Portfolio Update (April 2025)

I've generated a 21.4% CAGR over 21 years by investing in world-class companies committed to shaping a better future. Here's everything I own today: [April 2025]

⭐= high conviction at current valuation

$CASH - Cash - 24.9%
$ISRG - Intuitive Surgical - 15.0%
$RKLB - Rocket Lab - 7.1% ⭐
$MELI - MercadoLibre - 6.6% ⭐
$GOOGL - Alphabet - 6.5% ⭐
$CRWD - Crowdstrike - 5.7%
$TSLA - Tesla - 4.6% ⭐
$WISE - Wise - 3.1%
$AXON - Axon - 2.8%
$AMZN - Amazon - 2.6% ⭐
$SE - Sea Ltd - 2.5% ⭐
$PLTR - Palantir - 2.4%
$IIND - India ETF - 2.3% ⭐
$ADYEN - Adyen - 1.9%
$NVDA - NVIDIA - 1.8% ⭐
$BYDDY - BYD - 1.6%
$ZS - Zscaler - 1.3%
$TMDX - TransMedics - 1.1%
$NU - Nubank - 1.0% ⭐
$RELY - Remitly - 1.0%
$PANW - Palo Alto - 0.9%
$LMT - Lockheed Martin - 0.6%
$CRM - Salesforce - 0.6%
$ASML - ASML - 0.5%
$UTHR - United Therapeutics - 0.5%
$SNOW - Snowflake - 0.5%
$AAF - Airtel Africa - 0.4%

Despite recent drawdowns my overall portfolio has just retracted back to its Nov 2024 value. Many holdings remain expensive, and if the current chaos heralds a major correction or recession, several still potentially have very far to fall. 25% cash feels correct to me right now

(Disclosure: I don't track my crypto as part of my overall portfolio, but if I did it would be a ~1% allocation. This month I diversified a third of my $BTC into $LINK - the protocol has an interesting technology that may become increasingly relevant over the 5+ year timeframe)

In volatile times, the best action is usually no action, so I have no trades to report. I have however flagged three new stocks as 'high conviction at current valuation' - $SE $NVDA & $NU. I've set limit orders for several stocks and am actively looking for an opportunity to add

This remains a difficult investing environment. On this week's podcast, I share my approach to finding quality companies at reasonable valuations when everything is selling off. We also discuss why FCF is the ultimate survival metric in tough times!

https://youtu.be/IWBMPlLw5no