My Stock Portfolio Review, July 2026

Hello, Investor,

Each month, I provide a transparent update on my portfolio performance, covering the latest news on core stock positions and analyzing recent developments across each holding.

For more frequent updates, follow me on X/Twitter and Threads, for visual infographics on Instagram and on SavvyTrader for portfolio changes.

• Portfolio Performance (TWR)

• Historical performance (TWR)

• Portfolio Holdings

• Monthly Portfolio Changes

• Commentary on my holdings

My portfolio is mostly composed of software SaaS companies, and negative sentiment around SaaS has affected my portfolio.

However, the “SaaSpocalypse” negativity has likely already passed, with the bottom occurring on April 10.

In July, hardware AI infrastructure stocks corrected sharply, and capital started rotating out of hardware and into SaaS stocks, sharpest decline was in memory stocks, where the correction reached 40%–50% from ATH.

The peak of the hardware stock selloff was the collapse of Leopold Aschenbrenner’s Situational Awareness LP, which had made a highly concentrated bet on hardware names: Micron, CoreWeave, SK Hynix, SanDisk, and Nebius.

However, while negativity around SaaS has eased, seat-based SaaS companies still remain under pressure, and this pressure is likely to continue.

Seat-based SaaS still trades near historical low valuation multiples, and expected NTM revenue growth has declined to 10.4%.

These companies are actively shifting toward hybrid pricing models, and future stock performance will depend on how successfully each company can manage this transition.

Meanwhile, Forward EV/Sales valuation multiple for the top 10 SaaS companies has already recovered to 13.2x, close to the average levels during 2018–2019.

Expected NTM revenue growth has increased to 30.5%.

The fastest-growing SaaS leaders are already benefiting from AI, and this is becoming visible through accelerating revenue growth.

Since the beginning of 2023, my portfolio has returned +138.13%, compared with +95.07% for the S&P 500.

Portfolio YTD Performance vs. S&P 500, Nasdaq Composite, and ARKK.

2020: +110.2% (since 15.04.2020)
2021: +23.7%
2022: -59.6%
2023: +57.3%
2024: +24.9%
2025: +8.2%

Cumulative: +149.9%

Next, I will review my portfolio holdings, the portfolio changes made over the past month, and key news for each portfolio company, so you can stay up to date on the most important recent developments across the portfolio.