My Performance (Benchmark: S&P 500)
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2021: -36% (+27%)
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2022: -76% (-19%)
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2023: +80% (+24%)
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2024: +104% (+23%)
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2025: +85% (+18%)
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Mar 2026: -32% (-4%)
CAGR
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1 Year CAGR: +31% (+18%)
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3 Year CAGR: +53% (+18%)
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5 Year CAGR: -6% (+12%)
Current portfolio holdings: (what it will look like on Apr 6)
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AI Networking (30%)
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CRDO 20%
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ALAB 10%
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AI Memory (26%)
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MU 15%
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SNDK 11%
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AI Software (14%)
- RDDT
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Payments (14%)
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DAVE 9%
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SEZL 5%
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AI Drones (9%)
- ONDS
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Crypto (5%)
- FBTC
Portfolio is 98% long and has 9 positions
Changes in last two months
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Sold
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LMND - was the lowest quality score among my stocks, hence the exit.
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APP - My valuation model still shows APP as a relatively expensive business. Hence, my conviction is not great with this stock. Hence, the exit. Quality not in question at all.
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Bought
- ONDS - high risk play but I really liked their recent quarter results. If they can keep up with the trajectory, then I see a bright future for this business. Current market sector trend working as a tailwind.
My Methodology - current top quality scores (all green bars I own):
Why I own what I own:
Note: Sharing my opinion, not advice
AI Networking (30%) - CRDO 20%, ALAB 10%
- I have 30% allocation in this space mainly due to this is a market dynamics play and has nothing to do with fundamentals. Until the fundamentals deteriorate, I am happy to hold these high quality businesses which are still quite small in the grand scheme of AI world. These stocks are valued at 20B currently. I don’t see how they don’t get to 100B if they keep executing over the next 2-3 years.
AI Memory (26%) - MU 15%, SNDK 11%
- The demand is really very high. The prices are still rising for both the memory and storage spaces. I am very aware that these are cyclical stocks and usually prices top out while fundamentals are still improving. As long as the unit economics is still rising I think both SanDisk and Micron has more room to run.
AI Software (14%) - RDDT
- This stock is cut in half purely based on the AI narrative taking a beating. Fundamentals look great. I have no complains with the way the business is executing. This is a steady 30% grower over the next few years. I am pretty confident once software catches a wind, Reddit should thrive.
Payments (14%) - DAVE 9%, SEZL 5%
- Payments space is getting hit as the sentiment in this space is very weak. The forward growth is down to sub 30% which is concerning to me. But so far DAVE has executed better than SEZL.
AI Drones (9%) - ONDS
- The recent quarterly results by Ondas I thought was impressive. The clear step up in revenue actualization and raising guide was a good double beat. It’s definitely a high risk play. The biggest issue with this stock is the dilution currently. It sits at 340%. But I am hoping with the balance sheet now having 20x more cash than debt, this is a backward looking metric and we are not going to see another 100% dilution in the next 12 months. If the dilution continues, I think this stock is cooked.
Crypto (5%) - FBTC
- Really playin the high risk asset curve here. Bitcoin has a tendency to get cut in half and recover as soon as the broader market does. My bet is this doubles in the next couple of years and gets back to all time highs.
Wrapping Up
The portfolio bloodbath continues. Even with good earnings, the stocks could not hold ground. I am just not sure in each of these spaces which stock will take the cake. Hence, in most areas I am betting on two horses. We will have to wait and see how this current drawdown shakes out first. My portfolio saw all time highs last in September. Pretty much a 6 month correction. From the portfolio peak, I was down at the low point about 38%. I am pretty hopeful all my stocks should recapture it’s all time highs in the next leg up.
Thank you for reading. Always a privilege to post here. Cheers
My previous portfolio reviews:
2026: Feb
2025: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec
2024: May | Jun | Jul | Aug | Sep | Oct | Nov | Dec