Portfolio Update (May 2025)

I've generated a 22% CAGR over 21 years by investing in world-class companies committed to shaping a better future. Here's everything I own today: [May 2025]

⭐ = high conviction ⬆️ = bought / added ⬇️ = trimmed / sold

$CASH - Cash - 19.2%
$ISRG - Intuitive Surgical - 15.8%
$GOOGL - Alphabet - 7.7% ⭐⬆️
$MELI - MercadoLibre - 7.4% ⭐
$RKLB - Rocket Lab - 7.2% ⭐
$TSLA - Tesla - 5.3% ⭐
$CRWD - Crowdstrike - 4.9% ⬇️
$WISE - Wise - 3.1%
$AXON - Axon - 3.1%
$SE - Sea Ltd - 2.8% ⭐
$AMZN - Amazon - 2.7% ⭐
$IIND - India ETF - 2.2% ⭐
$PLTR - Palantir - 2.1% ⬇️
$ADYEN - Adyen - 2.0%
$NVDA - NVIDIA - 1.8% ⭐
$BYDDY - BYD - 1.5%
$ZS - Zscaler - 1.4%
$TMDX - TransMedics - 1.4%
$NU - Nubank - 1.2% ⭐
$RELY - Remitly - 1.1%
$ASTS - AST SpaceMobile - 1.1% ⬆️
$PANW - Palo Alto - 0.9%
$NVO - Novo Nordisk - 0.7% ⬆️
$CRM - Salesforce - 0.6%
$LMT - Lockheed Martin - 0.6%
$ASML - ASML - 0.6%
$SNOW - Snowflake - 0.5%
$UTHR - United Therapeutics - 0.5%
$AAF - Airtel Africa - 0.4%

Who knows what tomorrow will bring, but for today, recession and doom is seemingly cancelled. I posted a 9% YTD loss last month, but my portfolio is now back in the green. If chaos resumes we could still face a major correction, but for now I'm happy to get some $ back into play

This month I trimmed two overvalued holdings, I still believe in the long-term thesis for both Palantir $PLTR and Crowdstrike $CRWD, but at 200x and 90x free cash flow respectively, I just can't justify holding an outsized allocation in either of these

I also bent one of my golden rules of portfolio management, adding new money above a 6% allocation to a long-term high-conviction holding, $GOOG. I explain my rationale in this post

https://x.com/7LukeHallard/status/1922155046948475083

In late April, I bought a starter stake in Novo Nordisk. A reasonable valuation, and we're at peak pessimism with competing Eli Lilly weightloss drugs, but $NVO's pipeline yet may prove to superior in the long-run. It's an EU company, but impacted by tariffs as most sales are US

Finally, I took a 1% position in AST SpaceMobile $ASTS. My podcast co-host @7FlyingPlatypus has much more to say about this company so I won't steal his thunder, but we chat about it regularly on the Wall Street Wildlife investing podcast, most recently

https://youtu.be/pVBFDyWarE4?si=RqDOAGt6PYUGm639&t=408