Internal Investment Report
Investment Playbook
01Top Investment News
1. Amazon Commits $25 Billion to Anthropic in Massive AI Infrastructure Deal
Amazon agreed to invest up to $25 billion in Anthropic, with the AI startup committing to spend more than $100 billion on AWS technologies over the next 10 years .
- The initial investment values Anthropic at $380 billion , making it one of the largest AI valuations in history
- Amazon expects to spend roughly $200 billion this year on capital expenditures, mostly on AI infrastructure , highlighting the massive scale of tech investment
- Anthropic CEO Dario Amodei said Claude is "increasingly essential" to users amid "rapidly growing demand" that has strained infrastructure capacity
2. Tech Stocks Rally Despite Tesla's Mixed Earnings Signal AI Spending Surge
The S&P 500 hit a new record high as tech stocks led gains, with the U.S. tech sector up 11% this month , even as individual companies face challenges.
- Tesla's capital expenditures jumped 67% to $2.49 billion, with CFO projecting over $25 billion in capex for 2026 — up from just $8.6 billion in 2025
- Hyperscaler tech companies' capital spending estimates for 2026-2030 are up over 25% since October , reflecting unprecedented AI infrastructure buildout
- Tesla stock dropped 14% this year, underperforming all megacap peers, facing consumer backlash over CEO Elon Musk's political rhetoric
3. Netflix Plunges 10% Despite Revenue Beat as Streaming Growth Concerns Mount
Netflix beat revenue expectations with $12.25 billion in Q1 but shares fell 9% in extended trading amid concerns over future growth trajectory.
- Netflix guided Q2 2026 revenue to $12.5 billion, below the $12.6 billion analysts expected , signaling potential slowdown
- The company reiterated its target to reach $3 billion in advertising revenue in 2026, doubling year over year as it pivots to ad-supported growth
- Co-founder Reed Hastings is leaving the board later this year , marking the end of an era for the streaming pioneer
4. Fed Rate Cuts Pushed to Late 2026 as Kevin Warsh Faces Confirmation Battle
A majority of economists now predict the Fed's benchmark rate will remain steady in the 3.50%-3.75% range through September , as war-related inflation pressures mount.
- Nearly a third of economists now expect rates to remain unchanged this year, nearly double the share in the previous survey
- Senator Thom Tillis said he would vote against Trump's Fed nominee Warsh, creating a potential 12-12 split on the Banking Committee until the Powell investigation ends
- Interest rates are set by a 12-member Fed committee, and many members are reluctant to cut rates until inflation is closer to the 2% target
5. Iran War Drives Oil to $100+ as Strait of Hormuz Closure Disrupts Global Energy
The Strait of Hormuz closure has created the "largest supply disruption in the history of the global oil market," with Brent crude jumping 51% in March .
- The strait closure, through which 20% of the world's oil trade passes, led to global oil prices rising and fuel shortages worldwide
- Gas prices hit $4 per gallon on March 31, 2026, representing a 30% surge due to the Iran war
- US government officials and Wall Street analysts are considering the prospect that oil prices might surge to an unprecedented $200 per barrel if disruptions continue
Source: Claude API with web search · April 23, 2026
02Contrarian Investment Ideas
Based on my analysis of current market conditions and the latest data, here are three contrarian investment ideas for Week 17 of 2026:
1. Short Systematic Volatility Funds Into VIX Mean Reversion
Systematic funds drove $86 billion into equities last week while VIX pulled back from 41.50 to 24.50, setting up a tactical short volatility opportunity as algorithms chase declining vol metrics
- VIX declined to 18.92 as volatility metrics triggered systematic models to increase equity allocations, creating momentum that typically overshoots to the downside
- VIX contango harvesting strategies with VIX/VIX3M ratio filters avoid the catastrophic losses seen in February 2018 “Volmageddon” when applied with regime-aware entry criteria
- VIX futures curve is rapidly normalizing after volatility spike, with back-end futures returning to contango and front-end backwardation compressing quickly
- Multi-strat managers exploited early April volatility spikes with short-vol carry trades, capturing double-digit gains as vol normalized, but current approach is more risk-limited
2. Gold Mining Leverage Play on $1.9 Trillion Deficit Reality
CBO projects $1.9 trillion federal deficit in 2026 while gold surged past $5,000 to approach $5,600, yet mining stocks trade at 0.7—0.9× NAV versus bull market averages of 1.2—1.5×
- Low-AISC producers generating under $1,300/oz costs create $3,700+/oz cash flow at $5,600 gold through operating leverage where fixed costs amplify margin expansion disproportionately
- Recent CBO report shows 2026 deficit $100 billion higher with $1.4 trillion additional deficits through 2035, while tariffs add $3 trillion revenue but drive 2026—2029 inflation higher
- Negative real yields persist in early 2026 with inflation above 2.5% despite Fed cuts, correlating strongly with gold rallies (r ≈ -0.85 since 2000) as “inflation is the silent tax governments use to manage unsustainable debt”
- Mining stocks track macroeconomic trends including persistent geopolitical tensions while gold serves as traditional hedge against economic uncertainty, with central bank purchases and supply constraints pushing prices to multi-year highs
3. Dispersion Trade Refinement Amid Correlation Breakdown
April saw highest average implied correlation on S&P 500 in over two years despite earnings season, but sophisticated hedge funds adapted by constructing tightly focused baskets with elevated realized volatility to extract alpha
- Hypothetical dispersion trade involving Swiss financial stocks versus Swiss Market Index delivered strong April returns as spread between implied and realized volatility widened significantly
- HSBC data shows pronounced rotation from concentrated equity long strategies toward macro approaches, with several 2026 leaders being bottom-quartile performers last year
- JPMorgan strategists advise managing correlation shocks using partial intraday hedges or long volatility overlays via VIX/VStoxx options, reflecting need for dynamic hedging in current environment
- Interest rates normalized with single stock volatility above historical averages and dispersion elevated in both US and international markets, creating robust alpha generation environment for hedge funds
Source: Claude API with web search · April 23, 2026
03Global Asset Class Performance — Mid Cycle
| Asset Class | Proxy | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | P/E | Yield |
|---|---|---|---|---|---|---|---|
| Cash | BIL | 0.2% | -0.1% | -0.1% | 0.0% | — | 4.01% |
| ST Bonds | SHY | -0.5% | -0.2% | 0.2% | -0.9% | — | 3.75% |
| Muni Bond | MUB | 0.1% | 3.7% | -0.0% | -1.7% | — | 3.19% |
| Muni High Yield | HYD | 0.0% | 3.0% | -0.0% | -4.0% | — | 4.33% |
| For. Dev. Bond | BNDX | -0.5% | -2.3% | -0.3% | -3.4% | — | 4.46% |
| HY Bond | HYG | -0.4% | 3.0% | 2.2% | -1.7% | — | 5.88% |
| EM Bond | EMB | -0.4% | 7.7% | 4.1% | -3.0% | — | 5.11% |
| Bank Loans | BKLN | -2.3% | -0.4% | -0.6% | -1.5% | — | 7.04% |
| Long Term UST | TLT | -0.6% | -0.9% | -6.4% | -9.2% | — | 4.49% |
| US Equity (LC) | SPY | 3.7% | 32.3% | 19.7% | 11.2% | 28.09 | 1.14% |
| US Equity (SC) | IWM | 10.7% | 44.8% | 15.8% | 4.1% | 19.95 | 1.02% |
| Int'l Dev. Equity | EFA | 4.3% | 22.5% | 11.1% | 5.1% | 18.57 | 3.35% |
| EM Equity | EEM | 10.9% | 44.9% | 17.0% | 2.7% | 17.34 | 2.16% |
| Real Estate | VNQ | 7.9% | 10.0% | 5.2% | -0.5% | 32.13 | 3.93% |
| Midstream Energy | AMLP | 10.0% | 7.0% | 10.0% | 10.1% | 15.59 | 7.56% |
| Commod. Fut. | DJP | 29.4% | 44.4% | 15.3% | 14.0% | — | — |
| Global Infrastructure | IGF | 8.7% | 21.0% | 11.1% | 7.7% | 22.0 | 2.96% |
| HFs Equity Hedge | QAI | 4.9% | 14.5% | 6.4% | 2.0% | — | 1.48% |
| HFs Event-Driven | PSR | 10.6% | 12.0% | 5.2% | 0.1% | — | 2.62% |
| HFs Relative Value | FLOT | 0.2% | 0.2% | 0.3% | 0.1% | — | 4.72% |
| HFs Macro | DBMF | 8.2% | 20.7% | 4.6% | 1.7% | — | 5.31% |
| Private Equity | PSP | -10.3% | -1.6% | 5.4% | -4.7% | — | 6.85% |
| HFs Multi-Strat | GMOM | 10.1% | 30.3% | 10.1% | 4.6% | — | 1.65% |
| Private Credit | ARCC | -8.9% | -10.3% | 0.3% | -1.0% | — | 10.05% |
* CMA Estimate · P/E shown for equity classes only
CMA 10-Year Risk-Return Map
Each dot = one asset class. Higher and left = better risk-adjusted return. Hover for details.
Private Markets — TVPI & DPI by Vintage (2010–2023)
Bars = realized distributions (DPI). Dots = total value (TVPI). Gap = unrealized value (RVPI). Hover for IRR.
Key Private Markets Observations
- PE 10Y net IRR of 13.63% vs ~13.75% S&P 500 mPME — premium narrowing in recent vintages
- VC 3-year return only 0.13% vs 19.79% S&P 500 mPME — historic underperformance from 2022-23
- DPI extremely low for 2019-2023 vintages, signaling continued liquidity challenges
- VC vintage 2010-2013 TVPIs of 3.2-4.6x demonstrate the power of early vintage selection
- Manager selection critical: upper vs lower quartile PE spreads exceed 2,400bps
Sources: Cambridge Associates Global PE Index & US VC Index, June 30, 2025
04Macroeconomic Indicators
Conference Board Leading Economic Index (LEI)
The Conference Board Leading Economic Index (LEI) for the US declined -0.1% month-over-month in January 2026, reaching 97.5 (2016=100). The index fell -1.3% over the six-month period from July 2025 to January 2026, equivalent to a -2.6% annualized rate.
Component Assessment — Traffic Light Dashboard
🟢 POSITIVE (7)
▸ Average Weekly Hours (Mfg)
▸ Initial Unemployment Claims
▸ S&P 500 Stock Index
▸ Leading Credit Index
▸ 10Y-FFR Interest Rate Spread
▸ Mfg New Orders Capital Goods
▸ ISM New Orders Index
▸ Initial Unemployment Claims
▸ S&P 500 Stock Index
▸ Leading Credit Index
▸ 10Y-FFR Interest Rate Spread
▸ Mfg New Orders Capital Goods
▸ ISM New Orders Index
🟡 NEUTRAL (0)
No neutral components
🔴 NEGATIVE (3)
▸ Consumer Expectations (Business)
▸ Building Permits
▸ Mfg New Orders Consumer Goods
▸ Building Permits
▸ Mfg New Orders Consumer Goods
LEI Level
97.5
6-Mo Annualized
-2.6%
Diffusion (6-Mo)
70%
Next release date to be announced based on Census Bureau data releases . Component strengths remain widespread for three straight months with 7 out of 10 components advancing on the six-month basis .
US Treasury Yield Curve
Global GDP Growth Outlook (2026E)
Source: IMF WEO, Goldman Sachs, ECB, BOJ projections
Global Business Cycle Update
Based on the comprehensive data gathered, I can provide an analysis of where major economies sit in the business cycle for 2026. Here's the raw HTML output as requested:
Key insights from the analysis: **United States**: Operating in mid-cycle expansion with GDP growth expected to accelerate to 2.6-2.8% in 2026, driven by the fading impact of tariffs and a boost from business and personal tax cuts . The Fed is expected to remain on hold due to inflationary pressures . **China**: In late-cycle phase with GDP growth projected at 4.6-4.8% in 2026, supported by strong exports but facing sluggish domestic demand . Redirection of Chinese exports continues to generate downward pressure on import prices globally . **Euro Area**: In early-cycle recovery with growth expected at 1.2-1.5% in 2026, supported by fiscal stimulus in Germany and easing monetary conditions . Core inflation expected at 1.9% in the euro area . **Japan**: Mid-cycle expansion with modest 0.6-1.1% growth expected, while inflation at 2.2-2.3% remains above target . The Bank of Japan anticipates incremental rate hikes through 2026 . **Emerging Markets**: Face particular challenges with slower growth and higher inflation pressures, especially commodity importers with preexisting vulnerabilities . Pressures are concentrated in emerging market and developing economies, especially commodity importers .
| Economy | Phase | Direction | GDP (2026E) | Inflation | Key Signal |
|---|---|---|---|---|---|
| United States | Mid-Cycle | Improving | 2.6–2.8% | Moderating (2.4%) | AI investment driving growth |
| China | Late-Cycle | Stable | 4.6–4.8% | Low deflation risk | Export strength offsetting domestic weakness |
| Euro Area | Early-Cycle | Improving | 1.2–1.5% | Below target (1.9%) | German fiscal stimulus beginning |
| Japan | Mid-Cycle | Stable | 0.6–1.1% | Above target (2.2%) | Gradual monetary normalization |
| United Kingdom | Early-Cycle | Improving | 1.5% | Returning to target | Labor market softening supporting disinflation |
| Emerging Markets | Mid-Cycle | Deteriorating | 4.0–5.6% | Elevated pressures | Geopolitical tensions weighing on outlook |
Strongest Growth
India (6.6%)
Most Vulnerable
Emerging Markets (War impact)
Most Resilient
US (AI productivity)
Key Theme
Divergent recovery paths
05TOC-23 Long-Term Investment Themes
06Portfolio Construction — Kelly Optimization
About Kelly Optimization with Higher Moments
Maximizes expected log growth incorporating skewness and kurtosis from TOC-23 CMAs. After-tax: 37%+3.8% NIIT ordinary, 20%+3.8% LTCG, munis exempt. Constraints: min 10% US equity, 5% munis, 2% cash; max 20% illiquids.
Select a Portfolio
Monte Carlo Simulation (30-Year)
10,000 paths using geometric Brownian motion. $50M initial. Shaded = 10th-90th percentile.
Efficient Frontier — 5 Portfolio Solutions
Each point represents one of the five optimized portfolios. The curve shows the risk-return tradeoff.
TOC-23 Approved Investments
Funds and co-investments that have passed TOC-23 due diligence and are approved for client portfolios.
Last updated: 2026-04-16 · 17 investments
Hedge Fund (7)
BlackRock Systematic Total Alpha Fund
BlackRock Systematic · Global multi-strategy systematic fund spanning equity, fixed income, and cross-asset macro strategies
The fund seeks to generate robust and consistent risk-adjusted returns by investing across asset classes, geographies, time horizons, and insight types. It aims to deliver idiosyncratic returns with low correlations to broad markets through BlackRock's systematic investing expertise spanning 30+ yea...
Fund Size: $5.3BVintage: June 30, 2022
Mgmt: Class A: 1.50%, Class B: 0.50% · Carry: Class A: 20%, Class B: 30%
- Leaders in systematic investing with 30+ years experience
- Combines flagship capabilities of BlackRock Systematic into one solution
- High-breadth portfolio with average cross-correlations of only +0.10 across sub-strategies
Brevan Howard Alpha Strategies Fund
Brevan Howard · Multi-risk taker macro hedge fund with diversified strategies including relative value, directional, short-term trading, and volatility
The Fund combines directional and relative value approaches to macro trading to generate consistent and stable returns through exceptional diversification across over 100 distinct trading portfolios, nine unique strategies, and multiple asset classes. Brevan Howard's unparalleled macro trading talen...
Fund Size: $15.0BVintage: September 2018
Mgmt: 1% · Carry: 15% plus pass through
- Quality & diversification of macro trading talent with over 100 individual portfolio allocations surpassing closest competitors
- Highly specialized risk management team of over 30 experienced Risk Officers with low 3-5 trader-to-risk manager ratio
- Exceptional diversification across tens of thousands of positions with no single risk taker receiving more than 3% of fund AUM
The Lexcor Master Fund
Lexcor Capital LLP / Marble Bar Asset Management LLP · European equity long/short with opportunistic strategies
A concentrated European equity long/short strategy focused on superior growing companies trading significantly below intrinsic value with positive catalysts. The strategy leverages timeless investment principles including margin of safety, long-term investment horizon, and preference for catalysts t...
Fund Size: $37MVintage: 2018
Mgmt: 1% (F Class) / 1.5% (A1 Class) · Carry: 15% (F Class) / 20% (A1 Class)
- Co-portfolio manager structure with joint responsibility for every investment
- Concentrated portfolio (12-15 long positions) for superior risk/return and reduced agency risk
- Four-book strategy: Long Book, Short Book, Tail Risk Hedges, and Opportunistic Book
RA Capital Healthcare Fund LP
RA Capital Management, L.P. · Healthcare & Life Sciences - Long/Short Biotechnology
RA Capital exploits structural inefficiencies in biotechnology markets by leveraging deep scientific expertise to identify differentiated therapeutic assets with superior probability of clinical success. The firm's integrated research platform and multi-stage investment approach provide meaningful a...
Fund Size: $12.0BVintage: 2005
Mgmt: 2% · Carry: 20%
- Large internal team of 40+ scientifically trained professionals (PhDs and MDs) directly embedded in investment process
- Proprietary TechAtlas platform for mapping therapeutic areas and identifying innovation
- Multi-stage investment capability across public and private markets including company formation
Southpoint Qualified Fund
Southpoint Capital Advisors · equity long/short
Southpoint employs a fundamental, value-oriented approach with a private equity mindset to identify securities trading significantly outside intrinsic value. The strategy utilizes a unique three-bucket portfolio construction across mispriced compounders, special situations, and free options to provi...
Fund Size: $4.5BVintage: 2004
Mgmt: 1.5% · Carry: 20%
- Unique three-bucket portfolio approach (mispriced compounders, special situations, free options)
- Off-the-run names not typically held by long/short peers
- Deep value, private equity mindset applied to public markets
TOMS Capital Investment Management Public Markets Strategy
TOMS Capital Investment Management · Long/Short Equity with Options Overlay
The strategy seeks to generate attractive alpha-driven returns by combining fundamental model-driven investments with catalyst-based opportunities, while using sophisticated risk management and options strategies to maximize convexity and isolate company-specific drivers of return. The approach emph...
Vintage: June 2018
Mgmt: 2% · Carry: 20%
- Dedicated Chief Risk Officer (Gitesh Parmar) providing unique position and portfolio level hedging recommendations
- Risk management centered investment process with thoughtful hedging to isolate idiosyncratic risk
- Emphasis on convex trade and portfolio construction using call and put options
TQ Master Fund LP (The Quarry Flagship Fund)
The Quarry LP · global multi-manager platform investing in alpha-oriented, relative value/market neutral strategies
The Quarry invests in alpha-oriented, relative value/market neutral strategies across multiple asset classes, partnering with portfolio managers who provide distinct, uncorrelated sources of alpha. The platform seeks absolute return strategies through both internal portfolio managers and external ma...
Vintage: 2022
Mgmt: 0.50% (Founding Partner Class) / 0.75% (Class A) · Carry: 20%
- Multi-manager platform with 34 portfolio managers across diverse strategies
- Low correlation to major market indices (0.10 correlation to S&P 500)
- Strong risk-adjusted returns with Information Ratio of 2.45
Other (1)
Multiple Funds Update
Multiple Managers · Multi-strategy update across real estate, credit, private equity, and infrastructure
This document contains updates on multiple funds across different strategies, including value-add retail real estate, municipal credit opportunities, multifamily housing, control buyouts, global credit opportunities, and energy infrastructure investments.
- Continental Realty focuses on below-market rent opportunities in open-air shopping centers
- 503 Capital specializes in directly originated tax-exempt municipal credit
- Roundhouse targets income-generating multifamily in Mountain West and Pacific Northwest
Private Credit (2)
ArrowMark Global Opportunity Fund V
ArrowMark · Regulatory Capital Relief
The fund generates low-double digit income-driven returns by investing in regulatory capital relief securities issued by global financial institutions. Banks issue these transactions to optimize capital levels, reduce balance sheet concentrations, and respond to regulatory changes. The strategy leve...
Net IRR: 10-12%Yield: 10-12% annualized cash yieldFund Size: $1.4BVintage: 2025
Mgmt: 0% · Carry: 15% of net recognized profits
- 14+ years of experience in regulatory capital relief with $9.5B invested across 118 transactions
- Deep relationships with 20 banks and exposure to 42 unique lending platforms
- Information advantage through extensive bank relationships and transaction experience
503 Capital Partners Tax Exempt Credit Opportunities Fund IV, LP
503 Capital Partners · Tax-Exempt Asset-Backed Credit
503 Capital Partners targets sectors experiencing structural capital supply-demand imbalance with tax-efficient income-oriented returns. The strategy focuses on asset-backed community investments in Education, Senior Living, and Waste Transition sectors that demonstrate low downside capture, limited...
Net IRR: 8-10%Yield: 7-10% (11.8-16.9% tax-equivalent)Fund Size: $200MVintage: 2025
Mgmt: 1.5% · Carry: 15%
- Tax-exempt structure with 80% of income federally tax-exempt
- Focused sector expertise in Education, Senior Living, and Waste Transition
- Low historical default rate of 0.34% annualized since inception
Private Equity (1)
Greybull Stewardship III, LP
Greybull Stewardship · Pre-middle market buyout
Greybull targets 'pre-middle market' companies (under $5M EBITDA) that are founder-owned and undergoing critical transition phases. The firm leverages deep operational expertise to professionalize and scale these businesses from 'adolescent' stage into robust middle market enterprises, capitalizing ...
Net IRR: 20%+MOIC: 2.0x+Fund Size: $170MVintage: 2025
Mgmt: 2% · Carry: 20%
- Proprietary sourcing network in undercapitalized pre-middle market segment
- 15+ years focused exclusively on small business segment with strong credibility
- Purpose-built team of 13 functional experts for small business needs
Private Real Estate (4)
Roundhouse Multifamily Fund II
Roundhouse · value-add multifamily
The fund targets emerging, high growth, high barrier-to-entry markets in the Mountain West and Pacific Northwest where Roundhouse has sourcing and execution advantages. The strategy prioritizes durable cash flows by acquiring and developing projects with enduring physical attributes in select market...
Net IRR: 13-15%MOIC: 1.8x - 2.0xYield: 6-10% annualized cash-on-cash returnsFund Size: $300MVintage: 2025
Mgmt: 1.5% · Carry: 20%
- Vertically integrated regional multifamily specialist with 'boots on the ground' approach
- Dedicated sourcing team generating proprietary deal flow (60% of last 20 deals sourced off-market)
- Local market expertise in fragmented, undersupplied Mountain West and Pacific Northwest markets
Continental Realty Opportunistic Retail Fund II
Continental Realty Corporation · Opportunistic retail real estate
CRORF II seeks to capitalize on attractive distressed buying conditions in retail real estate through a repeatable value-add strategy centered on below-market anchor rents, mismanaged properties, pad site monetization, and operational improvements. The strategy benefits from strong retail fundamenta...
Net IRR: 15-18%MOIC: 1.7-2.0xYield: 8-10% annualized cash yieldFund Size: $350MVintage: 2025
Mgmt: 1.5% · Carry: 20%
- 57% of acquisitions sourced off-market since 2021
- 300+ person vertically integrated platform with 7 in-house leasing managers (2x national benchmark)
- Dedicated in-house data scientist with $1M+ annual data budget for enhanced underwriting
11 Beacon Street
Synergy · Value-Add Office
Opportunity to acquire a well-located historic office building at a generationally attractive basis of $153 per square foot, representing a significant discount to prior valuations and replacement cost. The investment provides immediate cash flow from 86% occupancy while offering upside through re-l...
Net IRR: 19.6%MOIC: 2.25xYield: 8% current cash yieldFund Size: $25MVintage: 2026
Mgmt: 0.50% of committed equity · Carry: 20% over 10% preferred return & 25% over 15% preferred return
- Irreplaceable location at intersection of Beacon Hill and Financial District
- Substantial discount to prior valuations and replacement cost at $153/sq ft
- Synergy's long-standing ownership since 2013 and deep Boston market expertise
Project Ozark - Lapel's Laundromat Franchise Development
Richard Vazza (Lead), TOC-23 (Co-Sponsor) · Franchise Development - Laundromat Operations
This investment capitalizes on three core thesis pillars: (1) defensive recession-resilient consumer behavior in essential laundry services, (2) operational scale advantages through multi-revenue stream optimization including wash-dry-fold, vending, and ancillary services, and (3) geographic market ...
Net IRR: 14.5%MOIC: 2.76xFund Size: $11MVintage: 2026
Mgmt: 4.5% of revenue to lead sponsor, 1.5% to TOC-23 · Carry: 30% carry to Vazza above 8% pref, 37.5% above 15% pref; 10% carry to TOC-23 above 8% pref, 12.5% above 15% pref
- Proven operational East Boston location generating cash flow since July 2025
- Technology-enabled Lapel's franchise with cashless payments, remote monitoring, and mobile app ordering
- Multi-revenue stream model including self-service, wash-dry-fold, dry cleaning, alterations, and delivery services
Public Equity (1)
Aperio Long/Short Strategies
Aperio Group, LLC · Long/Short Equity with Active Tax Management
Long/short extensions of Aperio's Active Tax Management strategy can potentially provide greater tax alpha and/or less concentration risk by using margin and shorting to increase gross exposure. The strategy seeks to generate more consistent loss harvesting opportunities in both up and down markets ...
Vintage: 2025
Mgmt: 0.22% for long-only, 0.42% for 130/30, 0.62% for 200/100
- Extension of proven Active Tax Management using margin and shorting
- Potentially more consistent tax alpha across market cycles
- Ability to rejuvenate loss harvesting for older/ossified accounts
Real Assets (1)
EIV Capital Fund V
EIV Capital · Energy Infrastructure - Midstream
EIV Capital Fund V focuses on investing in infrastructure assets essential to transportation, storage, processing, and sale of both traditional and renewable energy. The fund capitalizes on current market fragmentation and capital scarcity in the energy sector to acquire mid-market infrastructure op...
Net IRR: 20%MOIC: 2.0xYield: 10% annualizedFund Size: $1.0BVintage: 2025
Mgmt: 2% · Carry: 20%
- Average 21 years of experience across energy value chain
- Top-quartile performance since 2009 inception with strong DPI focus
- Yield-oriented investment approach with 7% LTM yield on active portfolio
07TOC-23 Active Equity Portfolios
Data as of 2026-04-23
Long-Term Quality Growth
Equal-weighted, rebalanced Dec 31 · MSFT, NVDA, AVGO, NOW, MRVL, ADBE, GOOGL, META, AMZN, MSCI, ICE, CBOE, JPM, PNC, MA, V, KKR, SCHW, TDG, GE
36.8%
1-Year Return
33.4%
Avg Volatility
1.10
Sharpe Ratio
▲ Top 5 (1Y)
| Ticker | 1Y | Sector |
|---|---|---|
| MRVL | +208.7% | Technology |
| AVGO | +139.3% | Technology |
| GOOGL | +118.9% | Communication Services |
| NVDA | +94.4% | Technology |
| PNC | +47.8% | Financial Services |
▼ Bottom 5 (1Y)
| Ticker | 1Y | Sector |
|---|---|---|
| MA | -4.7% | Financial Services |
| V | -6.9% | Financial Services |
| TDG | -7.8% | Industrials |
| ADBE | -32.1% | Technology |
| NOW | -47.8% | Technology |
Year-to-Date Performance
+0.1%
Avg YTD Return
9
Positive
11
Negative
▲ Top 5 (YTD)
| Ticker | YTD | Sector |
|---|---|---|
| MRVL | +85.4% | Technology |
| CBOE | +21.3% | Financial Services |
| AVGO | +21.1% | Technology |
| AMZN | +12.6% | Consumer Cyclical |
| PNC | +8.1% | Financial Services |
▼ Bottom 5 (YTD)
| Ticker | YTD | Sector |
|---|---|---|
| SCHW | -12.2% | Financial Services |
| TDG | -14.2% | Industrials |
| KKR | -21.0% | Financial Services |
| ADBE | -28.3% | Technology |
| NOW | -42.5% | Technology |
Watchlist — Potential Additions
Based on my research into long-term compounding stocks, here are 5 high-quality companies that should be excellent additions to your watchlist:
Core Defensive
Equal-weighted, rebalanced Dec 31 · IAU, AEM, GFI, NEM, KO, PG, MCD, KR, COST, WMT, TJX, LLY, DHR, CVS, CCI, VZ, PM, MO, AES, AEP
26.8%
1-Year Return
26.2%
Avg Volatility
1.02
Sharpe Ratio
▲ Top 5 (1Y)
| Ticker | 1Y | Sector |
|---|---|---|
| NEM | +111.7% | Basic Materials |
| GFI | +103.8% | Basic Materials |
| AEM | +70.0% | Basic Materials |
| AES | +51.5% | Utilities |
| IAU | +42.2% | N/A |
▼ Bottom 5 (1Y)
| Ticker | 1Y | Sector |
|---|---|---|
| KR | -2.1% | Consumer Defensive |
| MCD | -2.8% | Consumer Cyclical |
| DHR | -8.4% | Healthcare |
| PG | -10.2% | Consumer Defensive |
| CCI | -10.4% | Real Estate |
Year-to-Date Performance
+6.4%
Avg YTD Return
15
Positive
5
Negative
▲ Top 5 (YTD)
| Ticker | YTD | Sector |
|---|---|---|
| VZ | +20.3% | Communication Services |
| MO | +19.1% | Consumer Defensive |
| COST | +18.9% | Consumer Defensive |
| AEP | +17.6% | Utilities |
| WMT | +17.3% | Consumer Defensive |
▼ Bottom 5 (YTD)
| Ticker | YTD | Sector |
|---|---|---|
| CCI | -0.1% | Real Estate |
| CVS | -0.8% | Healthcare |
| AES | -1.0% | Utilities |
| LLY | -14.9% | Healthcare |
| DHR | -22.3% | Healthcare |
Watchlist — Potential Additions
Based on my analysis of current market conditions and defensive stock research, here are five additional defensive stocks that should be well-positioned for a challenging 2026 environment:
These five stocks offer exposure to essential services and products that maintain steady demand regardless of economic conditions, providing the portfolio stability needed during uncertain times.
Source: Yahoo Finance · Equal-weighted, rebalanced annually Dec 31