Reallocating Alert

Securing an 80-plus percent return since Oct 2023, as the forward IRR is now at 6%.

100% transparency and quality research: that’s what premium members can expect from us. Today, we’ll be adding to one of our top positions by further trimming what used to a top-three holding, essentially securing an 80-plus percent return since Oct 2023.

Normally, one wouldn’t expect such rerating to happen "overnight", but when it does: it’s very nice. At the same time, very lofty re-ratings based on the multiple and not a meaningfully different growth outlook mean that forward returns (5-year and more) could very likely disappoint. It’s not about timing multiples, but instead, be reasonable with our expectations.

So, let’s dive into the change we’re about to make to the portfolio.