Portfolio with constant stock value in bond units ($V_t/B_t=w_0/B_0+\theta \log (S_t/S_0)+\theta ({\sigma }^2/2-\rho )t$)

In the Black-Scholes model, take $B_t=e^{-\rho (T-t)}$ as a zero-coupon bond numéraire. Holding the fixed stock value $\theta B_t$ requires $g_t=\theta B_t/S_t$ shares. The self-financing conditions for smooth stock and bond holdings giveunits of the bond. Since $V_t=g_t{S}_t+h_t{B}_t$, this yields the displayed wealth. Under the risk-neutral measure, $V_t/B_t=w_0/B_0+\theta \sigma W_t^Q$: the discounted gain is a constant multiple of Brownian motion.