An update on “Reimagining Education”

I’ve had a few “ok”ideas over the years, but the Investment Fund I launched with Ben and Andrew as the Portfolio managers has been by far the best.

Andrew is taking a gap year, playing hockey in Vancouver, interviewing for a job at a yogurt shop and living in a basement apartment with a ceiling that is 1” above his 6’1 head.

We had a wonderful drive together last month before law school started, and much of our conversation was around the podcasts we listen to, how to trade options, what a bubble looks like and why college and buying houses is no longer the American dream.

Both boys sent their investor letters to me yesterday. Ben uses PDF (best practice) but Andrew’s was more “paste-able” into Substack. I could rave about Ben’s performance as well but you get the point.

Here was Andrew’s investor letter for this month.

I’ll remind you, he’s 18.

P.S. this is absolutely not investing advice, consult your advisor, etc etc.

Ramsden-Wood Family Trust: Month 6 Moves

September 2nd, 2025

Profits Realized, Risks Minimized: A Disciplined Approach to Tomorrow’s Markets

Dear Investors,

We are pleased to report another constructive month for the Ramsden-Wood Family Trust. August was a period of disciplined portfolio management, where we acted decisively to lock in gains, reduce risk, and redeploy capital into new opportunities. While markets remain volatile, our strategy continues to prioritize capital efficiency, valuation discipline, and the pursuit of durable long-term opportunities. The fund posted extremely positive returns in August, driven largely by energy and gold exposure, while our exits secured realized profits and reinforced our flexibility for the months ahead.

Portfolio Rebalancing: Strategic Exits to Preserve Gains

After a thorough review of our holdings, we exited three positions that had either reached our internal price targets or no longer offered sufficient margin of safety.

• Civitas Resources (CIVI):

We closed our position following the company’s accelerated buyback program. While this initiative drove short-term strength in the share price, we believe the program artificially inflated valuation metrics. Rather than rely on financial engineering, we chose to secure our profits and maintain discipline.

• Nuvation Bio (NUVB):

The company’s pipeline continues to hold long-term promise; however, after reaching our initial targets, we felt valuation had extended beyond a risk-adjusted level we are comfortable holding. Realizing gains here preserves capital while allowing us to revisit the name should future pricing again create asymmetry.

• Millicom Cellular (TIGO):

Tigo delivered as anticipated, hitting our valuation thresholds sooner than expected. With multiples now stretched, we exited our position. We continue to view the business model positively and will watch closely for opportunities to reenter at a more compelling level.

Strategic Additions: Strengthening Energy Exposure

In line with our core thesis on energy — where supply constraints, underinvestment, and resilient demand continue to create favorable conditions — we initiated a $100,000 position in SM Energy (SM). We view SM as an attractively valued mid-cap E&P company with strong free cash flow generation, disciplined capital allocation, and meaningful exposure to U.S. shale production. This addition bolsters our energy weighting and complements existing holdings in CVX and XOM, positioning us to benefit further from structural tailwinds in the sector. With the price of crude still hovering at the mid 60s and US production expected to falter in the coming months according to experts at Ramsden-Wood Family Trust, we are more convicted than ever in our oil holdings.

Realized Gains

After exiting Nuvation, Civitas, and Tigo, we have returned 86,763.52 to our cash holdings, realizing a gain of 36,763.52 in the process. Across these three trades, we have netted 24.5% percent returns.

As of September 2nd, our fund is 700,000 deployed, with 300,000 of cash and 36,763.52 of realized profit.

Strategic Outlook

Our disciplined profit-taking is not a retreat from conviction, but a reset of positioning. We will continue to track Civitas, Nuvation, and Tigo diligently for reentry points where fundamentals and valuation once again align. Meanwhile, our portfolio remains anchored in energy, gold, and high-quality compounders, with cash reserves intact to capitalize on near-term dislocations.

• Energy:

With supply-demand dynamics still favoring producers and global underinvestment persisting, our energy holdings remain core to the portfolio — now strengthened by our new allocation to SM Energy.

• Gold:

Our enhanced allocation to gold and miners continues to serve as both a hedge and a driver of potential upside in the current macro backdrop.

• Equities:

NVIDIA and Berkshire Hathaway remain cornerstone positions, representing both growth and resilience.

• Cash:

With over $300,000 in reserve following our redeployment, we retain optionality to move quickly when new opportunities present themselves.

Closing Remarks

August reinforced a key principle of our philosophy: profits must be realized when valuations outrun fundamentals. By exiting Civitas, Nuvation, and Tigo — and redeploying into SM Energy — we safeguarded returns, minimized risk, and created capacity for future opportunities. Our patient, vigilant approach ensures that when compelling entry points arise, we will be ready to act with conviction.

We appreciate your continued trust as we navigate this complex and dynamic environment of the US stock market. As always, our focus remains fixed on long-term value creation and disciplined stewardship of capital.

All the best,

Andrew Ramsden-Wood

As a reminder, here are the rules of the exercise.