Jason Horton

eToro Pro Investor: Space-Investor. Copy Trading is not investment advice | Capital at risk | Past performance is not indicitive of future performance.

[Jason Horton @Space_Horton]

𝟱-𝗬𝗲𝗮𝗿 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗥𝗲𝗽𝗼𝗿𝘁

When I started planning this portfolio over 5 years ago, there were very few convenient options available to retail investors that wanted to gain exposure to the 𝗦𝗽𝗮𝗰𝗲 𝗘𝗰𝗼𝗻𝗼𝗺𝘆 – just a handful of index-based ETFs which I believed an actively managed approach could outperform.

I invest in companies that operate in space, provide products or services dependent on space infrastructure, and companies that supply goods, services or capital to those operating in space.

As such, I make many individual investments that are quite risky. However, through careful portfolio construction I seek to balance the risks of individual holdings to construct a portfolio with lower overall risk than my Benchmark under both rising and falling market conditions.

I launched this portfolio with a 10-year plan, divided into two 5-year periods, in the first week of June 2021. Early on I outlined my plans, investment rules, benchmark and performance goals here: https://t.co/xqASQRdpks

The primary goals were to outperform both the S&P 500 and my composite benchmark of 4 equally weighted ETFs (ARKX, ROKT, ITA, and UFO).

𝟱 𝗬𝗲𝗮𝗿 𝗖𝘂𝗺𝘂𝗹𝗮𝘁𝗶𝘃𝗲 𝗥𝗲𝘁𝘂𝗿𝗻𝘀
Detailed data and performance metrics are provided in the attached images (including the individual benchmark components). All annual and cumulative results are Time-Weighted Returns.
🟢 This Portfolio (NTR): 270.02%
🟢 Benchmark (TR): 155.20%
🟢 S&P 500 (TR): 92.70%
𝗗𝗲𝗳𝗶𝗻𝗶𝘁𝗶𝗼𝗻𝘀:
📌 TR (Total Return): Price appreciation + Gross dividends reinvested
📌 NTR (Net Total Return): Price appreciation + Dividends reinvested after withholding tax is deducted
𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗡𝗼𝘁𝗲 𝗼𝗻 𝗣𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗠𝗲𝘁𝗿𝗶𝗰𝘀:
eToro displays account performance as NTR. Because withholding tax rates vary significantly by country of tax residence, there is no single “universal” NTR for market benchmarks. I have not shown the TR version of my portfolio returns because, while higher, they would not align with the numbers copiers see on eToro. You can verify my stated NTR returns directly against eToro’s reported results here: https://t.co/2G9r6SYDkE

𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀

𝗔𝗻𝗻𝘂𝗮𝗹𝗶𝘇𝗲𝗱 𝗥𝗲𝘁𝘂𝗿𝗻𝘀(𝗖𝗔𝗚𝗥)
🟢 This Portfolio (NTR): 29.91%
🟢 Benchmark (TR): 20.61%
🟢 S&P 500 (TR): 14.02%
This outperformance was achieved with lower volatility, better risk-adjusted returns, and materially smaller drawdowns than the benchmark.

𝗥𝗶𝘀𝗸-𝗔𝗱𝗷𝘂𝘀𝘁𝗲𝗱 𝗥𝗲𝘁𝘂𝗿𝗻𝘀(𝗤𝘂𝗮𝗹𝗶𝘁𝘆 𝗼𝗳 𝗚𝗿𝗼𝘄𝘁𝗵)
Outperformance only matters if it’s repeatable and not simply the result of taking excess risk and getting lucky. For each year, my Sortino Ratio (calculated with a MAR of 0% for consistency) remained positive and outperformed both the benchmark and the S&P 500. This confirms that superior returns were generated per unit of downside risk through disciplined portfolio construction rather than elevated volatility. My beta versus the S&P 500 averaged approximately 0.6 over the period (see https://t.co/J9DMlDWSVt).

𝗠𝗮𝘅𝗶𝗺𝘂𝗺 𝗗𝗿𝗮𝘄𝗱𝗼𝘄𝗻𝘀(𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲)
📌 This Portfolio: -13.42%
📌 Benchmark: -27.47%
📌 S&P 500: -24.49%
Avoiding permanent loss of capital remains a core priority. Not only were historical drawdowns significantly lower than the benchmark, ongoing stress testing suggests the portfolio is well positioned to manage future drawdowns. Further details at https://t.co/BacpHxl7JS

𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆
In Years 1 & 2 the market was effectively saying that the stocks in my portfolio were going to grow at lower rates than my valuations and position sizing implied. In Years 3 & 4 the market and I were loosely in agreement. In Year 5, strong sector momentum drove many pre-profit space stocks higher - often beyond what my position sizing rules supported. While this led to the portfolio lagging the benchmark in that final year, I maintained full consistency in valuations, risk management, and sizing discipline (including trimming positions after exceptional runs to stay within target weights). I believe this adherence to process gives the portfolio the best chance of continuing to outperform over the next five years.

𝗟𝗼𝗼𝗸𝗶𝗻𝗴 𝗙𝗼𝗿𝘄𝗮𝗿𝗱– 𝗧𝗵𝗲 𝗡𝗲𝘅𝘁 𝟱 𝗬𝗲𝗮𝗿𝘀
In the near-term, I expect the current sector momentum to continue, particularly given the intersection between the Space and AI sectors, at least until the $SPCX (SpaceX) IPO and possibly beyond.

I will continue to apply the same sober valuation and position sizing approach I’ve used over the past 5 years, and this could very well result in continuing to lag the benchmark in the near term – the following post explains why: https://t.co/tOB55aAB44

However, at some point stock prices will likely revert toward fundamentals and they may adjust just as quickly as they rose. In my view, my benchmark and many of the new Space ETFs that have launched in recent months carry significantly higher valuation risk than current fundamentals justify. When any reversion occurs, I believe the portfolio is well positioned to outperform because of its more conservative construction.

In other words, I am comfortable accepting some short-term underperformance versus the benchmark in order to maximise the probability of outperformance over the full cycle.

But I’m not sitting idly by waiting for a correction. I see multiple opportunities on the horizon for outperforming over the next 5 years.

Over the past couple of years many new space-sector listings have come to market at high valuation multiples (examples include $KRMN, $FLY, $VOYG and $YSS). You’ll notice I have not added companies like these to the portfolio yet. I expect a shake-out among many of the recent space-related IPOs within the next three years. While some may struggle or be acquired, others with strong long-term prospects will become attractive at more reasonable valuations. I anticipate these opportunities will begin appearing over the next 12 months and intend to deploy capital into select names when that happens.

If a broader market correction occurs, I have a healthy cash balance available to buy aggressively while prices are depressed. Nearly all of this cash is currently deployed in resting market orders, ready to open new positions automatically the moment my target prices are reached. You can read more about how the strategy is designed to perform in different market environments here: https://t.co/LtwiBgQIU5

The long-term tailwinds remain compelling: falling launch costs, expanding commercial and government demand, the strategic importance of space capabilities, and rapid growth in downstream applications such as satellite communications, Earth observation, data services, and positioning. These tailwinds are further supported by the wave of new space companies expected to be founded and funded by employees and early stakeholders of SpaceX after the IPO.

𝗧𝗵𝗮𝗻𝗸 𝗬𝗼𝘂!
I want to express my enormous gratitude to the copiers who have been with me on this journey over the years, particularly for sticking with your copies even during some challenging periods when the market wasn’t going our way.

I remain fully committed to the same standards of transparency, rigorous analysis, and disciplined active management that defined the first five years. Weekly updates, deep-dive posts, and performance reporting will continue as we move forward.

And last but not least, a special thank you to @YoniAssia and the whole @eToroTeam for making this opportunity possible. And a special thank you to my account manager Kayla Campion for helping me through the process of becoming an Elite Pro Investor.

Ad Astra!
Jason Horton
https://t.co/GK99RIaDIz

Further data is in attached images:

5-Year Cumulative Returns – compares my Net Total Return against the Total Return of the Benchmark and S&P 500.

5-Year Performance & Comparisons – shows the month by month, annual and cumulative returns of my portfolio compared with the Benchmark and S&P 500.

Benchmark Component Performance (Price Return) – shows the performance of each individual ETF in the benchmark. This uses Price Return which doesn’t include dividends – these are the benchmark results I include in my weekly reports.

Benchmark Component Performance (Total Return) – shows the performance of each individual ETF in the benchmark. This includes dividends with no withholding tax and assumes the full dividend amount is reinvested when received.

𝗜𝗠𝗣𝗢𝗥𝗧𝗔𝗡𝗧 𝗗𝗜𝗦𝗖𝗟𝗔𝗜𝗠𝗘𝗥𝗦
𝗣𝗮𝘀𝘁 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗶𝘀 𝗻𝗼𝘁 𝗶𝗻𝗱𝗶𝗰𝗮𝘁𝗶𝘃𝗲 𝗼𝗳 𝗳𝘂𝘁𝘂𝗿𝗲 𝗿𝗲𝘀𝘂𝗹𝘁𝘀. Trading and investing involve substantial risk of loss and are not suitable for all investors. The performance figures presented in this report are historical and were achieved under specific market conditions. There is no guarantee that similar results will be achieved in the future. Copiers should carefully consider their own financial situation, risk tolerance, and investment objectives before copying any portfolio.

This report is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. eToro AUS Capital Limited and affiliated entities are the regulated entities. Copy Trading is not investment advice. Capital at risk. Please refer to the eToro Product Disclosure Statement (PDS) and Target Market Determination (TMD) for full details.

All performance data is sourced from the eToro platform and independent calculations based on published updates. Third-party metrics (e.g., benchmark and S&P 500) are approximate and for illustrative purposes. Exact copier experience may vary based on individual settings, timing of copy, and market conditions at execution.

[Jason Horton @Space_Horton]

I've recently been having the exact same problem with Gemini when fact checking my reports. But as soon as I push back it checks the facts and admits the error demonstrating that it could have easily got it right to begin with. I wonder if AI companies are deliberately minimising token usage on fixed rate plans?

[KBR @KBRincorporated]

KBR’s Mission Technology Solutions has been selected for a major multiple-award contract by the National Air and Space Intelligence Center (NASIC). Through the ASTRA contract, KBR will deliver innovative engineering and technical solutions to advance intelligence missions across air, space and cyber domains. This award highlights our commitment to accelerating mission impact and supporting national security.

Read the full press release for all the details » https://t.co/uv4MnJQZ9X

#KBR #NASIC #NationalSecurity #MissionImpact

[Jason Horton @Space_Horton]

@RKLBMan @kostakq Just wait for the 2x leveraged ETF for ball bearing manufacturers that supply SpaceX!

[Jason Horton @Space_Horton]

@Space_EngGG @SpaceInvestor_ @TeucriumETFs Perhaps the best time to launch an ETF like this, from the issuer's point of view, is precisely before the economics are proven.

[L3Harris @L3HarrisTech]

We’ve been selected by @SemperCitiusSDA to provide Accelerated Missile Defense Tranche 3 (AMDT3) satellites, designed to enhance national security by detecting and tracking advanced missile threats.

[Voyager Technologies @voyagertech_]

OFFICIAL: Voyager completes acquisition of @Astrobotic, which was recently awarded a
new @NASA contract for two lunar landers valued at approximately $298M. Astrobotic is
now Voyager Lunar Systems. Griffin Mission One — 10 payloads, lunar South Pole,
NET November 2026 — is next. ​

Read more here: https://t.co/bJUbXct6aQ.

$VOYG #MissionReady #AcceleratingtheAdvantage #Artemis

[SpaceX @SpaceX]

Starship’s thirteenth flight test is preparing to launch as early as Thursday, July 16 → https://t.co/Rp7VwBzpWx

[Jason Horton @Space_Horton]

I'm not sure if you're addressing me or Kevin, but my answer is yes I could, however we have very strict regulations here in Australia and I have to be extremely careful about the context of any explanation I give due to operating a portfolio that other investors copy automatically on eToro. EG: if I state specifically what Kelly fractions I'm using then ASIC might interpret that as me providing advice on how to invest - that I'm not allowed to do.

For a math-heavy explanation, see the Wikipedia page Kevin linked to in his article: https://t.co/o4g6po2iiF

[Excess Returns @excessreturnpod]

"If you're going to be an investor, get used to being a loser."

"It's more important to ensure survival under negative outcomes than it is to guarantee maximum returns under favorable ones."

"There's only two states that exist. And the reality is investments spend, I think it's over two-thirds, three-quarters of the time in some form of drawdown."

Meb Faber on lessons from Howard Marks and the realities of drawdowns.

[SpaceNews @SpaceNews_Inc]

Earth observation satellites pass telecom in European space industry sales https://t.co/c9VruRBNqi

[Northrop Grumman @northropgrumman]

It isn’t science fiction, it’s our next mission.

Our Mission Robotic Vehicle will soon head to orbit, making space house calls to satellites running low on fuel and installing satellite “jetpacks” to extend their service lives by up to eight years.

It’s never been done before, and it’s just the start of a new chapter in in‑orbit servicing!

[Voyager Technologies @voyagertech_]

Breaking: Voyager awarded a contract to deliver an agentic-AI platform for an undisclosed program. The platform supports autonomous operations from mission planning to data exploitation.​

Read more: https://t.co/hK7rDGqTNC

$VOYG #AcceleratingtheAdvantage #MissionReady

[Northrop Grumman @northropgrumman]

We’ve been selected for another Commercial Resupply Services mission to the @Space_Station. With NG-29, we'll keep delivering the cargo and science that helps make long-term human spaceflight possible.

[Andrew Parsonson @AndrewParsonson]

US-based Loft Orbital has awarded a multi-launch contract to MaiaSpace, with flights expected to begin in 2028.
https://t.co/gPCr7xv0og

[Jason Horton @Space_Horton]

@davill Thank you for sharing. Back when you announced you'd be back on the pad by the end of the year I was sceptical, but with all the updates it's looking more plausible all the time.

[Eric Berger @SciGuySpace]

Bezos makes a big move into private investment. This helps explain the urgency behind the LC-36A rebuild.

https://t.co/SWZMy0fIP9

[Jack Kuhr @JackKuhr]

We finally get a Blue Origin valuation: $130B

The company is raising $10B (including $4B from Coatue and $2B from Bezos), per NYT. First outside capital for the 25-year-old rocket biz.

https://t.co/XyHjeCldCF

[Jason Horton @Space_Horton]

Contrary to what some have been saying on X, “This approach would allow NASA to select two or more contractors" - not just one.

[Aviation Week @AviationWeek]

🛰️ #NASA released a long-awaited draft solicitation July 6 for industry partners to design, build and operate a commercial space station in low Earth orbit (LEO) to succeed the @Space_Station.

🚀 Read more on @NASA releasing draft RFP for ISS replacement plan. https://t.co/LEkB1V7tLa

[Jason Horton @Space_Horton]

A win for 2 of my portfolio companies - SES and Gogo

[SES @SES_Satellites]

NEWS: @SESSpaceDefense has been awarded a five-year Blanket Purchase Agreement with the @USSpaceForce's Space Systems Command, making it easier for U.S. military branches to access secure, high-speed Ku-band satellite connectivity around the globe.

With managed services like FlexMove, FlexGovSecure and FlexAir, we're helping deliver resilient, mission-ready communications - wherever they're needed most.

📰 Read the press release: https://t.co/lUKoZch7QF