Watercooler · Research

Tuesday 4 August 2026

Funds +0.8%

Quiet session. Soft inflation data nudged the market up, and Whitewater did the heavy lifting again.

Market: US large caps closed higher. Inflation came in a shade below expectations, which took some heat off interest rates. Industrials and energy led. Software lagged.
Moves: Held the lot. Whitewater is already running hot on space and AI, so we sat on our hands rather than chase it higher.
Sentiment: Steady. The noise around AI hardware cooled off from last week but stayed positive. No panic, no euphoria.
News: Rocket Lab picked up another launch contract, which backs the growth story we own it for. Nvidia locked in its next earnings date.
Coming up: Nvidia and Palantir both report inside the next fortnight. They sit in Whitewater, so expect the action there.
Why: Softer inflation helps the long-run growth names we hold. But the fund is already concentrated, so we would rather wait for a dip than pay up now.

Monday 3 August 2026

Funds +0.1%

A waiting game. The market sat tight ahead of Tuesday's inflation print.

Market: Flat on the day. Low volume, everyone waiting on the data. Bonds firmed, which gave Stillwater a small lift.
Moves: Opened a small starter position in infrastructure inside Tidewater. It fits the balanced mandate and spreads the fund past tech.
Sentiment: Cautious. Wide spreads and thin trade. Classic wait and see.
News: Costco posted solid monthly sales, which supports the Stillwater thesis. Visa's payment volumes held up.
Coming up: Inflation data Tuesday. A run of retail earnings later in the week.
Why: Adding infrastructure now, at a light weight, gives Tidewater a second engine if tech stalls. A low-risk way to diversify.

Friday 31 July 2026

Funds +1.4%

Strong finish to the month. Tech led, and Whitewater closed the week out in front.

Market: Broad rally into month end. Growth and semiconductors led the charge. The S&P finished the week up.
Moves: Trimmed part of the software overweight in Whitewater back toward target. Banked some of the run.
Sentiment: Upbeat, bordering on hot. AI names were the talk of the tape all week.
News: Microsoft and Alphabet both flagged strong cloud demand. Tesla stayed choppy on delivery numbers.
Coming up: A fresh month means new inflation and jobs data. Earnings season rolls on.
Why: When a position runs well past its target weight, we trim. It keeps the fund honest and books gains without trying to call the top.

The brief.