Model portfolio update and transactions

(published on Substack on 17 Apr 2026)

Dear fellow value investors,

We continue to buy undervalued stocks and enjoy accumulating underpriced businesses based on stock prices relative to their Net Asset Values (NAVs). In the case of the shipping industry, NAVs are one of the indicators of a company’s intrinsic value.

As mentioned in one of the previous posts, we have a few undervalued businesses as of today, and last week we added 1 business to our portfolio. Today, another one will be added.

Please see below the performance of our Model Portfolio starting from 01 Apr 2026 versus the S&P 500:

From 01 Apr 2026, we are up 0.21 per cent, whereas the S&P 500 is up 7.85 per cent (as of 17 Apr 2026). However, as we are increasing our exposure with our Model Portfolio, so will be our aim for future benefits.

Starting from next week, we will resume our deep dives into potentially undervalued and overpriced companies.

Meanwhile, please see the transactions below related to the initial investment and subsequent purchase: