Photo by Kelly Sikkema / Unsplash
a. Updated Performance
Overall:
Year-to-date:
b. Portfolio Changes
I boosted my stake in Axon by 18% today. I am cranking out earnings reviews, but my deep dive on the name will be published this weekend. That will walk through my bullishness and why I'm willing to pay around 65x forward FCF (sub 1x growth multiple) and 50x forward EBITDA (1.7x growth multiple). I plan to keep slowly inching in if it keeps getting cheaper.
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.
I also like what I own with SoFi. I find the valuation compelling but don't see myself adding to or trimming the name in the near future.
My holdings that are performing & expensive where I'd accumulate into meaningful multiple contraction:
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
5% cash
d. Holdings
