David Lemons - Alapocas Investment Partners Investment Strategy & Portfolio Analysis

As of Jun 30, 2026, David Lemons's Alapocas Investment Partners portfolio reflects a concentrated approach across 25 reported 13F positions. Portfolio returns are primarily driven by a small set of mega-cap compounders, with the top five holdings accounting for approximately 57% of total exposure and Alphabet alone contributing ~16%. While the portfolio includes 25 positions, economic outcomes are highly concentrated in a narrow set of consumer cyclical companies and technology names, indicating a meaningful divergence between structural diversification and return concentration. Exposure to high-growth and technology-oriented segments is elevated relative to peers, with performance weighted across consumer discretionary, technology, and communication services. The portfolio exhibits extremely low turnover, reinforcing a patient, conviction-led investment approach. Distinctive traits include Long-Term Holder, Moderately Concentrated, Structurally Diversified.