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Why do we build these altars to diversification, these temples of exposure? Is it wisdom-or is it fear? Fear that our portfolios, left to our own devices, may reveal our fragility? Both funds promise the same: equities beyond America’s roaring borders. Yet their divergence is not in returns-29.1% versus 25.8% in one year, a difference that vanishes under the weight of compounding time-but in the rules they obey. A rate of 0.03% is not merely cheaper; it is an affirmation, a quiet rebellion against the priesthood of fees. And yet, 0.07% buys a yield of 2.93%, slightly higher than VEA’s 2.7%, as though the market whispers, “Pay more, and I shall bless you with crumbs.” But are they crumbs, or illusions?

In Q3, Nitorum’s stake shrunk from 5.39% to 3.14% of its reportable assets. By September 30, the remaining position was valued at $17.85 million. Investors, like gods with poor aim, often sell when hope feels heavier than money.

According to their November 14 SEC filing, the fund has taken a new position in NCLH, acquiring 347,600 shares. This is like finding a needle in a haystack, but instead of a needle, it’s a bunch of shares, and the haystack is the entire stock market. The stake represents 1.05% of the fund’s $815.2 million in assets-a drop in the ocean, but a significant splash in a very small pond. (Pond: A body of water so small it could fit inside a teacup, yet somehow still manages to be full of surprises.)

In the dim-lit corridors of investment, many cast their eager gaze upon the shimmering ascent, hopeful that the year ahead-2026-will mirror previous triumphs. Yet beneath that veneer of optimism, a lesser-known indicator stirs-a spectral warning whispering from the shadows, repeating a refrain that history etched deep into its ledger.

An SEC filing, that most thrilling of bedtime reading material, revealed Tikvah had offloaded 400,000 PAYO shares during Q3 at an average price that would make a dragon hoard blush. The proceeds, $2.68 million, joined the fund’s coffers while leaving them with 1.29 million shares valued at $7.82 million. This reduced Payoneer’s presence in their portfolio to a mere 2.3% stake²-a position now dwarfed by titanic holdings like Alphabet and Amazon, which loom over Tikvah’s portfolio like colossi straddling the Strait of Gibraltar.

A filing, crisp as a new leaf, revealed Sand Grove’s purchase of 39,121 shares in CyberArk (CYBR 0.72%) by quarter’s end, valued at $18.9 million. The gesture, though modest against the vast forest of capital, hinted at a belief in the sap rising within this particular tree.