Christmas Portfolio Update

Q3 earnings aftermath

Hello,

Portfolio companies are done reporting for Q3.

Much has changed since my previous portfolio update in August. I sold two large holdings, bought four new ones, and increased the size of two. My portfolio continued to perform well in the fall of 2024, thanks to most holdings posting satisfactory Q3/H1 results, discovery process taking place at some, and, of course, market momentum. It is currently up 27% YTD (pre-tax, of course).

While I always share my buy sell decisions in the subscriber chat and at the end of my Substack articles, I realize it can sometimes be hard to keep track. So this piece will be my way of letting you know how exactly I am positioned heading into 2025, and what I expect from each position.