KNA Capital July 2026 Update

In his July 2026 letter, Todd discusses the Core Equity strategy's monthly performance and reviews the recent CEO transition at portfolio holding Copart — including the company's history, the competitive challenges it faced over the past two years, and the rationale for continuing to hold the position. He also shares reflections from a six-week family trip to Europe, including five weeks teaching finance to University of Dayton students in Rome.

You can view the letter below or here for a full screen view.