II-Disruptive — Portfolio Review
Investment strategy
II-Disruptive is a portfolio focused on technology and growth stocks. Its objective is to achieve long-term returns above the broader market by investing in companies that benefit from technological disruption, especially the breakthrough of artificial intelligence.
The portfolio’s core view is that AI is not merely a software trend, but an infrastructure cycle requiring massive investment in hardware, networks, cybersecurity and applications. This is directly reflected in the portfolio’s structure.
II-Disruptive is intentionally a high-risk, high-return portfolio. Its beta is 1.12 and the worst historical drawdown has been -41%. In return, the annualised return has been +15.7%, clearly above market returns over the long term. The beginning of 2026 was challenging, with January–March down a cumulative -12.6%. However, April marked a sharp turnaround with a +12.6% monthly return, followed by continued strong momentum in May at +11.5%.
Portfolio structure: sectors and themes
The largest allocation is to the semiconductor and AI hardware cluster, representing around 27% of the portfolio. AMD is the largest individual position at 5.0%, alongside ASML, TSM, KLAC, NVDA, AVGO, ANET and CDNS. This cluster benefits directly from accelerating data centre investment.
Another key structural allocation is cybersecurity. PANW, CRWD, FTNT and DDOG together account for approximately 15% of the portfolio. Cybersecurity is a necessary layer of AI infrastructure: as more data moves and organisations continue migrating to the cloud, the need for protection increases.
Megacap technology — GOOG, NVDA, AAPL, AMZN and MSFT — makes up around 18% of the portfolio. These companies are both funding and benefiting from the AI race. The portfolio also includes smaller positions, most notably payment networks V and MA, which represent financial infrastructure for the digital economy.
YTD Returns
April and May have turned the losses from the start of the year into a gain, with year-to-date performance now above 10%. Returns came broadly across several clusters at the same time, which is unusual. AMD, AVGO, Fortinet, KLAC, ANET and DDOG have been the strongest contributors.
The main disappointments have come from smaller SaaS positions such as HUBS, INTU and NOW. The market has penalised companies whose business models may be disrupted by AI integration. As these positions have smaller weights, their impact on overall performance has remained limited.
We nevertheless intend to review the portfolio critically in May and simplify its structure. Software companies will continue to have a role in the future, but the key question is whether they are still disruptors — or increasingly the ones being disrupted.
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Not investment advice. The author may have financial interests in the mentioned instruments.
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