To Whom It May Concern,

This quarter marked the most intellectually demanding stretch of the year thus far. Markets moved fast, sentiment flipped faster, and conviction mattered more than ever. Through it all, I remained committed to the original goal of Chimborazo Capital: document real trades in real time with real conviction. This isn’t a backtest. It’s live fire.

Over Q2, I initiated four new trades and closed three. Each reflected a blend of personal insight, bottom-up thesis development, and reaction to sentiment extremes. Q2 was dominated by macro noise and political headlines. Oil surged, dragging airlines. China concerns hit semiconductors. Trump DOJ investigations rattled healthcare. Musk and Trump had a falling out. Amid it all, I found edge in overreaction and mispriced narratives.

Despite the chaos, this was the quarter where the thesis work paid off. PLTR, TSLA, and NVDA exits returned +46%, +52%, and +39% respectively — each trade driven by a contrarian read on sentiment and backed by real structural drivers.

Closed Trades:

Palantir (PLTR) | +46% Return | Entered: 2/27/25 | Exited: 4/25/25

Palantir’s multi-month pullback and Alex Karp’s insider sale created a textbook panic setup. Retail misunderstood the 10b5-1 sale, and algorithms exacerbated it. I entered on the gap-fill and exited after the stock rerated to a technical support which reflected the new DoD wins and sentiment stabilization. Thesis played out cleanly.

Tesla (TSLA) | +52% Return | Entered: 2/26/25 | Exited: 4/22/25

This was a pure behavioral trade. Post-election political noise punished Tesla irrationally. Musk criticism, anti-Trump sentiment, and ESG pressure weighed on the stock — none of which impacted Tesla’s infrastructure, moat, or earnings power. I sized in during the drawdown and rode the reversion.

Nvidia (NVDA) | +39% Return | Entered: 4/3/25 | Exited: 5/29/25

AI leader, market mispriced. The pullback was mostly a response to profit-taking and export noise. But fundamentals such as the Blackwell ramp, CUDA stickiness, 92% market share never changed. I entered during weakness and exited once valuation began to catch up.

AFRM (AFRM) | +79% return | Entered: 3/20/25 | Exited: 6/26/25

Walmart loss hurt, but market overreacted. JP Morgan integration is far more significant. The GMV growth and strong EPS beats point to recovery.

Holdings:

Lockheed Martin (LMT) | Initiated: 1/28/25 | Current P&L: 6.5%

66% EPS miss was a gift. Market misunderstood defense spending dynamics. The backlog is enormous, and global rearmament is in motion. I continue to build this position as sentiment improves. I will decide on further actions after their next earnings report.

UnitedHealth (UNH) | Initiated: 4/17/25 | Current P&L: -6%

20% drawdown post-earnings, despite small miss. DOJ overhang + cost concerns caused the drop. But scale, cash flow, and Medicare leadership are unchanged. A textbook high-quality compounder under fire. Needed to DCA a lot in order to be up on the position, but was able to read this and had a very small initial entry in order to DCA. I believe after this next earnings report, the market will see improved guidance and stable fundamentals, leading to a large gap up.