Disruptive Stocks Strategy @II-Disruptive: "Portfolio review – @II-Disruptive As..."

Smart Portfolio

Portfolio review – @II-Disruptive As of the first half of the year, our II-Disruptive portfolio has delivered a solid year-to-date return of +9.5%, which we view as relatively satisfying in the current market environment. The recovery from the April lows has been particularly strong, and the equity additions made in March have proven successful, contributing meaningfully to recent performance. Over the past few weeks, we have engaged in active portfolio trimming and risk rebalancing. Specifically: We reduced our positions in $AAPL (Apple) and Alphabet. While both remain quality long-term holdings, their near-term outlooks carry elevated uncertainty, and their position sizes had grown disproportionately relative to their risk/return profiles. Adobe we trimmed our position not only due to valuation concerns, but also because the market is increasingly pricing in structural risks to Adobe’s business model as AI-native content generation tools gain traction. Competitive threats in core creative segments are intensifying. In addition, we took some profits in Meta, Broadcom and $NVDA (NVIDIA Corporation) primarily due to position size discipline, as their strong price appreciation had made them too dominant holdings in the portfolio. We exited our position in Electronic Arts (EA). The stock has underperformed, and in our view, the underlying fundamentals have not progressed as expected. Finally, we realized gains in Palantir, which rose nearly 70% in a short period from our entry point. While we remain constructive on the long-term narrative, the short-term rally justified profit-taking. New stocks in our portfolio. $UBER (Uber Technologies Inc.) : A global leader in ride-hailing and on-demand mobility, Uber redefined urban transportation and logistics, with continued momentum in food delivery and autonomous vehicle investments. $SPOT (Spotify Technologies SA) : The world’s most popular audio streaming subscription service, Spotify disrupted traditional music distribution by pioneering large-scale, data-driven music consumption and monetization for both users and creators. $EBAY (eBay) : One of the original internet marketplaces, eBay remains a force in e-commerce, connecting millions of buyers and sellers and leveraging technology to create efficient, global secondary markets. Latest Earnings: Uber reported Q1 2025 earnings of 0.83 per share on 11.53 billion in revenue, beating consensus expectations by 41% on earnings and growing revenue by 13.8% year-over-year. Momentum: Uber’s momentum score is 7/10, showing positive price action and recent estimate upgrades, reflecting solid investor sentiment despite moderate YTD share price movement. Spotify’s Q1 2025 earnings per share were 1.13 versus expectations of 2.29, missing by 53%. However, revenue was in line and grew by 11.7% YoY. Important context: The EPS miss was driven by one-off financing expenses. EBIT (operating profit) was in line with company guidance, reflecting business model stability and operational progress. Spotify’s 3-year EPS growth outlook is strong at 38% p.a.; operating profit is forecasted to reach 2.3 billion in 2025. Momentum remains robust (9/10), reflecting ongoing market confidence and strong stock price development even after the temporary earnings miss. Growth & Fundamentals: In Q 1/2025, eBay posted 1.39 in EPS (beating estimates by 1.5%) and 2.59 billion in revenue (+1.1% YoY), reflecting business resilience and steady profitability in a mature segment. Momentum: eBay’s momentum score is 8/10, backed by stable returns and solid investor interest in e-commerce assets. What makes eBay an interesting stock at this moment is its business model's independence from the trade war.

Not investment advice. The author may have financial interests in the mentioned instruments.