KNA Capital June 2026 Update

In this month's letter, Todd walks through the largest contributors and detractors, explains the rationale for building up Disney into a top-10 position (durable IP as a generational asset), and recaps a research trip to Howden Joinery's London headquarters, where he dug into the risks and potential upside of the company's recent DIY Kitchens acquisition. The letter closes with reflections on patience and long-term positioning heading into the second half of the year.