Portfolio Update
Portfolio Update (February 2026)
15 February 2026
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: [Feb 2026]
⭐ = high conviction ⬆️ = bought / added ⬇️ = trimmed / sold
- $CASH - Cash - 25.5%
- $ISRG - Intuitive Surgical - 11.1%
- $GOOGL - Alphabet - 10.9%
- $RKLB - Rocket Lab - 9.5% ⬇️
- $TSLA - Tesla - 5.7% ⭐
- $MELI - MercadoLibre - 5.3% ⭐
- $AMZN - Amazon - 5.0% ⭐⬆️
- $WISE - Wise - 2.8% ⭐
- $NVDA - NVIDIA - 2.2% ⭐
- $ASTS - AST SpaceMobile - 2.1%
- $CRWD - Crowdstrike - 2.1%
- $SE - Sea Ltd - 1.9% ⭐
- $IIND - India ETF - 1.8% ⭐
- $TMDX - TransMedics - 1.3%
- $NU - Nubank - 1.2%
- $NVO - Novo Nordisk - 1.2%
- $UBER - Uber - 1.2%
- $IREN - Iris Energy - 1.0%
- $AXON - Axon - 1.0%
- $ADYEN - Adyen - 0.9%
- $BYDDY - BYD - 0.9%
- $ZS - Zscaler - 0.9%
- $PLTR - Palantir - 0.8%
- $CYBR - CyberArk - 0.8%
- $LMT - Lockheed Martin - 0.7%
- $PANW - Palo Alto - 0.6%
- $BEPC - Brookfield Renewable - 0.6%
- $GRG - Greggs - 0.5%
- $CRM - Salesforce - 0.3%
This month has been characterized by a continued reduction in my space sector exposure and a material increase in my Amazon $AMZN allocation.
I trimmed Rocket Lab $RKLB once again, reducing my position from nearly 15% to just under 10%. As I noted last month, this has purely been a portfolio risk management exercise. After a remarkable run that saw the position grow beyond my comfort threshold, I'm methodically bringing it back to a more sustainable allocation. My long-term thesis for Rocket Lab remains firmly intact - Neutron development and the expanding constellation addressable market all remain compelling. But with the position having grown so rapidly, prudence demands that once again I take some chips off the table.
A large part of the proceeds from the $RKLB trim were deployed into Amazon $AMZN. I've increased my allocation to 5.1%, making it my seventh-largest position.
My thesis on Amazon is evolving beyond the traditional e-commerce and AWS narrative. While both segments remain strong - with AWS margins expanding and advertising revenue growing nicely - I'm particularly excited about the warehouse and delivery automation story. The company is aggressively deploying robotics across its fulfillment network, and I believe this will be a massive boost to margins over the medium term. Every percentage point of operating efficiency in a business of Amazon's scale translates to billions in incremental cash flow. At current valuations, I see a compelling path to continued outperformance.
Overall my cash allocation has increased to 24.8%, up from 20.3% last month. While I have been deliberately raising cash over the past six months as valuations become stretched, the jump this month is partly due to my overall portfolio declining in the ongoing growth stock sell-off. Cash is now a larger percentage of a smaller pie.
I'm not unhappy about this. The elevated cash position leaves me well-positioned to take advantage of any further weakness. I remain in capital preservation mode for the moment, having methodically trimmed my most extended positions over the past six+ months. If we see a deeper meaningful correction, I'll be eager to deploy this dry powder into my highest-conviction names. But I'm in no hurry.
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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. You can find the latest episode here:
