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Table of Contents
a. Updated Performance
Overall:
Year-to-date:
b. Portfolio Changes
I boosted my NOW stake by 15%. Last night's earnings review explains why I think this company is fundamentally healthy. And? It's now just over 20x forward FCF. I'm happy to keep leaning in if Mr. Market keeps punishing what I view as a world-class company at a fair price.
I also boosted my stake in Rubrik by 22% as the company continues to execute and get cheaper. For a sense on why I'm optimistic, here's the latest earnings review and here's my deep dive.
c. Portfolio Management Strategy
*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
Starbucks
On
ServiceNow
Nu
Coupang
Axon
Rubrik
My holdings that are performing & compellingly priced where I'm happy with what I own:
Uber and DraftKings fit into this grouping. I love both names being around 4% of holdings as prediction market and autonomous vehicle markets develop and evolve. I am confident in owning both names, but I want to see my bullishness proven out over the coming quarters and don't want either to be a top 5 holding while that happens.
My holdings that are performing & expensive where I'd accumulate into meaningful multiple contraction:
SoFi
Lemonade
Shopify (getting closer to being moved to the list above)
Cava
Alphabet
Watch List:
CrowdStrike (would love to re-enter at some point)
Sea Limited
Netflix
The Trade Desk
"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% On
4% Uber
4% Cava
4% Rubrik
3% Shopify
2% Axon
6% cash
d. Updated Holdings
