How concentrated this is
Holdings7
Weighted like6.7 equal ones
LargestAMZN at 17.8%
Half the portfolio3 names
Exposed to the premise84%
84% of this book is one theme. It is a bet on Last-mile logistics, not a spread of them.
The final mile of delivery is automated and re-priced, because it is where most of the cost sits.
Only 1 term in your premise matched this theme (delivery). The match is weak — check the holdings carefully or rewrite the premise more specifically.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio17.8%Amazon
Runs the largest private logistics network and its own robotics arm.
AMZN · Equity · $251.89 · — · Last-mile logistics
−+×17%Symbotic
Automates the warehouse that feeds every route.
SYM · Equity · $41.10 · — · Last-mile logistics
−+×15.3%United Parcel Service
The densest delivery network; automation lands here first.
UPS · Equity · $99.97 · — · Last-mile logistics
−+×14%GXO Logistics
Pure-play contract logistics, buying automation as a service.
GXO · Equity · $45.43 · — · Last-mile logistics
−+×11.6%FedEx
Network scale with more freight exposure and slower change.
FDX · Equity · $311.80 · — · Last-mile logistics
−+×8.3%Zebra Technologies
Scanning and tracking hardware in every depot.
ZBRA · Equity · $344.01 · — · Last-mile logistics
−+×16%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $100.50 · — · Ballast
The case for
The last mile is roughly half the total cost of a parcel and the least automated link in the chain. Autonomous vans, sidewalk robots and delivery drones all attack the same line item, and volume grows whichever one wins.
The case against
Regulation is local, slow and fragmented — approvals happen city by city. Margins in delivery have been thin for a century, and incumbents can absorb losses far longer than a challenger can.
What the weights are worth
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