Portfolio Update (August 2025)

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

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

$CASH - Cash - 17.3%
$RKLB - Rocket Lab - 13.3%
$ISRG - Intuitive Surgical - 12.4%
$GOOGL - Alphabet - 8.9% ⭐
$MELI - MercadoLibre - 6.3% ⭐
$TSLA - Tesla - 5.2%
$AMZN - Amazon - 3.9% ⭐
$WISE - Wise - 3.7% ⭐⬆️
$AXON - Axon - 3.1%
$SE - Sea Ltd - 3.1% ⭐
$PLTR - Palantir - 3.0%
$NVDA - NVIDIA - 2.5% ⭐
$CRWD - Crowdstrike - 2.4%
$IIND - India ETF - 2.0% ⭐
$ASTS - AST SpaceMobile - 1.8%
$ZS - Zscaler - 1.5%
$TMDX - TransMedics - 1.4%
$ADYEN - Adyen - 1.4%
$BYDDY - BYD - 1.2%
$NU - Nubank - 1.0% ⭐
$CYBR - CyberArk - 0.9%
$PANW - Palo Alto - 0.8%
$GRG - Greggs - 0.6%
$SNOW - Snowflake - 0.5%
$AAF - Airtel Africa - 0.5%
$ASML - ASML - 0.5%
$LMT - Lockheed Martin - 0.5%
$UTHR - United Therapeutics - 0.5%
$CRM - Salesforce - 0.5%
$NVO - Novo Nordisk - 0.5%

It's a very subjective and personal assessment, but I have always identified my absolute highest conviction long-term holdings as being my 'core' stocks. These are companies that I've owned for several years, understand well, am passionate about the mission of, trust leadership, and essentially holdings where I'll always give them the benefit of the doubt if there is a minor misstep or if the thesis looks rocky from time to time.

My portfolio core has not changed in the past year, and currently consists of $ISRG, $GOOGL, $MELI, $AMZN, $AXON, $CRWD, and $TSLA - even though Musk is testing my resolve on management missteps!

This month I added a new stock to my core, Wise $WISE $WIZEY. I've owned this company for over three years, and July's interim results built enough conviction for me to add to the position for a fifth time. My confidence is also bolstered by the upcoming US relisting of the stock, which is likely to increase its visibility with a larger market of investors, creating an additional catalyst for growth (even though this is nothing to do with business execution).

With a 13% allocation, Rocket Lab $RKLB remains the largest position in my investment portfolio, even after a mild pullback in the last few weeks. My personal investment portfolio is the very large majority of my net worth. It also pays the day-to-day bills, so I tend to think very hard about my exposure when a position gets large. I posted my personal strategy for how I plan to manage this in my own portfolio to Wall Street Wildlife patreons (including the free membership tier) last month, you can find the post here:

https://www.patreon.com/posts/wall-street-10-134176753

I added CyberArk to my portfolio last month. Two weeks after my purchase, the company accepted an acquisition offer from another of my portfolio holdings, Palo Alto $PANW.

The deal is forecasted to close in first half of 2026, and $CYBR is currently a circa $21B market cap, with the acquisition due to close at $25B. So there's circa a 20% upside still due.

The gap between today's price and the acquisition price reflects uncertainty as to whether the transaction will complete successfully. Under a previous administration this might have been challenged by regulators as being anti-competitive, but this year does seem to be more friendly to M&A, so the probability of the deal being squashed is perhaps less likely.

The deal could fall through for other contractual reasons, but presumably both teams have already undertaken substantial due diligence, so again this is perhaps less likely.

I guess it then just boils down to an individual investor's sentiment on whether they believe they can achieve greater than a 20% return over the next 6 to 12 months. The deal also does now put a bit of a ceiling on Cyberark's valuation.

I currently have a relatively modest 1% allocation, and for the moment plan to leave this in place. If we get a little closer to the $25B valuation I might reassess, but this now feels like fairly low risk money in my portfolio, as the valuation will be more driven by the deal terms than by the performance of $CYBR as a company.

I've always managed $CASH as a position in my own portfolio, varying it to account for my internal barometer on valuations and overall market sentiment. I played 2022 fairly astutely, moving from 3% to 26% cash before the major sell-off in growth stocks, but there was a fair degree of luck in that timing, so I aim to be a little more cautious in my forecasting this time around.

Markets are beginning once again to feel a little overheated, but overall there may are still be several significant catalysts for continued growth yet to fully play out - Fed rate cuts, deregulation of AI, a friendly M&A environment, and several smaller impacts for individual companies in my portfolio (e.g. $TSLA FSD wide rollout).

I'm currently at 17.3% cash and in 'wealth accumulation' mode as I continue to gradually deploy this, mostly by trying to find sensibly valued opportunities in smallcap tech and in income-growth stocks. I have a short-term target of getting my cash down to 15% by the end of September, but I am also trying to be fairly alert to a change in the market mood, recognising that this could very well strike before I can act. If I do elect to flip back into 'capital preservation' mode, I'll be taking an axe to my most overvalued holdings, in an attempt to rapidly flip back to 25%+ cash.

(The irony is not lost on me that I behave like I know how to time the market, while also acknowledging that this is nigh impossible 🤷‍♂️)

I believe in transparency and accountability, and post my full portfolio and returns every month. I also have a weekly podcast with @7FlyingPlatypus where I dive deeper into the rationale for all my trades. We recently had a ten minute bull & bear debate on every company in our portfolio, you can catch the highlights in this youtube playlist:

https://youtube.com/playlist?list=PLoIESJivEZuAYkninrE21JMxK0dce0EkF&si=AohiJDkDHcB5a7tg