3Q25 Portfolio Update

每季都會對我的投資組合進行一次完整檢視。在這次的季度檢視中，有幾項重要變動值得留意。

1. 0–3 個月美國國債 ETF / 現金
2. Google
3. Amazon
4. Microsoft
5. Meta
6. Uber
7. Whirlpool

隨著我的股票部位持續成長，短期債券和現金的權重自然下降到約 25%。這次減少並非因為賣出，而是由於股票部位升值，佔了投資組合中更大的比重所致。

迄今為止，我的投資組合已實現 18.94% 的複合年均增長率（CAGR）。

在第 3 季度，我的投資組合在達到新高後經歷了 –8.7% 的跌幅，跌幅較大，這與 QQQ 的跌幅大致相符。主要是由 Duolingo 下跌所驅動，其未實現損失作為單一持股產生了顯著的影響。

已賣出：CELH, ARM, ASML, FICO, PATH, TMDX

短期交易：PYPL, AAPL

新增或加碼：META, WHR, SN, FISV, MELI, CAVA

這些調整反映了我對產業、基本面和估值變化的最新看法。儘管如此，我仍可能選擇在任何時間點賣出。

接近年底，可能會考慮根據市場狀況和個股部位權重的變化來進行投資組合再平衡。這個紀律性步驟有助於維持我的長期風險概況，並防止情緒化決策。

Following my disciplined investment process, I conduct a full review of my portfolio every quarter. In this quarter’s review, several important changes were worth noting during this review.

Top 7 Portfolio Holdings :

1. 0–3 Month U.S. Treasury Bond ETF / Cash
2. Google
3. Amazon
4. Microsoft
5. Meta
6. Uber
7. Whirlpool

As my equity positions continued to grow, the weight of my short-term bonds and cash naturally declined to around 25%. This reduction was not due to selling but rather the result of equity positions appreciating and taking up a larger share of the portfolio.

To date, my portfolio has achieved a Compound Annual Growth Rate (CAGR) of 18.94%。

In Q3, the portfolio experienced a –8.7% drawdown after reaching a new high—roughly in line with QQQ’s decline. The elevated beta this quarter was largely driven by Duolingo, whose unrealized loss had a noticeable impact as a single holding.

Sold：CELH, ARM, ASML, FICO, PATH, TMDX

Short-Term Trades：PYPL, AAPL

New or Added：META, WHR, SN, FISV, MELI, CAVA

These adjustments reflect my updated views on sector cycles, fundamentals, and valuation changes. That said, I may still choose to sell at any point.

Moving toward the end of the year, I may consider a portfolio rebalancing depending on market conditions and how individual position weights evolve. This disciplined step helps maintain my long-term risk profile and prevents emotional decision-making.