This is an update as of June 6th, 2025 on my “Model 5Y Portfolio” set up on October 1st, 2024 with an initial investment amount of £500,000.
What happened this quarter:
- DOGE fails – Deficits aren’t going anywhere – Nothing stops this train. Long term capital seeks a new home in a multi-polar geopolitical world.
- Currency war heats up with stablecoin bill in US passing the senate & Circle going public at astronomical valuations (benefitting our COIN position).
- Many more treasury companies make their debut, but none are able to show they can issue investment grade debt to raise capital for purchasing BTC. Strategy is in a league of their own
Here are the key portfolio metrics:
- Portfolio Value: £703,136
- Initial Investment: £500,000
- QoQ Performance: +24%
- Annualized Performance: +54%
Full portfolio update here: Google Sheet
Rebalancing and Trading Actions
- Sell 50% COIN for HOOD – COIN has appreciated greatly, in significant part because of their stake in Circle. This seems to be the peak of the stablecoin narrative concentrated on Circle, not a bad idea to diversify. Robinhood has a growing crypto exchange business and has a wide and growing user base.
Post trading and rebalancing actions, the portfolio looks like this:
The core themes of the portfolio are proving true:
- Persistent Government Deficits
- Rising Global Energy Demand
- Shift Away from USD in Global Trade
- Technological Advancements
One new theme that I am starting to explore is healthcare – with ageing populations it’s clear demand will increase. However medicine, healthtech and genomics feel beyond my domain of competence. I will be starting research in this area to build some understanding of the space.
That’s all for now. See you in September.