White Willow Research Total Return & Opportunities Portfolio
This portfolio (inception July 2020) aims to achieve long term outperformance by investing in businesses with strong balance sheets, recurring revenues, durable competitive advantages and taking advantage of market inefficiencies, dislocations, underfollowed niches across asset classes and geographies.
Referenced as WWR1
Current Positions
| Stock | Position Size | Buy/Sell Dates |
|---|---|---|
| British American Tobacco | 11,27% | Buy Feb 1st 2024 |
| Texas Pacific Land Corp | 9,6% | Buy Feb 17th 2022 Buy May (+50%) 27th 2024 Sell (-22%) Dec 12th 2024 Sell (-14%) May 21st 2025 |
| Brookfield Corp | 8,8% | Buy Aug 1st 2023 Buy (+40%) Apr 23rd 2025 |
| iShares Physical Gold ETC | 8% | Buy Aug 20th 2020 Sell (-16%) Apr 22nd 2025 |
| Land Bridge Co | 7,7% | Buy Dec 12th 2024 Buy (+200%) May 21st 2025 Buy (+44%) Aug 5th 2025 Buy (+34%) Sep 25th 2025 |
| Philip Morris International | 5,8% | Buy April 12th 2024 |
| Wheaton Precious Metals | 5,6% | Buy Aug 20th 2020 Buy (+35%) May 16th 2025 |
| Pinetree Capital | 5,3% | Buy Feb 28th 2025 Buy (+200%) Mar 3rd 2025 Buy (+73%) May 21st 2025 Buy (+62%) Sep 25th 2025 |
| London Stock Exchange Group PLC | 4,8% | Buy Nov 25th 2025 |
| Motorola Solutions Inc | 4,7% | Buy Nov 25th 2025 |
| Arthur J. Gallagher & Co | 4,6 | Buy Dec 9th 2025 |
| Booz Allen Hamilton Holding Corp | 4,5% | Buy May 28th 2025 Buy (+60%) Jun 17th 2025 Buy (+18%) Nov 25th 2025 |
| Blue Owl Capital | 4,3% | Buy Aug 28th 2025 Buy (+35%) Sep 25th 2025 Buy (+19%) Nov 25th 2025 |
| ProMedicus Ltd | 4,1% | Buy March 13th 2025 Buy (+200%) Apr 11th 2025 |
| Cellebrite DI Ltd | 3,2% | Buy Jul 2nd 2025 Buy (+120%) Aug 8th 2025 |
| Var Energi AS | 2,4% | Buy Jan 2nd 2026 |
| Thungela Resources Ltd | 2,3% | Buy Jan 2nd 2026 |
| Baker Hughes Co | 2,2% | Buy Dec 16th 2025 |
| Miami Int. Holdings Inc | 1,1% | Buy Jan 13th 2026 |
| Topicus.com Inc | <1% | Constellation Spin-Off |
| Lumine Group | <1% | Constellation Spin-Off |
Performance in EUR (TTWROR)
| Year | WWR1 | S&P500 | NASDAQ100 |
|---|---|---|---|
| 2020 | +26,9% | +18,4% | +48,8% |
| 2021 | +36,49% | +28,7% | +27,5% |
| 2022 | +2,65% | -18,1% | -32,28% |
| 2023 | +19,88% | +26,29% | +55,13% |
| 2024 | +78,4% | +25,02% | +25,88% |
| 2025 | +3,91% | +3,21% | +5,9% |
| Cumulative Total Return | +297,4% | +124% | +140,2% |
| Annualized Return | +25,8% | +15,6% | +20,7% |
Performance in EUR (IRR)
| Year | WWR1 |
|---|---|
| 2020 | +46,86% |
| 2021 | +35,83% |
| 2022 | +55,13% |
| 2023 | +1% |
| 2024 | +40,36% |
| 2025 | -0,35% |
| Annualized IRR | +25,3% |
While we are proud of our portfolio’s strong short-term performance, we remain mindful of the challenges inherent in sustaining such results over the long term. Outperforming the market consistently requires discipline, adaptability, and a margin of humility. Our focus remains on executing a rigorous, opportunity-driven strategy that aims to deliver attractive risk-adjusted returns over a full market cycle, without relying on outsized short-term gains.
