Portfolio Overview
The US Portfolio remains focused on high-quality US-listed companies across technology, industrial, and healthcare sectors. As of July 31, 2026, the portfolio has delivered a blended return of approximately +1.2% since inception, with notable strength in several core holdings.
Performance Drivers
Leaders: Itron (ITRI) continues to lead with a +28.7% return, benefiting from strong demand for smart grid and utility technology. Varonis (VRNS) has gained +19.8% on robust cybersecurity spending, and OSI Systems (OSIS) is up +12.0% on solid defense and healthcare orders.
Laggards: Allegro MicroSystems (ALGM) has declined -24.4% amid semiconductor cyclical weakness, and FormFactor (FORM) is down -18.8% on soft test equipment demand. These are largely sector-driven headwinds rather than company-specific issues.
Risk Concentration
The portfolio has a moderate concentration in technology and semiconductor-related names, which have been volatile. However, diversification across industrials (Crane, Badger Meter) and healthcare (TransMedics) helps mitigate sector-specific risk. No single position exceeds 15% of the portfolio.
What to Watch
Key catalysts include upcoming earnings from semiconductor names (FORM, ALGM, COHU, LSCC) and any shifts in industrial demand. We are monitoring the Federal Reserve’s rate path and its impact on growth stocks. The portfolio remains fully invested, with no cash drag.
Position Review
All open positions are within their minimum holding period and remain aligned with their original investment theses. We see no reason to close any positions at this time. Recent weakness in semiconductor names is considered cyclical, and we expect a recovery as inventory levels normalize.
Conclusion
The US Portfolio is well-positioned for continued growth, with a balanced mix of secular winners and cyclical recovery candidates. We will continue to monitor developments and adjust as needed.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Always conduct your own research or consult a financial advisor before making investment decisions.