Portfolio Update
Portfolio Update (Oct 2026)
10 October 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: [Oct 2026]
⭐ = high conviction ⬆️ = bought / added ⬇️ = trimmed / sold
- $CASH - Cash - 21.9%
- $GOOGL - Alphabet - 12.3%
- $ISRG - Intuitive Surgical - 9.4%
- $RKLB - Rocket Lab - 8.4%
- $AMZN - Amazon - 7.8% ⭐
- $MELI - MercadoLibre - 5.6% ⭐
- $TSLA - Tesla - 5.1% ⭐
- $SPCX - SpaceX - 3.6%
- $PANW - Palo Alto Networks - 3.3%
- $CRWD - CrowdStrike - 3.3% ⬇️
- $NVDA - NVIDIA - 2.7% ⭐
- $ASTS - AST SpaceMobile - 1.9%
- $AXON - Axon - 1.9% ⭐
- $SE - Sea Ltd - 1.7%
- $PLTR - Palantir - 1.2%
- $UBER - Uber - 1.2%
- $NU - Nubank - 1.1%
- $TMDX - TransMedics - 1.1%
- $NVO - Novo Nordisk - 0.9%
- $ADYEN - Adyen - 0.8%
- $IREN - Iris Energy - 0.8%
- $GRG - Greggs - 0.7%
- $BN - Brookfield Corp - 0.7% ⬆️
- $LMT - Lockheed Martin - 0.5%
- $CEG - Constellation Energy - 0.5%
- $IBE - Iberdrola SA - 0.5%
- $CWEN - Clearway Energy - 0.4%
- $BEPC - Brookfield Renewable - 0.4%
- $NKTR - Nektar Therapeutics - 0.2%
Sold: None
In August I wrote that the money in a megatrend isn't in spotting it, but in the lag between something being important and being priced as important. This month I acted on that idea at both ends of the same trend: taking some money off the table where I think the gap has closed, and starting small where I think it hasn't.
The gap that closed is cybersecurity. In April I put high conviction stars back on CrowdStrike $CRWD and Palo Alto Networks $PANW, because I thought security would be one of the cleaner winners of AI adoption. By August both stocks had more than doubled. I took the stars off and said I didn't plan to trim, but CrowdStrike kept running anyway, and in late September I found myself needing to cut it back to almost half to manage my exposure. The business hasn't changed, and I still think it's one of the best in the sector. What changed is that the market now fully recognises what I was betting on several years ago, and an overweight position was asking more of the future than I was comfortable with. This is valuation discipline rather than a thesis break, and for now I've left Palo Alto alone, so cybersecurity is still a major component of my portfolio.
The other end of the AI trade is far more physical. Every model and every data centre needs power that is reliable, contracted, and available around the clock. My new investment position is Brookfield Corp $BN. Brookfield owns and operates infrastructure, power generation, data centres, property and industrial assets - earning recurring asset-management fees, and leveraging access to cheap, long-term capital. What interests me most is how $BN might behave if things go wrong. If stress in private credit turns into a real crunch, Brookfield's scale and financial strength could let it buy distressed assets while competitors retreat.
That opportunity comes with complexity. Brookfield spans multiple listed entities, asset types and funding structures, and it is still exposed to leverage, interest rates and asset values. At 0.7%, this is a starter position that gives me room to learn and add if the thesis strengthens, rather than pretending I have already resolved every moving part.
Outside those two trades, the portfolio is largely unchanged. My current high-conviction-at-today's-valuation list remains Amazon $AMZN, MercadoLibre $MELI, Tesla $TSLA, NVIDIA $NVDA, and Axon $AXON. High conviction isn't the same as risk-free, it’s more just a sense that the potential reward outweighs the risk at today’s valuation.
So October came down to one idea applied in both directions: trim where the market has caught up, start small where I think it hasn't, and keep 22% in cash, still mostly in UK gilts, for the next time a gap opens. Being right about a trend only pays if you own the right layer at the right price, and I'd rather wait than force capital into ideas that don't clear the bar.
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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 discuss my CrowdStrike trim in more detail.
