Portfolio Update (June 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: [June 2025]

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

$CASH - Cash - 21.6%
$ISRG - Intuitive Surgical - 13.9%
$RKLB - Rocket Lab - 8.6% ⭐
$GOOGL - Alphabet - 8.2% ⭐
$MELI - MercadoLibre - 6.7% ⭐
$TSLA - Tesla - 5.1% ⭐
$AMZN - Amazon - 3.9% ⭐⬆️
$AXON - Axon - 3.3%
$WISE - Wise - 3.1%
$SE - Sea Ltd - 2.9% ⭐
$CRWD - Crowdstrike - 2.8% ⬇️
$PLTR - Palantir - 2.3%
$IIND - India ETF - 2.2% ⭐
$NVDA - NVIDIA - 2.1% ⭐
$ADYEN - Adyen - 2.0%
$ZS - Zscaler - 1.7%
$TMDX - TransMedics - 1.6%
$ASTS - AST SpaceMobile - 1.4%
$NU - Nubank - 1.0% ⭐
$PANW - Palo Alto - 0.9%
$NVO - Novo Nordisk - 0.8%
$SNOW - Snowflake - 0.6%
$LMT - Lockheed Martin - 0.6%
$ASML - ASML - 0.6%
$CRM - Salesforce - 0.6%
$BYDDY - BYD - 0.5%
$UTHR - United Therapeutics - 0.5%
$AAF - Airtel Africa - 0.4%

Sold:

$RELY - Remitly ⬇️

I trimmed Crowdstrike last month, but it already feels like time to do it again. Quarterly results were announced last week, they were decent, but there are a couple of yellow flags I'm starting to see, and combined with the continued excessive valuation, I've decided to materially reduce my exposure to this core holding, cutting $CRWD back from a 5.5% allocation to under 3%.

Adding to Amazon has been on my todo list for some time now, but I don't think I'm going to see a much better price - unless the backside totally falls out of the market on the now materially higher risk of a US debt crisis. I added a nibble, as $AMZN feels underweight at a current 2.5% allocation for me, and so in the round I think I'm happy to add to this global leader, whichever way the US economy goes over the next six months (and if we do slip into a recession, Amazon will suffer, but it's still likely to be a touch more resilient than most).

I only added Remitly to the portfolio in January, but we're now six months into the new presidency, and Trump's campaign comments on supporting high skill immigration don't seem to be playing out. The remittance tariff just introduced doesn't help, albeit it's only 3.5% so won't in itself deter immigration, but it will nip at the company's margins. $RELY is still a decent valuation, but overall this just feels too complex to me now, so I'm going to get out for basically my cost basis (a very minor loss).

I believe and transparency and accountability, and post my portfolio results every month, warts and all. I also have a weekly podcast with @7FlyingPlatypus where I dive deeper into the rationale for all my trades.