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Meadowdale Capital Update
Q2 2026 Performance
June 30, 2026

I've always believed in transparency. For decades at @Stansberry I published audited track records of all of my investment research, in the bad years as well as the good ones. We keep the same standard at @Porter_and_Co , and at Meadowdale Capital.

We had a terrible quarter: Meadowdale Capital returned -28.27% in the second quarter, while the S&P 500 rose +14.87%. It was the worst stretch in the fund's history, and some of the damage was self-inflicted. I hedged heavily against war risk that didn't materialize. We are also heavily invested in gold (FNV) and Bitcoin, which continued to decline. Given our leverage, even moderate declines in our core holdings will lead to a big drawdown.

Questions welcome.

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THE QUARTER AT A GLANCE

Meadowdale S&P 500
Q2 2026 Return: -28.27% +14.87%
Since Inception: +103.6% +34.7%
Q2 Sharpe Ratio -2.79 +4.25
Since Inception Sharpe 0.96 0.75

The quarter is the mirror image of Q1, when we returned +23.4% against a falling market. What did we get wrong in the second quarter? First, leadership narrowed to a handful of AI names we do not own, while the high-quality, moated compounders we favor were sold along with gold. Second, we had substantial exposure to hedges (energy) that declined as the Iran War risk faded.

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JUNE 2026

Time-Weighted Return: -15.42%

June was the worst single month since inception. The broad market barely moved (S&P -1.06%), so this was not the market — it was our leverage magnifying the positions that went against us.

Top Contributors (June):

Eli Lilly (LLY) ......... +$143,977
Merck (MRK) ............. +$141,370
Core Natural Res. (CNR) . +$132,814
Chubb (CB) .............. +$88,283
Johnson & Johnson (JNJ) . +$86,576

Largest Detractors (June):

VersaMet Royalties (VMET) ... -$412,150
Franco-Nevada (FNV) ......... -$399,505
QQQ (hedge) ................. -$378,692
Venture Global (VG) ......... -$173,062
Texas Instruments (TXN) ..... -$140,300

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Q2 2026 (March 31 – June 30)

Time-Weighted Return: -28.27%

Best Day +6.54%
Worst Day -8.06%

Top Contributors (Q2):

Alphabet (GOOG) ......... +9.90%
Apple (AAPL) ............ +4.78%
Novo Nordisk (NVO) ...... +3.31%

Largest Detractors (Q2):

Franco-Nevada (FNV) ..... -8.48%
Venture Global (VG) ..... -6.94%
QQQ (hedge) ............. -6.43%

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SINCE INCEPTION (July 5, 2024 – June 30, 2026)

Cumulative TWR: +103.6%

In 24 months, Meadowdale has returned +103.6% against the S&P 500's +34.7%, turning every $1,000 invested at inception into about $2,036, even after this quarter's drawdown.

Fund S&P 500
Sharpe 0.96 0.75
Best Day +17.62% —
Worst Day -13.63% —

Top Contributors (Since Inception):

Philip Morris (PM) ....... +21.6%
Alphabet (GOOGL) ......... +14.5%
Kinsale Capital (KNSL) ... +13.9%

Largest Detractors (Since Inception):

Margin / cash carry ...... -10.6%
QQQ (hedge) .............. -5.3%
Franklin Bitcoin (EZBC) .. -4.9%

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WHAT CHANGES FROM HERE

I'm refocusing the portfolio on two things:

1. Ultra-high-quality businesses where I hold a specific, defensible view that differs from the market's — Booking (BKNG), Kinsale (KNSL), Credit Acceptance (CACC), Diageo (DEO). Quality is the price of admission; the edge has to come from disagreeing with the market and being right.

2. Activist and event-driven situations where a real misperception meets a catalyst already in place — the Starboard campaign at Tripadvisor (TRIP) is the archetype.

Fewer names. Higher conviction. Less leverage. A demonstrable reason we are right and the market is wrong on each position.

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CALCULATION METHODOLOGY & COMPLIANCE

TWR: Calculated using daily NAVs per GIPS. Cash flows excluded from return calculation.
Sharpe: Rf = avg 3-month T-bill yield (4.5%). Volatility based on daily returns.
Benchmark & risk statistics: Interactive Brokers PortfolioAnalyst.

IMPORTANT DISCLOSURES

Past performance is not indicative of future results. This summary is prepared in accordance with GIPS standards and is based solely on verifiable IBKR records. Complete transaction history, monthly statements, and reconciliation workpapers are available for third-party audit upon request. Meadowdale Capital is a private family office vehicle and is not open to outside investors.