,181.
• Opened AVGO (Broadcom) — 0.44 shares at $452, just ahead of its quarterly earnings release. The stock fell sharply after management issued a conservative full-year outlook; the position now sits at -19% unrealized P&L.
• Opened RDW (Redwire) — 12.9 shares at $18.15. The stock declined significantly following a new share issuance and the post-IPO selloff in SpaceX shares; the position is currently at -39.7% unrealized P&L.
• Trimmed JPM to fund cash holdings; the remaining position stands at 0.27 shares.
• Added to AAPL, MSFT, NVDA, and VOO. The first three all suffered notable declines during the broad tech sell-off in late June.

2. Portfolio Analysis

June marked a meaningful shift in the portfolio's overall character. What had been a "robust," low-beta hedged structure has moved toward a core-satellite strategy — closing out the low-beta GLDM position while adding AVGO and the highly volatile space-infrastructure name RDW.

Portfolio beta rose from a relatively conservative 1.14 to 1.34 (1.44 excluding cash holdings). This shift effectively reflects a transition from a "growth portfolio" to a more aggressive, tech-concentrated one. The new positioning captured some early momentum from the tech rally in early June, but the added beta proved costly later in the month as several macro and market-specific headwinds emerged: expectations of a Fed rate hike, escalating uncertainty around the Strait of Hormuz, and the massive SpaceX IPO. A further overhang has been growing investor concern over big tech's enormous capex spending. As of June 28, the portfolio shows a -0.45% unrealized P&L, a sharp reversal from May's peak of +14.4%.

The bulk of this drawdown traces back to RDW. Timing was one issue — the position was opened amid the market's excessive enthusiasm ahead of SpaceX's IPO, which had pushed RDW above $24 — and the stock subsequently fell over 20% following Blue Origin's launch accident. A second, related issue was underestimating how much liquidity the SpaceX IPO itself would absorb from the sector, which pressured RDW even further. With post-IPO momentum in the space sector now fading, RDW looks set to remain a high-beta drag on the portfolio that will need more time to recover.

A second, more portfolio-wide factor was the broad tech sell-off in late June. The Nasdaq fell nearly 5% between June 22–27, with the "Magnificent Seven" all posting sharp losses over the week. Two issues stand out: first, mounting concern over AI-related capital expenditure among major tech companies, particularly Microsoft and Meta; second, rising prices for flagship Apple and Microsoft devices, driven by a sharp spike in memory chip costs.

3. Outlook

• The portfolio will hold its current positioning for now, pending a clearer resolution of the tech sell-off.
• MU (Micron) warrants a closer look, given its strong earnings report and still-reasonable valuation.
• The "bet against earnings" strategy needs to be reconsidered more carefully — specifically, future entries around binary catalysts should require an explicit evidence-based thesis, not just a post-drop valuation argument, and should default to partial sizing.
• Watching, in order of priority: AI capex commentary from Microsoft/Meta/NVDA → Fed rate decision → Strait of Hormuz developments.