The AlwaysOn X Fund portfolio finished the week up 0.5%, while the NASDAQ was up 1.8%, and the S&P 500 was up 0.9%. Year to date, the AO X Fund is up 5.8%, the NASDAQ is up 18.1%, and the S&P 500 is up 12.8%.

Michael Korrs reported very strong Q2 results with improvements across all metrics. Revenue growth was 71%, driven by +37% same-store sales growth, EPS increased 162%, and its operating margin improved from 17.5% a year ago to 25%. KORS opened 76 new stores and has a total count of 253.

Management guided above analyst estimates for Q3 and 2012, looking at 30% same-store sales growth and 60%+ revenue growth. We added another 1.8% to our position after the report, and KORS is now our second largest position at 7.3%. For the week, KORS advanced 23.1%.

Groupon beat expectations by a penny, but missed on its top line. It gave Q3 guidance that was slightly below the street’s expectations. Revenue growth decelerated to +45%, and billings grew 38%. On one hand, Europe’s business was a drag on revenue growth; on the other hand, Groupon also cut advertising expenses by 58%. The stock got slammed, down 36.2% for the week. We cut our position to 0.9% of the fund.

Apple is quietly hitting all-time highs, as people are now waiting for the iPhone 5 release. Additionally, Apple TV is becoming more and more real, as reports indicate that Apple is working on contracts with cable companies. For the week, AAPL advanced 4.2%. A fun remark: With a $607 billion market cap, Apple has now surpassed Saudi Arabia’s GDP and is taking on Switzerland next.

To learn more about GSV Asset Management—an investment management firm that leverages GSV Media’s ideas, insights, and philosophy—go to gsvam.com. www.gsvmedia.com.