In short: BOUGHT (non-American portfolio) — €500 at the next market opening, price €9.1. The UCITS equivalent of the VB purchase, "because if you live in the US, you can't buy non-US ETFs. And if you live outside the US, you can't buy US ETFs." Currently 18.1% of that book at roughly +33%, its fourth purchase since November 2023 (€5.62, €6.37, €6.85, €8.41).
The European-domiciled equivalent of the small-company purchase above, bought with €500 at about €9.10. It exists in the portfolio for a regulatory rather than an investment reason: European investors generally cannot buy American-listed funds, and American investors cannot buy European ones, so the archive runs two parallel portfolios that aim at the same exposures.
One difference is worth seeing: this fund holds smaller companies from around the world rather than only American ones, and it is up about a third since late 2023 against roughly two thirds for its American counterpart. Same idea, different geography, materially different result so far.
In short: Disclosed holding, not re-rated. 18.2% of the non-American book — its second-largest position — at roughly +15%. The paired comparison is the issue's sharpest: the same size factor delivered ~+44% through the US small-cap line and ~+15% through the global one, which is itself an argument for the geographic diversification the article is making.
In short: BOUGHT — €500 at tomorrow's open, stated price €8.36. The non-American twin of the VB purchase; the split exists purely for access ("If you live in the US, you can't buy non-US ETFs. And if you live outside the US, you can't buy US ETFs"). Also its fourth purchase: November 2023 at €5.62 (+46.51%), April 2024 at €6.37 (+29.24%) and October 2024 at €6.85 (+20.20%), all marked at €8.23 — note the marked price is below the €8.36 he is paying.
This is the European-domiciled twin of the VB purchase — €500 into small companies worldwide rather than only in the US. It exists as a separate line purely because of access rules: American investors cannot buy European funds and Europeans cannot buy American ones, so every transaction in this newsletter comes in matched pairs.
It is the fourth purchase of the line since November 2023, and the earlier ones are up 47%, 29% and 20%. Small detail worth noting: the fund is marked at €8.23 in the same sheet that quotes the new purchase at €8.36 — a reminder that these transaction tables are snapshots taken on different days.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.