Analysis of the Rule One Fund Portfolio (Q3 2025): A Deep Dive into Phil Town's Investment Strategy

I. Executive Report: Rule One Fund Q3 2025 Portfolio Analysis#

A. Introduction to the Rule One Fund#

This report provides a comprehensive analysis of the investment portfolio of the Rule One Fund, managed by Phil Town. The analysis is based on the Form 13F filing submitted to the U.S. Securities and Exchange Commission (SEC) for the third quarter of 2025, covering the period ending September 30, 2025.

As of this filing, the Rule One Fund disclosed a total of 9 security holdings with a combined market value of $217,789,111. This portfolio serves as a direct, real-world application of the "Rule #1" investing philosophy, a framework popularized by Town that draws heavily from the value investing principles of Benjamin Graham and Warren Buffett.

B. The "Philosophy-in-Practice" Portfolio#

An examination of the Rule One Fund's Q3 2025 holdings reveals a portfolio that is a tangible embodiment of the "Rule #1" and "4M" (Meaning, Moat, Management, Margin of Safety) framework. The portfolio's structure is defined by three core tenets of this philosophy.

1. Extreme Concentration: The fund holds only 9 positions in total. This is a highly concentrated strategy that rejects the conventional wisdom of broad diversification. The top five holdings alone (including the fund's significant cash-equivalent position) account for 86.82% of the total portfolio. This approach aligns with the value investing principle to "put all your eggs in one basket-and watch that basket," which favors deep, proprietary research on a small number of "wonderful businesses".

2. Strategic Patience: A defining characteristic of the portfolio is its massive allocation of 46.46% to FH GOVERNMENT OBLIGATION-IS (GOIXX), a money market fund that functions as a cash equivalent. This is not a passive or undecided position. Rather, it is an active, strategic decision reflecting the "Rule #1" discipline to "not swing at every pitch". This large cash holding signifies a patient stance, indicating a belief that most market assets are not being offered at a sufficient "Margin of Safety" (M4). This "dry powder" provides the fund with significant optionality to act when market dislocations occur.

3. Opportunistic Action: The fund's Q3 2025 activity demonstrates a readiness to deploy capital decisively when a "fat pitch" opportunity arises. The quarter's most significant activity was a 143.88% increase in the fund's position in Lululemon Athletica Inc. (LULU). This aggressive buy occurred as Lululemon's stock faced extreme market pessimism. This action-deploying patient capital into a "wonderful business" during a period of short-term crisis-is a textbook execution of the "Rule #1" strategy.

C. Report Structure#

This analysis will first present the portfolio's explicit holdings as of Q3 2025 and detail the specific changes from the prior quarter.

Following the data presentation, the report will execute a deep, "Buffett-style" analysis by applying Phil Town's "4M" framework to each of the fund's core equity holdings. To provide the most accurate analysis, the portfolio has been segmented into three distinct strategic "buckets":

1. Core "Wonderful Business" Compounders: The six primary equity holdings (Netflix, Lululemon, Sprouts, Howard Hughes, Occidental, and ASML) that are held based on their long-term competitive advantages and intrinsic value.

2. Event-Driven "Special Situations": A specific, asymmetric bet on the non-standard securities of Fannie Mae and Freddie Mac, whose investment thesis rests on a political/regulatory event, not traditional "4M" fundamentals.

3. Strategic "Dry Powder": The fund's significant cash-equivalent holding (GOIXX), which serves as a strategic tool for patience and opportunism.

This segmented approach allows for a nuanced understanding of how the fund balances long-term compounding, event-driven speculation, and strategic patience.

II. Portfolio Holdings and Q3 2025 Activity (Period Ending 09/30/2025)#

A. Table 1: Rule One Fund Full Portfolio Holdings (Q3 2025)#

The following table details the complete list of 9 security holdings reported by the Rule One Fund as of September 30, 2025.

B. Table 2: Key Portfolio Changes (Q2 2025 vs. Q3 2025)#

The third quarter was marked by significant, decisive activity. The fund concentrated its portfolio by selling out of five positions and using the proceeds, along with cash, to make one major purchase. The table below outlines these changes by comparing Q2 2025 holdings to Q3 2025 holdings.

C. Analysis of Portfolio Activity (Q3 2025)#

The activity in Q3 2025 was not a simple rebalancing; it was a high-conviction strategic pivot. The fund fully divested from five high-quality companies: Alphabet (GOOGL), Applied Materials (AMAT), Lam Research (LRCX), PayPal (PYPL), and Ulta Beauty (ULTA). These sales, combined with a 10.21% trim of the fund's "dry powder" cash-equivalent position (GOIXX) , were used to fund a single, massive purchase: a 143.88% increase in the Lululemon (LULU) position, adding 60,000 shares.

This move is the "Rule #1" philosophy in its purest form. Lululemon's stock had collapsed by over 45% year-to-date after management's Q2 admission that its U.S. lifestyle product line had "become stale" and that the company faced an unexpected $240 million tariff headwind.

Where the "impatient" market saw a broken growth story, the Rule One Fund clearly saw a "wonderful business" on a temporary 50%-off "sale". The fund liquidated multiple positions that were likely "fairly valued" to consolidate capital and swing decisively at this "fat pitch" opportunity. This single trade is the most important story of the quarter and perfectly encapsulates the fund's patient-yet-opportunistic strategy.

III. Deep-Dive Analysis: The Core "Wonderful Business" Holdings#

This section provides a deep, fundamental analysis of the six core equity holdings, applying the "4M" framework (Meaning, Moat, Management, Margin of Safety) that defines the "Rule #1" / "Buffett-style" approach.

A. Netflix Inc. (NFLX): The Content Kingdom (20.37% Position)#

Netflix is the fund's largest equity position, demonstrating high conviction in its long-term compounding potential.

1. Meaning Netflix's business model is simple to understand: a global streaming entertainment service that generates recurring revenue from monthly subscriptions. As the dominant, eponymous player in its category, it is a business that is easy to comprehend and, given its 20.37% portfolio weight, one that the fund's manager would be "proud to own".

2. Moat (Competitive Advantage) Netflix's primary economic moat is its "scale-driven hit flywheel". Its massive global subscriber base (over 277 million paid memberships) provides the capital to fund an enormous annual content budget (nearly $18 billion). This budget, in turn, produces a steady stream of global hits (like Squid Game Season 3 and Wednesday Season 2) , which attracts and retains more subscribers, reinforcing the cycle. This self-reinforcing loop makes it exceedingly difficult for smaller rivals to compete.

The moat is evolving. Having won the "streaming wars" , the moat is shifting from pure subscriber growth to monetization and engagement. The successful rollout of its ad-supported tier (which has doubled ad sales in 2025) and the crackdown on password sharing have unlocked new, high-margin revenue streams from its existing, massive user base.

This moat is visible in the company's financial DNA. Netflix has demonstrated staggering 10-year average annual EPS growth of 41.5% to 51.36%. It produces exceptional returns on capital, with a Return on Equity (ROE) of 38.4% and a Return on Invested Capital (ROIC) of 23.1% , both well above its cost of capital.

3. Management (Leadership & Capital Allocation) The company is led by co-CEOs Ted Sarandos and Greg Peters, with founder Reed Hastings serving as Executive Chairman. While the company has faced some shareholder criticism on governance, it has been responsive to feedback.

The most impressive aspect of management is its capital allocation strategy. After years of cash burn, Netflix is now a free-cash-flow (FCF) machine, projected to generate $9 billion in FCF in 2025 after its $18 billion content spend. Management's stated policy is to:

1. Reinvest in the business (content, ads).

2. Maintain ample liquidity (the net debt/EBITDA ratio is a healthy sub-1.0).

3. Return all excess cash to shareholders via share repurchases.

This is a disciplined, tax-efficient, and shareholder-friendly capital allocation strategy.

4. Margin of Safety (Valuation) This is the most complex "M" for Netflix. At the Q3 2025 reported price of $1,198.92 , the stock does not appear "on sale" by traditional metrics.

• Valuation Analysis: Most Discounted Cash Flow (DCF) models suggest the stock is overvalued. Morningstar's fair value estimate is $750, labeling it "significantly overvalued". Other DCF models calculate an intrinsic value 22% to 25% below its current trading price.

• Analyst Targets: In contrast, market analysts are more bullish, with an average price target of $1,342.76 and a high target of $1,600.

The 20.37% position suggests this is not a "cigar butt" or "50% off" play. It is a "Wonderful Company at a Fair Price" investment. The fund has deep conviction in the quality of the moat and management's ability to compound value for decades. The fact that the fund trimmed 15,600 shares in Q2 2025, when the price was higher at $1,339.13 , demonstrates a valuation-sensitive, Buffett-like discipline, harvesting gains when the stock approached euphoric levels. The current position is a long-term compounder.

B. Lululemon Athletica Inc. (LULU): The High-Margin Brand (8.31% Position)#

This position is the single most important story of the quarter, as the fund increased its stake by 143.88%.

1. Meaning Lululemon is a premium, aspirational "athleisure" apparel company. Its business is not just selling yoga pants; it is selling a high-quality, high-priced lifestyle built around technical innovation and community.

2. Moat (Competitive Advantage) Lululemon possesses a "Wide Moat" that stems from its brand. This brand is built on:

• Innovation: A reputation for quality and proprietary, patented fabrics.

• Pricing Power: The brand moat translates directly into "immense pricing power" , which is the clearest sign of a durable competitive advantage.

• Direct-to-Consumer Model: By selling through its own stores and website, Lululemon controls its brand image, protects its premium pricing, and prevents counterfeiting.

This moat is reflected in its stellar, non-commodity financials. The company boasts gross margins of nearly 60% and operating margins of 23.4%. This profitability drives a 10-year average ROE of 29.53% (currently 42.05% ) and an ROIC of 41.3%. This is a high-return-on-capital business.

3. Management (Leadership & Capital Allocation) The "Management" M is the reason for the Q3 2025 purchase. The market has lost faith in CEO Calvin McDonald , who, after a successful run, is facing two major headwinds:

1. The Product Problem: McDonald admitted on the Q2 2025 call that U.S. lifestyle offerings have "become stale" and "run too long". This led to a disastrous Q2 in North America, with revenue growth of just 1% and comparable sales decreasing 4%.

2. The Tariff Problem: The company was blindsided by the elimination of the "de minimis" tariff loophole, creating an unexpected $240 million, 220-basis-point hit to gross margin.

The market is panicking, selling the stock off by 45-55%. The Rule One Fund is betting that: 1) These are temporary, fixable problems for a strong management team ; 2) The "Power of Three x2" international growth story (22% growth in Q2) remains explosive and intact ; and 3) Lululemon is still gaining market share in its core "performance apparel" category.

4. Margin of Safety (Valuation) This is a perfect example of the "Margin of Safety" (M4) principle. The market panic has created a "once-in-a-decade" valuation opportunity.

• The Price: The Q3 2025 reported price is $177.93.

• Valuation Analysis: DCF models confirm the stock is "on sale." One model calculates an intrinsic value of $255.72, suggesting it is 33.3% undervalued. Another analysis suggests a 30% margin of safety. The stock is trading at a P/E ratio of 11-12x, far below its historical average.

The fund's 143.88% increase in its position is a high-conviction "fat pitch" swing. It is a bet that the "Moat" (M2) and "Management" (M3) will resolve the temporary crisis, allowing the stock price to re-rate from its deep "Margin of Safety" (M4) price back to its intrinsic value.

C. Sprouts Farmers Market Inc. (SFM): The Niche Grocery Champion (6.02% Position)#

1. Meaning Sprouts Farmers Market is a differentiated specialty grocer operating 464 stores. Its "Meaning" is its clear focus on health-conscious consumers, offering a "farmers market-style" experience that emphasizes fresh, natural, and organic products.

2. Moat (Competitive Advantage) SFM's moat is its differentiated niche. It is not competing in the low-margin, high-volume "sameness" of traditional grocers like Walmart or Kroger. Instead, it has curated a high-loyalty brand in a high-growth segment.

• Experience & Curation: The "open-concept" stores spotlight fresh produce (20% of sales) and feature a rotating "innovation center" for new, entrepreneurial products , creating a discovery-oriented experience.

• Superior Profitability: The moat is most visible in its financials, which are exceptional for the "razor-thin" grocery industry. SFM maintains a gross margin of ~39% and an operating margin of ~7.8%. This efficiency drives a powerful 36.96% ROE and a 15.78% ROIC , well above the industry average.

3. Management (Leadership & Capital Allocation) This is, fundamentally, a management story. CEO Jack Sinclair, who joined in 2019, has engineered a "transformation" of the business. His strategy, which is clearly "resonating" with customers , is focused on:

1. Product: Driving high-margin, differentiated private-label brands (now 24% of sales).

2. Efficiency: Building smaller, more navigable store prototypes and investing in new distribution centers to get fresh produce to stores faster.

3. Engagement: Launching loyalty and personalization programs.

The results are strong: Q3 2025 saw 13% net sales growth, 5.9% comparable store sales growth, and a 34% increase in diluted EPS. Sinclair's capital allocation is exemplary. The company is funding high-unit growth (37 new stores in 2025) , maintains a pristine balance sheet with zero balance on its revolver , and is returning capital via a new $1 billion share repurchase program.

4. Margin of Safety (Valuation) The Q3 2025 reported price is $108.80. The stock has recently pulled back, falling 40.7% year-to-date due to "cautious guidance and a new securities investigation" , which has "rattled investor confidence".

• Valuation Analysis: This pullback created the entry point. Despite its long-term success, DCF models show the stock is undervalued. The "Most Popular Narrative" on Simply Wall St estimates a fair value of $122 (35% undervalued). Alpha Spread's DCF model concurs, with a value of $122.34 (33% undervalued).

• Thesis: The Rule One Fund holds this position because it is a high-growth, high-return, exceptionally-managed business that the market temporarily punished for a "cautious" outlook, despite it continuing to post outstanding results.

D. Howard Hughes Holdings Inc. (HHH): The Irreplacable Asset Play (5.66% Position)#

1. Meaning Howard Hughes Holdings is a pure-play real estate company that owns, manages, and develops large-scale, long-duration Master Planned Communities (MPCs).

2. Moat (Competitive Advantage) The moat is the irreplaceability of its assets. HHH owns entire award-winning communities, including The Woodlands (a 28,000-acre community, three times the size of Manhattan), Summerlin, and Bridgeland. These are, by definition, monopolies with insurmountable barriers to entry (capital, zoning, and decades of time).

HHH operates a "self-sustaining ecosystem". It sells land parcels ("superpads") to homebuilders at record-high prices , which creates high-margin "MPC EBT". It then builds and owns the "Operating Assets" (office, retail, and multifamily) to serve the new residents, which generates long-term, stable "Net Operating Income (NOI)". This creates a powerful, compounding flywheel of value.

3. Management (Leadership & Capital Allocation) This is the entire thesis of the investment. The bet is less on the real estate (which is excellent) and more on the transformation of the company's management and capital allocation.

• Ackman Takes Control: In May 2025, Bill Ackman's Pershing Square invested $900 million to acquire a controlling interest in HHH.

• The "Berkshire" Strategy: Ackman's stated plan is to transform HHH into a "modern-day Berkshire Hathaway". The core MPC business, which will continue to be led by the successful existing team under CEO David O'Reilly , will be treated as a cash-flow engine. This "substantial excess cash" will then be allocated by Ackman's team to acquire "controlling interests in operating companies" across diverse industries.

This is a profound "M3" (Management) play. The Rule One Fund is not just buying real estate; it is co-investing alongside Bill Ackman in a new, diversified holding company, using the MPCs as the "float" (much like an insurance business) to fund future acquisitions.

4. Margin of Safety (Valuation) A complex company like HHH must be valued on a Sum-of-the-Parts (SOTP) basis, not a simple P/E multiple. The Q3 2025 reported price is $82.17.

• Valuation Analysis: DCF and SOTP models consistently show the company is undervalued based on its real estate assets alone. Simply Wall St estimates a fair value of $106.11, (19% undervalued) , and other models estimate a 17.7% discount to a fair value of $105.74.

• Thesis: The "Margin of Safety" (M4) is compelling. The current stock price reflects a discount to the value of the existing real estate assets. This means the market is ascribing little to zero value for the "Ackman-as-Buffett" transformation. This "option" on future brilliant capital allocation is, in effect, being offered for free.

E. Occidental Petroleum Corp. (OXY): The U.S. Energy Operator (5.65% Position)#

1. Meaning Occidental Petroleum is one of the largest oil and gas producers in the United States. The investment thesis is an understandable play on efficient, low-cost domestic energy production and a powerful deleveraging story.

2. Moat (Competitive Advantage) OXY's moat is its Tier-1 assets. The company holds a massive, strategic position of 2.8 million net acres in the Permian Basin , one of the most prolific and lowest-cost oil basins in the world. This acreage is not just large; it is differentiated from competitors. OXY leverages this asset with "top-performing wells" , "advanced engineering" , and "strategic infrastructure investment" to create a durable, low-cost advantage in production.

3. Management (Leadership & Capital Allocation) The management thesis, led by CEO Vicki Hollub, is defined by one word: deleveraging. Following the heavily criticized, debt-fueled acquisition of Anadarko, Hollub's team has executed a relentless and highly successful campaign to repair the balance sheet.

• A Drumbeat of Debt Repayment: The 2025 quarterly reports show this singular focus:

  • Q4 2024: Achieved $4.5 billion debt repayment target seven months early. * Q1 2025: Repaid $2.3 billion in debt. * Q2 2025: Reached $3.0 billion repaid year-to-date. * Q3 2025: Repaid another $1.3 billion, reducing principal debt to $20.8 billion.

• Total Progress: OXY has repaid approximately $7.5 billion in debt in the 13 months since July 2024.

• The "Rule #1" View: Morningstar notes that OXY's "capital allocation now prioritizes debt repayment over shareholder returns". For a value investor, this is not a criticism; it is the thesis. This is precisely the prudent, value-creating strategy required.

4. Margin of Safety (Valuation) The Q3 2025 reported price is $47.25. The market is still pricing OXY as a high-risk, debt-laden company, not as the future deleveraged cash-flow-gushing enterprise it is rapidly becoming.

• Valuation Analysis: DCF models overwhelmingly suggest the stock is significantly undervalued.

  • Simply Wall St: 36.8% undervalued (Fair Value $67.16). * Sahm Capital: 39.0% undervalued (Fair Value $66.06). * Acquirer's Multiple: 41.8% undervalued (Fair Value $62.27).

• Thesis: The Rule One Fund, like OXY's largest shareholder Warren Buffett, sees a company with a strong "Moat" (M2) and disciplined "Management" (M3). The "Margin of Safety" (M4) is the massive gap between the current market price and the intrinsic value of the future, healthy, deleveraged enterprise.

F. ASML Holding NV (ASML): The Technology Tollbooth (3.16% Position)#

1. Meaning ASML is a Dutch company that provides the "Meaning" of a "tollbooth" investment. It is the sole and indispensable provider of extreme ultraviolet (EUV) lithography machines, the technology that all manufacturers must use to create advanced semiconductor chips for AI, smartphones, and data centers.

2. Moat (Competitive Advantage) ASML possesses arguably the widest and most perfect "Wide Moat" in the modern economy: a 100% monopoly on EUV technology.

• Insurmountable Barriers: Its competitors (like Intel, TSMC, and Samsung) are its customers. The technology is so complex, expensive, and protected by R&D and a delicate global supply chain that it is "economically ruinous" for any other entity to even attempt to replicate it.

• Pricing Power: This monopoly grants "significant pricing power" , resulting in exceptional profitability: 51-53% gross margins , a 36.3% operating margin , and a 55.5% ROE.

3. Management (Leadership & Capital Allocation) The company is led by engineers for the long term. New CEO Christophe Fouquet is a 16-year ASML veteran with a Master's in physics. The management team is focused on the long-term R&D necessary to maintain its monopoly.

• Capital Allocation: ASML generates more cash than it can productively reinvest. Its shareholder-friendly strategy is to return this excess cash via:

  1. A growing quarterly dividend. 2. A massive €12 billion share buyback program , signaling management's belief that its own stock is a good investment.

• Balance Sheet: The company's financial health is pristine. It has more cash ($5.1 billion) than total debt ($2.7 billion) , a debt-to-equity ratio of just 0.14 , and earns more interest than it pays.

4. Margin of Safety (Valuation) Like Netflix, this is not a "50% off" stock. The Q3 2025 reported price is $968.09.

• Valuation Analysis: Nearly all DCF models show the stock as overvalued at its current price. Morningstar provides the most generous assessment, calling it "fairly valued" with a fair value estimate of €850 / $980.

• Thesis: This is a "pay up for quality" investment. The "Moat" (M2) is so perfect and the "Management" (M3) so strong that the fund is willing to pay a "fair" price. The "Margin of Safety" (M4) in this case comes not from the price paid, but from the certainty of the business's future compounding.

IV. Special Situations and Strategic Cash#

A. The Political Play: Fannie Mae (FNMA) & Freddie Mac (FMCC) (4.37% Total Position)#

These two holdings do not fit the "4M" framework. They are not "wonderful businesses." They are a classic, asymmetric "special situation" or "event-driven" investment.

• The Thesis: Fannie Mae and Freddie Mac are Government-Sponsored Enterprises (GSEs) that have been in federal conservatorship since the 2008 financial crisis. During this time, all their profits have been "swept" by the U.S. Treasury. The entire investment thesis rests on a single, binary catalyst: the U.S. government (specifically the Trump administration) ending this 17-year conservatorship and re-privatizing the companies.

• The "Lottery Ticket": The common stock, which the fund holds 400,000 shares of each , currently has no rights. It is, as fellow investor Bill Ackman has termed it, a "lottery ticket". The bet is that a privatization event will re-capitalize these shares, making them immensely valuable.

• Valuation Upside: The Q3 2025 prices of $12.05 (FNMA) and $11.77 (FMCC) are purely speculative, driven by this political catalyst. The potential upside, as floated by proponents like Ackman and some analysts, is significant, with potential IPO or re-privatization values of $20, $25, or even $34+ per share.

• Position Sizing: A combined 4.37% position is a significant, calculated bet, but not one that threatens the fund. It is an asymmetric wager: if privatization fails, the shares are worth little. If it succeeds, the position could triple or quintuple, providing a non-correlated source of high returns.

### B. The "Patient Investor" Thesis: FH Government Obligation (GOIXX) (46.46% Position)

The fund's $101.2 million position in a government money market fund is the most important "holding" for understanding its strategy.

• An Active, Strategic Decision: This 46.46% cash allocation is the ultimate expression of the "Margin of Safety" (M4) and "Rule #1" mindset. It is not passive. It is an active investment decision-a definitive statement that the fund's manager believes the broad market is overvalued and that few opportunities meet his strict criteria.

• "Dry Powder" as the Engine: This cash is the "dry powder" that gives the fund its "optionality." It is the fuel for the entire strategy, allowing the fund to be the "patient" investor while others are "impatient."

• The Lululemon Case Study: The connection between the cash and the Lululemon buy is direct and critical. A "Rule #1" investor waits for a "wonderful business" (LULU) to go "on sale". When LULU collapsed 45%+ in 2025 due to temporary, fixable problems , the fund needed capital to act. It deployed its "dry powder," trimming the GOIXX position by 10.21% to help fund the 143.88% increase in LULU shares. The GOIXX position is not "cash"-it is the engine of the fund's opportunism.

V. Concluding Synthesis: The Rule One Fund in Practice#

A. Summary of Strategy#

The Rule One Fund's Q3 2025 portfolio is a public masterclass in its own philosophy. It is not a diversified "market" fund; it is a highly concentrated, opportunistic, and patient "owner's" portfolio built on deep research and high conviction.

B. The Three Pillars of the Portfolio#

The portfolio is best understood as three distinct strategic "buckets" working in concert:

1. Core Compounders (49.87%): A "basket" of 6 "wonderful businesses" (NFLX, LULU, SFM, HHH, OXY, ASML) , each with a dominant "Moat" (M2) and a clear "Management" (M3) thesis. This basket is itself intelligently balanced between "Wonderful Companies at a Fair Price" (NFLX, ASML) and "Wonderful Companies on Sale" (LULU, SFM, OXY, HHH).

2. Special Situation (4.37%): An asymmetric, event-driven "lottery ticket" (FNMA, FMCC) that provides a non-correlated, high-upside wager on a political catalyst.

3. Strategic Patience (46.46%): A massive "dry powder" position (GOIXX) that serves as the fund's primary tool for exploiting market panic and executing on the "Margin of Safety" (M4) thesis.

C. Final Verdict#

The portfolio perfectly aligns with the teachings of Phil Town and the core principles of Buffett-style value investing. The defining action of Q3 2025-selling five "good" stocks and trimming cash to triple down on a "wonderful" stock (LULU) during its moment of maximum pessimism-is the strategy in its purest and most potent form. It demonstrates a rare combination of patience, conviction, and decisive action.

Works cited#

1. Phil Town Portfolio (2025 Q3) - Rule One Fund Holdings 13F - Valuesider, https://valuesider.com/guru/phil-town-rule-one-fund/portfolio 2. How to Assess Your Portfolio Like a Rule #1 Investor in 2025, https://www.ruleoneinvesting.com/blog/investing-news-and-tips/how-to-assess-your-portfolio-like-a-rule-1-investor-in-2025/ 3. How to Clone Investors | Phil Town - YouTube, https://www.youtube.com/watch?v=3RK0RckjIsM 4. The 4M's for Successful Investing: Meaning, Moat, Management, and Margin of Safety, https://www.ruleoneinvesting.com/blog/how-to-invest/the-4ms-for-successful-investing/ 5. The Ultimate Guide to Stock Investing: A Proven Path to Financial Freedom, https://www.ruleoneinvesting.com/blog/how-to-invest/stock-investing-guide/ 6. This Investment Checklist Just Made Rule #1 Simpler | by Phil Town - Medium, https://medium.com/@ruleoneinvesting/this-investment-checklist-just-made-rule-1-simpler-3aefede9f53e 7. 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