Position Record

Positions

21 calls · 13 positions · 8 avoids

Prices as at

BKNGLong · Open

Booking Holdings Inc

Long. Strong profitability and financial health at a slightly undervalued valuation. Peter Lynch and median PS value indicate undervaluation: a historic opportunity.

$170.52 → $150.14Return −12.0%SPX +1.1%vs bench −13.1 ppHeld 1 monthConviction Medium

INCYLong · Open

Incyte Corp

Long. Strong financials, profitability, and momentum at a fair price.

$116.00 → $116.60Return +0.5%SPX +3.2%vs bench −2.7 ppHeld 3 monthsConviction Low

MULong · Open

Micron Technology Inc

Long. Excellent underlying financials, profitability, and growth in a lucrative industry.

$920.58 → $928.76Return +0.9%SPX +3.2%vs bench −2.3 ppHeld 3 monthsConviction Medium

NFLXLong · Open

Netflix Inc

Long. Solid financials paired with excellent profitability and growth at a historically undervalued price point.

$70.08 → $62.52Return −10.8%SPX +3.2%vs bench −14.0 ppHeld 3 monthsConviction Medium

NVDALong · Open

NVIDIA Corp

Long. Best in market growth, financials, and profitability for a slightly undervalued price.

$206.84 → $217.94Return +5.4%SPX +3.2%vs bench +2.1 ppHeld 3 monthsConviction High

PGRLong · Open

Progressive Corp

Long. Strong profitability and growth rates at an undervalued price.

$213.60 → $225.60Return +5.6%SPX +3.2%vs bench +2.4 ppHeld 3 monthsConviction Medium

PLTRLong · Open

Palantir Technologies Inc

Long. Exceptional financials, profitability, and growth in one of the most rewarding industries.

$122.91 → $198.73Return +61.7%SPX +3.2%vs bench +58.5 ppHeld 3 monthsConviction Medium

BKNGAvoid · Lapsed

Booking Holdings Inc

Avoid. Vulnerable monopolist facing regulatory disintermediation.

$215.00 → $170.52Price move −20.7%SPX +12.1%Worth avoiding +32.7 ppStood 9 monthsConviction Medium1 update

NDSNAvoid · Standing

Nordson Corp

Avoid. Serial compounder navigating an M&A integration digestion cycle.

$236.37 → $324.30Price move +37.2%SPX +13.2%Worth avoiding −24.0 ppStood 10 monthsConviction Medium

COKEAvoid · Standing

Coca-Cola Consolidated

Avoid. Strong business at a poor valuation, compounded by unsustainable share repurchases and macroeconomic concerns.

$165.78 → $206.61Price move +24.6%SPX +12.0%Worth avoiding −12.7 ppStood 10 monthsConviction Medium

EGAvoid · Lapsed

Everest Group

Avoid. A value trap or a mispriced cyclical hard-market reinsurer?

$327.16 → $380.12Price move +16.2%SPX +10.7%Worth avoiding −5.5 ppStood 9 monthsConviction Medium1 update

FTNTLong · Open

Fortinet Inc

Long. Proprietary ASIC cybersecurity compounder.

$82.22 → $185.00Return +125.0%SPX +11.9%vs bench +113.1 ppHeld 10 monthsConviction Medium

ACGLLong · Open

Arch Capital Group Ltd

Long. Elite specialty underwriting compounder.

$92.34 → $100.34Return +8.7%SPX +11.9%vs bench −3.2 ppHeld 11 monthsConviction Low

ADBELong · Open

Adobe Inc

Long. Deep-moat creative standard mistaken as a disrupted legacy monopolist.

$344.69 → $248.36Return −27.9%SPX +11.9%vs bench −39.9 ppHeld 11 monthsConviction Medium

APPAvoid · Lapsed

Applovin Corp

Avoid at $692. Exceptional business, priced for roughly 34% growth in perpetuity. Interested below $350.

$691.96 → $321.60Price move −53.5%SPX +11.0%Worth avoiding +64.6 ppStood 9 monthsConviction Medium1 update

UBERLong · Closed

Uber Technologies Inc

Long. Strong growth and best-in-class profitability with the possibility of autonomous vehicle expansion in the near term.

$91.20 → $70.87Return −22.3%SPX +11.0%vs bench −33.3 ppHeld 9 monthsConviction HighPost-mortem

ZMLong · Open

Zoom Communications Inc

Long. Pristine net-cash value play.

$89.09 → $97.40Return +9.3%SPX +12.0%vs bench −2.7 ppHeld 11 monthsConviction High

RMBSAvoid · Standing

Rambus Inc

Avoid. Cyclical peak-multiple trap.

$101.60 → $88.91Price move −12.5%SPX +12.0%Worth avoiding +24.5 ppStood 11 monthsConviction Medium

FOXLong · Closed

Fox Corporation Class B

Long. Live news and sports cash machine.

$58.26 → $58.43Return +0.3%SPX +11.5%vs bench −11.2 ppHeld 10 monthsConviction MediumPost-mortem

LVSAvoid · Standing

Las Vegas Sands Corp.

Avoid. An overleveraged structural value trap hiding as a high-moat asian duopoly.

$67.43 → $36.12Price move −46.4%SPX +12.7%Worth avoiding +59.2 ppStood 11 monthsConviction Medium

NEMAvoid · Lapsed

Newmont Corporation

Avoid. Operational value trap in a gold bull market.

$90.73 → $124.39Price move +37.1%SPX +11.5%Worth avoiding −25.6 ppStood 10 monthsConviction Medium1 update