Portfolio Update | July 2026 (+7.62%)

Pine Creek Capital returned +7.62% in July 2026, driven by China longs (JD, BABA, BYD) and semiconductor shorts, with a lesson from Fed funds futures.

Hello Investors,

July 2026 marks the first full month of Pine Creek Capital Management’s track record, and we are off to a good start.

For the month, the fund was up 7.62% while the S&P 500 was down 0.10% over the same period. While we are very pleased with this performance, it was not without at least one learning experience that negatively impacted an …