December 22, 2025
Portfolio Update
+442% vs SPY's +68% since 2021. 16 positions, full transparency.
Every week, I publish a full breakdown of my portfolio - what I own, current prices vs. targets, and where I see the biggest upside.
No black boxes. Every position is real, verified through Interactive Brokers.
📈 The Track Record
💼 Current Portfolio Structure
Weighted average upside to targets: ~62%
💳 Fintech — 35%
Ticker | Name | Weight | Current | Target | Upside |
|---|---|---|---|---|---|
$PYPL | PayPal | 13% | $59.81 | $100 | +67% |
$EEFT | Euronet | 9% | $77.02 | $165 | +114% |
$NU | Nu Holdings | 8% | $16.34 | $22 | +35% |
$KSPI | 5% | $77.55 | $133 | +72% |
🇪🇺 European Value — 31%
Ticker | Name | Weight | Current | Target | Upside |
|---|---|---|---|---|---|
$WIZZ | Wizz Air | 8% | £12.54 | £18.90 | +51% |
$ZAL | Zalando | 8% | €24.97 | €34 | +36% |
$TUI | TUI AG | 6% | €9.26 | €13 | +40% |
$EVO | Evolution AB | 6% | SEK 620 | SEK 995 | +60% |
$BOSS | Hugo Boss | 3% | €36.57 | €48 | +31% |
🇨🇳 China & EM — 16%
Ticker | Name | Weight | Current | Target | Upside |
|---|---|---|---|---|---|
$BABA | Alibaba | 6% | $87.86 | $215 | +36% |
$JD | 5% | $28.82 | $46 | +60% | |
$BYDDY | BYD Company | 5% | HKD 93.70 | HKD 165 | +76% |
💻 Tech — 18%
Ticker | Name | Weight | Current | Target | Upside |
|---|---|---|---|---|---|
$WIX | 7% | $104.43 | $170 | +63% | |
$NICE | NICE Ltd | 6% | $109.03 | $195 | +79% |
$S | SentinelOne | 5% | $14.73 | $28 | +90% |
📦 Other — 3%
Ticker | Name | Weight | Current | Target | Upside |
|---|---|---|---|---|---|
$BAYRY | Bayer AG | 3% | €35.58 | €33 | -7% |
📊 Investment Theses
$EEFT — Euronet Worldwide +114% upside
$77.02 → $165
One of the most undervalued opportunities in fintech. Digital transformation driving 300-400bps margin expansion. CoreCard acquisition opens $9-10B TAM with cross-sell into 800+ bank clients.
Key: 8.2x P/E vs Fiserv (19.5x), FIS (15.2x) — 40-50% discount without justification.
$PYPL — PayPal Holdings +67% upside
$59.81 → $100
Agentic commerce first-mover with OpenAI, Google, Meta partnerships. Fastlane showing 60% monthly merchant growth, +7pp conversion lift. TPV accelerating to +9% YoY.
Key: 12x P/E vs 20-30x historical — transformation under new CEO not priced in.
$NU — Nu Holdings +35% upside
$16.34 → $22
100M+ customers, 34% ROE (higher than JPMorgan). Mexico ARPAC inflection coming. Trading like a dying regional bank, not world's fastest-growing digital bank.
Catalyst: Mexico breakeven Q2 2026 unlocks major new profit stream.
$WIZZ — Wizz Air +51% upside
£12.54 → £18.90
Engine crisis = temporary, not permanent. +26% operating profit with 20% fleet grounded. P&W returning all aircraft by end-2027 = EUR 360M profit recovery priced at zero.
Key: 7x P/E vs Ryanair 13.5x at faster growth — absurd discount.
$NICE — NICE Ltd +79% upside
$109.03 → $195
#1 in AI-powered customer experience (Gartner, Forrester). 88% recurring revenue, net cash position. Margin expansion from 21% to 32%+ by 2027.
Anomaly: 10.8x P/E with 22.6% EPS CAGR vs Salesforce 25x with 12% CAGR.
$WIX — Wix.com +63% upside
$104.43 → $170
2-3 year AI technology lead over Squarespace/WordPress. FCF margins exceeding 20%. Transforming from website builder to comprehensive business platform.
Key: 9.0x EV/FCF vs peer median 14.2x — 37% discount, peer parity = $170.
$KSPI — Kaspi.kz +72% upside
$77.55 → $133
75 transactions/month/user — best engagement globally. 40%+ net margin, 55%+ ROE. Turkey expansion (4.3x larger market) via Hepsiburada acquisition.
Key: 7.5x P/E at all-time low vs 10-15x historical. 6-7% dividend yield cushion.
👀 What I'm Watching
$PYPL — Agentic commerce partnerships, Fastlane adoption
$EEFT — CoreCard integration, cross-sell wins
$WIZZ — GTF engine returns (all aircraft by end-2027)
$NU — Mexico ARPAC inflection, credit quality
$NICE — Cloud mix crossing 80%, margin expansion
🔄 Recent Activity
This Week:
Increased $PYPL position (now 13% — largest holding)
$TUI showing strength (+20.7% from entry)
$WIX continuing momentum (+10.4% from entry)
✅ Winners vs Entry:
$BAYRY +28.3% · $TUI +20.7% · $WIX +10.4% · $NU +8.9%
📉 Positions in Red (Adding):
$BYDDY -23% → +76% upside
$NICE -19% → +79% upside
$S -18% → +90% upside
Next update: December 29, 2025
Full valuation models and methodology on the portal.
Every position backed by DCF, comps, and scenario analysis.
Disclaimer: This is not investment advice. All positions are my own. Do your own research.