Adding Slightly to Two Existing Positions

Projected returns exceed our hurdle rate

Later today, we’ll be adding slightly to two existing positions (increasing their combined allocations by roughly 1.5% of the portfolio value).

Our cash position has grown a bit and remains at our upper limit, hence, we’re looking to top up some existing allocations while keeping the 2025 dynamics in mind. These aren’t significant changes in our portfolio allocation. Just to be clear: we won’t be selling out of any other position.

As the AI trade, stablecoins, fancy growth stocks have gained investor attraction over the recent weeks (resulting in the usual rotation out of defensive quality into high-beta names), we believe it’s appropriate to remain laser-focused on exceptional steady winners. Whenever they’re trading at a projected return of >12%, we pay attention.