| AAPL | $3,782,746 | 9.5% | +15.7% |
| AMZN | $3,376,586 | 8.5% | +5.6% |
| MSFT | $2,905,830 | 7.3% | -9.7% |
| NVDA | $2,162,813 | 5.4% | +75.8% |
| META | $1,758,075 | 4.4% | +8.5% |
Core technology mega-cap allocation. NVDA leads performance at +75.8% on the back of relentless AI infrastructure demand (Blackwell GPU ramp, data center capex surge). AAPL (+15.7%) benefiting from iPhone upgrade cycle and Apple Intelligence rollout. MSFT (-9.7%) under pressure despite Azure AI growth — Copilot monetization slower than expected. META strong on Advantage+ AI ad targeting. AMZN AWS + AI thesis intact. This bucket anchors the portfolio alongside fixed income.
NU Holdings: world's largest digital bank by user count with 110M+ customers across Brazil, Mexico, and Colombia. Cross-sell is barely underway — credit cards are penetrated but insurance, investments, and SME lending represent multi-year growth vectors. NIM expansion ongoing as loan book matures. Strong conviction, but single-stock 13% concentration warrants monitoring. Consider diversifying into MELI for LatAm e-commerce + payments exposure.
UnitedHealth Group: largest US health insurer and healthcare services operator (Optum). Currently underwater -3.5% due to sector headwinds: Medicare Advantage reimbursement pressure, medical loss ratio deterioration. Long-term thesis intact — Optum's integrated care model (pharmacy, clinics, analytics) creates structural advantages. 2026 recovery expected as MLR normalizes. GLP-1 drug cost absorption remains a near-term risk. Medium conviction; size appropriately.
| DIS | $2,169,132 | 5.5% | +28.0% |
| FDX | $1,063,040 | 2.7% | +28.0% |
DIS: Disney turnaround thesis playing out — streaming profitability achieved (Disney+ positive EBITDA), parks recovering, ESPN transition to streaming in progress (+28%). Bob Iger's strategic refocus working. FDX: FedEx restructuring (DRIVE program) generating margin expansion + $3B+ buyback program. E-commerce normalization and international recovery. Both +28% — strong performance bucket. MED conviction; opportunistic trims on further strength.
| IB01 | $14,094,864 | 35.5% | -0.0% |
| CASH | $12,917 | 0.0% | — |
IB01 (iShares $ Treasury Bond 0-1yr UCITS ETF): ultra-short US Treasury exposure earning ~4.3–4.8% annualized. At $14M this is the portfolio's single largest allocation — a deliberate ballast decision reflecting capital preservation priority alongside equity upside. Fed rate trajectory and USD strength will drive IB01 duration risk. Consider laddering into 2–5yr Treasuries if rate path turns dovish to lock in current yields longer.
Three alternative holdings (private equity, hedge fund exposure, or real assets — detail to be populated from sheet). Currently minimal at 0.6%. Glassbridge framework supports alternatives up to 5–10% for diversification and non-correlated return streams. Opportunity to increase allocation into private credit or real estate as portfolio scales.