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KNA Capital

Sep 2025 → Sep 2026 · Publishes monthly · 2 funds

Our archive holds 4 letters from KNA Capital, behind 5 investment theses and positions in 20 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

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4
Letters
20
Companies
11
Moves
5
Theses

Performance

as of Sep 30, 2026 · net of fees · USD

  • YTD
    −6.4%
  • 1Y
    −3.9%
    index +15.7%
  • Inception · total
    +8.5%
    index +43.2%

Index: S&P 500 (SPY ETF)

Calendar years

  • 2025
    +16.0%
  • 2024
    −0.4%

Since inception: Since inception on September 10, 2024

Disclaimer

These figures are copied from the manager’s latest letter, as of Sep 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.

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What they bought and sold · 11 moves

  • New positionWatsco
    September 2026
    “In this spirit, I made a sizeable initial investment in the HVAC (heating, ventilation, and air conditioning) distributor, Watsco.”
    Read the letter
  • ExitedDomino's Pizza
    September 2026
    “Domino’s Pizza (Sold): Domino’s was an original holding in the Strategy and a disappointing performer.”
    Read the letter
  • ExitedChemed
    September 2026
    “Chemed (Sold): Chemed’s stock reverted to my fair value estimate faster than I expected – a good problem to have.”
    Read the letter
  • ExitedDick's Sporting Goods
    September 2026
    “Dick’s Sporting Goods (Sold): The reason for the sale was a broken investment thesis.”
    Read the letter
  • New positionThe Walt Disney Company
    February 2026
    “In the second half of February, I added two new investments: Disney and Chemed.”
    Read the letter
  • ExitedInstalled Building Products
    February 2026
    “These purchases were funded in part by cash on hand, but also from trimming the Strategy’s position in Ecolab and fully exiting the position in Installed Building Products.”
    Read the letter
  • AddedSpotify
    February 2026
    “During a bout of AI panic early in the month, I topped up on our positions in Nintendo and Spotify.”
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  • AddedNintendo
    February 2026
    “During a bout of AI panic early in the month, I topped up on our positions in Nintendo and Spotify.”
    Read the letter
  • AddedMedpace
    February 2026
    “After trimming our position in Medpace in January, I added back to it following a disappointing earnings result that I believe is temporary in nature.”
    Read the letter
  • New positionChemed
    February 2026
    “At the end of February, I started an initial position in Cincinnati-based Chemed following its disappointing earnings result.”
    Read the letter
  • TrimmedEcolab
    February 2026
    “These purchases were funded in part by cash on hand, but also from trimming the Strategy’s position in Ecolab and fully exiting the position in Installed Building Products.”
    Read the letter

Companies held · 20

Every company KNA Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 5

  • Watsco
    September 2026

    Watsco is an HVAC distributor bought on a value opportunity, resilient replacement demand, no debt, and a long-term HVAC cycle supported by strong ownership culture.

    Read the full thesis
  • Chemed Corporation
    February 2026

    Chemed Corporation operates VITAS hospice care and Roto-Rooter plumbing, faces temporary headwinds expected to normalize, and benefits from strong capital allocation.

    Read the full thesis
  • The Walt Disney Company
    February 2026

    The Walt Disney Company owns irreplaceable nostalgia-driven IP with strength in its Experiences segment and new leadership that could improve performance from a fair entry price.

    Read the full thesis
  • Dick's Sporting Goods, Inc.
    January 2026

    Dick's Sporting Goods, Inc. is a dominant sporting goods retailer benefiting from supplier shifts back to wholesale, rising youth sports spending, its unique GameChanger platform, experiential stores, family stewardship, and upcoming global events at a reasonable valuation.

    Read the full thesis
  • Wise
    September 2025

    Wise is revolutionizing cross-border payments with a transparent, low-cost model rooted in customer trust and long-term value creation—mirroring Costco’s playbook and positioning itself for global growth with its US market listing.

    Read the full thesis

Letter archive · 4

2026

2025

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