Q2 2025 Portfolio Update
Prior Quarterly Updates: Q2 ’21, Q3 ’21, Q4 ’21, Q1 ‘22, Q2 ‘22, Q3 ‘22, Q4 ‘22, Q1 ‘23, Q2 ‘23, Q3 ‘23, Q4 ‘23, Q1 ‘24, Q2 ‘24, Q3 ‘24, Q4 ‘24, Q1 ‘25
Portfolio Changes, Q2 2025:
None
Top TSOH Posts, Q2 2025:
The S&P 500 ended Q2 2025 up ~6% YTD, an outcome that seemed quite improbable 90 days ago (the index declined ~5% in Q1 2025). The sun has kept shining on the TSOH portfolio, led by a strong start to 2025 for Dollar General, Netflix, Fever-Tree, and Dollar Tree, among other holdings; as a result, the TSOH portfolio was up ~25% through the first six months of 2025.