Nakano Investments
Nakano Investments
Quarterly report · Q3 2023 · Nakano & Centerpitch
Confidential
2023-09-30
01 · Overview
Consolidated cash
$213k
-37.7% QoQ
Combined equity
$3.37M
Nakano $2.50M · CP $870k
Private portfolio (MTM)
$5.28M
on $2.41M invested · $61k returned
Public portfolio (MTM)
$663k
-$67k unrealized
2023 expenses (ann.)
$62k
$50k YTD

Consolidated cash, quarterly

-$220k$252k$723k$1.2m$1.7m201820192020202120222023

Balances by account

eTradeeTrade: $113,823$114kChaseCenterpitchChaseCenterpitch: $47,033$47kWFWF: $24,556$25kMSMS: $22,263$22kChaseNakanoChaseNakano: $9,248$9kIBKRIBKR: -$4,318-$4kNewBridgeNewBridge: $20$20WFBWFB: $1$1
Source: Nakano_Summary_CASH_EXPENSE REPORT_(2026_06_30) DRAFT.xlsx · “Running Cash Balances”
02 · Expenses
Consolidated (Nakano + Centerpitch)
2023 YTD$50,295
Annualized$62,173
2022 full year$36,308
+71.2% 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
2023 YTD$21,914
Annualized$26,486
2022 full year$36,308
-27.1% 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
2023 YTD$28,381
Annualized$33,447
2022 full year$0
2016: $0162017: $0172018: $0182019: $0192020: $0202021: $0212022: $0222023: $28,381232024: $32,40024$32k2025: $21,542252026: $15,24726$15k

2023 spend by line item (consolidated)

Office RentOffice Rent: $16,638$16,638CreditcardCreditcard: $8,441$8,441Client EntertainmentClient Entertainment: $8,044$8,044Internal EventsInternal Events: $4,506$4,506Office FurnitureOffice Furniture: $3,400$3,400SubscriptionsSubscriptions: $3,097$3,097Accountant FeesAccountant Fees: $2,500$2,500Business TravelBusiness Travel: $1,157$1,157ErrorError: $681$681OtherOther: $1,831$1,831
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$2,504,045
Design target (D/W)80 / 20
Drexler $2,003,236 (80.0%)Wiesner $500,809 (20.0%)
$0$717k$1.4m$2.1m$2.9m2017201820192020202120222023
Centerpitch Investments LLC
Total equity$869,500
Design target (D/W)50 / 50
Drexler $434,750 (50.0%)Wiesner $434,750 (50.0%)
$0$235k$470k$704k$939k
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
Smartemis
Veterinary services — France, Germany (Principal: Bill Hughson)
Mar 2022$633,683—$1,901,0503.00×$4,435,783
ScreenMeet
Cloud-native remote support SaaS (Principal: Ben Lilienthal)
Jun 2021$574,999—$574,9991.00×—
Northfield
Residential real-estate development (Principal: Patrick Zalupski)
Aug 2020$250,000$61,250$438,7502.00×$575,000
BloomIntel
Restaurant marketing — Bloom Intelligence (Principal: Will Wilson)
Aug 2021$100,000—$100,0001.00×$200,000
LungThera
Biotech — now Rein Therapeutics, RNTX (Principal: Brian Windsor)
Mar 2022$50,000—$50,0001.00×$100,000
Nakano subtotal$1,608,682$61,250$3,064,7991.94×
Centerpitch Investments LLC
SmartemisCP
Veterinary services — Centerpitch tranche
Jun 2023$704,618—$2,113,8553.00×$4,932,328
PhotonVault
Waste-heat battery storage (Principals: Kent McCormick, John Langhus)
Mar 2023$100,000—$100,0001.00×$500,000
Centerpitch subtotal$804,618$0$2,213,8552.75×
Consolidated$2,413,301$61,250$5,278,6542.21×

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

SmartemisSmartemis invested: $633,683$634kSmartemis remaining value: $1,901,050$1.90MScreenMeetScreenMeet invested: $574,999$575kScreenMeet remaining value: $574,999$575kNorthfieldNorthfield invested: $250,000$250kNorthfield cash returned: $61,250Northfield remaining value: $438,750$500kBloomIntelBloomIntel invested: $100,000$100kBloomIntel remaining value: $100,000$100kLungTheraLungThera invested: $50,000$50kLungThera remaining value: $50,000$50kSmartemisCPSmartemisCP invested: $704,618$705kSmartemisCP remaining value: $2,113,855$2.11MPhotonVaultPhotonVault invested: $100,000$100kPhotonVault remaining value: $100,000$100k
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)
$663k
-$67k vs cost
Realized G/L, 2023 YTD
$45k
+ $22k dividends
eTrade NAV
$776k
broker-reported, Sep 30
IBKR NAV
$113k
broker-reported, Sep 30

NAV bridge: open positions $663k + eTrade cash $114k + IBKR cash -$4k (margin loan) = $772k ≈ combined broker NAV $889k — brokerage NAV nets cash and margin against the securities.

Daily marks — securities value by account

$0$748k$1.5m$2.2m$3.0m2020202120222023
TotaleTradeIBKR

Performance vs indexes (time-weighted)

CumulativeCAGR2023 YTD
Portfolio+20.7%+4.4%-16.9%
Blended benchmark+49.6%+9.7%+8.9%
S&P 500+62.7%+11.8%+13.0%
MSCI ACWI+40.7%+8.2%+9.9%
Japan (EWJ)+20.5%+4.4%+11.5%
Europe (VGK)+25.3%+5.3%+7.2%

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 93%, Europe equities 3%, Japan equities 3%. T-bill discounts recognize at purchase; delisted names (ALRN, LUMO) excluded.

Open positions

TickerQtyCost basisLast price (local)MTM (USD)GainWeight
eTrade
CVS1,500$114,409$69.82$104,730-8.5%15.8%
GOOG
Alphabet (Class C)
750$73,387$131.85$98,888+34.7%14.9%
GS
Goldman Sachs Group
250$89,435$323.57$80,892-9.6%12.2%
JNJ500$79,822$155.75$77,875-2.4%11.7%
SBLK4,000$82,578$19.28$77,120-6.6%11.6%
ABBV500$54,308$149.06$74,530+37.2%11.2%
NEE
NextEra Energy
1,000$73,541$57.29$57,290-22.1%8.6%
LMT50$16,498$408.96$20,448+23.9%3.1%
KO200$12,148$55.98$11,196-7.8%1.7%
DAR200$12,598$52.20$10,440-17.1%1.6%
WMT
Walmart
100$15,628$53.31$5,331-65.9%0.8%
CMG10$18,690$36.64$366-98.0%0.1%
QQQ Dec 15 '23 $350 Put10$11,185no price———
SPY Dec 29 '23 $410 Put
short leg (sold beyond long inventory)
-10$0no price———
SPY Dec 29 '23 $430 Put10$11,265no price———
eTrade subtotal$665,492$619,106
IBKR
BNP
BNP Paribas (BNP.PA)
350$22,862€60.43$22,340-2.3%3.4%
8031.T
Mitsui & Co
900$28,183¥2,711.50$16,341-42.0%2.5%
7011.T
Mitsubishi Heavy Industries
900$36,212¥834.60$5,030-86.1%0.8%
RHM
Rheinmetall (RHM.DE)
50$13,391no price———
IBKR subtotal$100,648$43,711

No market price (delisted / corporate action pending): RHM, QQQ Dec 15 '23 $350 Put, SPY Dec 29 '23 $410 Put, SPY Dec 29 '23 $430 Put — carried outside MTM totals.

Realized results by year

20192020202120222023Total
Realized G/L$33k$169k$408k-$277k$45k$378k
Dividends$10k$23k$59k$84k$22k$197k
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.