Probably even too many
This week felt like a portfolio spring cleaning (in October) with part discipline, part opportunity, and maybe a touch of restlessness. Five trades in total, all within days of each other. I usually prefer slower, more deliberate moves, but some action was necessary. Let me run you through why:
The first trade was one I discussed in a post a few days back: rotating Gambling.com into Evolution AB. The decision came down to quality over theory, and the loss came down to my ego not being able to accept that I had a flawed thesis. Gambling.com looked great on paper but was fragile in practice: no moat, heavy dependence on SEO, and questionable defensibility. Evolution, on the other hand, is a powerhouse. It owns roughly three-quarters of the live casino market, earns free cash flow margins north of 50%, and runs one of the most technically complex infrastructures in the industry. Same sector, same trend, but one is an obscure bet, while the other is a toll booth. It was time to stop gambling and start owning the house’s supplier. Though I should add that Evolution’s stock tanked just a day after I opened my position, due to less-than-pretty earnings. But I don’t see much more downside from here with the moat and valuation, plus I am in it for the long game.
Second was Novo Nordisk. The timing was perfect for a long-term investor, as the board-resigning chaos briefly rattled the market. I doubled down during the noise. When a company sits at the epicenter of one of the largest secular trends in healthcare, short-term governance issues don’t matter much. For Novo, so many negative factors boiled together over the last few months, and I am loading up as long as the weakness in the stock price persists. Obesity and diabetes treatments are reshaping medicine, and Novo is leading that charge in a duopoly with Eli Lilly (also in my portfolio). The step-down headlines were just a distraction in a story that’s still writing itself. One of my highest-conviction comeback bets.
Next, I added InPost, the Polish locker network that’s quietly conquering major parts of Europe. The setup feels rare: founder-led, capital-light, and misunderstood. At barely over a 14× forward P/E, it’s priced like a slow-growth utility, not a network-effect logistics play expanding across multiple countries. The Allegro dispute scared investors, but the math doesn’t justify the discount. This is exactly the kind of calculated risk that balances my otherwise very U.S.-heavy portfolio. It’s refreshing to find a great growth opportunity in Europe, rather than one more left-behind carmaker.
After that came a structural adjustment — selling MSCI. I still like the business, but it’s almost redundant next to S&P Global, which already makes up my largest holding. Both share similar moats, models, and margins, and owning both represents more correlation than diversification. Between the two, S&P offers greater breadth and slightly better pricing power. So I let MSCI go, not because it failed, but because I want focus.
Lastly, I trimmed Dynatrace. A small, clean sale with about a 5% return. It’s a great company, but considering the stretched valuation, I think better opportunities exist within the same sector. I’d rather recycle the capital into cheaper, equally capable players like Salesforce or Atlassian. Sometimes great companies don’t make great investments, and I fear that we could see a sideways run for the observability player.
Looking back, it was an unusually active week. But every trade had a clear logic: higher quality, less overlap, better risk/reward. If anything, it’s a reminder that good portfolio management isn’t about doing nothing — it’s about acting with purpose when the puzzle pieces start to shift. And this week, they did.
$EVO (+1,45 %)
$NOVO B (-1,05 %)
$NVO (-0,81 %)
$MSCI (-0,59 %)
$DT (+0,46 %)
$GAMB (-1,22 %)
$INPST (-2,21 %)
$SPGI (+1,58 %)