Portfolio Update (Sep 2026)

I've generated a 22% CAGR over 23 years by investing in world-class companies committed to shaping a better future. Here's everything I own today: [Sep 2026]

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

• $CASH - Cash - 22.4%
• $GOOGL - Alphabet - 12.2%
• $ISRG - Intuitive Surgical  - 8.5%
• $RKLB - Rocket Lab - 8.0%
• $AMZN - Amazon - 7.9% ⭐
• $MELI - MercadoLibre - 5.8% ⭐
• $TSLA - Tesla - 5.0% ⭐
• $CRWD - CrowdStrike - 4.0%
• $SPCX - SpaceX - 3.4% ⬆️
• $PANW - Palo Alto Networks - 2.7%
• $NVDA - NVIDIA - 2.7% ⭐
• $ASTS - AST SpaceMobile - 2.3%
• $AXON - Axon - 2.2% ⭐
• $SE - Sea Ltd - 1.9%
• $UBER - Uber - 1.2%
• $TMDX - TransMedics - 1.2%
• $NU - Nubank - 1.1%
• $IREN - Iris Energy - 1.1%
• $NVO - Novo Nordisk - 1.1%
• $PLTR - Palantir - 1.0%
• $ADYEN - Adyen - 0.9%
• $GRG - Greggs - 0.6%
• $LMT - Lockheed Martin - 0.5%
• $CEG - Constellation Energy - 0.5% ⬆️
• $IBE - Iberdrola SA - 0.5%
• $CWEN - Clearway Energy  - 0.5%
• $BEPC - Brookfield Renewable - 0.5%
• $NKTR - Nektar Therapeutics - 0.3%

Sold:

• $IIND - India ETF ⬇️

The headline this month is a small reshuffle underneath a mostly unchanged core portfolio. I exited my India ETF, bought a starter position in Constellation Energy $CEG, and continued building my public-market SpaceX exposure through $SPCX.

I recently sold the remainder of my India ETF $IIND. Revisiting our original 2023 podcast discussion was a reminder that getting the economic story right does not guarantee a good investment. India’s demographics, rising consumption and growing participation in equity markets have broadly supported the thesis, but returns for overseas investors have been disappointing. Rupee weakness has eroded gains, and my concern is that AI could further structurally undermine the outsourced services exports that help India pay for its substantial imports. Tariff uncertainty and a more constrained reform agenda also add to the country’s challenges. The risk is that these pressures persist even as the domestic economy grows. This is mostly an opportunity-cost decision - I still see India’s potential, but no longer have enough conviction to justify keeping the capital there.

I am also considering exiting Greggs, although I’ve not yet made that decision or sold the position. My original thesis combined growth following a major investment in production and distribution with a dividend-paying business that could provide some protection during a downturn. Slower like-for-like sales growth has made me question both parts. Cash-strapped consumers may simply make a packed lunch rather than trade down to Greggs, while hotter summers and wider GLP-1 adoption could weigh on demand. I’m also less certain how much room remains for UK store expansion. The dividend and diversification still have value, but I need to establish whether Greggs can deliver the growth and resilience I bought it for. For now, the position remains under close review.

This month I also bought a starter position in Constellation Energy. The thesis is straightforward - reliable nuclear generation is becoming more valuable as data centres and other large-load customers compete for dependable power. Constellation’s scarce, operating generation assets and ability to contract power over long periods should also offer some protection against dollar devaluation, because the value of the underlying electricity is not fixed in nominal terms forever. I’d rather begin with a small position in assets that already exist than make an oversized bet on innovative reactor designs that may take years to build, e.g. $OKLO $SMR. At 0.5%, this is a starter position, not a declaration that the valuation of $CEG does not matter.

I also continued gradually adding to SpaceX, taking my combined reported $SPCX allocation to 3.4%. Most of that remains the private-market stake I bought in 2024; the public-market portion is still less than 1% of the portfolio. My aim is to build that toward roughly 3% by year end, but I’m happy to do so patiently rather than forcing the timing.

Outside those changes, my core portfolio is untouched. My current high-conviction-at-today's-valuation list remains Amazon $AMZN, MercadoLibre $MELI, Tesla $TSLA, NVIDIA $NVDA, and Axon $AXON.

I’m currently holding an outsized cash allocation, primarily held in UK gilts, both to preserve flexibility and to limit further exposure to the US dollar. America’s debt burden relative to GDP is a particular concern. Sterling-denominated gilts don’t eliminate currency or inflation risk, but they give me income and assets outside the dollar, as part of a portfolio already heavily exposed to US equities, technology and space. With sticky inflation, higher energy costs and weakening consumer confidence, the hurdle for putting more capital into equities remains high. This allocation gives me room to act if valuations become more attractive, without having to sell core holdings, while reducing my dependence on the dollar retaining its purchasing power.

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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 weakening India thesis in more detail.

https://youtu.be/fSZwUNCVtsk