Compounder Fund: Portfolio Update (December 2024) - 19 Dec 2024
Jeremy and I intend to share frequent but non-scheduled updates on how Compounder Fund’s portfolio looks like. The last time we shared an update on this was in our 2024 third-quarter letter and it was for Compounder Fund’s portfolio as of 07 October 2024. In it, I shared all 46 holdings in the fund’s portfolio.
Since then, we have completely sold the fund’s position in Cassava Sciences. We did so in late-November 2024 after the company released poor results for one of the Phase 3 trials for its Alzheimers’ disease drug candidate, simufilam. Our sell-thesis for Cassava Sciences can be found here. Other than this, we have not made any material changes. Here’s how Compounder Fund’s portfolio of 45 companies looks like as of 17 December 2024:
Table 1
We’re sharing all this information with the public and with the fund’s investors for two reasons. First, we believe deeply in investor education and want Compounder Fund’s return and actions to be a source for people to learn about investing. Second, we believe that this transparency will help investors of Compounder Fund develop comfort with our investing process over time, which is great; in turn, this will also free us from the time-consuming activity of dealing with questions on how we invest, and thus give us more to invest better for our investors.
And here’s an important disclaimer: None of the information or analysis presented is intended to form the basis for any offer or recommendation; they are merely our thoughts that we want to share. Holdings are subject to change at any time.
