KNA Capital May 2026 Update

In the May letter, I discuss why I believe we are well into the current AI boom, what history tells us about how these cycles tend to resolve, and why I'm not chasing the trade. I also introduce our newest holding, Mettler-Toledo, a global precision instruments business with a wide economic moat that has recently become attractively valued. Finally, I walk through several portfolio changes, including the sale of Medpace and a trim of Halma.

The full letter can be found below or viewed here.