The portfolio declined 1.44% in October, bringing performance to +60.85% year to date and +271.17% since inception in January 2023.

Our larger allocation to short-term Treasuries helped cushion the decline this month, after weighing on returns during some stronger months.

Tanker rates remain very healthy. Even so, after such a strong year, I remain comfortable with our earlier decision to take some money off the table and maintain a more defensive allocation.

Shipping can move quickly, and I prefer to retain a substantial part of this year’s gains while keeping room to invest when opportunities arise.

We may miss some upside if the market continues higher. That is a trade-off I am comfortable making. If rates remain strong and valuations become more attractive, we have capital available to increase our exposure again.

There are no changes to the portfolio for November. I still consider our remaining positions reasonably valued, and I particularly like GLNG at current levels.

Positions for November 2026

No changes this month. Target weights at the monthly rebalance:

PositionTarget weight
BILSPDR 1–3 Month T-Bill ETF60%
GLNGGolar LNG10%
NVGSNavigator Holdings10%
SBLKStar Bulk Carriers10%
ZIMZIM Integrated Shipping10%

Performance through October 2026

Since January 2023

Since inceptionMonthly cumulative model returns in USD through October 2026. Starting return zero; ending return 271.17 percent.0%100%200%300%StartMar 24Jul 25Oct 26Start: +0.00%Jan 23: +13.37%Feb 23: +33.12%Mar 23: +24.46%Apr 23: +21.67%May 23: +10.44%Jun 23: +21.02%Jul 23: +33.39%Aug 23: +32.17%Sep 23: +37.94%Oct 23: +37.01%Nov 23: +39.71%Dec 23: +48.16%Jan 24: +62.29%Feb 24: +61.23%Mar 24: +68.11%Apr 24: +76.32%May 24: +105.71%Jun 24: +105.81%Jul 24: +102.42%Aug 24: +98.29%Sep 24: +107.40%Oct 24: +87.74%Nov 24: +82.02%Dec 24: +78.30%Jan 25: +87.90%Feb 25: +72.59%Mar 25: +73.28%Apr 25: +76.30%May 25: +88.64%Jun 25: +90.70%Jul 25: +104.00%Aug 25: +122.62%Sep 25: +121.13%Oct 25: +137.40%Nov 25: +141.75%Dec 25: +130.75%Jan 26: +169.79%Feb 26: +208.29%Mar 26: +207.57%Apr 26: +224.24%May 26: +221.27%Jun 26: +210.90%Jul 26: +244.48%Aug 26: +263.22%Sep 26: +276.58%Oct 26: +271.17%
Cumulative return · monthly observations · USD

2026 year to date

2026 year to dateMonthly cumulative model returns in USD through October 2026. Starting return zero; ending return 60.85 percent.0%20%40%60%80%StartMar 26Jul 26Oct 26Start: +0.00%Jan 26: +16.91%Feb 26: +33.60%Mar 26: +33.29%Apr 26: +40.51%May 26: +39.23%Jun 26: +34.73%Jul 26: +49.28%Aug 26: +57.41%Sep 26: +63.20%Oct 26: +60.85%
Cumulative return since the start of 2026 · USD

October 2026 by holding

HoldingMonth returnContribution (pp)
BIL
+0.35%
+0.21 pp
GLNG
-2.69%
-0.27 pp
NVGS
-7.20%
-0.72 pp
SBLK
-3.41%
-0.34 pp
ZIM
-3.21%
-0.32 pp
Month return shows the holding’s own total return. Contribution applies its starting portfolio weight.

Returns by position 2026

Monthly returns in USD, through October 2026.

PositionJanFebMarAprMayJunJulAugSepOct
BIL-+0.27%+0.29%+0.30%+0.31%+0.27%+0.34%+0.28%+0.28%+0.35%
CMBT+35.75%+13.61%-14.62%+10.28%+12.35%-5.66%+15.51%+13.12%+3.56%-
DAC+9.84%+14.96%--------
ECO+19.65%+33.48%-3.69%+9.20%-11.06%+6.16%+20.37%+20.52%+21.19%-
GLNG+9.07%+9.53%+22.36%+1.62%-9.52%+0.69%-1.38%+5.27%-7.71%-2.69%
NVGS+6.98%+13.48%-7.71%+12.82%-0.18%-14.15%+19.97%-0.75%+4.84%-7.20%
SBLK+19.41%+14.55%-11.24%+9.40%+8.44%-6.65%+15.14%+10.69%-4.89%-3.41%
SFL+13.43%+24.27%-0.09%+6.89%-2.47%-7.61%+20.98%+0.89%+7.58%-
TEN+21.19%+32.33%+11.78%+3.09%-7.62%-5.88%+16.38%+5.68%+11.44%-
ZIM-------+8.77%+7.01%-3.21%

Unweighted position returns including dividends. A dash means no recorded return for that position and month.

Model results in USD, before fees and taxes. Dividends are included through adjusted prices.