Ben’s Portfolio update end of April 2025
Returns and portfolio holdings:
Portfolio Notes 2020 63.6% Since May 12, 2020, when I started this portfolio with over 40 companies, mostly holding large cap tech & FAANG, but also some high-growth SaaS. 2021 13.1% Discovered Saul’s board in February 2021 and started concentrating to 16 companies through December 2021. 2022 -60.7% (-15.6% Jul-Dec) Concentrated a bit more through July 2022 from which point I started posting my monthly updates on Saul’s board, holding about 12 or fewer positions. 2023 77.8% First full year of Saul-style investing 2024 31.7% 2025 YTD Month Jan 9.1% 9.1% Feb 5.0% -3.7% Mar -10.4% -14.7% Apr -2.4% 8.8%
Time stamp: April 30, after market close
These are my current positions:
Apr 2025 Mar 2025 First buy* Nvidia 17.8% 19.3% 5/13/2020 Cloudflare 17.4% 17.7% 11/2/2020 Crowdstrike 13.7% 12.2% 5/13/2020 Snowflake 12.7% 12.7% 2/8/2021 Axon 10.5% 9.8% 4/2/2024 Datadog 9.0% 9.5% 5/13/2020 Monday 6.8% 6.4% 9/13/2021 Samsara 6.3% 6.6% 1/8/2024 Zscaler 4.3% 4.1% 3/4/2021 TradeDesk 1.6% 1.7% 5/13/2020
*held through today
Time stamp: April 30, after market close
Company comments
Snowflake:
Key insights:
- Revenue growth on track with a bit weak guide for Q1, but strong FY guide implying revenue growth durability around 26% - 27% YoY.
- RPO was weak, but a result from customers outpacing their contracted bookings and now purchasing as they consume. If that keeps happening going forward, I will de-emphasize RPO as a metric to track future expected revenue growth trends.
- Land-and-expand strong, but 126% NRR and strong large customer growth.
- Market place listings and stable edges were relatively strong, given some softness in previous Q4s.
- Strong profitability metrics.
Snowflake reported fiscal Q4 2025 on 2/26/25. Overall I thought this was an OK quarter with some revenue softness expected in Q1, but strong new FY guide. RPO (an historically important metric for Snowflake) looked weak, but there seems to be a good reason for it under the surface … read on.
Product revenue was 943M (4.8% QoQ, 27.8% YoY), close to my expectation of $946M (5.1% QoQ, 28.2% YoY), beating their guide by 3.8% and adding $43M sequential net new product revenue. The Q1 guide they gave was quite a bit lower than I had expected: $957M vs. $974M expected, which I now interpret as $966M, or 26.1% YoY growth, down from currently 27.8%. My base case for FY26 is that growth will at least hold at that level or maybe tick up closer to 27% during the year. That is, if I conservatively assume that they can beat their new FY guide of 23.6% by 2.5% (three approx. 0.5% raises in Q1, Q2 and Q3), which I call conservative because they beat their initial FY25 guide by 6.5%.
Coming to secondary growth metrics, the metric that Snowflake’s management has historically highlighted, RPO, came in quite a bit lower than I had expected. RPO was $6.87b, versus my expectation of $8b. So what happened? Well, I think we are starting to see what we already see with other companies like Cloudflare, where customers are moving to pure consumption, which of course still generates revenue, but not RPO: “During the quarter, several large customers ran out of capacity before their contract end date as their revenue outpaced their contracted bookings instead of pulling forward the renewal cycle, these accounts are now purchasing as they consume. This is common for large customers, and we do not view this choice as indicative of their future consumption patterns.” If that’s really all there is to it, we shouldn’t be worried about the relatively weak RPO growth (although it still grew 20% QoQ, just much less than typical for Q4s). And if that will be the case more often going down the road, we should probably greatly de-emphasize RPO as a metric for future revenue growth.
Looking a bit deeper into the health of their land-and-expand motion, we saw strong net retention this quarter at 126%, similar to the last few quarters, where NRR seems to have settled for now.
On the “land-side”, Snowflake added 543 new customers, just slightly below last Q4’s 560 adds (reminder that they restate their customer numbers every quarter). While G2000 adds was weak at only 3 (very lumpy after a strong 15 adds in Q3), large customer growth, that is $1M+, was very strong, adding 39, up from 23 last Q4 and growing 7.2% QoQ.
While market place listings and stable edge customer growth is typically soft in Q4, I was happy to see Marketplace Listings grew 26% YoY (26.3% in Q3), and stable edge customers grew 58.6% YoY (54.7% in Q3). Stable edge growth is also up from 42.3% YoY in 4Q24.
Finally, profitability metrics were again very strong this quarter. Operating Margin (Net Margin) was back at 9.4% (11.4%), after being down about 5% (7%) from Q1 through Q3. FCF margin was very strong at 42.9%.
Overview of how Snowflake performed versus my expectations:
- Product revenue expectation: $946M (5.1% QoQ, 28.2% YoY), implying a 4.1% beat; $45M net new product revenue.
→ $943M (4.8% QoQ, 27.8% YoY), a 3.8% beat. $43M sequential net new product revenue. - Q1 new product revenue guide: $974M (3% QoQ, 23% YoY) which I would interpret as $1012M (7% QoQ, 28% YoY) and assuming a 4% beat and that revenue growth will seasonally accelerate QoQ.
→ $957.5M (1.5% QoQ, 21.3% YoY), now interpreted as $996M (5.6% QoQ, 26.1% YoY), implying a 4% beat. - NRR at 127% would be great after the last two quarters seem to have bottomed at 127% after several quarters of smaller getting deltas: In the last six quarters NRR dropped by 9% → 7% → 4% → 3% → 1% → 0%, to 127% in Q3.
→ 126%. - I would like to see RPO around $8.02b and cRPO around $3.61b.
→ RPO $6.87b (19.8% QoQ, 32.7% YoY), cRPO $3.3b (15.0% QoQ, 27.4% YoY). RPO headwind: “During the quarter, several large customers ran out of capacity before their contract end date as their revenue outpaced their contracted bookings instead of pulling forward the renewal cycle, these accounts are now purchasing as they consume. This is common for large customers, and we do not view this choice as indicative of their future consumption patterns.” - I would like to see total customer growth around 5.5% QoQ (~584 adds) and $1M+ customer growth around 5.5% QoQ (~30 adds).
→ total customer growth 5.1% QoQ (543 adds), $1M+ customer growth 7.2% QoQ (39 adds). G2000 customer growth weak (3 adds), but lumpy, coming out of strong Q3 with 15 adds. - I would like to see continued market place listings and stable edge customer growth strength.
→ Q4 typically weak seasonally, but Marketplace Listings grew 26% YoY (26.3% in Q3), and stable edge customers grew 58.6% YoY (54.7% in Q3). - I don’t have a good idea what to expect for OM, NM and FCFM because of increased expenses for GPUs and newly acquired employees. Just throwing out some numbers I would expect an operating income margin around 7%, a net margin around 9% and a free cash flow margin around 43%, so that they match their adjusted fcf margin guide of 26% for FY25.
→ OM 9.4%, NM 11.4%, FCFM 43%. - I am looking for an initial upper FY26 product revenue guide of $4.2b - $4.3b (22% - 24% YoY). For comparison, their initial FY25 guide they gave in Q4 of FY24 was 21.9% YoY.
→ $4.28b (23.6% YoY). - Thoughts from previous Q: Ben’s Portfolio update end of November 2024
Samsara:
Key insights:
- Revenue and profitability trends continued unchanged, with a softer than expected Q1 revenue guide, but new FY guide gives hope that Q2 - Q4 YoY growth won’t dive as dramatically as expected in Q1.
- This is also supported by strong ARR growth and Q1 YoY drop might already be reflected in relatively weak Q1 RPO numbers, while cRPO still grows faster than expected revenue growth in Q1.
- Land and expand strong, with holding NRRs at 115% and 120% for the two cohorts and strong customer growth.
- Excellent profitability growth with strong margin expansion.
Samsara reported fiscal Q4 2025 on 3/6/25. The company seems to keep its trend of revenue growth deceleration from levels I’d call exceptional to levels I’d call very good. All this while showing an excellent trend of profitability growth. As long as revenue growth is still above 25% YoY and maybe settles somewhere around there, while continuing their strong profitability margin expansion, I think this company has a good chance of being a great investment. As Q4 goes, I also thought this was an OK quarter, coming out of a very strong Q3.
Revenue grew to $346M (7.5% QoQ, 25.3% YoY, 35.0 adjusted YoY), versus my expectation of $348M (8.1% QoQ, 26.0% YoY, 35.7% adjusted YoY) and beating their guide by 3.4%. Their new Q1 guide was definitely weaker than I had expected at $351M (1.4% QoQ, 25.0% YoY), versus $371M expected, which I now interpret as $363M (4.9% QoQ, 29.4% YoY). Again, dropping from 35% YoY growth this Q (adjusted for the wonky extra week they had last year) to 29% is quite significant, but at least their new FY guide of 22.7% at the upper end gives hope that the dive won’t continue as dramatically for the rest of the new FY: They beat their initial FY25 guide by 5% (down from 11% and 14% beats in the previous two years) and if they can beat again by about 5% (which might be optimistic), we would see growth durability at 29% YoY growth.
Encouraging for this scenario to play out is ARR, which grew 32.3% YoY, resulting in a record net add of $109M sequentially (Q3 was $85M and last Q4 was $99M), so good progress here.
RPO growth was weaker than I had expected ($2.65b vs. $ 2.72b) and YoY growth decelerated to 33% from 38%. First I thought that this deceleration might be partly a result of the last year that had an extra week creating a tough comp. I am not sure though if and how an extra week in the previous FY would affect RPO growth and I don’t think we have enough information to adjust for that as RPO accumulates differently than revenue. On the other hand, QoQ growth in RPO and cRPO was weaker than in the previous Q4’s (cRPO grew 12% in 4Q24 and only 8% in 4Q25) so that alone could explain the YoY drop; that is because if they had grown 12% QoQ again this Q4, the YoY figure would have been again 37%, just like in Q3. With that it appears the YoY drop in cRPO was purely a result of weak Q4 QoQ growth. There was no commentary on RPO/cRPO on the call since they release these numbers exclusively on the 10k/10Q, which is filed some time after the earnings date and the 10k didn’t have any commentary explaining the slow-down either. One way to interpret this slow down is to expect revenue growth to continue to decelerate going forward. Another is to point out that cRPO growth at 32% is still faster than the revenue growth I expect for Q1, which is 29%, signaling some durability for Q2 through Q4.
The rest of the reported metrics was pretty good: NRR stayed at 115% and 120% for core customers and large customer growth was strong, adding 203 new $100k+ ARR customers compared to 170 adds in Q3 and 185 adds last Q4 (now have 2506 total, 35.6% YoY). They now have 118 total $1m+ ARR customers, adding 14 new compared to 6 adds in Q3 and 11 adds last Q4. I couldn’t find an updated number of core customers which they had historically given every Q4 (4Q24 was 16500).
Profitability was excellent. Operating margin expanded to 16.1%, up from 4.9% last Q4 - an 11% margin expansion! Similarly, net margin expanded to 18.2%, up from 8.4% last Q4. And FCF margin expanded to 14%, up from 5.8% last Q4. Solid progress. How did they manage this? Well operating expenses (adjusted for the extra week in FY24 and SBC-subtracted) grew only by 16.8% YoY, while revenue (adjusted) grew 35% YoY.
Overview of how Samsara performed versus my expectations:
- Revenue expectation: $348M (8.1% QoQ, 26.0% YoY, 35.7% adjusted YoY), implying a 3.9% beat.
→ $346M (7.5% QoQ, 25.3% YoY, 35.0 adjusted YoY), a 3.4% beat. - Q1 new revenue guide: $371M (6.5% QoQ, 32% YoY) which I would interpret as $381M (9.5% QoQ, 36% YoY).
→ $351M (1.4% QoQ, 25.0% YoY), which I now interpret as $363M (4.9% QoQ, 29.4% YoY). - I would like to see net new ARR around $108M.
→ $109M (ARR YoY growth 32.3%). - I would like to see RPO around $2.72b (12% QoQ) and cRPO around $1.3b.
→ RPO $2.65b (9.1% QoQ, 32.6% YoY); cRPO $1.25b (8.0% QoQ, 32.2% YoY). - I would like to see core customer NRR around 115%.
→ 115%. - I would like to see large customer NRR around 120%.
→ 120%. - I would like to see around 200 new $100k+ ARR customers (2500 total, 35.5% YoY) and around 120 total $1m+ ARR customers, as well as more than 20500 total core customers.
→ 203 new $100k+ ARR customers (2506 total, 35.6% YoY) and 118 total $1m+ ARR customers, couldn’t find the number of core customers. - I would like to see around $37M operating income, corresponding to a 10.6% operating margin.
→ $55M operating income, 16.1% margin. - I am looking for an initial upper FY26 revenue guide of $1.57b - $1.61b (25.5% - 29% YoY). For comparison, their initial FY25 guide they gave in Q4 of FY24 was 27.1% YoY.
→ $1.53b (22.7% YoY) initial upper bound on FY26 guide. - Thoughts from previous Q: Ben’s Portfolio update end of December 2024
Expectations for upcoming earnings
In the following I summarize my expectations for the companies that are still due to report this earnings season. The goal of this exercise is to come up with reasonable earnings expectations. The goal here is not to be absolutely accurate, but to be able to identify when a company surprises in either a good or a bad way. That way it will be easier for me to identify if a change in conviction level is warranted. Also, just because a company exceeds or performs below my expectation with a single metric, that doesn’t necessarily mean my conviction has to change. Really, what this exercise does is it helps me to think about my companies holistically. Therefore, I think it is valuable to come up with these expectations before they report as it will help me to keep the companies (and myself) accountable and minimize any cognitive bias once the results are out.
A practical way for me to come up with those numbers is by asking a couple questions. For example “what revenue growth rate would continue the trends the company is currently following?” (Looking at revenue growth trends AND other metrics.) And then when I have a number in mind, I ask myself “If the company reaches less than this number, would I be negatively surprised?“; “If the company reaches more than this number, would I be positively surprised?” If the answer is yes to both questions I write it down below. Same goes for all other quantitative metrics below.
Nvidia:
- Reporting Fiscal Q1 2026 on 5/28/25.
- Revenue expectation: $44719M (13.7% QoQ, 71.7% YoY), implying a 4.9% beat; they beat last Q1 guide by 8.5%, Q2 guide by 7.3%, Q3 guide by 7.9% and Q4 guide by 4.9%.
- Q2 new revenue guide: $47626M (6.5% QoQ, 59% YoY) which I would interpret as $49414M (10.5% QoQ, 64% YoY) roughly continuing the deceleration trend.
- I would like to see GAAP gross margin around 70.6%.
- I would like to see non-GAAP gross margin around 71%.
Snowflake:
- Reporting Fiscal Q1 2026 on 5/21/25.
- Product revenue expectation: $996M (5.6% QoQ, 26.1% YoY), implying a 4% beat; $52M net new product revenue.
- Q2 new product revenue guide: $1026M (3% QoQ, 24% YoY) which I would interpret as $1056M (6% QoQ, 27% YoY), implying a 3% beat and that revenue growth will be stable QoQ.
- NRR at 126% would be great as a new baseline after several quarters of smaller getting deltas: In the last seven quarters NRR dropped by 9% → 7% → 4% → 3% → 1% → 0% → 1%, to 126% in Q4.
- I would like to see RPO around $6.59b and cRPO around $2.9b, expecting more headwinds due to customers switching to true “day-by-day” consumption.
- I would like to see total customer growth around 4% QoQ (~446 adds) and $1M+ customer growth around 6% QoQ (~35 adds).
- I would like to see continued market place listings and stable edge customer growth strength.
- I don’t have a good idea what to expect for OM, NM and FCFM because of increased expenses for GPUs and newly acquired employees. Just throwing out some numbers I would expect an operating income margin around 5%, a net margin around 7% and a free cash flow margin around 45%.
- Detailed thoughts earlier in this recap.
Datadog:
- Reporting Fiscal Q1 2025 on 5/6/25 before the market opens.
- Revenue expectation: $767M (4% QoQ, 25.5% YoY), implying a 3.8% beat.
- Q2 new revenue guide: $779M (1.6% QoQ, 21% YoY) which I would interpret as $808M (5.4% QoQ, 25% YoY) expecting YoY growth will stay at 25% while QoQ growth accelerates.
- My Q1 revenue expectation implies about $29M raw sequential revenue increase (up from $22M last Q1).
- I would like to see RPO flat QoQ at $2.2b to $2.3b (32% YoY growth).
- I would like to see QoQ customer growth around 2.5% (~750 new) and for the $100k+ cohort, around 4% QoQ (~144 new).
- I would like to see continued multi-product adoption progress with 2+, 4+, 6+ and 8+ products cohort percentages of 84%, 50%, 27% and 13%.
- I would like to see NRR similar to Q4 and management commentary that NRR is stable or going up from Q4.
- I would like to see stable profitability margins from Q4.
- Detailed thoughts: Ben’s Portfolio update end of February 2025
Zscaler:
- Reporting Fiscal Q3 2025 around 05/29/25.
- Revenue expectation: $679M (4.8% QoQ, 22.7% YoY), expectation from billings model and 2% beat.
- Q4 new revenue guide: $699M (3% QoQ, 18% YoY) which I would interpret as $713M (5% QoQ, 20% YoY) as my expectation from billings model, assuming Q3 QoQ billings growth of 3% (seasonal! And management commentary: “For Q3, we expect billings growth to continue to improve and encourage modeling 200 to 260 basis points of sequential billings growth.”).
- I would like to see Q3 billings of around $765M.
- I would like to see RPO growth of around 6% QoQ (to $4.89b) and cRPO of about $2.4b.
- I would like to see >100k ARR customer growth around 3.5% QoQ (~115 net adds).
- I would like to see >1M ARR customer growth around 5% QoQ (~31 net adds).
- I would like to see an operating income around $156M (23% margin).
- Detailed thoughts: Ben’s Portfolio update end of March 2025
Crowdstrike:
- Reporting Fiscal Q1 2026 around 6/3/25.
- Revenue expectation: $1133M (7% QoQ, 23% YoY), implying a 2.6% beat this Q.
- Q2 new revenue guide: $1155M (1.9% QoQ, 20% YoY) which I would interpret as $1184M (4.5% QoQ, 23% YoY), assuming QoQ growth will decelerate seasonally.
- Net new ARR of more than $200M (-10% QoQ and ARR +4.8% QoQ).
- I would like to see around $6.63b RPO (2% QoQ, 41% YoY); cRPO around $3.5b (53% of RPO, 25% YoY).
- I would like to see NRR greater or equal to 112%.
- I would like to see about $216M operating income.
- I would like to see about $201M net income.
- I would like to see no multi-product customer decline.
- I would like to see gross retention close to 97%.
- Detailed thoughts: Ben’s Portfolio update end of March 2025
Monday:
- Reporting Fiscal Q1 2025 on 5/12/25 before the market open.
- Revenue expectation: $282M (5.4% QoQ, 30% YoY), implying a 2.7% beat.
- Q2 new revenue guide: $298M (5.5% QoQ, 26% YoY) which I would interpret as $305M (8% QoQ, 29% YoY), expecting QoQ growth will accelerate.
- I would like to see raw sequential revenue increase around $14.4M. (It then should be above $20M for Q2, Q3 and Q4).
- I would like to see more than 60200 customers with 10+ users (>1000 net adds), around 3400 customers in the $50k+ cohort (200 net adds) and around 1287 customers in the $100k+ cohort (80 net adds).
- I would like to see CRM accounts growth around 14% QoQ (to 31642, 3886 net adds).
- I would like to see Dev accounts growth around 11.7% QoQ (to 3833, 400 net adds).
- I would like to see Service accounts growth around 60% QoQ (to 605, 227 net adds).
- I would like to see that NRR greater or equal to 112%, NRR10+ greater or equal to 115%, NRR50k greater or equal to 115% and NRR100k greater or equal to 116%.
- I would like to see operating margin around 12.4% (~$35M operating income), net margin around 18.4% and FCF margin around 32% with FCF of around $90M.
- Detailed thoughts: Ben’s Portfolio update end of February 2025
Samsara:
- Reporting Fiscal Q1 2026 around 6/5/25.
- Revenue expectation: $363M (4.9% QoQ, 29.3% YoY), implying a 3.5% beat.
- Q2 new revenue guide: $375M (3.4% QoQ, 25% YoY) which I would interpret as $388M (6.8% QoQ, 29% YoY).
- I would like to see net new ARR around $82M.
- I would like to see RPO around $2.84b (7% QoQ) and cRPO around $1.34b.
- I would like to see core customer NRR around 115%.
- I would like to see large customer NRR around 120%.
- I would like to see around 150 new $100k+ ARR customers (2656 total, 35.2% YoY) and at least 123 total $1m+ ARR customers (5 adds).
- I would like to see around $39M operating income, corresponding to a 10.8% operating margin.
- Detailed thoughts earlier in this recap.
The Trade Desk:
- Reporting Fiscal Q1 2025 on 5/8/25.
- Revenue expectation: $586M (-20.9% QoQ, 19.3% YoY), implying a 2% beat.
- Q2 new revenue guide: $691M (18% QoQ, 18% YoY) which I would interpret as $703M (20% QoQ, 20% YoY).
- I would like to see a net margin of around 28% and $170M net income.
Cloudflare:
- Reporting Fiscal Q1 2025 on 5/8/25.
- Revenue expectation: $478M (3.9% QoQ, 26.3% YoY), implying a 2% beat.
- Q2 new revenue guide: $497M (4% QoQ, 24% YoY) which I would interpret as $507M (6% QoQ, 26% YoY) expecting QoQ growth to seasonally accelerate, but stay at Q1’s YoY growth rate.
- I would like to see NRR around 112%.
- I would like to see total customer growth around 4% QoQ (~9500 net adds).
- I would like to see large customer growth around 4% QoQ (~140 net adds).
- I would like to see RPO grow around 7% QoQ to $1.8b.
- I would like to see cRPO grow around 5.5% QoQ to $1.24b.
- I would like to see operating income around $63M.
- I would like to see a FCF margin around 9.5%.
- Detailed thoughts: Ben’s Portfolio update end of February 2025
Axon:
- Reporting Fiscal Q1 2025 on 5/7/25.
- Revenue expectation: $615M (7% QoQ, 33.7% YoY), assuming similar QoQ growth as last Q1.
- Q2 revenue expectation: $673M (9.5% QoQ, 34% YoY), assuming similar QoQ growth as last Q2. Note: they don’t give quarterly guides besides for Q4s.
- I would like to see around $120M net new ARR.
- I would like to see RPO around $10b.
- I would like to see NRR around 123%.
- I would like to see adjusted EBITDA around $145M.
- Detailed thoughts: Ben’s Portfolio update end of March 2025
Wrap up
Not much to wrap up this month. Earnings reports incoming shortly! Of course it’ll be interesting to see if any companies pull their FY guides which they just gave a quarter ago, as a result of macro (tariffs uncertainty), but I’d rather focus on their actual execution of the quarter and any commentary that might impact the narrative.
I am wishing you all a great May!
Ben
Past recaps
July 2022: Ben’s Portfolio end of July 2022 - Saul’s Investing Discussions - Motley Fool Community
August 2022: Ben’s Portfolio end of August 2022 - Saul’s Investing Discussions - Motley Fool Community
September 2022: Ben’s Portfolio update end of September 2022
October 2022: Ben’s Portfolio update end of October 2022
November 2022: Ben’s Portfolio update end of November 2022
December 2022: Ben’s Portfolio update end of December 2022
January 2023: Ben’s Portfolio update end of January 2023
February 2023: Ben’s Portfolio update end of February 2023
March 2023: Ben’s Portfolio update end of March 2023
April 2023: Ben’s Portfolio update end of April 2023
May 2023: Ben’s Portfolio update end of May 2023
June 2023: Ben’s Portfolio update end of June 2023
July 2023: Ben’s Portfolio update end of July 2023
August 2023: Ben’s Portfolio update end of August 2023
September 2023: Ben’s Portfolio update end of September 2023
October 2023: Ben’s Portfolio update end of October 2023
November 2023: Ben’s Portfolio update end of November 2023
December 2023: Ben’s Portfolio update end of December 2023
January 2024: Ben’s Portfolio update end of January 2024
February 2024: Ben’s Portfolio update end of February 2024
March 2024: Ben’s Portfolio update end of March 2024
April 2024: Ben’s Portfolio update end of April 2024
May 2024: Ben’s Portfolio update end of May 2024
June 2024: Ben’s Portfolio update end of June 2024
July 2024: Ben’s Portfolio update end of July 2024
August 2024: Ben’s Portfolio update end of August 2024
September 2024: Ben’s Portfolio update end of September 2024
October 2024: Ben’s Portfolio update end of October 2024
November 2024: Ben’s Portfolio update end of November 2024
December 2024: Ben’s Portfolio update end of December 2024
January 2025: Ben’s Portfolio update end of January 2025
February 2025: Ben’s Portfolio update end of February 2025
March 2025: Ben’s Portfolio update end of March 2025