Acus Team — Family Investment Portfolio

Who We Are

A family portfolio.

We invest our own money, slowly, in businesses we believe will matter in twenty years. Our investment journey started in 2020 and by 2026 we felt our style has matured enough to put our signatures on it through this website and substack blog. We use the pitch as our mental model: a line-up of positions to form a winning team.

Forwards are companies rapidly creating new value - their moats are emerging and best days for free cash flow are still to come. Midfielders are stocks that are expected to run long distances in time, because their moats and reasons of being within ecosystems are well established. Defenders are supposed to hold the line during downturns and provide us breathing space with dividents. Goalkeeper is unorthodox position that gives us freedom to choose something outside our style, but must not concede a loss!

We look for businesses that create lasting value for the communities and the entire world. We think durability and decency tend to travel together: companies that treat customers, employees, and ecosystems well are usually the ones still compounding a decade later.

The Shelf

Authors that inspired us.

Investing

Nick Sleep·Charles Munger·Jeremy Grantham·Clayton Christensen·Benjamin Graham·Daniel Gladiš·Philip Fisher·Warren Buffet·Peter Lynch·Guy Spier·John Mihaljevic·Ray Dalio

Culture & Religion

Maurice Zundel·Pope Benedict XVI·Frédéric Laloux·Virginie Despentes·Bessel van der Kolk·Erich Fromm·Geno Auriemma·Chris Voss·Kurt Vonnegut

Literature

John Ronald Reuel Tolkien·Clive Staples Lewis·Milan Kundera·Antoine de Saint-Exupéry·Antonio Lupatelli - Tony Wolf·Ray Bradbury·Alessandro Baricco

The Family

Algirdas & Evelina

Evelina

Holds Veto power

A strong believer of human potential in all circumstances. Partnering with life, working with its cohering motions, requires that we take life’s direction seriously. Life moves toward wholeness. M. Wheatley and M Kellner-Rogers

Read Evelina's notes →

Algirdas

Scouts for stocks

An ardent supporter of teams and people who flourish in those teams. A man is only ever as strong as the people around him.

Read Algirdas's notes →

The Portfolio

The line-up

As of 1 January 2026. Updated once a year.

Companies release annual reports between February and April. Some at the end of July. One in November.

Cash in account · 5%

Bench — Reserve · 29%

Bench positions will be updated with their own thesis at the start of 2027

Full-Time

How the team has performed

This portfolio is still in accumulation phase. Regular savings remain a large driver, so cumulative value on its own is not yet a fair measure. We report our estimated annualized money-weighted return and compare it with two hypothetical benchmark portfolios, assuming the same contributions had been invested in widely recognized equity indexes: one global and one Swiss. Contributions are assumed to be invested evenly through each year. All figures are in CHF, our base currency. Dividends are reinvested. Trading fees included. Figures are indexed to 1,000 (base year = 1,000). Our objective is not to maximize short-term performance, but to compound over decades.

Portfolios

Acus Team

MSCI World stock market index

SPI Swiss Performance Index

Time-weighted

17.12%

9.05%

6.01%

Money-weighted

9.71%

10.30%

7.73%

Year	Contributions	Acus Team		MSCI World		SPI
2020	1,000.0	1,256.6	+51.3%	1,028.6	+5.8%	1,018.8	+3.8%
2021	796.9	2,709.1	+39.6%	2,184.6	+25.6%	2,142.4	+23.4%
2022	2,171.9	4,224.7	−17.3%	3,795.9	−16.9%	3,773.6	−16.5%
2023	1,765.6	6,972.2	+19.2%	6,148.2	+12.6%	5,822.4	+6.1%
2024	2,125.0	10,119.1	+12.7%	10,258.3	+27.8%	8,373.3	+6.2%
2025	1,687.5	12,899.4	+10.0%	12,595.7	+5.8%	11,695.3	+17.8%
2026	—	—	—	—	—	—	—

MSCI World (CHF) series is our estimate, cross-checked against several AI models rather than taken from a single licensed data feed — treat it as directionally sound rather than exact. SPI figures track the Swiss Performance Index.

Process

Decision tickets

The key to understanding stocks is regular free cash flow. The best use of it is to expand business when it makes sense. If not, then cash need to flow back to investors through buybacks when prices are right, or dividends. Cash can flow for many years if a company has a moat and avoids risks such as damaging its ecosystem, reputation, or overextending.

Buy / Add

Investment Decision Ticket

Thesis, failure triggers, a forced pause on drawdown tolerance — so we know what we are doing. If we get the free cash flow right, the stock price will follow its growth over the long term.

Open Buy Ticket

Trim / Sell

Investment Decision Ticket

A consistency check against the original buy ticket — so an exit is not an overreaction. We sell only when free cash flow is permanently compromised.

Open Sell Ticket

A family portfolio.

Algirdas & Evelina

Evelina

Algirdas

The line-up

How the team has performed

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Decision tickets

Investment Decision Ticket

Investment Decision Ticket

Always scouting for micro treasures