Improved Focus in the Inner Circle and Q3 Performance Wrap

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My edge lies in the Small Cap Value segment. This is where significant investor wealth is traditionally built, and I am pretty darn good at this.

Over the years I have improved my processes to include a mathematically optimal Kelly Criterion based portfolio allocation system. This implementation has been battle tested through periods of volatility and it has proven its worth in keeping the portfolio volatility down while allowing me to continue to generate market beating returns.

I am changing the Inner Circle to focus solely on the Small Cap Value portfolio.

Note: I making the inner Circle available to 100 members at 50% off. To take advantage of this offer, use the coupon WLCM50 during the checkout.

YTD Performance as of Q3, 2025

All performance is Total Time Weighted Return

The Small Cap Value portfolio, or the Inner Circle portfolio, has consistently outperformed the S&P 500 index YTD. We currently hold 8 stocks in the portfolio. 6 of them are profitable, some of them have significant gains. 1 stock is around breakeven and 1 stock is sitting at a loss (or as I call it, at greater discounts). In the next few days I will recalculate the allocations to adjust for price changes and changes in the correlations between the portfolio stocks.

At 29% gain YTD, the portfolio has returned close to twice the market returns..

Our latest stock in the portfolio, Graham Holdings Corp (GHC) is now up 20% since its inclusion in the portfolio on July 2nd, 3 months ago.

Chart as of Sep 28

If you were an Inner Circle member, you received the stock deep dive with my rating as part of your membership. You are also able to see my personal portfolio in the Inner Circle, including allocations to each stock in the portfolio. If you are not a member, feel free to take advantage of the 50% discount coupon at the beginning of this article and sign up right now before this offer expires on Oct 5, 2025, or 100 of your peers get to use the coupon first.

25 Years of Finding Hidden Winners

I’ve spent over two decades uncovering small, overlooked companies before Wall Street catches on. These underfollowed stocks have gone on to create lasting wealth for disciplined value investors.

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25 Years of Finding Hidden Winners

I’ve spent over two decades uncovering small, overlooked companies before Wall Street catches on. These underfollowed stocks have gone on to create lasting wealth for disciplined value investors.

Check your email right away – your access isn’t complete until you confirm!

We don’t spam! Read our privacy policy for more info.

Shailesh Kumar

Shailesh Kumar, MBA is the founder of Astute Investor’s Calculus, where he shares high-conviction small-cap value ideas, stock reports, and investing strategies.

His work has been featured in the New York Times and profiled on Wikipedia. He previously ran Value Stock Guide, one of the earliest value investing platforms online.

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