SWISS PORTFOLIO UPDATE
(July 27, 2025)
Portfolio Performance
Since our last portfolio update on July 11, the Swiss Portfolio has climbed from an already impressive +54.57% YoY return to a remarkable +70%, in just 15 days.
We traded off some odd lots along the way (as shared in a previous post), but those barely moved the needle. What truly drove this jump? Two of our biggest winners powered the outperformance, and we’ve since trimmed them surgically to fund a new high-conviction position and slightly increase our cash position.
The chart below illustrates how our cumulative returns continue to widen the gap versus the S&P 500, now approaching 6x in relative performance. It’s yet another validation of our concentrated, research-driven strategy. But as always, we proceed with Swiss-level caution and discipline.
In this write-up, we’ll walk you through the two positions we’ve surgically trimmed, and the new high-conviction idea that just entered the Swiss Portfolio.
Our goal remains unchanged: compound capital consistently above the market, and share every step, wins and setbacks, with full transparency.
Index:
Transparency & Skin in the Game
Surgical Moves: 2 Trimmed, 1 New Entering
Top 9 Holdings Recap
Portfolio Allocation & Structure
Strategy & Positioning Update
Transparency & Skin in the Game
In finance, credibility is everything. Too often we read bullish market commentary from analysts who never show their cards, no portfolio disclosures, no real “skin in the game”, all while charging three-figure annual memberships or selling courses. At Swiss Portfolio, we think differently. We show our cards. Every month, we publish a full portfolio update, sharing exactly where our capital is deployed and, more importantly why. And we do it for a symbolic $39.99 annual fee, just enough to keep the knowledge flowing and the communication lines open for our members. From our point of view, offering more value and transparency at a fraction of the cost of most three-figure memberships.
Our allocation snapshot (see next chapter) reflects that philosophy in action. Two of our earliest deep dives, $PSIX and $IESC, have evolved into concentrated bets within a deliberately concentrated portfolio. We’ll break down the full structure in the next chapter, but suffice it to say: we don't just write about high-conviction ideas, we back them, visibly and publicly. This is real skin in the game. At Swiss Portfolio, we practice what we preach.
Surgical Moves: 2 Trimmed, 1 New Entering
If you've been following along, you’ll know that our top 3 positions made up roughly 70% of the Swiss Portfolio just 15 days ago. They had performed exceptionally well, so well, in fact, that they grew to represent nearly 80% of the portfolio, before earnings. So, we ran the numbers again. After reassessing valuations, we decided to maintain our target allocation (30% + 20% + 20%) and surgically trimmed two of the three positions. Now, they represent 68% of our allocation once again. But this time, with the proceeds, we’ve initiated a 4.53% position in a new high-conviction idea we’re about to present. We also took the opportunity to grow our cash position to around 6% and our “Other Bets” under 5%.
2 Trimmed:
As mentioned, and as detailed in every deep dive available to members, our simple Excel model gives us a clear, emotion-free mechanism to reassess our ideas. We noticed that two of our core positions were trading at increasingly elevated valuations. While we still believe in their growth potential (and continue to hold a significant portion), we need to see that potential confirmed in upcoming earnings.
At these valuation levels, the market’s expectations leave no room for error. That’s exactly why we chose to trim. According to our Excel models, the expected returns at current prices still looked like this:
Still positive in the long run, but falling short of our minimum 15% CAGR target over five years. These two positions also warrant close monitoring, as they’re sensitive to evolving megatrends.
1 New Entering
Calling it a “contrast” might be a stretch, this 4.53% addition is actually another high-conviction idea we've had on the radar for a while. The opportunity finally aligned, and we acted accordingly.
That said, this position carries more valuation risk: we paid a rich multiple in exchange for early profitable growth, and we entered just ahead of its upcoming Q2 earnings next week. A full Q2 Earnings Preview will be released shortly.
Why we took more risk now?
Well, risk in terms of price paid, not portfolio exposure. This name joins $HIMS in our “early growth” bucket, and together they account for less than 7.5% of the portfolio. So no, they won’t kill us. But if they deliver, especially with profitable growth, they could propel us. And we believe they will.
Also worth noting: as we emphasized in The Single Biggest Investment Opportunity of this decade, we’re in the thick of a full-blown AI/AI infrastructure cycle. Cloud, semis, power, and networks are converging into one massive secular trend. This is now showing up clearly in the earnings beats we’re seeing across Q2:
We seem to be in a full-fledged bull market, with Mr. Trump’s permission, of course. I like to call them crypto-bio-space-AI moonshots, a rally that’s clearly back: driven more by narrative than numbers, with dreamy promises leading the charge. That’s perfectly fine, but only within our “Other Bets” segment, which remains capped under 5%.
IPOs are heating up too, another classic sign of market exuberance:
So yes, we acted opportunistically: allocating 4.53% to a fundamentally strong, profitable, high-growth name, albeit richly valued, just ahead of earnings, and in a market that’s clearly rewarding growth, regardless of profitability.
🚀 Coming soon on the Substack:
👉 In upcoming posts, We’ll cover:
More strategies to track your finances and build a clear 5-year financial plan.
A full deep dive on an under-the-radar company benefiting from the AI megatrend (free).
How to optimize taxes when investing from Switzerland, a huge advantage vs US & EU (free).
Continued deep dives on asymmetric opportunities we’re tracking, including my recents Azeus deep dive, Tetragon deep dive (free).
The “move to Switzerland” playbook for investors and entrepreneurs (paid).
The Swiss Portfolio allocation strategy, which has returned 70%+ in a year and 30%+ CAGR over the past 5 years (paid).
Top 9 Holdings Recap
#9 🔻AMZN (2.21% allocation): Remains unchanged, with a slight decrease due to price movement, but our long-term view is intact.
Amazon may surprise some as one of our top 9, but remember, it’s not just an e-commerce king, it’s also a robotics and AI powerhouse. We don’t usually like citing data from others, especially ARK Invest, often known for participating in late-stage bull market peaks. But in this case, we believe the trend is directionally right: by 2025, Amazon is projected to have around 1 million robots supporting approximately 1,5 million employees. In other words, Amazon is on track to become the world’s largest robotics company.
This level of automation across warehouses, logistics, and AWS data centers gives Amazon a durable structural moat. In our view, it is one of the best-positioned companies to benefit from AI commoditization: the largest robotic workforce, unmatched ad-to-cart conversion efficiency, and a $2.4 trillion company that still operates with a Day 1 startup mindset. Just amazing.
#8 🔺AMD (2.38% allocation): Remains unchanged, as our long-term thesis continues to play out, with growing demand for compute already underway and we see more on the horizon.
We took advantage of the April dip to initiate our position in Advanced Micro Devices, benefiting from what we viewed as highly discounted prices. AMD remains our core AI-chip play. While the stock has had its ups and downs, the company continues to make steady progress. In June 2025, AMD hosted its “Advancing AI” conference, unveiling the new MI300-series GPUs and its “Helios” AI server platform for 2026. Notably, OpenAI’s CEO announced that ChatGPT will adopt AMD’s upcoming MI450 chips, an important validation of AMD’s trajectory. These developments, combined with AMD’s growing open-source ecosystem, particularly its collaboration with $META, reinforce that the company is building credible AI infrastructure. We believe it remains a strong player for the next chapters in the AI race, particularly as inference workloads begin to scale meaningfully between H2 2025 and 2026. We're also confident in the leadership of one of the most capable CEOs: Lisa Su.
Her track record of execution and vision gives us additional conviction in AMD’s roadmap. Only best-in-class leaders can deliver this kind of transformation, a 70x stock over two decades, the result of disciplined innovation, strategic focus, and world-class capital allocation, in one of the trickiest and most competitive sectors on earth.
#7🔺HIMS (2.88% allocation): Remains unchanged, though not without its trademark volatility. As mentioned previously, this name, together with our new position (to be revealed shortly), falls into the “early growth” bucket. Combined, they make up just 7.5% of the portfolio. Not portfolio killers, but potential drivers, especially when paired with profitable growth, which could lead to position increases over time.
As with any early-stage grower, there are risks. Last quarter showed one of the lowest levels of insider activity recently, though insiders at HIMS have typically been net sellers due to generous stock-based compensation packages.
On the bright side, institutional interest is picking up, positive news for us, early holders in the $20-30 range.
Since our deep dive, Hims & Hers Health (HIMS), is up ~122%, you could’ve spotted it too, by reading us.
On July 9, 2025, HIMS announced an aggressive expansion plan: a 2026 launch in Canada timed with the introduction of generic GLP-1 weight-loss drugs, following their acquisition of the European platform ZAVA. This move highlights how Hims is scaling its affordable healthcare offerings globally, particularly in areas like obesity, yes, but Market is underestimating many others. We see this and other recent initiatives as entirely consistent with our original thesis: a best-in-class management team building what could become the most valuable subscription service in preventive healthcare. In an industry as complex and risk-heavy as healthcare, the odds of success are slim, but Hims is proving that top-tier execution can bend the odds.
And the proof? When pharma giants start taking shots at you, you're either doing something very right, (or very wrong). And that’s exactly why our allocation to Hims & Hers remains modest for now. It’s a high-upside, high-risk bet. But it’s also one of the positions we’re ready to increase, either after revalidating the thesis during upcoming earnings calls or if a meaningful price dislocation creates a compelling entry point.
Big news at Swiss Portfolio
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HIMS +122% since deep dive (13.1)
IESC +55% since deep dive (9.2)
PSIX +191% since deep dive (5.3)
SPGI +10% since deep dive (14.3)
DUOL -9% since deep dive (1.5)
WST +26% since deep dive (22.5)
SGX: BBW -1% since deep dive (9.6)
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