This Fund Outperformed the S&P by 45% YTD

TL;DR: TODAY’S EDITION

• Copying Greenoaks Capital Partners would have made you +58% YTD, crushing the S&P 500’s +13.5%.

• Their secret? Extreme conviction — 70% in Carvana and only 7 stocks total.

• The price: wild swings, with a volatility more than 3x higher than the S&P 500.

• If you like the idea of copycat investing but prefer smoother, steadier gains, the Smart Money Index is up +18.2% YTD, already nearly +5% ahead of the market with much less drama.

GREENOAKS CAPITAL

When Copycatting Really Pays Off

Sometimes, copying the right investor feels like cheating. While most people are grinding out single-digit returns in the S&P 500, others are quietly multiplying their money by following bold, high-conviction funds.

Case in point: Greenoaks Capital Partners. In 2025 alone, they’re up +58% YTD — crushing the S&P 500’s +13.5%. That’s an extra +45% edge, just by holding what they hold.

The Track Record

Greenoaks isn’t just having a lucky year. Here’s what their performance looked like vs. the S&P 500:

Yes, the swings are wild. But if you’d stuck with them, the payoff has been spectacular — especially in the last two years. Few investors alive have delivered that kind of streak.

The Conviction Portfolio

Here’s the thing about Greenoaks: they don’t diversify for safety. They go all-in on what they believe. Just 7 stocks — and more than 70% of the portfolio sits in Carvana (CVNA).

This isn’t cautious indexing. It’s conviction investing turned up to 11.

🔎 Spotlight: Top 5 Bets

Carvana (CVNA) – The online used car disruptor. After a near-collapse in 2022, it’s staged one of the greatest turnarounds in recent memory. Greenoaks bet big — and it paid off.

Coupang (CPNG) – “The Amazon of South Korea.” Logistics dominance + e-commerce growth = long runway ahead.

ServiceTitan (TTAN) – SaaS for home services contractors. A massive, under-digitalized industry that’s ripe for disruption.

Klaviyo (KVYO) – Marketing automation for e-commerce. Riding Shopify’s ecosystem and the DTC wave.

Toast (TOST) – Restaurant tech leader. Competition is tough, but Greenoaks clearly sees long-term staying power.

🧠 The Lesson: The Price of Conviction

There’s no denying it: Greenoaks has delivered jaw-dropping returns. But those gains come with stomach-churning volatility. A portfolio where 70% rides on Carvana means you’ll see wild swings — both ways.

For most investors, that’s simply too much drama. For some, it just shows what’s possible when you’re willing to run with conviction. Concentration brings risk — but it also brings the kind of upside you simply can’t get from an index fund.

SMART MONEY INDEX

While Greenoaks shows what conviction can do, the Smart Money Index shows you how to outperform with far less volatility.

Last week alone, Smart Money Positions had a strong run — congrats to all Premium members who were along for the ride:

• Alibaba for example jumped +12.7% in just seven days.

• The Smart Money Index gained +2.05% vs. +1.65% for the S&P 500 during the last 7 days.

Year to date, the gap is even clearer:

That’s nearly +5% outperformance vs. the S&P 500 this year, achieved with a more diversified set of stocks — and far less volatility than a single-stock bet like Greenoaks.

🚀 Ready to Level Up?

If you’re serious about taking your investing to the next level, Smart Money Premium gives you full access to the Smart Money Portfolio, updated scoreboards, and the exact holdings of the world’s best investors.

👉 Go Premium today and start copying smarter, not riskier.

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