#18 weekly recap
300% beat of the weekly trading profit target thanks to "weak-hand" investors and the mood when charts become too scary.
Summary
Total 13 trades:
4 were round trades (bought and sold)
1 was the closing trade from the prior weeks
8 were new buys to start a new or add to an existing position
Endowment’s weekly trading profit target was beaten by almost 3x, or 291%. I finally closed February’s gap (it was a losing month for me), and the year-to-date trading profit target is just 1.7% or 1,600 Eur behind the plan.
Portfolio enjoys healthy accumulated gains from a few positions, and I expect to close them (fully or at least partially) in the coming weeks, translating into solid premiums (covering several months ahead) over the plan.
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Key Highlights
The week was all about first-quarter results. Several portfolio companies reported their numbers, and this time, the trade of the week award goes to Sarepta Therapeutics.
Sarepta Therapeutics
On Wednesday, Sarepta reported a solid beat of what Wall Street was expecting: revenue was $730.803M vs $474.155M estimate, while EPS was $3.16 vs $0.99 estimate.
You might expect the price to moon after such performance; however, it dropped by 7% in after-hours trading after the company highlighted ongoing softness in its flagship gene therapy Elevidys.
FDA-approved Elevidys came under scrutiny last year over concerns of acute liver failure and associated patient deaths. While the company resumed shipments to patients who can walk after a temporary pause in shipments in July 2025, it is now working to address safety concerns in patients who cannot walk.
During a conference call, the CEO struck an optimistic tone, saying that the company’s commercial portfolio has “begun to stabilise” and that Elevidys “is positioned to return to growth.” Sarepta reiterated its full-year 2026 guidance for total net product revenue of $1.2 billion to $1.4 billion.
I’m trading 2x Sarepta’s ETF SRPU 0.00%↑ . Glad I sold SRPU -7.28%↓ BEFORE earnings, booking a 25% gain in 2 weeks. As we discussed in a paid subscriber-only chat, holding/buying into earnings is more gambling than investing unless you are pretty sure of what to expect. This time was no different.
Thursday morning started on an even more depressing note. Investors panicked, sending SRPT 0.00%↑ down by almost 12% and SRPU 0.00%↑ by 20%. That was more than enough for many subscribers and me to step in and grab cheap shares in pre-market.
When regular trading hours opened, a solid Q1 beat and reiterated guidance prompted pre-market repricing, and the stock price recovered nicely, resulting in a 30% gain in 4 hours. That translates into the best trade in absolute dollar terms (M&A related deals excluded). Later, the price retreated again, continuing a downtrend into Friday’s close. So just before the market closed on Friday, I added again, aiming for 20% next week.
That way, Sarepta became the 2nd best performer in my portfolio based on total realised profit in 2026, lagging VNDA 0.00%↑ by a narrow margin only.
And here comes another interesting point. As you see from the chart below, SRPT 0.00%↑ is stuck in a $16-24 range for almost a year already. Any “buy-and-hope” type of investor, sitting here and waiting for the miracle to happen, is underperforming the market and missing many opportunities.
With SRPU 0.00%↑ , I normally trade 2-3k shares, and total realised profit year-to-date is close to a single trade’s cost basis. You got it right: almost 100% gain vs “hope” for the long-term B&H investor.
Vanda Pharmaceuticals
Reported GAAP EPS of -$0.82, down -64.00% YoY.
Vanda raised its full-year 2026 total revenue guidance to $240M, up from $230M, reflecting an increase of $10M from the newly launched NEREUS, while maintaining prior ranges for other products.
Nothing too spectacular here: the loss is attributed to seasonality, one-off milestone payment to Eli Lilly and continued investment in product launches. However, the cash burn of $61M is something to keep an eye on.
After the results, VNDA 0.00%↑ dipped below pre-FDA approval levels. I see it as too irrational and non-sustainable, so, as in any previous dip, I added more.
VNDA 0.00%↑ is now the 3rd largest long position at our Endowments portfolio after DXYZ 0.00%↑ and ZIM 0.00%↑ . With positive sales development and pipeline advancement, it could easily reach double digits, not counting very much expected new buyout offers.
Other worth mentioning events
ZIM Integrated Shipping Company
ZIM surprised many investors, myself included, with a new acquisition offer.
The Skaal Group has submitted a formal offer to acquire 100% of the shares of the shipping company Zim for $4.5 billion in cash, an offer that is about $300 million higher than the existing agreement with the German shipping giant Hapag-Lloyd. According to the letter sent to Zim’s board of directors, Skaal is offering $37.50 per share - a 7.1% premium over the price agreed last February - and is committing to allocating a whopping $250 million to be distributed as a direct bonus to the company’s employees.
The group emphasised that, as an Israeli buyer, it constitutes a strategic alternative that eliminates the complexity surrounding the country’s “golden share,” and promises to keep the company’s 145-ship fleet and operational centre under full Israeli sovereignty. The new offer was defined as a “preferred offer” under the board’s fiduciary duty, and is intended to take effect if the deal with the Germans is not completed, or if the state vetoes the transfer of control to foreign hands.
What’s good here?
The bidding war might push the deal for an earlier closure.
The price floor is already set and, with any counteroffer, might be just raised, not lowered.
ZIM recently filed a Form 6-K following its special general meeting on April 30, 2026, to confirm that shareholders have overwhelmingly approved its merger agreement with Hapag-Lloyd, and it is expected to be closed in Q4.
As of May 6, 2026, ZIM has reiterated that the agreement remains binding, even as it faces a rival $4.5 billion unsolicited bid from the Sakal Group.
So the drama will continue here. The Sakal Group might start a real bidding war, pressing the State of Israel to reconsider Hapag-Lloyd’s offer. Or Germans might be forced to increase their bid. Either way, it’s good for us, the investors. So I added more ZIM 1.10%↑ to several accounts.
Destiny Tech100
I’ll just leave a chart here. It is absolutely mind-blowing, and I fight with myself every single trading day trying not to sell it too early. It’s all about SpaceX and Anthropic's anticipated IPOs, yet my job is to secure accrued gains.
So next week, if the price reaches my target sell area of $65-70, I will consider closing the position (fully or partially, not decided yet).
Paid subscribers were alerted about DXYZ 0.00%↑ weeks ago, and many of them had not hesitated to jump in. With a single trade, their annual subscription costs were covered for many years ahead. Add my other picks CHRS 0.00%↑ , ESPR 0.00%↑ , GLXY 0.00%↑ / GLGG 0.00%↑ , CRWV 0.00%↑ / CRWG 0.00%↑ , MIST 0.00%↑ , SRPT 0.00%↑ / SRPU 0.00%↑ , VNDA 0.00%↑ , ZIM 0.00%↑ , to name a few, and the conclusion is clear:
IT PAYS OFF TO SUBSCRIBE.
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DISCLAIMER
This post is intended for informational purposes only, to share my personal and/or M. Ciuzelis Charity Foundation’s Endowment Cap investment/trading experience. This is not an offer to buy, sell or make other decisions regarding any investments and financial instruments mentioned.
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