Tech Portfolio Overview - LS - Stand The Short Squeeze - 2025/01/25
Fri Jan 24 2025
Portfolio Overview - Low Net Portfolio
01/25
The Long portfolio is constructed to capture AI beneficiary in different countries. We take some profit on ARM after the recent fast rally, and shift to Amazon which has lower beta.
On the Short side, recently there are more short squeezes on laggards, such as GlobalFoundries, Soitec, ASML. However, we see mature node oversupply already a structural issue and don't think this will move the needle. Also, we are shorting those that have worse track records in terms of execution. For ASML, which is a stock that triggers debates at both side, we see the rising dominance of TSMC a structural headwind to ASML's step-up pricing strategy, and adding salt on wound is US restriction toward China extending into high-end DUV - China amounting to 20% of ASML sales as of 4Q24. Hence we make no change.
On AUM of $300M, cash level 9.9%, current profit is $21.4M.
