Portfolio Review

Progress Amidst Opportunity

Before diving into this update, I want to give a heartfelt shout-out to every new subscriber who’s joined us during our very first month on Substack. The level of interest, engagement, and honest curiosity has been both inspiring and humbling. Sharing my journey as an investor—along with the research and insights I’ve gathered along the way—has always been the goal here, and it’s incredible to see so many of you coming along for the ride.

From your questions about specific stock picks to your broader takes on market dynamics, our conversations so far prove that this community is serious about learning, growing, and making smarter decisions in the financial world. It’s that mutual excitement and willingness to dig deeper that keeps me motivated to provide transparent updates, thoughtful analysis, and as much practical knowledge as I can. Thank you for making this first month an amazing start!

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Brief Overview

It’s been a lively start to the year, with Chinese markets showing particularly strong gains thanks to favorable policy shifts and a supportive macro backdrop. I’m optimistic these tailwinds can continue propelling Chinese equities forward. At the same time, I’m keeping an eye on the long game: maintaining a well-rounded, value-oriented portfolio that weathers market turbulence and delivers steady returns over time.

While my overall strategy remains the same as in the previous update, I’ve taken steps to strengthen positions I believe have promising long-term value. These moves reflect both my enthusiasm for specific names and my commitment to disciplined investing, even when market excitement runs high. I’ll soon outline what’s changed and discuss the broader themes shaping my investment approach.

In the pie chart that follows, you’ll see a snapshot of the portfolio’s allocation, with Alibaba (BABA) in a leading position, followed by notable allocations in Tencent Holdings (TCEH.Y), Adyen (ADYE.Y), and Nelnet (NNI). These core positions underscore my preference for quality businesses that blend solid fundamentals and a reasonable valuation with compelling, long-term growth trajectories.

I remain focused on investing in companies that check all (most of) the right boxes: strong fundamentals, disciplined capital allocation, effective leadership, and shareholder-friendly policies. These attributes pave the way for steady compounding that drives long-term outperformance. At the same time, I try to maintain a balance between growth and value, seeking that sweet spot where robust free cash flow, attractive valuations, and sustainable competitive advantages converge.

I’m also keeping an eye on broader trends, such as renewed confidence in Chinese stocks and the ongoing shift toward digitalization worldwide. By sticking to solid fundamental analysis and staying focused on the long term, I believe I can ride out short-term turbulence while identifying where the most attractive opportunities lie.

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Performance and Adjustments

Since inception, the portfolio has delivered solid overall returns, driven by a careful balance of high-growth innovators (like Adyen and Sea Limited) and reliable compounders (such as Markel and Brookfield). Although a few positions have underperformed, the core investment thesis for each remains intact, with the mix of growth and stability helping mitigate market volatility.