The information below is for educational and informational purposes only. It does not constitute investment advice within the meaning of the Polish Act on Trading in Financial Instruments.
Introduction
Since June 2022, I have been running an investment account with full performance transparency. For me, this is an attempt to answer two questions:
Does my strategy deliver better results than the market? If not, does it make any sense at all?
The premise is simple: I start with NAV = 100 on the day of the first trade (01.06.2022) and refresh the indicator every six months (I didn’t always manage to do that in the beginning).
Philosophy & Strategy
I am not a trader. I don’t open positions on 15-minute candles and I don’t wake up at night to check the pre-market. My horizon is usually 2–5 years. I do make occasional exceptions and open short-term long/short positions with small leverage (mainly ETFs). I primarily rely on fundamentals and market sentiment.
- Does the business earn real money?
- Does it pay dividends or buy back shares?
- Is the negative sentiment justified?
I look for companies that:
- are sold off due to sector-wide panic (e.g. REITs in 2023 when rates were high),
- have stable cash flow (consumer staples, utilities),
- are undergoing restructuring that the market is overlooking (e.g. Thyssenkrupp).
What is sacred to me:
- Discipline in entering and exiting positions.
- Abandoning my thesis when the market says otherwise.
- Cash / short-term bonds / T-bills are also a position. In 2026 I exited most of the market to allocate capital toward buying a flat. It was more of a necessity than an investment :).
The Numbers
NAV Table (base = 100)
| Date | NAV | Change vs previous period |
|---|---|---|
| 01.06.2022 | 100.0 | — |
| 01.01.2023 | 92.1 | –7.9% |
| 01.06.2023 | - | - |
| 01.01.2024 | 115.1 | +25.1% |
| 01.06.2024 | - | - |
| 01.01.2025 | 126.1 | +9.6% |
| 01.06.2025 | - | - |
| 01.01.2026 | 145.0 | +15.0% |
| 01.06.2026 | 153.4 | +5.8% |
NAV values reflect the market valuation of the portfolio at the end of each half-year (I didn’t track it from the very beginning, hence the gaps). Capital gains taxes are not included.
chart
Key Metrics (as of 01.06.2026)
| Metric | Value |
|---|---|
| Duration | 4 years |
| ROI | +53.4% |
| CAGR | ~11.4% |
| XIRR | ~13.4% |
| Benchmark (S&P 500) | ~+38.7% (estimate) |
Current Allocation
| Position | Share |
|---|---|
| Cash (PLN / EUR / USD) | 85% |
| Equities (open positions) | 15% |
Currently I am watching the markets from the sidelines. US interest rates are stabilising and many tech valuations look absurdly overvalued. I am waiting for the moment when fear replaces greed.
Plans for H2 2026
- Finish buying the flat — paperwork, renovation, moving in.
- Rebuild the portfolio — gradually redeploy excess cash back into the market if opportunities below fair value appear.
- Sectors on the radar:
- FMCG (if US consumer sentiment improves),
- Traditional energy,
- Defence industry,
- Tech companies punished by the AI narrative,
- Chinese market — it looks cheap enough.
- Education. In May 2026 I passed the stockbroker exam (KNF license no. 3967). Time for further certifications — maybe CFA Level I in 2027? We shall see :)
Final Word
Investing is a marathon with obstacles. Over three years I have learned one thing: it is better to miss an opportunity than to lose capital. The market will always offer another chance, but running out of money to seize it is final.
See you at the next summary in December.
— Borys