DBC Core Equity — Seed Book Summary (2026-07-11)
Contributors
Mandate recap
DBC Core Equity is a long-only book of 15–40 quality US large/mid-cap names (benchmark SPY), targeting net exposure of 80–100%, gross ≤100%, no shorts, max single position 10%, max sector 30%, and a minimum of 15 names. This seed book allocates across 15 mega-cap compounders spanning technology, communication services, consumer, healthcare, financials, industrials, and payments.
Positions
| Ticker | Target Wt | Target $ | Actual Shares | Actual $ (approx.) | Actual Wt | One-line thesis | |---|---|---|---|---|---|---| | AAPL | 7.0% | $70,000 | 662 | $208,802 | 20.9% | Services mix-shift + buyback engine vs. China/regulatory risk; ~29x fwd P/E. | | MSFT | 7.0% | $70,000 | 452 | $174,101 | 17.4% | Azure share gains + Copilot attach vs. AI-capex margin risk; ~low-30s fwd P/E. | | NVDA | 6.0% | $60,000 | 284 | $59,921 | 6.0% | AI-accelerator/CUDA moat vs. hyperscaler concentration & export controls. | | GOOGL | 6.0% | $60,000 | 250 | $89,293 | 8.9% | Search cash engine + Cloud inflection vs. GenAI substitution & antitrust risk. | | AMZN | 6.0% | $60,000 | 244 | $59,865 | 6.0% | AWS margin power + ads pillar vs. cloud deceleration & fulfillment cost risk. | | HD | 5.0% | $50,000 | 145 | $49,789 | 5.0% | Pro/contractor flywheel (SRS deal) vs. depressed existing-home-sales volume. | | AVGO | 5.0% | $50,000 | 124 | $49,609 | 5.0% | AI-ASIC design wins + networking/VMware moat vs. customer concentration. | | LIN | 5.0% | $50,000 | 94 | $49,788 | 5.0% | Industrial-gas oligopoly, take-or-pay contracts vs. global PMI slowdown. | | META | 6.0% | $60,000 | 89 | $59,563 | 6.0% | Ad-targeting recovery + Reels monetization vs. Reality Labs losses & DMA risk. | | V | 6.0% | $60,000 | 172 | $59,964 | 6.0% | Asset-light payments toll-booth vs. interchange regulation & new rails. | | MA | 5.0% | $50,000 | 95 | $49,996 | 5.0% | Value-added services growth on top of network economics vs. same reg risk. | | UNH | 6.0% | $60,000 | 141 | $59,864 | 6.0% | Optum diversification, discounted multiple vs. MLR/utilization risk. | | COST | 6.0% | $60,000 | 66 | $60,459 | 6.0% | ~90% renewal rate + membership-fee subsidy vs. rich multiple, thin margin. | | LLY | 6.0% | $60,000 | 50 | $59,429 | 5.9% | GLP-1/incretin capacity moat vs. competitive and clinical/reg setback risk. | | JPM | 6.0% | $60,000 | 178 | $59,876 | 6.0% | Scale + fee diversification, ~2x tangible book vs. NIM and credit-cost risk. |
15 of 15 target names present (satisfies min-15 constraint).
Exposure vs. IPS
- Target book: ~88% net/gross ($880,000 of $1,000,000).
- Actual resting book: ~115.0% gross/net (~$1,150,318) — breaches the fund's 100% gross cap and 80–100% net band, and exceeds the $1,000,000 cash funded to the account (see Gaps below).