Portfolio Update (September 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: [Sep 2025]

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

$RKLB - Rocket Lab - 15.5%
$CASH - Cash - 15.2%
$ISRG - Intuitive Surgical - 10.8%
$GOOGL - Alphabet - 10.0% ⭐
$MELI - MercadoLibre - 5.9% ⭐
$TSLA - Tesla - 5.6% ⭐
$AMZN - Amazon - 3.7% ⭐
$WISE - Wise - 3.7% ⭐
$SE - Sea Ltd - 3.2% ⭐
$AXON - Axon - 2.9%
$PLTR - Palantir - 2.6%
$NVDA - NVIDIA - 2.3% ⭐
$CRWD - Crowdstrike - 2.2%
$IIND - India ETF - 1.9% ⭐
$ADYEN - Adyen - 1.4%
$ZS - Zscaler - 1.4%
$ASTS - AST SpaceMobile - 1.3%
$NU - Nubank - 1.2% ⭐
$TMDX - TransMedics - 1.2%
$BYDDY - BYD - 1.0%
$CYBR - CyberArk - 1.0%
$IREN - Iris Energy - 0.9% ⬆️
$PANW - Palo Alto - 0.8%
$NVO - Novo Nordisk - 0.7% ⬆️
$UTHR - United Therapeutics - 0.6%
$SNOW - Snowflake - 0.6%
$GRG - Greggs - 0.5%
$ASML - ASML - 0.5%
$LMT - Lockheed Martin - 0.5%
$AAF - Airtel Africa - 0.5%

Tesla $TSLA got its ⭐ back, this is now a high conviction holding for me once again!

I rather like the trillion dollar compensation plan that has been proposed for Elon. The package is tied to aggressive milestones, including delivering an 8x market cap and achieving substantial operational goals. The compensation structure aligns Musk's personal interests directly with Tesla's success, making the company his "favorite toy" and ensuring his focus on its growth, especially in areas like AI that might otherwise be pursued elsewhere. While some aspects of the deal are a little "soft and squishy", such as the political neutrality clause, my overall sense is that it will motivate Musk to drive the company to unprecedented heights.

We completed an extensive review of all our portfolio holdings as part of E90 and E91 of the podcast. As a consequence of this analysis, I added one of @7FlyingPlatypus's favourite picks, IREN Energy $IREN, to my portfolio, and also topped up one of my own choices, Novo Nordisk $NVO. The company recently announced a sales partnership with GoodRX $GDRX, which is likely to expand market share, and also be a good route to capturing mind-share for oral weight loss drugs once these are commercially available.

For now I'm continuing to operate in reinvestment mode, with a particular focus on small-cap tech, albeit my most recent two buys do not strictly fit this criteria. Markets seem to have mostly priced-in an expected Fed rate cut in September. This is generally positive for equities, especially growth sectors such as technology, where future cash flows are more critical to the investing thesis, and thus more heavily impacted by changes to the risk-free rate.

If rates are not cut as expected, we can probably expect the gains of the last few months to retract. As a long-term investor, day to day changes like this aren't terribly material to my decision making, however I do find it helpful to monitor macro, and I do use sentiment indicators as well as the valuation of my stock holdings to dictate my target cash allocation. For now, 15% feels about right.

I believe in transparency and accountability, and post my full portfolio and returns every month.

We recently had a ten minute bull & bear debate on every company in our portfolio on the podcast, you can catch the highlights in this youtube playlist:

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