Portfolio PRs

PORTFOLIO UPDATE MARCH 17TH 2026 Buys: $NOW $MELI $TTD $ADYEN Sells: $NOW $NU It’s been an incredibly fascinating first quarter to start the new year (not technically finished I know) with the SaaSpocolipse continuing as well as a stellar earnings season in my opinion, which I really enjoyed following. These two events as well as many other nuances have led to multiple intriguing opportunities for the long term investor, so much so I’ve felt almost spoilt for choice, it’s not an exaggeration to say I feel like I’m suffering with mild decision overload right now which is funny because I’m sure my buying decisions really don’t require as much thought as I’ve been allocating recently. I’m sure that’s something we’re all guilty of at times. Since the last update was published I started a position in ServiceNow which I then sold within probably 6 weeks, which I’ll explain why. I also sold my entire NU bank position. Regarding buys, I increased my allocation to The Trade Desk and MercadoLibre significantly, doubling my position in both. I also increased my Adyen holding by 20%. Of course we also made deposits into the account each month. Buying and selling $NOW This is actually a really simple one. I saw (and still do see) ServiceNow as a great opportunity long term at the current price point. I wrote a promising deep dive on the company and then actually decided to start a position just before earnings. I entered the stock at $129 and then sold at $120 about two weeks ago. So it’s a small loss, it’s much of a muchness to be honest. It doesn’t even need covering but I’ll always promise and provide transparency here. The only reason I sold the position was because I see multiple other interesting buying opportunities emerging within my portfolio with companies I hold a stronger conviction and understanding towards. Naturally because both conviction and deep understanding take time to develop and strengthen, I felt more comfortable and importantly, more excited to allocate that capital towards other positions. I was struggling to justify a new position when I saw so many opportunities within my current holdings. It’s funny because the problem is I haven’t fully yet decided where that capital is going to be deployed, so today it sits at a 4% cash position whilst I ponder over the coming days. I’m contemplating between deploying it into more $UBER, $NFLX, $SHOP, $DUOL, $ONON, $META or $AMZN. Gun to my head I'm thinking a split between $NFLX & $SHOP Rolling NU into MercadoLibre I sold my entire $NU position for a gain around 30% which is nice but the amount of time I held shares of Nu it did underperform. I made this decision because I view MercadoLibre $MELI as arguably the best opportunity on the market today for long term investors. I actually really like NU as a business and as an investment but I simply get excited by MELI so much more. I could have certainly sold a business of arguably less quality than NU in order to scale my MELI position but that would have left me with portfolio exposure to Latin America north of 15%, which isn’t something I’m comfortable doing right now. As MELI grows as I predict, paired with me continuing to buy shares over time, that’s a reality which may likely happen but there’s no rush to jump in so heavily right now. I believe it’s quite simple. While it’s true that MELI and NU serve slightly different fintech purposes and each can flex unique strengths, MELI is the superior business by almost every metric. I’d argue the majority of investors holding both businesses would agree. With MELI, you aren't just buying a bank, you’re getting multiple top tier businesses that intertwine to create a powerful flywheel effect. You have the marketplace, a fintech arm and an unrivalled logistics network. This is all supported by high potential verticals like advertising which is growing at 60%+, memberships and streaming. While NU is the dominant fintech play today, Mercado Pago is closing the gap with speed. When you factor in MELI's ability to easily onboard users through the marketplace, it’s not just feasible, it's likely that they surpass NU in fintech users over the long term. At the same time their success “off-platform” is proving Mercado Pago isn't just an in-house' tool anymore thus proving it can win the open market. This is before we even mention the huge data advantage the marketplace gives them to underwrite loans for the credit business, unlike Nu. Finally, while NU has a respectable moat, it is ultimately a digital one. The logistics infrastructure MELI has built is a massive, physical, hard asset moat that competitors simply cannot replicate at scale as we’ve seen with Amazon here. At the current valuation MercadoLibre is just too good to ignore. $TTD I used some of the ServiceNow money plus my monthly deposit to double my position in $TTD. Granted the position was one of my smaller holdings in the first place, then it had a horrible drawdown so after doubling up and of course averaging down my TTD position is still sub 5%. I don’t believe this needs a massive explanation, It’s more likely I talk about TTDs current situation in depth in the newsletter but I do believe the business has become extremely misunderstood and pessimism has simply gotten out of hand, I believe we’ll look back at TTD in the twenties as a great opportunity years from now. I doubled the position at $29, I did want to buy at $23-$25 but I was waiting for the deposit to hit and annoyingly missed the run, but that’s completely fine. Why? Because when you have a thesis and conviction you shouldn’t let 10%/20% or more swing scare you out of potential decade long investment. I still think $TTD is undervalued so I won't miss the forest for the trees. Sadly No PRs to report in the portfolio, In due time we’ll get back to all time highs and then of course surpass that, however on another note we did hit a great PR on my morning run today, so at least Portfolio PRs can report one PR🙂 House keeping ~ Funnily enough I’ve decided to change the name on the platform once again so after going by everydaystocksx for approximately 2 years my new name lasted about 2 months which is funny, I prefer this new set up. I’m pretty casual on social media so a casual name made much more sense. I also plan to talk more on other topics which I’m passionate about, because why not. Plus who really cares, it’s an X name lol but this one should deffo stick moving forward.

I also like $SHOP here I’m adding, roughly speaking it’s like 30x look through earnings today and pretty conservative assumptions get you at 16x FCF 5 years out from today. Still not the cheapest stock in the world but for one of, if not the best growth compounder I think that’s fair

// $SHOP thesis: - Shopify just grew revenue 34% YoY to about $3.17B, which is extremely strong for a company already operating at this scale. Second Q in a row of acceleration and fastest growth in over 5 years. AI is working for them. - GMV crossed $100B in a single quarter for the first time, growing 35% YoY, showing merchants are still heavily consolidating onto the platform. The street taking the stock down from $150 to $95 after this showed me how much the name is hated. I hope it continues to dip on these types of metrics because these are not the signs of a business in decline even if the stock price is. - Operating income nearly doubled to about $382M, up roughly 88% YoY, meaning profitability is scaling fast alongside growth. - Shopify generated around $476M in free cash flow with a 15% FCF margin, proving the business can grow aggressively while still printing cash. - Merchant Solutions revenue grew about 39% YoY, showing payments, fulfillment, and higher-value merchant services are becoming a bigger part of the business. - Management keeps leaning heavily into AI, and they clearly believe “agentic commerce” could massively increase e-commerce penetration over time. - Even after the stock volatility, Shopify still looks like one of the highest-quality long-term commerce platforms because it combines strong growth, improving margins, huge GMV scale, and expanding ecosystem dominance. Honestly, this is probably the cheapest Shopify has looked relative to its growth profile since at least 2022–2023. The stock used to trade at absolutely insane multiples during the pandemic boom, sometimes 30–40x sales when revenue growth was actually slower than what they’re putting up now. Today…it’s closer to roughly 10–12x sales and revenue growth has actually re-accelerated back into the 30%+ range, margins are dramatically better, free cash flow is much stronger, enterprise adoption is bigger, and AI commerce tailwinds didn’t even exist during the last cycle. Yes, there is a premium on the name but the premium is relative to its best growth in years and the stock is down 40% YTD.

I bought $RDDT and $SHOP. Reddit has been a name that’s always been on my watchlist, first real deep dive I did was at $230 and I stayed away because of valuation. I think valuation concerns are more than resolved given the company has continued to grow and the stock has continued to go down. Shopify has a more expensive valuation but I do not think the street is accurately pricing in their role in agentic commerce and really it’s quite laughable how aggressively the street is ignoring the quarter they just put up. Both are absolutely massive compounders with accelerating growth that are down 40% YTD because they aren’t semiconductors. Hoping they fall another 20% to add more. Sold puts on $SHOP one month out for $90 and $RDDT at $130. Entry price on $RDDT is $142.57 and on $SHOP is $103.85. I also love that both businesses are still run by their founders. Looking to actually hold these names over the coming years so dips are likely and if the SaaS selloff or broader rotation out of anything semis gets worse than I would gladly welcome better prices.

@MrSeymourDuck Exactly 😂 even if the software infrastructure story plays out with great success & they deserve a software valuation compared to a banking one, even then the chance $SOFI reaches 1 Trillion is practically zero

@PortfolioPRs JPMorgan is the largest bank in the world and their Market Cap peaked at $890 billion this year... But yet somehow SOFI is going to get to a trillion. 🫪

I’ll gladly be wrong because I’d rather see people succeed than not, but let’s be real $SOFI becoming a trillion dollar company is completely absurd & I’m surprised Noto would even make a statement like that. 🚩

@Jordaninmt I agree that trillion dollar companies will a much more common thing 10-15 years from now, undoubtedly. $SOFI just won’t be one of them, inflation will not take Sofi something like 50x & if it did somehow happen then that would be worthless either way

@PortfolioPRs The amount of money printing and inflation happening a trillion dollars will be half the s and p 500 in 10 years. It is an odd statement but just inflation with growth it’s possible in 15 years by then JP Morgan will be 3 trillion dollar company lol

@drakeisaW Thank you!

Very insightful

@CarlosFSaavedra Yeah no doubt, that’s probably the toughest aspect to the deal

@PortfolioPRs Regulatory approvals for this to happen will be brutal.

$UBER acquiring Delivery Hero is really exciting for the long term thesis for a few reasons 1~ $UBER officially becomes a logistics network business first & foremost as volume from Uber Eats would surpass Rides significantly. 2~ Approximately 18% of Delivery Hero’s volume doesn’t come from fast food but commerce, grocery/ household & tech. If you’ve followed for some time you’ll know I believe $UBER has a huge future in sub 60 min retail delivery 3~ Delivery Hero is massive, we’re talking the undisputed leader in the middle east, dominant across APAC and strong across Europe, Africa & Latin America. These are markets which Uber is either not dominant or not active at all. Delivery Hero is active in 65+ countries 4~ Naturally this brings a huge boost to Ubers volume & the numbers make sense. Uber Eats currently has LTM Gross Bookings of $96B. FY 2025 DH had GMV of €49B (Approx $55B) This would be a huge boost to both Gross Bookings and Uber’s Moat in general 5~ Uber can easily afford the deal even presuming the price will have to rise from €33 likely closer to €40 per share (€13B) and the multiple they’re paying is incredible value at sub 1x revenue Let me know your thoughts below 👇

@CapexAndChill @MnkeDaniel @Shawn_OMalley_ For sure! I think it’s worth crediting how well management at $SE have executed to actually compete, but more importantly how well management at $MELI have reacted. I really like the MELI team, they really are a special company

@PortfolioPRs @MnkeDaniel @Shawn_OMalley_ Similar views myself. Sea is an incredible business and has forced MELI to change forever but that’s why management matters. If MELI's management was like Lazada’s they would probably be the number 2 ecom in Brazil right now

Just listened to an interesting discussion around $SE between @MnkeDaniel & @Shawn_OMalley_ but in a funny way I came away with takeaways I didn’t expect at the offset 1~ I’m even more bullish on $MELI it’s simply a much superior business 2~ I don’t use TikTok so I was truly shocked realising how big TikTok shop actually is 3~ This realisation makes me more bullish on $META as a pretty asymmetric vertical in the near future 4~ Then yeah obviously $SE is a really interesting company and certainly appears attractive on valuation

For some time now $SPOT has been gradually making strides becoming a platform which connects fans directly to artists & creators. It adds an interesting layer to the thesis.

Will likely increase my position in $WISE.L later today after the recent pullback. Not because the stock is cheap (even though I believe it is) but because the value proposition offered means Wise is going to be a significantly bigger company 10 years out than what we see today. Wise is the perfect example of an honestly run compounding machine & when I find exceptional companies I try to make sure to not over complicate it. I’ll just keep buying.

Sipping a coffee in Portugal thinking it simply doesn’t get better than Europe ☕️

@joecarlsonshow Beautiful growth, no surprise though, the value offered at the price point charged is incredible tbh

Revenue growth rate of Qualtrim. This is with no price increases. 2026 is benchmarked against the same months last year.

@Compoundandfire Means nothing in the financials today

@PortfolioPRs Nike destroys On in branding.

Why would anyone buy $NKE when you can buy $ONON. EV/Sales of 2.5x Vs 1.4x for Nike Forward EV/EBIT 18x vs 22x for Nike On destroys Nike on margins, present growth and future runway. I wouldn't like to be in Nike's shoes right now :)

$ONON continues to prove they have that pricing power Industry leading margins and still expanding. Management just guided Full year Gross and EBITDA margin of 64% and 20% respectively.

Whilst every company is fixated on telling us how they’re benefiting from AI Greggs is flexing the chicken tandoori pizza & matcha combo on us Jokes aside good update from $GRG.L Tenerife is a good shout for first international store, only seems right that Benidorm is next…

Solid report from $ONON once again today.

@DividendDynasty $META and it’s not even close 😂

Makes sense… NOT. Which would you rather own? 🤔 $META OR $TSLA

$SHOP around $100 is very attractive for those thinking long term. I’ll likely add to my position over the coming days.