a. Updated Performance

Year-to-date is off to a good start but it has been just a few meaningless sessions. I'll start sharing that in 2026 updates in a few weeks.

b. Portfolio Change

I boosted my new Rubrik stake by 25% today. Thanks to rising FCF estimates, the FCF multiple has moved from 55x to 50x and the growth multiple has moved from 1.2x to 1.1x. I plan to keep building out this new position as that multiple continues to contract. This company is executing at a fantastic clip and trading at a discount to peers. It's delivering the cross-sell momentum that gives me confidence in their growth runway supporting several more years of brisk growth.

For more information on the business and why I'm impressed with it, my deep dive can be found here and my recent earnings review can be found here.

c. Portfolio Management Strategy Snapshot

*the order of the names in these lists below is meaningless.

My holdings that are performing & compellingly priced where I'd accumulate into modest multiple contraction:

• Amazon
• Meta
• Mercado Libre
• Zscaler
• DraftKings
• Starbucks
• Cava
• On
• ServiceNow
• Nu
• Coupang.
• Alphabet is in this cohort too, but I'd likely be a little more patient with adding. It's already a massive piece of the portfolio.

My holdings that are performing & expensive where I'd accumulate into meaningful multiple contraction:

• SoFi
• Lemonade
• Shopify
• I like what I own in Uber right now. I want it to be sized right where it is. That balances my optimism in their AV positioning with my respect for all the uncertainty and how rapidly things are evolving.

My hot seat – holdings that are NOT performing & need to do better if I'm going to stick around:

• PayPal
• The Trade Desk

Watch List:

• CrowdStrike (would love to re-enter at some point)
• Sea Limited
• Axon

"If you were starting a portfolio today, what would it look like?"

• 8% Alphabet
• 8% Amazon
• 8% Meta
• 8% Mercado Libre
• 6% Zscaler
• 6% ServiceNow
• 5% Nu
• 5% Coupang
• 5% DraftKings
• 5% Starbucks
• 5% Lemonade
• 5% SoFi
• 4% Cava
• 4% On
• 4% Uber
• 4% Shopify
• 3% Rubrik
• 2% Trade Desk

d. Holdings