Dear Investors,
Over the past six months I’ve been gradually rebalancing away from an overweight in tech and into healthcare to better reflect today’s macro backdrop and where I see the most attractive forward valuations. I trimmed META, Apple, and a portion of PDD, kept Google, Tencent and added slightly to Microsoft—while steadily building healthcare exposure via XLV. The goal has been to pair durable, cash-generating franchises in tech with a defensive, under-owned growth engine in healthcare, where secular demand and innovation remain strong and where UnitedHealth (UNH)—XLV’s largest holding—continues to attract long-term capital. In fact, Warren Buffett himself confirmed this perspective when Berkshire Hathaway made a significant investment in UnitedHealth (UNH).
Today the portfolio is led by healthcare and a more balanced tech core.
Key current weights:
$XLV (State Street Health Care Select Sector SPDR ETF) ~18.9%,
$PDD (PDD Holdings Inc - ADR) ~16.5%,
$0700.HK (Tencent) ~12.4%
Additionally, we see amazing results YTD with an outstanding +20.6% as of writing, compared to the $SPX500 YTD return of around +8.8%, marking yet another year of consistently outperforming the index.
I’ll keep dollar-cost averaging into high-quality healthcare and maintaining concentrated exposure to durable tech platforms, aiming for a steadier return profile through different market regimes. You can track the live breakdown and results on bullaware.com/factsheet/TomasFromboldR... Show More
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Tue Dec 09 2025 08:47:16 GMT+0000 (Coordinated Universal Time)
