a. Updated Performance vs. the S&P 500

Overall Performance:

Year-to-date Performance:

b. Portfolio Changes

I boosted my Coupang stake by about 11%. I continue to be deeply impressed with the firm's execution and don't think the data breach will slow them down in the slightest. The runway in Korea remains large and their entry into Taiwan has gone very well. With the Korean subsidiary CEO now fired, I think there will be a future fine and then not much else. And I think Coupang will keep performing extremely well throughout all of this. If we assume EPS growth over the next 2 years sharply disappoints (not my expectation)? This clear e-commerce leader trades for a 0.6x PEG ratio with mid-teens revenue growth. This is an excellent company at an excellent price and I'm buying more.

I also boosted my MELI stake by about 17%. I'm going to keep this short and sweet. The two things holding back MELI's forward multiple and stock right now are forward-looking election risks and competitive concerns in Brazil. MELI has dominated across Brazil and Latin America for a very long time. They've done so while countless competitors and political climates have come and gone. They've done so regardless of all of those changes. I expect more of the same and I expect more great quarters like we've grown to expect. The PEG ratio sits right around 1x and I see considerable upside to those estimates as it laps fee reductions, the credit business matures, ads explode and economies of scale keep deepening.

c. Updated Holdings