Nakano Investments
Nakano Investments
Quarterly report · Q3 2020 · Nakano & Centerpitch
Confidential
2020-09-30
01 · Overview
Consolidated cash
$151k
-88.9% QoQ
Combined equity
$2.65M
Nakano $2.65M · CP —
Private portfolio (MTM)
$508k
on $978k invested · $643k returned
Public portfolio (MTM)
$2.37M
-$345k unrealized
2020 expenses (ann.)
$30k
$23k YTD

Consolidated cash, quarterly

-$220k$252k$723k$1.2m$1.7m201820192020

Balances by account

eTradeeTrade: $79,839$80kWFWF: $70,860$71k
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · “Running Cash Balances”
02 · Expenses
Consolidated (Nakano + Centerpitch)
2020 YTD$23,494
Annualized$30,411
2019 full year$28,856
+5.4% YoY (annualized)
2016: $0162017: $5,373172018: $12,647182019: $28,856192020: $23,494202021: $28,031212022: $36,308222023: $50,29523$50k2024: $39,759242025: $26,173252026: $17,25426$17k
Nakano
2020 YTD$23,494
Annualized$30,411
2019 full year$28,856
+5.4% YoY (annualized)
2016: $0162017: $5,373172018: $12,647182019: $28,856192020: $23,494202021: $28,031212022: $36,30822$36k2023: $21,914232024: $7,359242025: $4,631252026: $2,00626$2k
Centerpitch
2020 YTD$0
Annualized$0
2019 full year$0
2016: $0162017: $0172018: $0182019: $0192020: $0202021: $0212022: $0222023: $28,381232024: $32,40024$32k2025: $21,542252026: $15,24726$15k

2020 spend by line item (consolidated)

Office RentOffice Rent: $15,065$15,065CreditcardCreditcard: $4,015$4,015Accountant FeesAccountant Fees: $2,500$2,500Legal FeesLegal Fees: $1,459$1,459Other ExpensesOther Expenses: $1,400$1,400ErrorError: $1,139$1,139Webpage EmailWebpage Email: $180$180State/City FeesState/City Fees: $169$169Video Meeting ServicesVideo Meeting Services: $158$158OtherOther: $210$210
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · Expenses_Summary / Expenses_Nakano / Expenses_Centerpitch · full tables in the appendix · annualization holds Accountant Fees, State/City Fees, Client Entertainment, and Internal Events at actuals
03 · Equity balances
Nakano Investments LLC
Total equity$2,654,236
Design target (D/W)80 / 20
Drexler $2,124,236 (80.0%)Wiesner $530,000 (20.0%)
$0$717k$1.4m$2.1m$2.9m2017201820192020
Centerpitch Investments LLC

no data

Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · Nakano_Equity / Centerpitch_Equity
04 · Private portfolio
DealFirst fundingInvestedCash receivedRemaining valueMOICOutperformance case
Nakano Investments LLC
ValFund
Jun 2017$470,656$642,987$01.00×—
Northfield
Residential real-estate development (Principal: Patrick Zalupski)
Aug 2020$250,000—$250,0001.00×—
ScreenMeet
Cloud-native remote support SaaS (Principal: Ben Lilienthal)
Jun 2021$199,999—$199,9991.00×—
NextAlim
May 2021$57,561—$57,5611.00×—
Nakano subtotal$978,216$642,987$507,5601.00×
Consolidated$978,216$642,987$507,5601.00×

Invested (light) vs total value — paler segment is cash already returned

ValFundValFund invested: $470,656$471kValFund cash returned: $642,987$643kNorthfieldNorthfield invested: $250,000$250kNorthfield remaining value: $250,000$250kScreenMeetScreenMeet invested: $199,999$200kScreenMeet remaining value: $199,999$200kNextAlimNextAlim invested: $57,561$58kNextAlim remaining value: $57,561$58k
Source: Nakano_Portfolio_Data.xlsx · Deal_Registry / Deal_Transactions / Deal_Valuations · marks are total deal value (report-sourced); Remaining value = mark − cash received, which is what counts toward portfolio value (received cash already sits in the cash accounts) · MOIC = total value / invested · deals, marks, and cash received are as of the report date · open deals with no dated mark yet are carried at cost
05 · Public portfolio

All public securities are held at Nakano Investments (eTrade and Interactive Brokers). Centerpitch holds no public positions.

Open positions (MTM)
$2.37M
-$345k vs cost
Realized G/L, 2020 YTD
$95k
+ $12k dividends
eTrade NAV
$2.84M
broker-reported, Sep 30

Daily marks — securities value by account

$0$659k$1.3m$2.0m$2.6m2020
TotaleTradeIBKR

Performance vs indexes (time-weighted)

CumulativeCAGR2020 YTD
Portfolio-0.3%-0.2%+9.5%
Blended benchmark+16.4%+11.8%+9.4%
S&P 500+21.9%+15.7%+5.5%
MSCI ACWI+15.5%+11.2%+1.7%
Japan (EWJ)+13.1%+9.5%+0.5%
Europe (VGK)+2.3%+1.7%-8.8%

Time-weighted: daily returns of the securities book chained with buys/sells neutralized as external flows; dividends and option premiums count as return. Base 100 on 2019-05-24. The blended benchmark applies the portfolio's own daily bucket weights to matching index returns (US equities→SPY, Japan equities→EWJ, Europe equities→VGK, China equities→MCHI, US bonds/bills→BIL, Crypto→ETH-USD; dividend-adjusted USD ETFs). Current mix: US equities 100%. T-bill discounts recognize at purchase; delisted names (ALRN, LUMO) excluded.

Open positions

TickerQtyCost basisLast price (local)MTM (USD)GainWeight
eTrade
SCHO14,000$721,769$51.50$721,000-0.1%30.5%
BABA1,000$261,714$293.98$293,980+12.3%12.4%
ABBV3,000$278,254$87.59$262,770-5.6%11.1%
JNJ1,000$150,271$148.88$148,880-0.9%6.3%
GLD800$127,959$177.12$141,696+10.7%6.0%
SPTI3,000$99,565$33.24$99,720+0.2%4.2%
SLRC5,000$81,984$15.85$79,250-3.3%3.3%
SPSB2,500$78,108$31.37$78,425+0.4%3.3%
DAL2,500$64,864$30.58$76,450+17.9%3.2%
CVS1,200$72,785$58.40$70,080-3.7%3.0%
FOR3,500$56,503$17.70$61,950+9.6%2.6%
APHA10,000$46,412$5.82$58,200+25.4%2.5%
FMC400$43,333$105.91$42,364-2.2%1.8%
ATUS1,500$42,431$26.00$39,000-8.1%1.6%
BAC1,500$35,290$24.09$36,135+2.4%1.5%
IAU1,000$16,235$35.98$35,980+121.6%1.5%
DFS500$26,504$57.78$28,890+9.0%1.2%
IGSB500$27,491$54.91$27,455-0.1%1.2%
GOOG
Alphabet (Class C)
300$429,511$73.48$22,044-94.9%0.9%
AAAU1,000$16,948$16.95$16,948+0.0%0.7%
T700$21,365$21.53$15,071-29.5%0.6%
WFC250$6,774$23.51$5,878-13.2%0.2%
MAC829$6,639$6.79$5,629-15.2%0.2%
eTrade subtotal$2,712,709$2,367,795

Realized results by year

20192020Total
Realized G/L$33k$95k$127k
Dividends$10k$12k$22k
Source: Nakano_Portfolio_Data.xlsx · Public_Trades / Prices / Account_NAV · daily marks: nakano_reporting daily_marks engine (month-ends tie IBKR PortfolioAnalyst within ±1.1%)
06 · Appendix — expense detail
Consolidated
Line item20162017201820192020202120222023202420252026Total
Office Rent4,17014,77815,06515,39115,85516,63814,64116,0617,327119,925
Office Furniture4,3292,9413,40010,670
Office Supplies0
Office-Related Expenses4,17014,77815,06519,72118,79520,03814,64116,0617,327130,595
Webpage Email3934805781803541925227282,3451,5257,295
Subscriptions13,0978191,5894395,945
Video Meeting Services1581671481541611731841,145
Business Applications2492494413831201,442
Other Business Services2252402149625
Operational Expenses3935015783387706434,2142,0904,6292,29716,452
Client Entertainment8,0448,9702,0152,48821,517
Internal Events4,5063,1058608,471
Business Travel1,1575,4386,595
Client Expenses13,70717,5142,0153,34836,584
Legal Fees2,3768391,4591642785,115
Accountant Fees2,8901,8002,5002,5001,6002,5002,5002,5003,85022,640
State/City Fees751693192782821,122
Bank Service Fees295110175382611512341101,866
Wire Fees2252402901006065425501,455
Foreign Currency Charges20323702244
Advisory and Fees2255,5813,2244,3382,7372,5293,1143,3883,0124,29432,443
Other Expenses2,8811,400991,580
Error7061,1391,316681643844
Miscellaneous2,1752611,316780643736
Creditcard4,7552,3958,1024,0156,12014,3408,4412,1271,0991251,382
Total Expenses5,37312,64728,85623,49428,03136,30850,29539,75926,17317,254268,191
Nakano
Line item20162017201820192020202120222023202420252026Total
Office Rent4,17014,77815,06515,39115,8556,37471,633
Office Furniture4,3292,9413,40010,670
Office Supplies0
Office-Related Expenses4,17014,77815,06519,72118,7959,77482,303
Webpage Email3934805781803541925226782,3451,5257,246
Subscriptions1402393873541,723
Video Meeting Services1581671481541611731841,145
Business Applications2492493362781201,232
Other Business Services225274
Operational Expenses3935015783387706431,4141,5103,5111,76311,419
Client Entertainment3,3233,323
Internal Events2,5254222,946
Business Travel3,3223,322
Client Expenses7993,7432,944
Legal Fees2,3768391,4591641394,976
Accountant Fees2,8901,8002,5002,5001,6002,50013,790
State/City Fees75169319144706
Bank Service Fees2951101753825801802341101,706
Wire Fees2252402901006065980
Foreign Currency Charges203210228
Advisory and Fees2255,5813,2244,3382,7372,5293,0832023425522,187
Other Expenses2,8811,4001,481
Error7061,1391,3162131,096
Miscellaneous2,1752611,316213384
Creditcard4,7552,3958,1024,0156,12014,3408,4412,1271,0991251,382
Total Expenses5,37312,64728,85623,49428,03136,30821,9147,3594,6312,006170,620
Centerpitch
Line item20162017201820192020202120222023202420252026Total
Office Rent10,26414,64116,0617,32748,292
Office Furniture0
Office Supplies0
Office-Related Expenses10,26414,64116,0617,32748,292
Webpage Email5050
Subscriptions2,6954267163854,222
Video Meeting Services0
Business Applications105105210
Other Business Services402149551
Operational Expenses2,8005801,1185345,032
Client Entertainment11,3688,9702,0152,48824,841
Internal Events1,9822,6848605,525
Business Travel1,1572,1173,274
Client Expenses14,50613,7712,0153,34833,640
Legal Fees139139
Accountant Fees2,5002,5003,8508,850
State/City Fees278139416
Bank Service Fees31129160
Wire Fees42550475
Foreign Currency Charges216216
Advisory and Fees313,4082,7784,03910,256
Other Expenses9999
Error681429252
Miscellaneous780429351
Creditcard0
Total Expenses28,38132,40021,54215,24797,571
Sources: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · Nakano_Portfolio_Data.xlsx · unmarked private deals carried at zero.