The TVF Portfolio: +9.1% YTD in the June 3 Update
A quality-focused portfolio in a market increasingly driven by AI momentum
The TVF Portfolio is up 9.1% YTD, but the last two weeks were mixed (-0.6%). Several holdings moved lower while broader equity markets continued to push higher, largely driven by AI-related momentum.
This portfolio was not built to mirror narrow market rallies. It was built around business quality, pricing power, resilient cash generation, valuation discipline and continuous monitoring. When capital flows into one dominant market theme, a portfolio with different exposures can lag in the short term.
The question for us is therefore not whether every holding beats the index over a two-week period.
The question is simpler:
Did anything happen that changes the quality of the investment thesis?
This update covers the period from 23 May to 3 June 2026. We only include developments that are new, relevant and useful for assessing the portfolio. When there is no meaningful company-specific news, we say so directly.
For members, the value is not just knowing what happened. The value is knowing whether it matters.
Disclaimer
Please refer to the full disclaimer linked above.
This article is for educational and informational purposes only and does not constitute personal investment advice. The author holds a position in all companies mentioned.
Do you appreciate our publication? Then you help us enormously with a like, comment, share and/or restack.
The recent performance is therefore not something we ignore, but it is also not something we overreact to.
Most holdings moved lower over the past two weeks, while broader markets were helped by narrow AI-driven momentum. That creates a useful contrast: the TVF Portfolio has a different exposure profile.
This update is not about explaining every price move. It is about separating noise from thesis change.
If the business quality remains intact, short-term weakness can be uncomfortable but useful. If the thesis has weakened, we need to say so directly.
Below the paywall we go company by company through the TVF Portfolio.
For each holding we look at the most relevant development of the past two weeks, explain whether it actually changes the investment thesis and translate that into a clear portfolio action: hold, monitor more closely, increase conviction, or reduce risk.
The goal is not to react to headlines. The goal is to understand which businesses became more attractive, which risks increased, and where our capital allocation view has changed. If it has changed at all.