Oct 2026

NAV 7,547,535.38, down 9.7% from last week's 8,356,293.76.

Dashboard TWR YTD 16.55% versus NASDAQ 13.11% through the 15 October US close. Ahead by 3.44pp. The NASDAQ figure uses the latest available US close because this print was prepared in Hong Kong on 16 October.

17 equities, 61 short listed options, 78 lines. The register is the current broker snapshot; prices are marked values, not guaranteed live quotes.

What changed

This week was a proper retreat. High CPI brought back the fear that interest rates may rise again. AI-related names were hit particularly hard, while the rest of the market held up better.

There are two possible readings:

1. The AI trade and the wider market are finished. Other sectors eventually follow, while AI names fall much further.
2. This is only a margin reset after higher-rate expectations. Once the storm passes, the AI group can recover.

I am still betting on the second one.

The current snapshot shows the posture. CRWV is 600 shares down to 300. BRZE is 1,200 up to 1,500. HIPO is no longer in the register. NBIS and SKHY now appear as stock positions. The options overlay is doing the adding: puts are spread across NBIS, AEIS, FLEX, BE, PENG, SMMT and SMTC, with calls and puts still managing the existing names.

The strategy was wait, keep cash available, and add a little exposure through options when prices became interesting. The snapshot does not contain execution timestamps, so this is a position change record, not a trade blotter.

One hold thesis

NVDA is down with the rest of the AI group, but the long-term reason for owning it has not disappeared because of one CPI number.

The business is still at the centre of the AI infrastructure buildout. The stock has already shown that it can recover from violent pullbacks and continue toward new highs once the market stops treating every rate move as the end of the cycle.

That does not mean the bottom is in. It means I would rather sit through the storm than sell a strong business only because the market became nervous for a few weeks.

One mistake or risk

The uncomfortable possibility is that I am wrong about the second scenario. If AI spending slows, margins compress, or rates stay high for longer, the AI names can fall much deeper.

The short puts also mean that waiting is not risk-free: some of the dip trades may become stock positions. I am choosing scenario two before it is proven. Confidence is useful here, but it must remain attached to the numbers.

Current holdings

View the live holdings register

NAV and positions are a dated personal record, not investment advice.

One share line for X

NAV 7.55M, TWR YTD 16.55% vs NASDAQ 13.11%. CPI hit AI hard. I am betting this is a margin reset, not the end of the cycle. Print 005.