Portfolio Update
Portfolio Update (July 2026)
15 July 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: [Jul 2026]
⭐ = high conviction ⬆️ = bought / added ⬇️ = trimmed / sold
- $CASH - Cash - 22.9%
- $GOOGL - Alphabet - 12.3%
- $RKLB - Rocket Lab - 9.8%
- $ISRG - Intuitive Surgical - 8.9%
- $AMZN - Amazon - 7.2% ⭐
- $MELI - MercadoLibre - 5.4% ⭐
- $TSLA - Tesla - 5.3% ⭐
- $CRWD - CrowdStrike - 3.5% ⭐
- $SPCX - SpaceX - 2.6%
- $PANW - Palo Alto Networks - 2.6% ⭐
- $AXON - Axon - 2.5% ⭐⬆️
- $NVDA - NVIDIA - 2.5% ⭐
- $SE - Sea Ltd - 1.9%
- $ASTS - AST SpaceMobile - 1.8%
- $UBER - Uber - 1.2%
- $NVO - Novo Nordisk - 1.2%
- $IIND - India ETF - 1.1% ⬇️
- $TMDX - TransMedics - 1.0%
- $NU - Nubank - 1.0%
- $IREN - Iris Energy - 1.0%
- $ADYEN - Adyen - 0.8%
- $PLTR - Palantir - 0.7%
- $LMT - Lockheed Martin - 0.5%
- $BEPC - Brookfield Renewable - 0.5%
- $GRG - Greggs - 0.5%
- $IBE - Iberdrola SA - 0.5%
- $CWEN - Clearway Energy - 0.5%
- $NKTR - Nektar Therapeutics - 0.3%
The biggest thing this month was housekeeping rather than a major thesis change. I’ve been moving some assets between brokers after closing my accounts with IG, so that temporarily makes a few lines look more active than they really are. Greggs $GRG and Adyen $ADYEN were sold and rebought as part of that transfer, so I don’t view those as thesis changes. However, I did use the opportunity to reduce my exposure to my India ETF.
My India geopolitical and demographic play has not yet borne fruit, and while I still believe in the long-term prospects for this economy, when I challenge myself with the question “would you buy this if you didn’t own it today”, my answer comes up in the negative. The broker migration gave me the opportunity to legitimately test myself with this question, and the result is that I did not feel the urge to replace it once funds landed with my new broker. I still have a 1.1% exposure, and plan to leave this in place for the moment.
I also realised while preparing this month’s post that I omitted to mention that I’d added to my Axon position in late May, after trimming this aggressively through 2025. I doubled my position on 29th May, and this recent buy is currently +30%. The valuation once again seems reasonable, the company is well positioned in both ‘drone as first responder’ and anti-drone technology, and it’s still early in the international growth story for $AXON. I’m very happy I remained a long-term owner, trimming rather than selling completely, and the rotation back into a mode of adding to the position once again now that the valuation has reset somewhere feels like a fairly natural evolution of my thinking around the long-term prospects for this market leader in public safety technology. The attached image shows how I’ve managed the position since first buying three and a half years ago (B=buys, S=sells), and this is a stock that I’m happy I’ve navigated relatively successfully. Accordingly, I’m also adding a ‘high conviction at current valuation’ star back to this position.
My cash position has crept back up to 23%, and in a combination of short dated gilts and money market funds it’s generating around a 4% return annually. This feels perhaps very slightly too conservative given market conditions, which on the face of it seem fragile, but have actually proven resilient despite the current chaotic geopolitical environment. I still want dry powder while valuations in several parts of the market feel demanding and macro risk is not exactly disappearing, and I’m happy to let cash be the boring alternative rather than forcing capital into ideas that don’t clear the bar, however I am horizon scanning to look for opportunities to deploy a little bit of that capital - and in certain niches, there do still appear to be reasonably priced opportunities.
I’ve not touched Rocket Lab $RKLB since last trimming it in October, however this has now drifted down to a sub 10% allocation within the portfolio. The valuation compression was expected, and really was the entire point of diversifying out of a high conviction / high exposure position within my portfolio. My hard rule of “no allocation over 15%” triggered several times in 2025, and I’ve realised significant capital through a gradual sequence of sells. I’m currently comfortable with my 9.8% exposure, and would currently not feel the need to trim this further going into Neutron first launch, which was my firm intention as recently as a few weeks ago, when I had a double-digit %age exposure.
My other main Space-race allocation is SpaceX; currently a 2.6% allocation within the portfolio, but somewhat temporarily as I’m anticipating a forced sell when my private-market stock vests into taxable cash at the end of this year. My goal is still to build my public equity exposure to $SPCX gradually rather than scramble later, but I want to do this deliberately and at sensible prices. I have several ‘good til cancelled’ orders placed to buy stock at much lower prices than it’s currently trading, so my strategy here is already partly automated, but I’ll continue to monitor it through the coming months, and may force a purchase if my target price does not trigger.
CrowdStrike $CRWD completed a 4-for-1 stock split this month. Mechanically that changes nothing about the business or my ownership, but it’s a useful reminder that I still view this as one of the cleaner cybersecurity compounders in the portfolio. The stock is very expensive, but it’s my firm belief that the cybersecurity sector is very well positioned, as open source Mythos-class AI models become more widely accessible to bad actors and state-sponsored hackers.
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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 where I dive deeper into the rationale for all my trades.
In the latest episode, I break down my thesis for $CRWD & $PANW, and why I believe the AI tailwind is big enough to justify the premium.
