My Portfolio
Everything I own today, every decision I’ve made since my first stock pick in Nov 2006, and how it has done against the same money in the index. Updated 22 October 2026.
What I own
By share of the portfolio. ★ marks high conviction.
| Holding | Theme | Weight |
|---|---|---|
| Cash & short-dated bonds | 23.6% | |
| $GOOGLAlphabet | AI / Cloud | 11.7% |
| $ISRGIntuitive Surgical | Healthcare | 9.5% |
| $AMZNAmazon★ | E-commerce | 7.8% |
| $RKLBRocket Lab | Space | 6.6% |
| $MELIMercadoLibre★ | E-commerce | 5.5% |
| $TSLATesla★ | Autonomous Vehicles | 5.1% |
| Private companies (VC) | 4.2% | |
| $SPCXSpaceX | Space | 3.5% |
| $CRWDCrowdStrike | Cybersecurity | 2.8% |
| $PANWPalo Alto Networks | Cybersecurity | 2.8% |
| $NVDANVIDIA★ | Semiconductors | 2.6% |
| $AXONAxon★ | Defence | 1.8% |
| $ASTSAST SpaceMobile | Space | 1.6% |
| $SESea Ltd | E-commerce | 1.4% |
| $UBERUber | Autonomous Vehicles | 1.1% |
| $NUNubank | Fintech | 1.1% |
| $TMDXTransMedics | Healthcare | 1.0% |
| $NVONovo Nordisk | Healthcare | 0.9% |
| $ADYENAdyen | Fintech | 0.9% |
| $GRGGreggs | Unclassified | 0.7% |
| $BNBrookfield Corp | Energy | 0.7% |
| $IRENIris Energy | AI / Cloud | 0.7% |
| $LMTLockheed Martin | Defence | 0.5% |
| $IBEIberdrola SA | Energy | 0.5% |
| $CWENClearway Energy | Energy | 0.4% |
| $CEGConstellation Energy | Energy | 0.4% |
| $BEPCBrookfield Renewable | Energy | 0.4% |
| $NKTRNektar Therapeutics | Healthcare | 0.2% |
By theme
Latest decisions
Moat rests largely on a deployment playbook that the AI labs are copying + an integration layer that coding agents are making cheap, so even if revenue holds, the multiple may compress towards services-like economics. Government revenue is better protected, but commercial growth may slow as mid-sized customers find they're able to turn to in-house builds or lab-led deployments using state-of-the-art models
Mix of infrastructure, power generation, data centres, property and industrials, recurring asset management fees and access to cheap, long-term . Scale and financial strength could turn a private credit crisis from a risk into an opportunity to pick up distressed assets while competitors retreat if there's a crunch
CRWD valuation has run away again, my AI trade is playing out too well. Reduced to a 3% allocation
Reliable nuclear generation with long-term contracts from data-centres and other large-load customers
- 11 September 2026Sold$IIND
AI threatens India’s services-led growth model, while stalled manufacturing and reform leave little fallback, risking persistent rupee weakness that erodes foreign investors’ returns
Adding slowly. Would like to get to a 3-4% position by year end.
- 3 August 2026Bought$UKT-1.25-2027
UK Treasury 1.25% 2027 (TG27)
Adding slowly at improving value points. Would like to get to a 3-4% position by year end.
Went deep in 7 hour podcast, concluding that I want to own more ASTS. Much of the technical risk now passed, the business model is superior to competitors, regulators are likely to be on their side (ref anti-Musk)
- 22 July 2026Sold$UKT-1.5-2026
UK Treasury 1.5% 2026
- 25 June 2026Bought$UKT-3.75-2027
UK Treasury 3.75% 2027
- 19 June 2026Sold$CSH2
Amundi Smart Overnight Return GBP UCITS ETF (CSH2)
- 19 June 2026Sold$ERNS
iShares £ Ultrashort Bond UCITS ETF (ERNS)
- 19 June 2026Sold$IGL5
iShares UK Gilts 0-5yr UCITS ETF GBP (Acc)
- 19 June 2026Sold$IIND
India ETF
SpaceX IPO
World's largest renewable (85% emission-free) fleets of powerplants. Dividend play (3.5% yield), but fits my view of the energy challenges the world will need to face-up to once strategic oil reserves deplete in Q3
AML investigations in US (of sponsor bank) plus Europe within 10 days. High probability of FCA opening own investigation. This will overhang stock for several years, and might permanently impact the economics if greater spend on compliance required. More importantly though, company no longer fits portfolio mission of "making the world a better place through technology and innovation". Through its failure to fully adhere to AML regs, it may well have enabled financial crime.
Restarted accumulating this leader. Valuation seems reasonable, well positioned in anti-drone which will be increasingly important, and still early in the international growth story
Reducing exposure marginally for portfolio diversification
Figures to 22 October 2026, shown as one portfolio in percentages and multiples. Money-weighted returns count when money went in and out; time-weighted growth doesn’t. Past performance is not a guide to future returns. Nothing here is financial advice.