As of December 31, 2025

Results

The DTM5 began in March 2020 as an experiment in concentrated investing, targeting venture-stage publicly traded and private companies where the potential reward significantly outweighed the actual risk.

The goal? I am attempting to drive significant absolute growth in pursuit of wealth creation.

Since inception in March 2020, the DTM5 has increased in value by 160.19%. Capital has been added throughout its life, so I don’t put much weight on attempting to convert that number into a perfectly comparable annualized return.

As importantly, I don’t view the DTM5 as a conventional portfolio.

It is closer to private venture investing conducted through both public and private markets. The objective is absolute equity creation rather than relative performance against the S&P 500, NASDAQ or another benchmark.

2025

2025 was an important and, in many ways, difficult year for the DTM5.

It reinforced something that has become increasingly clear as the strategy has evolved: identifying a compelling opportunity is only part of the job. Capital structure, financing, management execution and time can materially affect the outcome even where the underlying asset or original investment idea continues to have considerable merit.

Several holdings demonstrated exactly that. In some cases, the underlying opportunity remained compelling while execution lagged badly. In others, financing, dilution or an extended development timeline materially impaired the investment case. A few situations deteriorated more fundamentally and became reminders that a good story, attractive asset or promising market does not automatically make a good investment.

There were also investments that worked very well, positions where capital was de-risked, and successful holdings that were allowed to continue developing.

Taken together, the experience looked much more like venture investing than conventional portfolio management.

Some investments will work extremely well. Some will require more capital. Some will take considerably longer than originally anticipated. Some may become impaired, and some may not succeed at all.

The objective isn’t to avoid that variety of outcomes, it is to ensure that the successful investments are capable of becoming disproportionately valuable.

I do not publish the capital invested in the DTM5, individual position sizes or detailed financial results. It is a private investment venture and that information will remain private.

The purpose of this page is instead to provide an honest record of the strategy, the investments pursued, what has worked, what has not, and lessons learned along the way.

Ultimately, the objective remains the same as it was in 2020:

Find unusually attractive opportunities, concentrate capital behind the best of them, and create substantial equity value over time.

So far, with more than a little drama, the experiment has worked.

Private Investments

2025 ended still holding one private company investment, that had some excellent progress. 

Specifically, a further financing for VM Agritech at a significantly higher valuation than my seed priced entry point took place –  but the story has a long way to go still.  Private companies still face financing risk, dilution, execution risk, amongst other headwinds.  .

Progress can be acknowledged, but performance will only be recognized when there is a genuine liquidity event, public listing or final outcome.    We’ll see how it goes!