Portfolio Performance
The Enterprise Automation Portfolio posted a mixed week ending July 2, 2026. Top performers included Appian Corporation (APPN) with a 22.8% return since inception, NICE Ltd. (NICE) at +15.1%, and Samsara Inc. (IOT) at +11.9%. Underperformers were Cognex Corporation (CGNX) at -6.4% and Tungsten Automation plc (ROK) at -4.7%. The portfolio remains well-diversified across the business automation theme.
Key Moves
We are closing two positions this week:
- RPA Japan, Inc. (HTCR) – Zero return since pick date and no identifiable catalyst. Capital is better allocated to higher-conviction names.
- Cognex Corporation (CGNX) – Deteriorating fundamentals in industrial automation and excessive concentration risk. The stock has declined 6.4% and we see better opportunities elsewhere.
Theme and Positioning
The enterprise automation theme remains robust, driven by AI integration and digital transformation. The portfolio maintains exposure to RPA, workflow automation, and AI-driven analytics. We continue to hold UiPath (PATH) despite its recent pick, as it is still within the protected holding period.
Risk and Outlook
Key risks include macroeconomic headwinds and sector rotation. We are monitoring earnings reports from Appian and NICE for signs of sustained momentum. The portfolio remains overweight software and underweight hardware, aligning with the theme.
Disclaimer: This is not investment advice. Past performance is not indicative of future results. All investments carry risk. Consult a financial advisor before making investment decisions.