The lifetime numbers as of Monday’s close:

• Total return since inception: +220.61%

• CAGR: 37.01%

• 1-year return: +107.71%

• 1-month return: +29.81%

• YTD return: +35.75%

• S&P 500 over the same period since inception: +81.76%

That’s roughly 139 percentage points of cumulative outperformance vs. the index. I want to be honest with you about something. Two consecutive months of 25%+ returns is not a normal cadence. Memory cycles have historically given back chunks of moves like this. AI infrastructure stocks have historically given back chunks of moves like this. The combination of memory plus AI infrastructure in a concentrated book is precisely the setup that produces this kind of return profile in both directions.

I’m not currently making any sizing changes based on the recent performance. But I am being more deliberate about not adding to positions that have already run hard, and more patient on waiting for entry points on names where the multiple has expanded faster than the fundamentals.