Markus Moxham

Positions

20 open · 0 closed

Prices as at

INCYLong · Open

Incyte Corp

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

$116.00 → $126.01Return +8.6%SPX +2.1%vs bench +6.5 ppHeld 1 monthConviction Low

MULong · Open

Micron Technology Inc

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

$920.58 → $1,027.77Return +11.6%SPX +2.1%vs bench +9.6 ppHeld 1 monthConviction Medium

NFLXLong · Open

Netflix Inc

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

$70.08 → $76.03Return +8.5%SPX +2.1%vs bench +6.4 ppHeld 1 monthConviction Medium

NVDALong · Open

NVIDIA Corp

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

$206.84 → $223.67Return +8.1%SPX +2.1%vs bench +6.1 ppHeld 1 monthConviction High

PGRLong · Open

Progressive Corp

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

$213.60 → $215.50Return +0.9%SPX +2.1%vs bench −1.2 ppHeld 1 monthConviction Medium

PLTRLong · Open

Palantir Technologies Inc

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

$122.91 → $169.53Return +37.9%SPX +2.1%vs bench +35.8 ppHeld 1 monthConviction Medium

BKNGAvoid · Open

Booking Holdings Inc

Avoid. Vulnerable monopolist facing regulatory disintermediation.

$215.00 → $173.43Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

NDSNAvoid · Open

Nordson Corp

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

$236.37 → $313.94Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

COKEAvoid · Open

Coca-Cola Consolidated

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

$165.78 → $189.02Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

EGAvoid · Open

Everest Group

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

$327.16 → $367.87Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

FTNTLong · Open

Fortinet Inc

Long. Proprietary ASIC cybersecurity compounder.

$82.22 → $157.22Return +91.2%SPX +10.7%vs bench +80.5 ppHeld 9 monthsConviction Medium

ACGLLong · Open

Arch Capital Group Ltd

Long. Elite specialty underwriting compounder.

$92.34 → $96.11Return +4.1%SPX +10.7%vs bench −6.6 ppHeld 9 monthsConviction Low

ADBELong · Open

Adobe Inc

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

$344.69 → $254.86Return −26.1%SPX +10.7%vs bench −36.7 ppHeld 9 monthsConviction Medium

APPAvoid · Open

Applovin Corp

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

$691.96 → $305.06Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

UBERLong · Open

Uber Technologies Inc

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

$91.20 → $71.08Return −22.1%SPX +11.0%vs bench −33.1 ppHeld 9 monthsConviction High

ZMLong · Open

Zoom Communications Inc

Long. Pristine net-cash value play.

$89.09 → $96.18Return +8.0%SPX +10.7%vs bench −2.8 ppHeld 9 monthsConviction High

RMBSAvoid · Open

Rambus Inc

Avoid. Cyclical peak-multiple trap.

$101.60 → $87.65Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

FOXLong · Open

Fox Corporation Class B

Long. Live news and sports cash machine.

$58.26 → $57.10Return −2.0%SPX +11.5%vs bench −13.5 ppHeld 9 monthsConviction Medium

LVSAvoid · Open

Las Vegas Sands Corp.

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

$67.43 → $43.33Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium

NEMAvoid · Open

Newmont Corporation

Avoid. Operational value trap in a gold bull market.

$90.73 → $128.71Return n/aSPX n/avs bench n/aHeld 9 monthsConviction Medium