A fund that didn’t rebalance its portfolio at all in 1991 achieved investment returns approaching 5,500-fold!

Isn’t that fascinating? A fund that performs virtually no active management whatsoever has outperformed the vast majority of its peers—peers who spend their days researching markets and executing frequent trades. Free Training: Commodity Value Investing Discover fundamentals, select optimal commodities, formulate strategies, and execute rigorously! Mr. Shen Liang’s flagship strategy is now unveiled—offered exclusively to qualified clients. What does its current portfolio look like? Times have changed. Having weathered numerous historic events—including World War II, the oil crisis, and the global financial crisis—the 30 blue-chip stocks originally held by LEXCX have undergone substantial changes. As of June 30, 2026, LEXCX’s portfolio has become highly concentrated: the top five holdings account for over 90% of total assets: • Union Pacific (Union Pacific Railroad), ~40% weight. The absolute core of the entire portfolio—a railroad company held continuously since 1935. Over the past year, this stock rose nearly 27%. • Marathon Petroleum, ~21% weight. The refining business spun off from Marathon Oil in 2011. Its share price surged 129% over the past year. • Berkshire Hathaway (Class B shares), ~13% weight. Originally a textile manufacturer, this company’s role within the portfolio has evolved multiple times—and ultimately became part of Warren Buffett’s empire. • Exxon Mobil, ~12% weight. A legacy of the Standard Oil breakup and one of the world’s largest publicly traded energy companies. Its share price rose approximately 43% over the past year. • Linde PLC, ~6% weight. The youngest member of the portfolio—formed through the merger of Germany’s Linde AG and U.S.-based Praxair, with roots tracing back to parts of Union Carbide Corporation. The remainder of the portfolio is distributed across Chevron, Procter & Gamble, NiSource, Comcast, and Corteva—each representing less than 3%. Top Ten Holdings and Sector Weightings From a sector perspective, this portfolio is overwhelmingly tilted toward traditional economy sectors: Industrials (~40%), Energy (~37%), Financials (~14%), Basic Materials (~7%), Consumer Staples (<2%), and virtually zero exposure to Technology. In the market environment of 2026, this composition feels like a business card from the last century. Yet precisely because of this, the fund delivered an outstanding performance in 2026. What happened in 2026? In the U.S. equity market during 2026, the first half was dominated by AI infrastructure mania. Semiconductor, software, and memory chip companies led gains; the Nasdaq surged over 21% in Q2—the strongest quarterly performance since 2020. Meanwhile, “old-economy” sectors such as Energy, Utilities, and Consumer Staples significantly underperformed. Logically, a fund with zero technology exposure should have been left far behind in such an environment—but LEXCX wasn’t. Two key factors explain why. First, the explosive rally in the Energy sector. In the first half of 2026, Marathon Petroleum posted triple-digit gains; Exxon Mobil rose over 40%; and Chevron also delivered solid appreciation. With Energy accounting for over 35% of LEXCX’s total weight, this sector’s strength directly offset the absence of tech exposure.

Linde Q3 2025 Earnings Report — December 4, 2025

‘Lock In First, Then Research’ Series Initial coverage of $LIN. A Nasdaq-100 constituent and the largest weighting in the XLB index—global leader in industrial gases. Key points from earnings report, presentation materials, and earnings call: • Consumer demand (Linde classifies the electronics industry as part of the consumer market) remains resilient, primarily driven by semiconductor manufacturing—especially advanced process nodes. • Industrial demand remains cyclically weak; Chemicals & Energy (C&E) segment saw sequential decline. • Current order backlog stands at $10 billion. • Anticipates continued expansion of the U.S. steel and metals industries due to tariff impacts. • Demand for industrial gases from commercial spaceflight is growing at double-digit rates. • Most potential projects currently originate from the Americas and Asia. Having little prior familiarity with the chemical industry, the earnings call transcript appears far more engaging than the 10-Q filing. At a share price of ~$410, the current P/E ratio stands at 25—appearing reasonable for an industry leader delivering ~3% revenue growth and ~6% EPS growth.

Linde PLC $LIN Position Raised by S.E.E.D. Planning Group LLC

Q: Linde Q3 2025 Earnings Report — December 4, 2025

‘Lock In First, Then Research’ Series Initial coverage of $LIN. A Nasdaq-100 constituent and the largest weighting in the XLB index—global leader in industrial gases. Key points from earnings report, presentation materials, and earnings call: • Consumer demand (Linde classifies the electronics industry as part of the consumer market) remains resilient, primarily driven by semiconductor manufacturing—especially advanced process nodes. • Industrial demand remains cyclically weak; Chemicals & Energy (C&E) segment saw sequential decline. • Current order backlog stands at $10 billion. • Anticipates continued expansion of the U.S. steel and metals industries due to tariff impacts. • Demand for industrial gases from commercial spaceflight is growing at double-digit rates. • Most potential projects currently originate from the Americas and Asia. Having little prior familiarity with the chemical industry, the earnings call transcript appears far more engaging than the 10-Q filing. At a share price of ~$410, the current P/E ratio stands at 25—appearing reasonable for an industry leader delivering ~3% revenue growth and ~6% EPS growth.

5 days ago

S.E.E.D. Planning Group LLC increased its stake in Linde PLC by 7.7% in Q3, while the company reported strong quarterly earnings beating analyst expectations with EPS of $4.50.

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