May 2025 Portfolio Update
3% in the month, less than indices, but still 14% alpha YTD.
Hello and welcome to the Heavy Moat Investments newsletter!
Performance
My portfolio grew by 3.7%, less than the 5.9% of the S&P 500. YTD my outperformance continues to be strong however at 14% alpha. With its great return last month the Nasdaq overtook me again since inception of my portfolio.
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HMI continues to grow—this month, we welcomed 289 new subscribers, over 900 new followers and reached 49,417 views. Unfortunately, the month was very soft. The low views were partially by less posts in the month (however 8 is still a lot of content). I’m trying to not let this demotivate me and will continue to post high-quality content in order to have better upcoming months. The free trial month was a big disappointment to be honest, a free trial to paid conversion rate of 11% is not something excites me and I’ll probably not do these experiments again in the future.
New Content in May
Here’s what I covered this month:
Earnings update: Robertet CMD
Strategy: The Heavy Moat Investment Philosophy, The Distribution Business Model Primer
Portfolio Retrospect: Discussion on expensive stocks
New Investment Pitches: UK consolidator 17% IRR pitch, SaaS 15% IRR pitch
Quality Score: Atoss Software
Portfolio Update
In May I had no outright buys and sells, but I added sizably to my Danaher position as it dropped to attractive levels in the middle of the month. I also added a bit to Edenred.
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Let’s look at the top detractors and contributors to my 3% performance.
📈 Top Contributors:
Napco Security +23,8%
Adyen +22,9%
Arcure +16,5%
Texas Instruments +15,7%
📉 Top Detractors:
Copart -15%
EVS Broadcast -7,5%
Sartorius Stedim -5,8%
What’s Next?
For paid subscribers, I’ll share my updated valuation matrix with this report—helping you see which stocks I currently find most compelling within my portfolio.
If you’re serious about identifying high-quality investments early, consider upgrading to premium and unlocking the full experience.