PHE and PHT
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PHT was modestly up. I would estimate +35bps. The wider market fell approx 100bps. Gainers were limited to AI related stocks due to SMCI stating that they had what is a record quarter due to DLC server shipments. Their quarterly result will be interesting. Last quarter they delivered 1,350 DLC and it sounds like they have delivered 2,000 this quarter which would equate to 128,000 GPU although some will be air cooled. I won't second guess actual revenue but it looks promising. In Q4 they reported $5.31B and their guide was wide; $6B-$7B. Based on the above it looks, and there is some fill in the gaps work here, an additional 650 DLC servers which are circa 2.5M each , or $1.6B which would put them at the very high end of their guide of $7B. If EPS also comes in as per the guide, this would be $8.27 and 65M shares which translates to $546M net or 7.8% vs 7.6% the previous quarter. I am hoping to see a gross margin in the early 12s although the above looks very promising.
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There non gaap share count is 66M. Also pointing out that their revenue just 2 quarters ago(very recent) was $3.8B so as you can see they are growing very rapidly. We very much to see their margin start to improve which is should with the opening of their Malaysia factory and expansion of US operations. They need to file their 10-k within the next 4 weeks ideally.
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@Adam-Kay said in PHE and PHT:
Hi LP,
Guys,
Presuming this is OK with Adam/Nik/Cobens, would it be OK to have a thread where the up-to-date holdings of PHE and PHT are listed?
I've found this list from Adam but it's nigh on a year old and I know that things have changed since then.
A nice chap called Peter (peter.*******@gmail.com) did a clever Google Doc showing the listings in each portfolio with a simple performance tracker, but that is now out-of-date (it doesn't show Oracle, which I understand is a new part of PHT).
Thanks.
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Hi O,
Out:
PYPL/PANW/TWLOIN:
MU/ORCL/AVGO -
The Equity portfolio, save for weight changes, remains unchanged, for now
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@Adam-Kay said in Oracle (ORCL):
Medpace
I did mention it here and an email will go out, probably next week
According to the above (which is from the Oracle thread) I thought Medpace was to be sold
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Yep-medp too. Ron’s list is correct
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19.18% YTD net of all fees as at 24/7
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Equity is -12.5%
We have 19 Portfolios. 18 are positive YTD.
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Out of interest, what portfolios have people spread there money across.
I'm in3x portfolios
Global growth
Defensive
Ph technology,
Slightly biased to tech and I'm happy with this spread would be interesting to know what others are doing. -
I don't mind disclosing the following with the caveat, everyone's situation is different by virtue of their:
age
appetite for volatility
time to retirement
total liquid assets
lifestyle and cash requirementsFor example, we do have clients of advanced years(80+) with 100% of their assets with us in Tech. I happen to know that number represents less than 10% of their liquid funds.
Conversely we have JISA accounts where their trustee has chosen MM or bonds.
The point being, investment selection is based on many factors which you must weigh. Investment decisions should not be made based on a poll. If anyone wants to discuss their investment choices myself or Nik are happy to discuss. Our guidance service is FOC.
Total assets under management % split and 3 year rank(1-5) performance:
Lifestyle 40% (2)
Tech 18%(1)
IMOP 12%(4)
PHE 8.5%(5)
Index 8%(3)
Other -
@Adam-Kay what was the final performance for PHT for 2025?
