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A new position - December 2025
December was all about leaning into the tech selloff by adding to my highest conviction positions while initiating a new high potential position.
In this update
Throughout this month, I’ve accumulated shares in a number of positions that continued to inch lower, as sentiment around software and tech in general trended down.
I’ve also initiated a new position in a business that I believe has the potential to do very well over time. Some of the key numbers:
- Revenue growth +26%
- Free cash flow growth +78%
- Total scaled customers (>$100K) +20%
- Price-forward free cash flow: 29x
- Strong balance sheet with $177M net cash
Performance highlights
- September performance 1:-5% vs S&P 500 -0.4%
- Year-to-date performance: +21% vs S&P 500 +8%
- 3-years performance: +171% vs +72%
💡
1 I always share my portfolio results based on money weighted rate of return. You can read more about what this means in this article.
December performance: -5%
Year-to-date performance: +21%
3-year performance: +171%
1 - Top movers and losers
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