Portfolio Update: July 2026 + Q2 Earnings outlook
The acquisition of Sanara MedTech was the second portfolio company acquisition this year. I am therefore back to holding roughly 30% in cash. Nevertheless, July was a decent month, with a return of 4.49%, bringing the total year-to-date return to 61.83%.
Markets have been very volatile in July, but my portfolio is not really affected by that. My only AI exposure remains a piece of unused lan in Canada, owned by a refinery, that could be sold to build a data-center there.
Overall, I think the selection of “hidden-bull-markets” has served the portfolio very well. While everyone talks about AI bottlenecks or Oil stocks; refineries, renewable fuels and aerospace suppliers are crushing earnings, without stealing Bloomberg headlines.
In case you have missed it, I wrote about the structurally tight renewable market (RIN), here:
I see a lot of opportunity in that area. One of the reasons it is an inefficient market: the spot-prices are difficult to track. With Oil companies, everyone is aware of the current oil price. You adjust for the differential (if there is one), multiply by the barrels produced and subtract the overhead and you have your spot-earnings.
With renewables, however, it takes much more obscure input and credit variables to track, making it fairly complex to get accurate spot-earnings.
As a result, most investors and even analysts just rely on the guidance from management. In a market that has seen almost a 100% increase in spot-margins since the last earnings update, this creates inefficiencies.
Now to the stocks that benefit from that and that I bought this month: