Ben’s Portfolio update end of August 2025
Returns and portfolio holdings:
Portfolio Notes 2022 -15.6%* *Jul-Dec, since I started posting my portfolio. (For portfolio returns before I started posting on Saul’s, see one of my earlier recaps.) 2023 77.8% 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% May 19.6% 22.6% Jun 32.7% 11.0% Jul 33.5% 0.6% Aug 29.9% -2.7%
These are my current positions:
Aug 2025 Jul 2025 First buy* Cloudflare 22.6% 21.9% 11/2/2020 Nvidia 21.4% 21.3% 5/13/2020 Snowflake 14.3% 13.0% 2/8/2021 Crowdstrike 10.2% 10.6% 5/13/2020 Axon 9.6% 9.4% 4/2/2024 Datadog 9.0% 9.0% 5/13/2020 Samsara 4.3% 4.4% 1/8/2024 Zscaler 4.0% 4.0% 3/4/2021 Monday 3.5% 4.6% 9/13/2021 TradeDesk 1.2% 1.8% 5/13/2020
*held through today
Company comments
Axon:
Key insights:
- YoY revenue growth accelerated to 32.8% from 31.3% with strongest QoQ growth (10.8%) in 7 quarters.
- ARR YoY growth also accelerated significantly to 39.2%, up from 33.8% and FY guide was raised 1.1%.
- High margin Software and Services segment (78.9% gross margin) is growing much faster than their lower-margin Connected Devices segment (51.1% gross margin), signaling further profitability margin expansion down the road.
- NRR increased to 124% from 123%.
- Negative FCF this quarter can be tied back to several things coming together, none of which are concerning from an investor point of view.
Axon reported Fiscal Q2 2025 on 8/4/25. I thought this was a very good quarter! They basically exceeded all my expectations and nearly met my expectation for EBITDA, and all the metrics I track are going in the right direction (besides free cash flow, more on that later).
Most notably, YoY revenue growth accelerated to 32.8% from 31.3% in Q1, while growing 10.8% QoQ, the strongest QoQ growth in the recent 7 quarters. On top of that, they also raised their FY guide by 1.1%, a solid raise. ARR YoY growth also accelerated significantly to 39.2%, up from 33.8% in Q1.
What I also like is that their high-margin Software and Services segment (78.9% gross margin) is growing much faster than their lower-margin Connected Devices segment (51.1% gross margin). The former is growing revenues at 39.1% YoY, while the latter is growing at 28.5% YoY. That means, as Software is growing faster, we can expect further profitability margin expansion, which will be great for future free cash flow.
Other forward looking metrics were also (again) great this quarter: Future contracted bookings grew 42.7% YoY and Net retention rate improved from an already stellar 123% to 124%.
Coming to profitability, net income margin expanded significantly to 26%, up from 18.9% last Q2 and adjusted EBITDA margin expanded slightly to 25.7% from 25.0% last Q2.
But … Axon’s free cash flow swung from being positive $75M last Q2 to negative $111M this quarter. So what happened? Let’s start by stating that Axon’s free cash flow has been very lumpy in the past and has historically been negative in Q1, although this Q1 it was close to zero. Looking at their cash flow statement there were six negative cashflow items that were significantly larger than in Q2 last year
- Receivables and contract assets went to -$139M from -$20M,
- Inventory went to -$31M from -$15M,
- Deferred revenue went to -$85M from -$28M,
- prepaid expenses went to -$65M from $0M,
- accounts payable went to +$13M from +$42M and
- purchases of property and equipment went to -$23M from -$11M.
So the approx. $300M in delta cashflows compared to last Q2 was compensated for by an extra $60M in SBC-excluded net-income, $40M in investment gains and $20M in various smaller buckets, resulting in a total delta of free cash flow on the order of $190M between this and last Q2. Looking at items 1. through 6. I don’t see any red flags here that would tell me that this was not a temporary, one-quarter outlier, where several things came together, none of which are particularly concerning (like increasing inventory to meet future demand, deferred revenue or customers owing them money temporarily).
So, overall, I’d say well done, Axon!
Overview of how Axon performed versus my prior expectations.
- Revenue expectation: $661M (9.5% QoQ, 31.3% YoY), assuming similar QoQ growth as last Q2.
→ $668.5M (10.8% QoQ, 32.8% YoY). - Q3 revenue expectation: $717M (8.5% QoQ, 32% YoY), assuming similar QoQ growth as last Q3. Note: they don’t give quarterly guides besides for Q4s.
→ I now expect Q3 revenue at $725M (8.5% QoQ, 33.3% YoY). - I would like to see around $55M net new ARR.
→ $79M net new ARR (growing ARR 39.2% YoY). - I would like to see RPO around $10.5b (40% YoY growth).
→ $10.7b net new ARR (42.7% YoY growth). - I would like to see NRR around 123%.
→ 124%. - I would like to see adjusted EBITDA around $178M (27% margin).
→ $172M (25.7% margin). - Thoughts from previous Q: Ben’s Portfolio update end of May 2025
Monday:
Key insights:
- revenue growth on the weak side + contracting profitability margins + unchanged FY guide made this look like a weak quarter, BUT …
- … new Q3 guide interpretation makes up for slightly weak revenue growth this Q.
- … bottom-line margin contraction was because of significantly increased R&D expenses, which given the wave of AI shouldn’t be a surprise and might eventually pay off.
- The rest of the metrics was a little bit of a mixed bag this quarter with weaker than I expected growth in CRM, Dev and Service accounts, which is more than compensated for by very strong overall customer growth numbers and roughly static NRRs.
Monday reported Fiscal Q2 2025 on 8/11/25. Overall, I’d say this was an OK quarter; a little bit on the weak side, but still OK, when digging a little bit deeper into their financials. I think three things came together this quarter which made Monday as an investment look worse than it actually is. First, revenue growth was a little bit weaker than I thought it would be, second, profitability margins contracted slightly YoY and third, they raised their FY revenue guide by only 0.2%. Normally, we want a company to report either a great top-line or a great bottom-line or, a bit less important, give a strong raise on revenue guidance, or better yet, all three things combined. So I can certainly see how the stock sells off if neither are great, or more specifically, if operating expenses grow faster (28% YoY) than revenue (26.6% YoY). But I think in this specific case it is important to understand the weaker top and bottom line and put them into a wider context. And with regard to the FY guide, well, unless it shows us that there is a problem, I wouldn’t pay too much attention to it. And in this case, a 0.2% raise, while not great, isn’t a problem in my mind.
So let’s talk about this wider context for top and bottom-line growth. Monday has been battling since years to break out of their $12-14M net new quarterly revenue. They finally managed to do so in the last 12 months through the combination of compounding revenues and a rolling price increase which has been well-received by customers. So net new quarterly revenue was 2Q24: $19M → 3Q24: $15M → 4Q24: $17M → 1Q25: $14M → 2Q25: $17M. While they brought in $299 million in revenue in Q2, just shy of my $302 million expectation, the net new revenue tells a different story and reveals a much more significant gap. The good news, however, is that their new Q3 guide basically makes up for this gap entirely, where they essentially met my expectation for a $312M guide. So I think it is still totally possible to reach $20M net new quarterly revenue in Q3 (implying a 2.4% beat, compared to a 4-quarter average beat of 2.5%), which would be a significant step up from this quarter’s $17M.
And with regard to the bottom-line margin contraction it is important to track the source of this contraction (OM contracted YoY to 15.1% from 16.3%, NM to 19.5% from 20.9% and FCFM to 21.4% from 21.5%). The single reason for this contraction was that Monday significantly increased their R&D expenses, to 19.8% of revenue, up from 15.6% last year. Given the wave of AI that is hitting us, it should be no surprise that many software companies increase their R&D spending, and they might actually not even have a choice if they don’t want to be left behind by the AI innovations developed by their competitors.
So for me, these were the two biggest take-aways of this earnings report. Aside from that, the rest of the metrics just reflect what I already told; a little bit of a mixed bag this quarter with weaker than I expected growth in CRM, Dev and Service accounts, which is more than compensated for by very strong overall customer growth numbers and roughly static NRRs (see numbers below).
Overview of how Monday performed versus my prior expectations.
- Revenue expectation: $302M (6.9% QoQ, 27.9% YoY), implying a 3% beat.
→ $299M (5.9% QoQ, 26.6% YoY), a 2.1% beat. - Q3 new revenue guide: $313M (3.5% QoQ, 25% YoY) which I would interpret as $320M (6% QoQ, 27% YoY).
→ $312M (4.3% QoQ, 24.3% YoY), which I now interpret as $319M (6.8% QoQ, 27.3% YoY), implying a 2.4% beat. - I would like to see raw sequential revenue increase around $19.5M. (It then should be in-between $18-21M for Q3 and Q4).
→ raw sequential revenue increase was $16.8M. I now expect it to be in-between $20-21M for Q3 and Q4. - I would like to see more than 61500 customers with 10+ users (~1000 net adds), around 3664 customers in the $50k+ cohort (220 net adds) and around 1428 customers in the $100k+ cohort (100 net adds).
→ 61803 customers with 10+ users (1237 net adds), 3702 customers in the $50k+ cohort (258 net adds) and 1472 customers in the $100k+ cohort (144 net adds). - I would like to see CRM accounts growth around 11% QoQ (to 34967, 3500 net adds).
→ 6.4% QoQ (to 33479, 2012 net adds). - I would like to see Dev accounts growth around 14% QoQ (to 4866, 600 net adds).
→ 9.5% QoQ (to 4673, 407 net adds). - I would like to see Service accounts growth around 58% QoQ (to 1094, 400 net adds).
→ 45% QoQ (to 1008, 314 net adds). - I would like to see that NRR around 113%, NRR10+ around 116%, NRR50k around 116% and NRR100k around 117%.
→ NRR 111%, NRR10+ 115%, NRR50k 116% and NRR100k 117%. - I would like to see operating margin around 14.6% (~$44M operating income), net margin around 21% and FCF margin around 22% with FCF of around $67M.
→ OM 15.1% ($45.1M), NM 19.5% ($58.3M), FCFM 21.4% ($64.1M). - Thoughts from previous Q: Ben’s Portfolio update end of May 2025
Datadog:
Key insights:
- Datadog had a fantastic quarter, exceeding almost all of my espectations by a wide margin.
- YoY Revenue growth re-accelerated strongly to 28.1% from 24.6% and would have also re-accelerated without inorganic revenue growth.
- Narrative concern weighing heavily on the stock is that OpenAI, Datadog’s largest AI native customer, is reported to work on developing their own, in-house data monitoring solutions which could result in a yearly revenue shortfall of up to approx. $150M for Datadog by 2026, BUT …
- … Datadog’s numbers speak very clearly for themselves: We have a business that has strongly (and to me, surprisingly) re-accelerated revenue growth and is really firing on all cylinders.
- So combining the OpenAI narrative fears with Datadog’s strong execution, I’d call their current, near-term risk-reward profile elevated.
- FY guide raised by an astonishing 2.7%, which, based on CEO commentary has factored in some churn due to “native AI cohort volatility”.
- RPO and cRPO YoY growth rates accelerated to 35.8% from 33.5% and to ~32.5% from ~30%, respectively.
- They added 750 organic new customers in the quarter (compared to 500 in Q1 and 621 last Q2), in addition to 150 inorganic adds through their acquisitions of Eppo and Metaplane (so 900 total new customer adds). Clearly above the ~500 adds they were stuck with for a while.
- Strong expand side traction with growing NRR (to ~120%) and continued multi-product adoption.
- All this growth was fueled by increased R&D expenses, which are pushing on profitability margins, but I am OK with this is it is already paying off as you can see by this quarter’s top-line acceleration.
- Note that profitability margins would have been actually quite a bit better this Q if they didn’t have two significant one-time headwinds: $13 million for DASH conference in June and $6 million of negative FX impact during Q2 as headwind against operating income. So if we would add $19M back into their operating income their operating margin would have been 22.1% instead of 19.8%.
- Looking forward, Datadog is expecting some margin improvements in the second half as they optimize cloud usage using their own Cloud Cost Management product and their Profiling product.
Datadog reported Fiscal Q2 2025 on 8/7/25 (before market open). What an amazing quarter! Aside from profitability (which I’ll talk about later), they essentially exceeded all my expectations. Most notably, revenue growth re-accelerated to 28.1% YoY from 24.6% in Q1 - that’s a very strong acceleration for a company with $3b TTM revenue and approx. $3.3b in ARR (note that even if we factor out $5-15M of estimated inorganic revenue from their Eppo and Metaplane acquisitions, the YoY growth would have accelerated). But before we get too deep into the details of this report, I want to address one narrative concern with Datadog: Although the stock jumped +12% in premarket as an initial reaction to this print it is actually down about 5% from before they reported (at the time of this writing early August). Why?? Well, I think there are two things potentially weighing on the stock. First, as I’ll show further down, profitability margins contracted this quarter (but there is a good reason for this in my mind, which also partly plays into the bigger picture of the second item) and second, there is a narrative fear that’s currently going around in financial news. OpenAI, Datadog’s largest AI native customer, is reported to work on developing their own, in-house data monitoring solutions which could result in a yearly revenue shortfall of up to approx. $150M for Datadog by 2026. I’ll note though that, looking at broader price action in response to software earnings, the market seems to currently fear that many software companies might get disrupted by new AI companies and AI solutions in general, (see e.g. Jamin Ball’s recent newsletter Clouded Judgement 8.8.25 - Earnings Season Starts Strong “Overall, I’d say this is one of the better software earnings seasons we’ve seen in the last few years! However, stock prices have not reflected this. The median 30 day stock price performance for the index I track is down 8%. The WCLD index is down 6% in the last 30 days. There are more fears than ever about AI disruption!”). But I think we, as Saul-minded investors, should treat these fears like all narrative fears: be mindful of them and monitor, but follow the numbers until (and if) these feared outcomes actually become a reality as reflected in the (future) numbers. And right now, Datadog’s numbers speak very clearly for themselves: We have a business that has strongly (and to me, surprisingly) re-accelerated revenue growth and is really firing on all cylinders. So combining the OpenAI narrative fears with Datadog’s strong execution, I’d call their current, near-term risk-reward profile elevated.
Diving a little deeper into their financials, you can clearly see the positive impact this quarter had on their raw YoY revenue increase:
What gives further confidence is that management raised their FY guide by an astonishing 2.7%. With that, they should be able to maintain 27-28% YoY growth through the end of the FY. Importantly, the CFO made this comment regarding the guide, following the analyst question: “Congrats on the really stellar results this quarter. David, when I look at the guide, I mean, this is probably one of the more impressive guides coming out of Q2 that I’ve seen in a couple of years . If I square that against the commentary that you guys made on the AI native cohort that, look, there could be volatility from this cohort. When I try to put those two together, the guidance is really strong, and so when I think about that potential risk, is it fair to assume that it’s not something that you’re seeing right now and may come to play later on down the road because the guidance seems really strong . It doesn’t seem to – at least on the face, doesn’t seem to anticipate that much volatility from the AI native cohort.” His reply was: “Yes. I think we gave metrics indicating that based on what we saw in the quarter and we’re seeing now that the AI cohort continues to grow quite rapidly, and we’re winning a good market share in that, and so how we incorporate that into the guidance is, as we discussed previously, we know that there might be volatility in usage or in – as we negotiate contracts in unit rates, and so therefore, we adopt conservative assumptions as to that performance in the remainder of the year . It’s not something, as you can tell from the growth metrics that we see yet in our results, but as we learned in the previous cycle with cloud natives, there can be volatility, and we want to make sure we incorporate that in our guidance.”, which I interpret as them having factored in some churn there.
We can also look if secondary growth metrics support this thesis of maintaining 27-28% YoY growth through the end of the FY:
RPO growth accelerated to 35.8% YoY, from Q3: 25.5% → Q4: 23.4% → Q1: 33.5% → Q2: 35.8% and cRPO growth accelerated to 32.5% YoY from Q3: ~27.5% → Q4: ~25% → Q1: ~30% → Q2: ~32.5%.
At the same time, they added 750 organic new customers in the quarter (compared to 500 in Q1 and 621 last Q2), in addition to 150 inorganic adds through their acquisitions of Eppo and Metaplane (so 900 total new customer adds). They added 80 new $100k+ customers, inline with my expectation. So really strong new customer lands here.
And on the expand side things also look bright: NRR climbed to approx. 120%, and has continually gone up in the last couple quarters from an approx. 115% a year ago. Multi-product expansion also did well where all but the 2+ products cohort expanded by 1% each. (2+, 4+, 6+ and 8+ products cohort percentages of 83%, 52%, 29% and 14%).
In terms of long-term narrative, and aside from the always present potential of disruption (that’s there for essentially every software company), Datadog looks at a bright future. The following six quotes from the transcript give a good idea about this:
“We held our DASH user conference in June, where we announced over 125 exciting new products and features for our users.”
“we welcome back a leading U.S. mortgage company in a nearly 7-figure annualized deal. This customer had moved to using a dozen open source disconnected tools, which led to fragmented visibility, alert fatigue and poor customer experience. (…) For most customers, it’s not rational to do it themselves, build their own solutions . We have many customers who did churn to build themselves, who come back afterwards , and we named one on the call today. ”
“First, AI is a tailwind for Datadog as increased cloud consumption drives more usage of our platform . Today, we see this primarily in our AI native group of customers who are monitoring their cloud-native applications with us. There are hundreds of customers in this group. They include more than a dozen that are spending over $1 million a year with us and more than 80 who are spending more than $100,000, and they include 8 of the top 10 leading AI companies. While we know there’s a lot of attention on this cohort, we primarily see it as an indication of what’s to come as companies of every size and every single industry incorporate AI into their cloud applications , and we continue to see rising customer interest for next-gen AI observability and analysis. Today, over 4,500 customers use one or more Datadog AI integrations.”
“Second, next-gen AI introduces new complexity and new observability challenges . Our AI observability products help our customers gain visibility and deploy with confidence across their entire AI stack, including GPU Monitoring, LLM Observability, AI Agent Observability and Data Observability, and we will, of course, keep innovating as the AI landscape develops further.”
“Third, we are incorporating AI into the Datadog platform to deliver more value to our customers. As I discussed earlier, we launched Bits AI SRE Agent, Dev Agent and Security Agent. We are seeing very good results with those with more improvements and new capabilities to come.”
“Finally, as a SaaS platform focused on our customers’ critical workflows, we have a large volume of rich clean and detailed data, which allows us to conduct groundbreaking research . A great example of that is our TOTO foundational model for time series forecasting, which shows state-of-the-art performance on all benchmarks, even going well beyond specialized observability use cases, and you should expect to see more from us on that front in the future as well as taking novel research approaches and models straight into our products to improve customer outcomes.”
To summarize, Datadog sees the AI opportunity in two main layers:
-
Infrastructure Layer: The first layer, which is most common today, involves monitoring the cloud infrastructure that powers AI. This includes the compute resources (CPUs and GPUs), databases, and web servers used by model makers and companies building AI applications. As these applications grow, so will the need for specialized monitoring, such as Datadog’s new GPU monitoring product.
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Application Layer: The second layer addresses the new challenge of monitoring the AI applications themselves. Because these applications are often non-deterministic—driven by models or code written by AI agents—their behavior is harder to predict. This creates a new observability problem: understanding how these applications function and perform in production, rather than in development. Datadog believes this challenge will soon extend beyond AI-native companies to all enterprises as they widely adopt AI models and coding agents.
As you can see, Datadog is innovating aggressively. And, as with every innovation, there is a price tag. This quarter we see this as profitability margins took a significant hit with declining margins YoY: OM 2Q24 → 2Q25: 24.4% → 19.8%, NM 2Q24 → 2Q25: 29.4% → 24.7%, FCFM 2Q24 → 2Q25: 22.3% → 20.0%. The main reason for this margin compression was that they significantly increased their R&D spending to 31.8% of revenues, which is up from 28% last Q2. With that, operating expense growth accelerated to 35.8% YoY from just 21% YoY growth last Q2. I normally don’t like to see operating expenses grow faster than revenue, but this is obviously a unique situation, where Datadog is trying to capitalize on the AI revolution by heavily investing into R&D. In fact they have started significantly re-accelerating operating expenses in the last three quarters where YoY expense growth jumped from ~20% to over 30%. But the important take-away is that it is already starting to pay off as you can see by this quarter’s top-line acceleration. I’d also note that profitability margins would have been actually quite a bit better this Q if they didn’t have two significant one-time headwinds: $13 million for DASH conference in June and $6 million of negative FX impact during Q2 as headwind against operating income. So if we would add $19M back into their operating income their operating margin would have been 22.1% instead of 19.8%. Looking forward, Datadog is expecting some margin improvements in the second half as they optimize cloud usage using their own Cloud Cost Management product and their Profiling product.
Overview of how Datadog performed versus my prior expectations.
- Revenue expectation: $809M (6.2% QoQ, 25.4% YoY), implying a 2.5% beat.
→ $827M (8.6% QoQ, 28.1% YoY), a 4.8% beat and a significant YoY re-acceleration to a level where it hasn’t been in two years. Note, YoY growth accelerated even if we factor out an estimated $5-15M of inorganic revenue from their new acquisitions of Eppo and Metaplane. - Q3 new revenue guide: $835M (3.2% QoQ, 21% YoY) which I would interpret as $859M (6.2% QoQ, 24.5% YoY) expecting YoY growth will stay close to 25%.
→ $849M (2.7% QoQ, 23% YoY), which I now interpret as $883M (6.8% QoQ, 28% YoY), implying a 4.0% beat. - My Q2 revenue expectation implies about $47M raw sequential revenue increase (up from $34M last Q2).
→ $65M sequential net new revenue (92% YoY). - I would like to see RPO at around $2.35b (31-32% YoY growth).
→ $2.43b (36% YoY). cRPO ~32.5% YoY (Q3: ~27.5% → Q4: ~25%, → Q1: ~30%, → Q2: ~32.5%). - I would like to see QoQ customer growth around 2% (~610 new) and for the $100k+ cohort, around 2% QoQ (~75 new).
→ total customer growth 3% QoQ (900 new, 750 organic, 150 through acquisitions of Eppo and Metaplane), $100k+ customer growth 2.1% QoQ (80 new). - I would like to see continued multi-product adoption progress with 2+, 4+, 6+ and 8+ products cohort percentages of 84%, 51%, 28% and 14%.
→ 83%, 52%, 29% and 14%, respectively. - I would like to see NRR similar to Q4 and management commentary that NRR is stable or going up from Q4.
→ NRR improved to approx. 120%. - I would like to see profitability margins be stable YoY or expand slightly YoY.
→ Profitability took a hit with declining margins YoY as a result of increased R&D spend. As long as margins start expanding again soon I am ok with this since those investments clearly pay off as seen from top-line acceleration. Going forward, I am looking for op-ex YoY growth to again fall below revenue growth unless revenue growth accelerates further (which I don’t expect to happen). OM 2Q24 → 2Q25: 24.4% → 19.8%, NM 2Q24 → 2Q25: 29.4% → 24.7%, FCFM 2Q24 → 2Q25: 22.3% → 20.0%, - Thoughts from previous Q: Ben’s Portfolio update end of May 2025
Wrap up
In my last recap I wrote that I expect YoY revenue growth acceleration for Zscaler, Crowdstrike, Cloudflare and Snowflake. Well, so far we did see YoY revenue growth acceleration for Crowdstrike, Cloudflare, Snowflake, Datadog and Axon. I don’t have to spell out again what an amazing feat that is for any company at a multibillion dollar revenue rate. So overall, I think this has been a really good earnings season so far and I very much like how our companies have performed so far. Looking forward to the rest of the reports coming out shortly.
I am wishing you all a great September!
Ben
Editorial note just in case this might help some fellow posters: I had some issues pasting my summary into the site editor. The format got all scrambled. The fix for this was to press the button on the top right of the editor and not use the new “rich text editor”. (see slider-button on the right side of below screenshot)
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
April 2025: Ben’s Portfolio update end of April 2025
May 2025: Ben’s Portfolio update end of May 2025
June 2025: Ben’s Portfolio update end of June 2025
July 2025: Ben’s Portfolio update end of July 2025