KNA Capital August 2025 Update

August performance was driven by top holdings Installed Building Products and Medpace, despite a poor month for other holdings like Games Workshop and Morningstar. This month’s letter also details the three key reasons for selling a stock: when a position becomes materially overvalued (Costco), when there's a better use of capital (Brown-Forman for Alphabet), and when the original investment thesis is broken (YETI). KNA Capital remains cautious on overall market valuations but is prepared to find opportunities in any market environment.

You can view the letter below. Please read important disclaimers.