𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗨𝗽𝗱𝗮𝘁𝗲 Dear Investors, This week, the major US stock indices ended the week in mixed order as investors digested quarterly corporate results, particularly bank results. Our portfolio rose +𝟭𝟰.𝟯% 𝘁𝗵𝗶𝘀 𝘄𝗲𝗲𝗸, bringing our July return to +18.2% and our year-to-date performance to +𝟱𝟯.𝟱%. In comparison, the SPX500 index rose +1.6% this month and +7.0% year-to-date. This performance is largely due to Pagaya Technologies, which announced strong preliminary second-quarter results. As valuations remain high, we will consider reducing certain positions based on company results, if appropriate. Thank you, as always, for your continued business, – Romain Roth