LIND RESEARCH
Portfolio Update
Portfolio Update | Analyst: Kristoffer Lindström
September 2026
The portfolio returned 6.3% in September and is up 14.4% since it started on 22 January 2026.
Performance
Over three months, the return is 9.2%. Year-to-date and since inception are the same period, because the portfolio started in January 2026.
We focus on absolute return and do not compare the portfolio to a benchmark. Our aim is a 20-25% return a year on average, and the result so far is in line with that pace.
The capital has been invested gradually since the start. Cash has averaged 53% of the portfolio over the period and was 24.1% at the end of September. With about half the portfolio in cash on average, we think a return of 14.4% year-to-date is quite good.
The month in brief
One position accounted for 4.7 of the 6.3 percentage points. The other four positive positions added 2.4 points together, and the single detractor cost 0.8 points.
One trade was made, an add to an existing position equal to 3.2% of the portfolio. Two holdings paid dividends.
At month-end the portfolio held six positions and 24.1% cash. The three largest positions were 56.6% of the portfolio.
14 of 22 trading days were positive. The best day was 11 September (+2.3%) and the worst 25 September (-2.2%).
Track record
Key figure | Value |
|---|---|
Holdings | 6 |
Cash | 24.1% |
Three largest positions | 56.6% |
Positive months | 6 of 8 (February to September) |
Best month | +6.3% (September 2026) |
Worst month | -1.6% (March 2026) |
Largest month-end drawdown | -2.1% |
Holdings
The portfolio held six positions and 24.1% cash at the end of September. The largest position was 30.4% of the portfolio, and it also made the largest contribution to the month's return…
See the full portfolio
The holdings behind this month's return, a Portfolio Alert when we buy or sell, and our deep dives, memos and notes. $29/m, first 30 days for $1.
Unlock for $1Inside this update:
- All holdings and portfolio weights
- The thesis for each position in a few lines
- The month's trades, dividends and company news