Portfolio
“Relative” is the position’s return minus the index’s return over that position’s own holding period — the comparison that reflects the decision actually taken.
| Position | Weight | Initiated | Held | Return | KSE-100 same period | Relative |
|---|---|---|---|---|---|---|
CASH Held deliberately. It has cost roughly 23 points of relative return against a rising index — the largest single drag on this record. | 24.0% | 1 Sept 2025 | 11 mo | 0.0% | +23.1% | −23.1pp |
EFERT Initiated the day the current thesis was published. | 22.0% | 14 Oct 2025 | 10 mo | +21.7% | +17.5% | +4.2pp |
MEBL No published thesis yet. Held before I had written anything I would stand behind. | 20.0% | 15 Sept 2025 | 11 mo | +33.2% | +20.8% | +12.4pp |
SYS Down since initiation and behind the index. The thesis is about a multi-year margin trend, so six months tells us little either way — but the loss is the loss. | 18.5% | 18 Feb 2026 | 5 mo | −8.4% | +3.5% | −11.9pp |
LUCK Positive in absolute terms and behind the index over the same period. | 15.5% | 3 Nov 2025 | 9 mo | +6.8% | +14.6% | −7.8pp |
How these numbers are produced
Position returns are total returns since the initiation date shown, updated weekly from closing prices. The benchmark column is computed from KSE-100 index levels on the same two dates, so the row-level comparison and the headline figures come from one calculation rather than two.
Cash is shown as a position rather than netted out, because holding cash is a decision and its cost should be visible. Pre-existing holdings are excluded entirely. Nothing is excluded for any other reason.
Holdings as of 3 Aug 2026.
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