September 2026 · Interim Note
The Book Gained $371.30. Sandisk Supplied Nearly All of It.
The portfolio closed at $34,357.52, up $371.30, or 1.09%, from Thursday’s marks. Sandisk alone added $351.60. That is good for the account and uncomfortable for the process: its weight rose to 10.43%, above the written 10% cap. No trades.
The return was narrower than the headline
Fifteen positions rose, sixteen fell and SpaceX’s private mark stayed flat. The result came from a small cluster: Sandisk added $351.60, Micron $76.04, AMD $71.80, NBIL $33.90, Arm $21.34 and Vertiv $21.24. Meta (−$78.94) and Palo Alto Networks (−$58.30) were the largest offsets.
The concentration matters more than the sign. The broad market was mixed, the 10-year Treasury yield closed at 5.00%, and most stocks fell. Memory shares and the semiconductor complex moved the other way. The accompanying closing report separates the documented market facts from the company explanations that remain unverified.
| Position | Close | Day | Book impact |
|---|---|---|---|
| Sandisk (SNDK) | $1,791.82 | +10.88% | +$351.60 |
| Micron (MU) | $1,015.80 | +3.89% | +$76.04 |
| AMD | $559.82 | +2.63% | +$71.80 |
| Meta (META) | $665.75 | −2.50% | −$78.94 |
| Palo Alto Networks (PANW) | $363.58 | −3.11% | −$58.30 |
A gain does not cure a breach
The June commitment to trim Sandisk was never executed. Price movement briefly moved the position under the cap and has now moved it back above. The Compliance Ledger shows five of six verifiable rules compliant, and the post-mortem remains open. I am not recording the position as fixed simply because the same move increased the portfolio’s value.
No trades
There was no new portfolio decision Friday. The book moved, the risk limit changed status, and both facts are now in the public record.