Portfolio Update (November 2025)

I've generated a 23% CAGR over 22 years by investing in world-class companies committed to shaping a better future. Here's everything I own today: [Nov 2025]

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

$CASH - Cash - 21.2%
$ISRG - Intuitive Surgical - 13.0%
$RKLB - Rocket Lab - 10.7%
$GOOGL - Alphabet - 10.3% ⭐ ⬇️
$TSLA - Tesla - 5.7% ⭐
$MELI - MercadoLibre - 5.4% ⭐ ⬆️
$AMZN - Amazon - 3.8% ⭐
$WISE - Wise - 2.9% ⭐
$CRWD - Crowdstrike - 2.7%
$NVDA - NVIDIA - 2.4% ⭐
$SE - Sea Ltd - 2.3% ⭐
$ASTS - AST SpaceMobile - 2.0%
$IIND - India ETF - 2.0% ⭐
$ZS - Zscaler - 1.5%
$ADYEN - Adyen - 1.5%
$AXON - Axon - 1.3%
$NVO - Novo Nordisk - 1.2%
$NU - Nubank - 1.2%
$IREN - Iris Energy - 1.2%
$TMDX - TransMedics - 1.2%
$UBER - Uber Technologies - 1.2% ⬆️
$PLTR - Palantir - 1.1% ⬇️
$BYDDY - BYD - 1.0%
$CYBR - CyberArk - 1.0%
$PANW - Palo Alto - 0.8%
$GRG - Greggs - 0.5%
$LMT - Lockheed Martin - 0.5%
$CRM - Salesforce - 0.4%

Sold:

$UTHR - United Therapeutics ⬇️
$SNOW - Snowflake ⬇️
$ASML - ASML ⬇️

This month saw some more rebalancing, and an increase in my cash allocation from 17.5% to over 21%. I've taken the opportunity to clear-out several lower conviction investments, have trimmed several holdings based on stretched valuations, and have added a new name to the portfolio.

On the 'spring clean' side, I've sold my entire positions in United Therapeutics, Snowflake, and ASML.

I exited $UTHR as I'm simply not tracking this investment thoroughly enough.

$ASML was a more difficult decision, but ultimately the same factor - I'm simply not tracking this company effectively, so don't feel I have the ability to generate alpha in the sector. It's run up fairly nicely after several years of trading sideways, so just seems like an easy place to release capital to get to my cash allocation target.

$SNOW has been on my sell todo list for a year now. My primary concern is that the future of companies in this space is increasingly uncertain as LLMs start to do more and more real-time analytics and operational processing.

We will always need a source of record for all core business data (for both operational and audit reasons), but do we then really need the more complex features of tools like the Snowflake Data Cloud, when actually perhaps just a simple data repository will do?

Additionally, Databricks seems to be widely regarded as the superior solution. I have this on my wish list for a private investment, but it's not yet come up in the syndicates I'm currently part of.

At a time when I'm trying to raise cash, $SNOW seems like another easy target.

I trimmed Palantir $PLTR once again due to concerns over its demanding valuation. I also trimmed Alphabet down to a 10% allocation, but purely because of portfolio risk exposure given my wider concerns about the macro environment and seemingly fragile market conditions.

I most recently added to $GOOGL just six months ago, and even this most recent position is a double over that short period - the market seems to have finally caught up with the thinking I shared in this post from May 2025.

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

On the buy side, I added to MercadoLibre $MELI, accumulating into strength at what appears to be a comparatively reasonable valuation.

I also started a position in $UBER, expecting it to grow its high-margin advertising and subscription revenues, and ultimately underpin these by becoming the universal aggregator for commoditised autonomous miles - noting the potentially existential threat if Tesla $TSLA succeeds in scaling its robotaxi network materially sooner than competing platforms (Waymo and NVIDIA Drive).

The net result of this rebalancing is an increase in my cash position from 17.5% to 21.2%. I would still like to trim my position in Rocket Lab $RKLB based on portfolio risk exposure, but overall, I am satisfied with the level of market risk I'm now carrying, and indeed am now eagerly anticipating the market entering correction territory so that I can once more move back into cash redeployment mode.

Although the market action of the past week seems to have already validated my sells, I'm not declaring a "market timing" victory any time soon. There are still several significant catalysts to yet play out, not the least of which is the widespread rollout of Agentic AI, which seems likely to generate economic value at a level that will more than justify the current historical levels of Capex spend by the mag7 on AI infrastructure.

Episodes E103 and E104 of the podcast provide an extended discussion of my wider thoughts on current market conditions, and why I'm moving into a mode of wealth preservation over accumulation.

https://youtu.be/jLxztvO1k1A

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