2024-Q4 portfolio update

Year-end portfolio shake-up! (6 new positions and 5 exits)

Happy New Year!

First, thank you for being a subscriber throughout 2024. Wishing you and your family good health and happiness in the new year. And here’s to hoping 2025 will be a strong year for Asian equities!

Let’s kick things off with a portfolio update. Q4 was an exceptionally active quarter for me. I bought six new positions (four in Japan and two in China), which is quite a lot by my standards, and I also exited from five names.

Year-end felt like the perfect time to reassess my portfolio, so I brought out the axe. I’ve re-evaluated my original theses and the risk-reward for each holding. This led to selling names that I felt lacked catalysts, growth drivers, or clear paths to improvement heading into 2025, and replacing them with those that do.

As always, I will cover portfolio performance, provide an updated list of holdings, and share my thoughts on the new buys and sells during the quarter.

Performance

The portfolio was down 2.8% during the fourth quarter and up 26.9% since inception (January 17, 2024), measured in HKD (essentially the same as in USD).