Portfolio

This is the start portfolio at close of trading on 16th December 2025. It is a real portfolio with the exception of the exclusion of about a dozen UK and Nordic small cap and mid cap stocks which fall outside the main geopolitical themes which form the focus of this investment blog. The values of the holdings have been pro-rata adjusted to create a nominal £100k starting position and the percent weights reflect my own portfolio, albeit with the small caps stripped out.

We will follow the performance of this portfolio against the most widely accepted benchmark for global stock market performance, the MSCI All Country World Index. Given the amount of work required to run a portfolio of this size, no matter how focussed, we will also benchmark against the 7 ETF portfolio published elsewhere on this Substack (the easy solution!).

Deep dives will be written for each of the stocks, either by the author or by guest writers.

PORTFOLIO - OPENING POSITIONS 16TH DECEMBER, 2025

Date extracted into Excel from Stockopedia’s Portfolio Management Tool.

SECTOR ALLOCATION (From Stockopedia)

GEOPOLITICAL THEMES ACROSS THE PORTFOLIO