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 YTD: +77% (+16%)
CAGR
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1 Year CAGR: +57% (+15%)
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3 Year CAGR: +77% (+21%)
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5 Year CAGR: Will report starting Jan 2026 once I complete 5 years
Current portfolio holdings:
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DAVE 14%
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CRDO 14%
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ALAB 13%
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TARS 13%
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RDDT 11%
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MDGL 9%
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ETON 8%
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CRMD 7%
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HIT 6%
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FENC 5%
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DUOL 5%
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NVDA 4%
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SEZL 3%
Portfolio is 112% long and has 13 positions
Changes this month
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Sold:
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WSTL, ACFN, ZMDTF
- I am not that smart to figure out micro caps that is trading on OTC or Nasdaq without much analyst coverage. I was totally out of water with these names and did not have any confidence once the downturn hit. Hence, the exit.
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Bought
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NVDA - Regardless of it’s size, it’s still one of the best high growing businesses that is reasonably priced for it’s growth and profitability. So I am back in.
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FENC - Turn around speciality pharma play for me. I have been in this one before and feel they got their act together now.
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DUOL - An option assignment. Pretty cheap but I will most likely get out of this after a quick rebound
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SEZL - Good earnings, stock heavily beaten up and forward metrics starting to look attractive again
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My holdings - historical view:
My quant model scores: (the lower the better, I own all green bars)
Model has multiple formulas built in around growth, margins, fcf, dilution, analyst upgrades. And does not take valuation into account. I have a separate metric for valuation. But this one purely tries to capture the best opportunities.
Why I own what I own:
Note: Sharing my opinion, not advice
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DAVE - 14%
- Dave had good earnings with a beat and raise. I like that the stock price has consolidated over the last 6 months while the sales and fcf numbers have all moved 30 to 40% higher. Dave is one of the rare brands that not only is showing product innovation but also improving their bottom line quarter after quarter. Market doesn’t think Dave can keep this up, hence the 16% growth number they have slapped on the business. However, in the last 12 months they had to raise guide by 33%. So I am hoping if Dave keeps this up, it should get significantly rerated.
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CRDO -14%
- As I was writing this Credo just reported earnings. 14% revenue beat with next quarter’s guide raised by 36%. That’ pretty epic. Also, the hyper scalers are up to 4 contributing above 10% each, so things are nicely evening out. This report should propel Credo further but it is definitely one of the expensive businesses I own.
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ALAB - 13%
- Asetra Labs had great earnings. 20% QoQ growth, 11% analyst beat on revenue and a nice guide raise. Really hitting on all cylinders. I look at this pullback as an opportunity to add.
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TARS - 13%
- Tarsus had a nice beat and raise with a 13% QoQ revenue increase. The next 12 months can have over 60% revenue growth and it just turned FCF positive. Over the next 12 months, this seems like a pretty good opportunity to me.
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RDDT - 11%
- Reddit did 17% QoQ growth this earnings season. I think it does close to 50% growth in the next 12 months and moves the needle for FCF from 30 to 40%. That combination is very rare in the markets and I expect markets to give a premium for that.
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MDGL - 9%
- Again, one of those very early stage bio pharma specialty businesses that is projected for 300%+ revenue growth this year and 67% next year. And they came out last quarter and raised guide significantly. I was impressed by the reduction in fcf gap last quarter. In 2 quarters it went from -101% to -22% fcf. Madrigal’s thesis is playing out pretty well. The analyst community is pretty clueless when it comes to speciality pharma new launches. They had to raise MDGL’s guide by 74% in the last year. Until I see MDGL stop raising guide or analyst prediction coming in the 10-20% range, I am going to continue to ride this ship.
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ETON - 8%
- Eton Pharmaceuticals did well. It put up a 19% QoQ revenue and printed north of 50% FCF. The stock hasn’t gotten much love yet but that can change in one to two quarters if they keep this up. With FDA approval of new product and acceleration of adoption in current pipeline, I see this as a niche biotech play that has room to run.
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CRMD - 7%
- CorMedix continues to go sideways. This has been one of the most frustrating plays so far. They have been executing, hence I continue to hold. I thought this quarter’s earning was pretty solid. It is undervalued and can run on any news. The TDAPA medicare coverage hangover has significantly affected it’s short term movement. But I continue to stay optimistic as I feel most of the worries are now built into the stock price.
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HIT - 6%
- Health in Tech had good quarterly results but spooked everyone by saying some customers have pulled their contracts earlier and the rest are deferring to Q1 2026. Translation = we will miss next quarter’s estimates. Or at least that’s what the market decided. With that backdrop, it swiftly beat it up for a 60% decline. My math says things should even out in 2 quarters, which is may 2026 when they report q1 2026 results. But between now and May, this could be dead money. So do I wait or do I come back when the tide changes. Not sure. Holding for now until I find a better opportunity.
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FENC - 5%
- Specialty bio pharma play. I have owned this last year summer. Took a beating when they had missteps during initial launch and fired their sales head. Now the sales head have started to turn things around this quarter looked really good. 26% QoQ revenue increase with back to profitability mode. Hence, I am in. Let’s see how things unfold over the next year.
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DUOL - 5%
- I have been selling puts to generate cash in my portfolio. From time to time, I will get assigned stocks that fall through and under perform in the short term. I think DUOL is cheap and will do well in the next 12 to 18 months but it’s quite low in my quant model. So this is mostly in my portfolio to recover losses or flip when I see a better opportunity.
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NVDA - 4%
- I really liked what Nvidia did this quarter. And with the stock not responding and providing an entry, I jumped in. As I have mentioned before, this is not going to get you a 100% return but will solidly support your portfolio. It’s sitting at number 3 spot in my model so hard to ignore.
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SEZL - 3%
- Another option assignment which has bounced enough for me to be in the money. But this is quite cheap now and the forward metrics is starting to look good again. I might build this up to a Tier 2 position in the next few months.
Wrapping Up
S&P after having a turbulent time ended the month flat. My portfolio didn’t hold up anywhere close. Lost 17% this month mainly due to AI and high beta stocks getting clobbered. Markets seem to have recovered a bit now. Let’s see if this run continues into December. As markets come back up to all time highs, I would like to get out of any leverage and carry 5 to 10% cash ideally.
Always a privilege to post here. Thank you for reading. Cheers!
My previous portfolio reviews:
2025: Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct