Current holdings

Hi Saul, Chris, Andy, and regular contributors of this board,

Seeing there’s been some discussions on current holdings etc, I thought it may be good to share how my current allocations look. I hold a few mega-caps like AAPL and FB, but otherwise the portfolio is mostly allocated to mid-cap and some large cap companies. These exclude my options-based investments, but anyways that’s not a significant component of the portfolio.

The stocks are all from MF universe, except for PSIX. Further, I expect MTH to be called away in March, and I will be looking to it being called away and the cash coming back to my account. I will be looking at SYNA as a cash deployment opportunity.

IF there are any thoughts/comments, please feel free to share.

**Ticker  Allocation(%)  Gain/Loss % (unrealised)**

SCTY	      4.95	51.72%
AAPL	      4.33	3.26%
NFLX	      4.36	711.90%
CSTE	      4.31	58.44%
SBUX	      4.12	47.54%
ISRG	      3.66	2.95%
AMBA	      3.67	79.01%
TSLA	      3.66	134.63%
WFM	      3.43	12.86%
WETF	      3.41	132.93%
FB	      3.30	158.94%
SSYS	      2.95	81.71%
MELI	      3.04	8.89%
SWIR	      3.07	18.39%
PNRA	      2.80	8.09%
TWTR	      2.60	-11.54%
CBOE	      2.71	12.99%
MKL	      2.49	11.36%
UBNT	      2.37	21.31%
COH	      2.32	-18.59%
CELG	      2.33	36.18%
MTH	      2.32	15.35%
NUAN	      2.24	-27.60%
ROIC	      2.16	15.63%
MIDD	      2.08	25.18%
LNKD	      1.95	-5.18%
INVN	      2.13	27.03%
TXRH	      1.90	4.06%
AMZN	      1.74	4.29%
PSIX	      1.78	17.58%
TCS	      1.74	-15.28%
CLNE	      1.75	-16.03%
PGR	      1.45	-10.33%
RAX	      1.00	-32.96%





Thanks Anirban! I love seeing other’s portfolios. Yours looks pretty strong. I appreciate you sharing.

Would you mind telling us your average yearly return?


Hi Jeb,

I have internal rate of returns (IRR) handy; Google’s XIRR() function. Noting that the first investment in this account was made on August 2012, and also noting that I have about 7% sitting in cash, the IRR in USD (i.e., cash flow in and out are denominated in USD) is 49%.

I live in Australia, so I also track performance with respect to cash inflow and outflow in Australian Dollars (AUD). IRR consider AUD cash inflows and todays’s NAV in AUD is 77%.

For comparison, had the funds been invested in SPY, IRR would have been about 18.4%. Investments in RSP (the equal weight version of SPY) would have done better, but I don’t have the number right now as Google at this time isn’t returning RSP quotes for some of the dates I need.

On the surface this appears exceptionally high. However, the ongoing bull market has been very helpful. Further, in terms of AUD, I got the benefit of moving funds into USD when AUD was at par or higher than USD. Now, we are tending back to historical averages, with 1 AUD giving about 0.9 USD. Our reserve bank want AUD to be around 0.8 USD, so I guess there’s still some currency tailwind for me to leverage!

I hope this answers your question. If you want to know more, please ask and I will run the analysis.


WOW! Very strong! Warren Buffett said “a rising tide lifts all yachts.” You were helped to a degree from the bull market when you invested. Good job.

I see that you are in communications. Do you have an opinion on Infinera (INFN)?


Hi Jeb,

See responses below:

I see that you are in communications.

Yes, but I work more on the upper layers of the network protocol stack. Put another way, I understand the software components driving the network and the services offered by the network; I don’t have I depth knowledge of the nuts and bolts of the communications infrastructure.

How did you make this inference? Just curious.

Do you have an opinion on Infinera (INFN)?

INFN is an optical networking company. So it’s not really within the sphere of my expertise and it’s not really on my watch list.

However, I do know that there’s much competition in this space. Alcatel would be a competitor. I would think Huawei is another competitor. Further, networking hardware companies would be highly dependent on the capital expenditures of large Telcos. Telcos sort of do these sort of upgrades in cycles. Sometimes, governments intervene such as in Australia where the government has setup the NBN company to roll out the next-generation of broadband. I think these dependencies cause revenues to be lumpy and cyclic.

My viewpoint is - hardware companies depend on others to see uptake of their products - unlike say services oriented companies which can roll out new innovative services to create new market opportunities. As such, I have generally avoided companies selling networking hardware with the view that if hardware makes more capacity and higher speeds available, some software company will figure out how to exploit it, and I think the software company will be the one happily going to the bank. Think Netflix, Google, Facebook.

Of course, every rule or investing instinct is meant to be broken. I hold UBNT and INVN, which predominantly sell hardware. UBNT is a special case. The business model is disruptive and I like its founder led management. INVN is an a attempt to ride the many sensors in your phone wave. Chris has a nice post covering his non-linear thinking with respect to MEMS and INVN. I concur with that line of thinking.

I can take a closer look at INFN if that may be helpful.