MyNest US Fund Sep 25

Dear Investors,

MyNest US Fund is up 14.4% year to date, in line with the general US market. This performance was made possible by Google, as it single-handedly moved the needle for our fund.

The S&P 500 was, however, powered by the “Magnificent 7,” in which all AI-related stocks went into hyperdrive. Even Apple, in which our fund has a small position, soared due to the sale of its new iPhone 17 series.

Market sentiment was very bullish for the month. This sentiment should continue into October, where earnings will decide whether there will be a downward shift in gears, especially in the AI space.

Adding Up on Uber & Markel

We added on our Uber position despite its rich valuation, as its fundamentals continue to improve. Uber services Total Addressable Market is only going to grow and stay. Further the mobility and food delivery space has consolidated and I see it being occupied by only a handful of players.

This oligopolistic environment usually provides good margins for businesses within the space. Markel was also bought towards the end of the month due to its recent weakness. We added Markel due to Google being one of its largest holdings and it being a beneficiary of lower interest rates.

We also sold Okta towards the end of the month after realising its impact in the space may be restricted due to the overarching reach of its main competitor Microsoft.

MyNest US Fund Portfolio Compositions

MyNest US Fund Performance

Mynest US Fund managed to stay ahead of our benchmark by a small margin as strong gains from AI-related stocks continue to drive the S&P500 higher.

Segment Chart

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We have made changes to some segments specifically to segregate between advertising and cloud business from the software business. This enables us to view our portfolio concentration more holistically as we continue to deploy cash in this frothy environment.