Narstar
Speculative Portfolio
Concentrated positions in smaller companies. Higher risk.
The Speculative Portfolio holds concentrated positions in a small number of smaller companies. It can lose 30%, 40%, or more. That's a realistic outcome for this kind of portfolio, not some edge case we're disclosing to check a box. Only consider it if you have money set aside that you genuinely could lose entirely and walk away from. The annual fee is 1.60%.
Portfolio at a glance
Smaller companies, fewer positions. Each holding carries more weight, and more risk.
- Not suitable for most investors
- Fewer holdings than a typical portfolio; each position matters more
- Can lose 30%, 40%, or more. That's a realistic outcome for this type of portfolio.
- Only invest money you can afford to lose entirely
New clients may open one Starter Account at $100 and have six months to reach $3,000. Liquidation is a taxable event. Details.
Who This Is For
Most investors shouldn't be in this portfolio. Read each card carefully before deciding.
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You understand what you're getting into
This portfolio can drop 40% or more. Not as a tail-risk scenario, but as a normal outcome of owning small, early-stage companies in volatile sectors. If you've read this, sat with it, and you're still here, that's the right starting point.
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This isn't your core portfolio
You've set this money aside separately, away from retirement savings or anything you'd need in a rough patch. Losing all of it wouldn't just sting. You could actually absorb it without derailing anything else.
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You want exposure to early-stage themes
Small companies in unproven areas. Serious setbacks are common. Some fail entirely. You know that and you're in anyway.
Before committing to higher-risk investing, understand what a fiduciary standard actually requires and how to find a fee-only financial advisor who can answer those questions in writing.
Also worth reading: robo-advisor vs. fee-only adviser and how fiduciary rules for rollover recommendations changed in 2026.
What to Expect
Read this in full. If any of it gives you pause, this portfolio isn't the right fit.
- Sharp declines Drops of 30%, 40%, or more are a realistic outcome here, and you should assume that will happen at some point.
- Company failure Individual positions can go to zero. Small companies fail.
- Liquidity risk Smaller stocks are often harder to exit quickly, and the spread between what buyers and sellers will accept can be wide enough to cost you real money when you're trying to get out.
- Thematic concentration When a sector or theme falls out of favor, several holdings can get hit at the same time. Concentration cuts both ways.
- Loss of principal This portfolio is suitable only for investors who can absorb large losses. No model portfolio is guaranteed to achieve its objective.
These aren't theoretical edge cases. They're built into what this portfolio is. If you can hold through large drawdowns without needing to sell, the trade-off might make sense for a portion of your money. But that's your call to make, not ours.
What you pay
1.60% per year, calculated on the average daily net liquidation value of your account and billed at the end of each quarter. Our advisory fee is the only fee we charge. Interactive Brokers may charge its own separate fees and costs, depending on your account and holdings.
How to Start
Here's how it works, in three steps.
Tell us about your situation
We ask more questions here than we do for the other portfolios. We want to understand what this money is, where it sits in your overall finances, and whether this portfolio is actually appropriate for you before we say it is.
We match you to a portfolio
If it's a fit, great. If it's not, we'll say so plainly and point you somewhere better.
We manage it from there
Trading, monitoring, and day-to-day decisions are handled on our end. You get updates and can reach out any time. Leave on written notice with no penalty.
Questions
Things people ask about the Speculative portfolio.
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Individual positions can go to zero. The portfolio as a whole can decline sharply. This is real capital at risk, not play money. Losing a large portion of what you put in is a realistic outcome, not a remote one.
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Smaller companies, earlier-stage themes, more concentrated. Growth holds established companies with competitive advantages. The Speculative Portfolio holds companies that are small, early, and volatile. The Growth portfolio is for patient investors with a long horizon. This one's for a different situation entirely: money you can afford to lose, held separately from your core savings.
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No. This isn't a retirement portfolio. It's for capital you've specifically set aside knowing you can afford to lose it. If your retirement depends on this money performing, this is the wrong portfolio for that money.
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It varies. We're not day-trading, but we're more active here than in the other portfolios. Position entries and exits depend on what's happening at the company and whether the original reasons we own it still hold. Reviews happen monthly. More turnover than Growth, generally.
Interested in the Speculative Portfolio?
Ask about the risk, the fee, or whether this portfolio makes sense for you. We reply within two business days.
- Reply within two business days.
- [email protected]
- (801) 251‑6844
- Sandy, Utah