2025 Portfolio Update — YTD: +11.8%

Jan–Dec 2025: +11.8% YTD, versus ACWI +22.4%, SPY +17.7%, and RSP +11.2%

The Moat Mind Portfolio finished 2025 up 11.8%. That’s a positive absolute year, but it trailed global equities (ACWI) and the S&P 500 (SPY), while landing roughly in-line with S&P 500 equal weight (RSP).

The key story of the year is timing: through the end of September the portfolio was up +18.7% YTD and sitting at/near the top versus the same benchmarks, but Q4 gave back ~6.9 percentage points of performance (from +18.7% to +11.8%) while the benchmarks continued to grind higher.

Moat Mind - 2025 Q4

Portfolio updates can be found in the Portfolio section.

Moat Mind - 2025 Q4

Moat Mind - 2025 Q4

Looking ahead to 2026

My focus going into 2026 is unchanged: own a small set of businesses where I believe the moat, balance sheet, and reinvestment runway can drive compounding over a multi-year window. After a year where relative performance swung materially by quarter, the priority is ensuring each position still clears the bar on fundamentals and valuation.

Disclaimer: The views expressed on Moat Mind are solely for informational and educational purposes and do not constitute financial or investment advice, nor an investment recommendation. The author is not acting as an investment adviser and does not provide personalized financial guidance. This content is not a comprehensive analysis of any security and is not a substitute for independent research—including review of SEC filings and consultation with a qualified financial professional. Although the information is based on sources believed to be reliable, its accuracy and completeness are not guaranteed, and opinions are subject to change without notice.

Disclosure: The author may hold positions in, or trade, the securities discussed without further notice. Example portfolio performance is not a promise of future returns, and past performance does not guarantee future results. You are solely responsible for your investment decisions, and Moat Mind disclaims any liability for losses incurred. Always consult a qualified financial advisor before making any investment decisions.