Salesforce (CRM)

The idea of “Hated Moats Portfolio” is as old as this whole newsletter and its point is simple - put our money where our mouth is and buy the companies we analyse and believe in long-term. Initially, I didn’t really want to go into specifics of the portfolio in nominal value, and wanted to tag it as a “virtual portfolio of $X amount of money” and just post it on normalised base.

Since we set the transparency to be our main pillar here, we decided to share this portfolio as a real one, and publish its performance in real time, with our real positions we’ve been getting into since July 2025. We increased our actual cash amount assigned to this portfolio to $100,000 and normalised it as a base for the start of Hated Moats, i.e. from July 28, 2025.

We model the portfolio against two benchmarks - S&P500 and QQQ (Nasdaq). We compare it as if the whole port of $100,000 was put in each of these indices of July 28, 2025. We believe this is fair, even though the cash drag (we haven’t invested full port of $100k) is against us. But that’s the real life of timing the market and picking individual stocks. :)

In Q2, we added 8 new positions into the portfolio: Constellation Software, Salesforce, Duolingo, Meta Platforms, Nebius Group, Uber Technologies, Mo-Bruk and Wix. The position has overall 15 positions by now. We are happy about the new additions, perhaps with a little bit of doubt about Duolingo.

All about that and more, including how the portfolio has performed, will be posted in greater detail in our following article, “Portfolios Reveal”.