Portfolio Update (April 2026)

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: [Apr 2026]

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

• $CASH - Cash - 21.2%
• $GOOGL - Alphabet - 11.6% ⭐
• $ISRG - Intuitive Surgical - 10.5%
• $RKLB - Rocket Lab - 9.8%
• $AMZN - Amazon - 7.5% ⭐
• $MELI - MercadoLibre - 5.5% ⭐
• $TSLA - Tesla - 4.8% ⭐
• $SPACEX - SpaceX - 3.5%
• $WISE - Wise - 3.1% ⭐
• $ASTS - AST SpaceMobile - 2.5%
• $NVDA - NVIDIA - 2.3% ⭐
• $CRWD - CrowdStrike - 1.9% ⭐
• $IIND - India ETF - 1.7% ⭐
• $SE - Sea Ltd - 1.6%
• $PANW - Palo Alto Networks - 1.3% ⭐
• $UBER - Uber - 1.2%
• $TMDX - TransMedics - 1.1%
• $NU - Nubank - 1.1%
• $IREN - Iris Energy - 1.0%
• $NVO - Novo Nordisk - 0.9%
• $ADYEN - Adyen - 0.9%
• $PLTR - Palantir - 0.8%
• $AXON - Axon - 0.8%
• $LMT - Lockheed Martin - 0.6%
• $BEPC - Brookfield Renewable - 0.6%
• $CWEN - Clearway Energy - 0.6% ⬆️
• $ZS - Zscaler - 0.6%
• $GRG - Greggs - 0.5%
• $CRM - Salesforce - 0.3%

Sold:

• $BYDDY - BYD ⬇️

This month I opened a starter position in Clearway Energy $CWEN. They're primarily a renewable energy builder/operator, but also have some natural gas exposure. Financials seem robust, well capitalised, valuation isn't crazy, and a decent dividend yield (>4%) which has been raised six times in recent years, making it a good fit for my 'dividend growth' portfolio (thanks to @European_DGI for helping me better appreciate this powerful concept). This is not the type of investment I expect to transform the portfolio on its own, but I think it adds a useful element of ballast and diversification.

I exited my position in BYD $BYDDY this month. As I continue refining the shape of the portfolio, I'm trying to be more honest about which positions truly deserve mindshare and capital, and BYD had slipped down that list for me. It's still an impressive company with real strengths, but I no longer felt the level of conviction needed to justify keeping it in a portfolio where every position is competing for attention against businesses I understand more deeply or feel more strongly about. Sometimes the right move isn't finding something "wrong" with a company - it's simply recognising that the capital can be better deployed elsewhere.

I have flagged CrowdStrike $CRWD and Palo Alto Networks $PANW as "high conviction at current valuation" ⭐ investments. I expect cybersecurity to be a clear winner from the next phase of AI adoption. As more powerful models are deployed into real-world workflows, the attack surface expands dramatically - not just in volume, but in complexity. Anthropic's recent Claude Mythos announcement and the launch of Project Glasswing reinforced that view for me. When frontier model developers choose a relatively small circle of partners to collaborate with on defensive security, that's a strong signal. Companies like CrowdStrike and Palo Alto won't just be selling generic protection into an AI world - they'll be helping define what enterprise-grade AI security actually looks like. That proximity to the frontier should give them an advantage in product development, threat intelligence, and customer trust, as AI continues to move from novelty to mission-critical infrastructure.

For the sake of clarity, I've now started including SpaceX $SPACEX in my publicly reported allocations. With a 2026 planned IPO at a valuation of $1.75T, the position is now large enough to be material relative to the rest of my portfolio, so it feels like the right time to make this visible. I have a number of other open venture positions (notably, #Whoop, which also recently completed a funding round at $10.1B, giving me a 5.5x return on my August investment) but together these account for <3% of my total portfolio value, so I don't think listing these individually adds much informational value.

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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.

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