Our Model Portfolio continues to show remarkable strength… and the core theme of our last monthly issue isn’t just alive, it’s getting louder by the week: dispersion.
Winners keep winning. Losers keep losing. And if you flip to the last page of any of our monthly issues, you already know the punchline: our portfolio is heavily skewed toward the winners’ side.
And right now, nowhere is dispersion more visible than in our geographic tilts.
South Korea (EWY) has turned into a market darling almost overnight because it happens to sit right on top of the AI capex wars. Samsung and SK Hynix aren’t just “AI stories” in the way headlines frame them… they’re the industrial backbone powering the buildout.
When the world decides it needs more compute, more memory, more chips… Korea doesn’t just participate, it supplies. And that’s why capital is flooding in.
Meanwhile, Brazil (EWZ) and Japan (EWJ) are doing almost the same attention-grabbing thing: they’re going parabolic. Different reasons… same result.
Brazil’s thesis, in particular, is now capturing even Stanley Druckenmiller’s attention. Which is always a fun moment… because, well… we were there first.
Stay tuned for our next monthly issue: we’ll update the Brazil thesis properly, with the same sober reality we always bring to these moves: big trends don’t start when the crowd notices; they start when positioning is still lonely.
Now, on the other side of dispersion, our crypto exposure continues to take punches. No sugarcoating it. But our conviction hasn’t budged. Why? Because the market is still missing the obvious: the Agentic AI revolution doesn’t just need intelligence: it needs ownership, coordination, incentives, identity, and settlement in a digital world where agents act, transact, and negotiate at machine speed.
That’s where blockchain stops being a “theme” and starts becoming infrastructure. The connection will look inevitable… right after it stops being controversial.
That’s good investing: you lean into what’s working, you size risk properly, and you stay rational when the market is doing its best impression of a mood swing...
Stay disciplined. Have a great week.
-Vasco
Disclaimer
The information provided herein is for general informational purposes only and does not constitute financial advice or a recommendation to buy, sell, or hold any investment. It is not tailored to any specific individual or investor profile. All investments involve risks, and past performance is not indicative of future results. Before making any investment decisions, it is important to consider your own financial situation and risk tolerance. We do not guarantee the accuracy, completeness, or reliability of any information provided, and we disclaim any liability for any loss or damage arising from reliance on the information herein. Readers are advised to consult with an authorized financial intermediary before making any investment decisions.