Portfolio Update July 2026
A Breakthrough Month for Portfolio Growth
Summary
Trimmed two core positions Greggs and Roper Technologies
No purchases
Huge month of earnings releases with positive sentiment shift changes in a few core holdings.
Hello and welcome to this months portfolio update. July was again a quiet month of portfolio activity which is something I could really get used to. The month was filled with high stakes earnings releases which favoured many of my investments, some showcasing positive improvements over recent quarters. I will discuss my monthly performance later on in the article but as I’ve mentioned in the past, my returns will come in chunks due to the high concentration of the portfolio and this proved true during July.
July Portfolio news
Zoetis received European commission marketing authorization for its poultry vaccine Poulvac Procerta HVT-ND.
Zoetis launches Portela® (targets pain and inflammation associated with osteoarthritis (OA) in cats) in Canada and the EU.
Zoetis (ZTS) announced on 14th July that it has entered into an agreement to acquire VitalRADS, a veterinary teleradiology services platform. VitalRADS connects vet clinics with 24/7 access to board-certified specialists (such as radiologists, cardiologists, and neurologists) who review digital scans like X-rays, MRIs, CT scans, and ultrasounds across dozens of animal species.
Zoetis Launches Lenivia, a three month osteoarthritis injection in Canada and the European Union.
Copart insider sold $2.2 million worth of shares.
Roper Technologies insider sold $2.3 million worth of shares.
Eurofins Scientific to Buy Element Materials' North American Life Sciences Testing Arm in $400 Million Deal.
Berkshire Hathaway announced 24th July it has completed its acquisition of Taylor Morrison Home (TMHC) for $72.50 per share in cash which represents a total equity value for Taylor Morrison of about $6.8 billion and total enterprise value of roughly $8.5 billion.
July earnings releases
Here’s another new summary section for the monthly update which will be included when we have heavy months of earnings. July was flooded with earnings releases for the second quarter earnings season. Out of the businesses in the portfolio the following reported earnings.
Pool Corporation - The companies resilient maintenance products continued to show its importance as discretionary spending remained muted. Revenues Increased 2% y/y to $1.82Bn, Adj Eps increased 4% with 2026 outlook reaffirmed.
B&M European Retail - B&M reported its full year 2026 results with sales coming in at £5.77Bn, a 3.6% increase from the prior year driven by a 13.4% increase in its French division. 2025 proved to be a challenging year regarding profits with pre-IFRS adjusted EBITDA declining 25% to £459 million. However, due to the companies strong cash conversion, reducing its net debt, a more positive outlook with its back to basics strategy on track the stock surged during July increasing 16%.
Roper Technologies - Sales increased 9% y/y (5% organic - 4% Acquisitive) with Adj EPS coming in at $5.38 increasing 10%. Free cash flow, Ropers preferred metric on business performance increased 11% to $477 million. For the second time this year, the business raised its Adj EPS guidance to $21.15 - $21.30. Another quarter of heavy share repurchases.
Tractor Supply - Revenue increased 2.3% to $4.54Bn which was mainly due to new store openings. Profitability faced pressures as comparable sales declined -1.5% due to softer seasonal and discretionary spend along with a $75 million restructuring and impairment relating to its Petsense business in which they plan to close 75 underperforming stores. Net income decreased 16.1% resulting in EPS of $0.69c or $0.81 on an adj basis. The company lowered its guidance for 2026 and also withdrew its long-term financial framework introduced at its December 2024 Investor Day.
Greggs PLC - Greggs reported its half year results with revenues increasing 7.2% y/y to £1.1Bn driven by a 2.1% increase in LFL store sales and its ongoing estate expansion. By strict cost control, Operating profit increased 22.9% to £86.5 million with EPS increasing 21.2%. Greggs also confirmed lowering its capex guidance for the year with the height of the capex cycle way behind them. Free cash flow will be materially higher in the coming years with hints of returning large amounts of excess cash to shareholders.
Floor and Décor - With drivers of revenues heavily tied to new home sales which are still at decade lows, same store sales declined -2.1% y/y. However, there was mention of improved trend in SSS as the quarter progressed with a steep y/y decline in April to nearly flat SSS in June. Floor and Décor managed to increase its sales 3% which topped analysts expectations to $1.25Bn. GAAP results showed a huge increases in profitability which included a tariff refund. Adjusting for this, profitability was relatively flat. Pro customers sales increased 5% y/y and 5 new warehouse stores opened. The company also started repurchasing shares, the first time in its history as a public company, a huge positive at these prices.
Of these companies, Tractor Supply and Pool Corp published disappointing earnings with positive sentiment changes to all others. During the month Greggs increased 22%, B&M 20% and Roper up 7% which are all heavily weighted positions and contributed to a very good month for the portfolio. A quote that’s long overdue.
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Sells / Trims
The portfolio ended the month the way it started with twelve positions, three of which accounting for 47%. There was some slight activity to trim two core positions to realise gains and to re-balance the portfolio. Whenever you see an oversized position, its usually due to taking advantage at even lower prices and averaging down. This results in an over allocation into some businesses at certain periods. My aim is always to trim positions when they become positive on a net investment. This way, my average becomes lower, profit has been taken which in turn lowers my risk and the positions still remaining core to the portfolio. Greggs and Roper both qualified here.
Greggs - I first purchased Greggs in the mid to high £20’s in Feb 2024. A bit expensive in hindsight. After consistent purchases through the years my average was lowered to £18, purchasing in £15-£16 ranges. Its been a long wait but finally its peak capex cycle seems to have passed and free cash flow should be materially higher in the coming years. After reaching £20 a share I thought it was time to take some profit off the table but still keep the company as a core holding. The thesis hasn’t changed. Long Greggs.
Roper Technologies - A huge factor towards Ropers rich valuation in prior years was its ability to grow its revenues organically in the mid-single digits along with its deep acquisitive pipeline which they’ve been so successful at capitalising in the past. Roper showed the market that its niche services aren’t being interrupted by AI but is rather enhancing them after a very good earnings release. The market seems to have taken a step back as AI is being embedded into its niche mission critical software products and helping its customers through automated workflows, efficiency and speed maintaining deep customer intimacy. The reason for the small sale was due to a few factors, I initially started buying Roper around the $440 region or a 22 P/E which eventually got lowered due to multiple buys at lower valuations. As my second largest position at nearly 20% and finally reached profits, it was time to take some money off the table. I’m still heavily invested in Roper which represents 16% of the DInvests portfolio.
After the sale of both these business, I have some dry powder to capitalise on any future downturns to my existing holdings. Thing about new positions right now, nothing really turns my head as to adding new companies as the ones I have I still believe they have excellent risk/reward IRR potential.
Performance
July was an excellent month for the portfolio. Although I’m still behind the performance of my chosen benchmark, its narrowed significantly, now only behind by 101pbs. So far in 2026 the portfolio has increased by 8.48% compared to the markets 9.49%. My gains will come in chunks as was the case in July and whist still early in August, performance momentum has continued with contributions from my largest holding Constellation Software, Floor and Décor and B&M.
Conclusion
Measuring performance, July was by far my best performing month of 2026. Activity was minimal once again with only two slight trims to two core positions (Greggs and Roper). As I mentioned in the June update, some rotation in capital might occur when opportunities arise which was the case in July. Right now, I have 4% in cash waiting to be deployed into the companies I own and will wait for any price weakness in the coming months. Looking at my portfolio as a whole I have a high degree of confidence in the underlying strength of my current holdings and unless more attractive opportunities surface, August will again end with minimal turnover.
Thank you for reading this update
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Disclaimer: I hold a beneficial position in the stocks mentioned in this article. My buys and sells aren’t recommendations. I can’t guarantee the accuracy of the information provided in the newsletter. All statements express personal opinions and information gathered online. Any estimates, forward looking statements and assumptions made in this newsletter are unreliable. Always do your own research. Any information in this newsletter is for educational and entertainment use only and should not be taken as investment advice.
Seems like UK retail is enjoying a bit of revival. Greggs and B&M.
good afternoon