Portfolio Update (December 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: [Dec 2025]

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

$CASH - Cash - 22.4%
$ISRG - Intuitive Surgical - 12.3%
$RKLB - Rocket Lab - 11.7% ⬇️
$GOOGL - Alphabet - 11.0% ⭐
$TSLA - Tesla - 6.2% ⭐
$MELI - MercadoLibre - 5.1% ⭐
$AMZN - Amazon - 3.5% ⭐
$WISE - Wise - 2.6% ⭐
$CRWD - Crowdstrike - 2.4%
$ASTS - AST SpaceMobile - 2.4%
$NVDA - NVIDIA - 2.1% ⭐
$SE - Sea Ltd - 2.0% ⭐
$IIND - India ETF - 1.8% ⭐
$ADYEN - Adyen - 1.4%
$AXON - Axon - 1.2%
$TMDX - TransMedics - 1.2%
$NU - Nubank - 1.2%
$NVO - Novo Nordisk - 1.2%
$ZS - Zscaler - 1.1%
$PLTR - Palantir - 1.1%
$UBER - Uber Technologies - 1.0%
$IREN - Iris Energy - 1.0%
$BYDDY - BYD - 0.9%
$CYBR - CyberArk - 0.9%
$PANW - Palo Alto - 0.7%
$GRG - Greggs - 0.5%
$LMT - Lockheed Martin - 0.5%
$CRM - Salesforce - 0.5%

My returns over the last month have been absolutely dominated by the space sector, a trend that appears to be lifting all boats as the "New Space" thesis gains universal traction. Sentiment has been supercharged by reports that SpaceX is now transacting in the private markets at a staggering valuation of $800 billion. This gravitational pull from the sector's kingpin has clearly trickled down to the publicly traded peers; both Rocket Lab $RKLB and AST SpaceMobile $ASTS have delivered outsized gains in the past month, validating the thesis but also skewing my portfolio weightings significantly.

Despite my high conviction, I've trimmed Rocket Lab $RKLB down to an 11% allocation (it has since grown back to nearly 12%). This was purely a portfolio risk management exercise. When one stock runs this hard, it's prudent to cap the exposure to ensure a single setback doesn't derail the wider portfolio, even if the long-term thesis remains firmly intact.

I'm also preparing to trim AST SpaceMobile $ASTS down to a 2% allocation (from 2.6%). This decision is driven by the imminent launch of the BlueBird 6 satellite (currently targeted for 20th Dec). This is a massive, next-generation machine featuring a 2,400 square foot phased-array antenna. While the company has a strong track record and an innovative business model that could make it a major telecoms player worldwide, the technical risks associated with deploying, unfolding, and stabilising such a structure in orbit are non-zero. I expect significant share price volatility around the event, and reducing my exposure slightly feels like the sensible long-term play.

Looking ahead, I'm interested to see the news that SpaceX may be undertaking an IPO in 2026. If the company goes public at the rumoured valuation of $1.5T, my existing private market investment will enter my reported portfolio at a circa 3% allocation.

I had a brief and somewhat painful affair with NuScale Power $SMR in 2022. I was too early to the thesis on Small Modular Reactors (SMRs), eventually selling in 2024 with the view that revenues were still too far out for this to make sense as an investment today. However, as we approach 2026, I am revisiting the sector with a fresh perspective: forget the startups, buy the incumbents.

I'm currently reviewing Constellation Energy $CEG, the largest operator of nuclear power plants in the United States. Unlike the paper-reactor companies, Constellation is a cash-generative beast today, producing ~10% of all carbon-free energy in the US. I'll likely take a call on whether I plan to add this to the portfolio as a starter position over the next few days.

Finally, a rare note on crypto. I don't typically report my cryptocurrency holdings (which sit below 1% in aggregate and are held in self-custody), but the recent launch of the Grayscale Chainlink Trust $GLNK caught my eye last week. Much as I'd love to purchase an allocation of Chainlink $LINK in my main investment portfolio to allow me to track this thesis in a tax efficient manner, unfortunately overseas ETFs are not permitted investments in the UK.

I believe and transparency and accountability, and post my portfolio returns every month, warts and all. I also have a weekly podcast with @7FlyingPlatypus where I dive deeper into the rationale for all my trades. In the latest episode, we show you how a simple $200 investment today can compound into college tuition, a house deposit, or a debt-free future for your children.

https://youtu.be/68uYSxoNAbc