Thread by @saxena_puru

1) Portfolio summary Feb-end -

AACQ ACIC ACTC ADYEY AFTPY CRWD CURI DKNG DOCU GHVI IPOE MELI LOTZ OPEN OZON PINS PLTR PSAC ROKU RTP SE SFTW SHOP SKLZ SNOW STNE TWLO VRM

Return since 1 Sep'16 -

A/c +644.58%
$ACWI +59.83%
$SPX +75.56%

Cont...

2) CAGR since inception (1 Sep '16) -

Portfolio +56.23%
$ACWI +10.98%
$SPX +13.32%

YTD return -

Portfolio +16.94%
$ACWI +1.68%
$SPX +1.47%

Cont...

3) Biggest positions -

1) $MELI 2) $SE 3) $OZON 4) $PINS 5) $AFTPY

Commentary -

During the month, I made a few changes --> sold a few over-extended and disappointing stocks and bought into some new hyper-growth, more reasonably valued SPACs....

4) In early Feb, after a quick triple since my purchase late last year, I booked my profit in $FUBO to invest the cash elsewhere. I also booked my gain in $BIB for the same reason.

During the month, after the announcement of disappointing results, I also sold my positions in...

5) $AFRM $BAINF and $SQ

Affirms's huge growth slowdown surprised me, Base Inc's forward guidance was uninspiring and after the recent report, it seemed that Square's hyper-growth days are now also behind it. This is why I promptly sold my shares in each business and allocated..

6) the capital to exciting, newly listed hyper-growth companies which have just come to market via SPACs.

After all, this business is all about the future and historic achievement are quickly forgotten, especially if a richly valued company shows signs of business maturity...

7) Elsewhere, after a big pullback in $PLTR , I bought back shares (after having sold during the buying spike in Jan).

I also used some margin and invested in Blacksky $SFTW , Joby Aviation $RTP and Matterport $GHVI (long-term positions) and took...

8) starter positions in $AACQ $ACIC $LOTZ and $PSAC (also purchased on margin).

At present, my gross exposure stands at 120% and despite the ongoing sell-off, I haven't reduced or cut leverage.

My starter positions aren't long-term holdings and it is likely that I'll sell...

9) these before the end of QE to remove my leverage.

Turning to the broad market, we have seen a sharp sell-off in growth stocks due to a rapid rise in long-dated interest rates and it seems to me that the bulk of the selling is probably behind us (but anything can happen)...

10) What I do know for sure though is that solid businesses which are growing will come back with time and the Fed's easy monetary policies will continue to remain a tailwind for risk assets.

In terms of interest rates, given the high debt levels all over the world,...

11) deflationary forces of ageing demographics in the developed world and technological innovation, am of the view that long-term interest rates will not spike and during this cycle, the 30-Year yield may peak around 300-320bps before heading lower.

Any stabilisation in...

12) interest rates will probably ignite a big rebound in growth stocks and when rates start drifting lower again, long duration assets are likely to catch quite a bid.

In any event, the high growth of my companies should support their market caps and am fairly certain these...

13) businesses will be much bigger in the future.

I've taken advantage of this pullback by picking up some exciting, high growth names and these should work out when animal spirits return (and they will).

As the old adage goes "be greedy when others are fearful".

THE END.