Portfolio Update June 2026

A quiet month of activity.

Summary

• Added to Tractor Supply and Pool Corp

• No sells

• New position Zoetis

Hello and welcome to this months portfolio update.

June was a notably quiet month in terms of portfolio activity. One new position was added, increasing the total number of positions up to thirteen which still labels the portfolio as somewhat consolidated. Looking at the portfolio as a whole my conviction remains as high as ever especially with my more weighted positions.

1. Constellation Software

2. Roper Technologies

3. Greggs

4. Pool Corp

5. B&M

June portfolio news

• Copart announced that Jeff Liaw will step down as Chief Executive Officer and replaced by former CEO and Executive Chairman Jay Adair.

• Pool Corp was cut from the S&P 500 index and replaced by Marvell.

• Floor & Décor Announces New Store Opening in Schererville, IN.

• Adyen agrees to buy enterprise billing platform Orb for $335 Million. Their second acquisition of the year. A total new playbook which marks a departure from its historical "organic-only" growth philosophy.

• B&M European Value Retail $BME.L named Atheeq Akbar as chief financial officer, effective from February 2027.

• Greggs CFO to retire 31st December 2026 and replaced by Ben Waldron, CFO of Bakkavor Group.

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Buys

Zoetis 🐕

My newest addition and a business I’ve been closely watching for a while. After the most recent drop in share price to DECADE lows, I thought now is the time to pull the trigger on this wide moated (My opinion) animal health powerhouse.

I recently wrote a detailed article on the business (As I do with all my holdings) and can be accessed here for those who are interested.

For those who just want a quick summary ——→ Zoetis is the world’s largest company dedicated to animal health who Spun off from Pfizer in 2013. Their business model revolves around deep funded R&D that target unmet needs in animal health along with deep relationships with veterinarians who choose to partner with Zoetis due to their trusted brand and quality status. Their expertise revolves around products that treat parasites, itching - skin conditions and vaccines, a recurring revenue base that pet owners buy on regular intervals. Looking into the pipeline, Zoetis has more than 12 potential blockbuster candidates in development that, if approved and commercialised will be first to market in unmet therapies such as Oncology, Chronic Kidney Disease and Cardiology.

Any investment can be a bad one if purchased at the wrong price. The reason for the purchase was due to the significant drop in share price in 2026. This gives me a large discount to what I believe to be its intrinsic value. Its true that the business is undergoing some headwinds such as higher competition, pet owners delaying care or opting for cheaper alternative options with the added blow of no new products to be released in 2026. Its true that the “Moat” is being challenged and its clear that its not as strong as the market believed maybe 12 months ago but I think it will hold strong over time.

Adds

Pool Corp

Pool Corp was added during the month and has grown to a 9.7% weighting. Contributions to the increased weighting was also due to the fantastic month in the stock price, increasing 22% over the month, ironically right after their boot from the S&P 500 index 🤷‍♂️.

Pool Corp is the worlds largest wholesale distributor of swimming pool and related outdoor living products. They distribute more than 200,000 products from over 2,200 vendors to roughly 125,000 wholesale customers. No other competitor can match POOLCORPS broad offering and price competitiveness. The bear case revolves around construction of new pool installations which is heavily cyclical but the business is armoured with a huge recurring revenue base from currently installed pools and represent over 65% of total revenues from maintenance “non discretionary” products. To access my article on the business click here.

Tractor Supply

Added to Tractor Supply during the month after its entry in May. The share price continues to struggle and is down 48% from its highs . Tractor Supply is the largest rural lifestyle retailer in the United States. The Company focuses on supplying the needs of recreational farmers, ranchers, and all those who enjoy living the rural lifestyle.

The stock price has experienced significant downward pressure after earnings misses and struggling comparable store sales which are below the business long term target of 3%-5%. These headwinds are attributable to a shift in discretionary spending and consolidated store visits.

For a more detailed article on the company click here.

Sells

No sells this month.

Performance

The portfolio finally exited negative territory and into the green. At the start of the month it had gains of 1.1% since the start of the year but lagging my chosen benchmark by around 800 bps. Since inception (2022) the performance is equal to 74% against the index’s 69%.

I only put these performance metrics in monthly to see how 'I’m performing in the short term and it never affects me and the decisions I make as I set aside a at least a few years to see how businesses in my portfolio perform. Although I’m admittingly disappointed with my YTD results, I know my gains will come on chunks and I believe better times will prevail.

Conclusion

This month, I have opted to hold my positions steady, making no adjustments to my existing May portfolio. This decision reflects a high degree of confidence in the underlying strength of my current holdings. I continue to believe in the long-term thesis and growth potential of every company I own. Some rotation of capital might occur in the future as some higher conviction holdings could become more attractive. For now I’m allowing my investments the time and stability they need to execute on their strategic goals.

Thank you for taking the time to read June monthly update.

See you in the next one 👍

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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.