u/tomer_zinn

I’d be happy to get feedback on my positioning/portfolio management. I appreciate your insights and sources of knowledge i get from here that have made real impact on my investments (Saul’s board, WPR’s channel, Shooting the Bull, monthly reviews…).

My main goal in 2026 is to build a consistent growth investing framework to improve my research, decision-making and mental game rather than simply chasing returns. Because of this, the growth portfolio is smaller than my long term bucket (VOO, VGT, IBIT) but bigger than my more speculative technical trading bucket. When I will see more positive results i will increase the percentage the growth takes from my whole capital.

My YTD result looks strong, but Intel contributed heavily becuase i have a position since 20$.
I had a real thesis and sized it with conviction, but the magnitude and speed of the move also involved plenty of luck. Also, I wasn't consistent, I jumped in and out from positions, added and trimmed.
I hope these monthly reviews would help me separate good decisions from good outcomes and remain consistent when conditions change.

Performance:
Portfolio up 9.65% in September and finished the first nine months of 2026 up 76.16% while SPX is -0.5% in September and 11.8% YTD

January +16.93%
YTD 16.93%

February -17.81%
YTD -3.90%

March -3.62%
YTD -7.37%

April +49.27%
YTD +38.27%

May +39.16%
YTD +92.41%

June +1.21%
YTD +94.75%

July -15.03%
YTD +65.48%

August -2.92%
YTD +60.65%

September +9.65%
YTD +76.16%

Current portfolio position allocations
ALAB: 15.04%
CRDO: 11.92%
INTC: 11.87%
SIMO: 11.61%
RDDT: 8.48%
APP: 7.78%
BE: 5.47%
MU: 4.79%
KLIC: 4.75%
NXSN.TA: 4.27%
FIGR: 3.49%
TOST: 2.17%
Cash: 8.37%

I plan to be around 90% invested and 10% in cash to add on dips/fully build positions as I don't usually buy a fully sized position in one order.

Two promising new ideas I want to share and focus on are NXSN(TASE) and SOFW(TASE):
NextVision develops compact, stabilized electro optical imaging systems for drones, UAVs and other defense/security platforms. The financials combine extreme growth with unusually high profitability: Q2 2026 revenue was $88.2M, +138% YoY, gross margin 65.2%, operating margin 58.8%, and operating cash flow $43.8M. First two quarters for 26's revenue reached $155.5M (+112% YoY) and net income $91.9M (+110%), while management raised its 2026 revenue target to $355M (+111% YoY) and reported a $265M+ backlog in August.

Sofwave sells non invasive aesthetic medical systems which its installed systems generate recurring usage revenue. Q2 2026 revenue reached $30.0M, +43% YoY, while the higher quality recurring usage fee grew 52% to $13.9M and reached 46% of revenue; gross margin expanded to 76.5%. Operating income reached $2.9M, net income $2.5M, and the company generated $3.6M of cash. Recurring revenue is growing faster than total revenue while margins and operating leverage improve. recently, Sofwave got approval from china to to market it's systems over there so I could see better growth. I also really liked the conference call. I think to open a starter position but I still want to see more growth so I'm waiting for the next earnings.

I’m interested in hearing how people here who follow Saul-style growth framework are interpreting CRDO’s quarter. I’m less interested in whether the stock is cheap/expensive after the reaction and more interested in whether anything actually changed in the business thesis.

How are you thinking about the apparent deceleration from the growth rates that originally made CRDO such a hypergrowth investment? At what point would slowing sequential growth make you reconsider the position rather than simply accepting the law of large numbers? I remember I came across a post on Saul’s board that sequential deceleration is not always that bad if you still manage to hit a compounding YoY revenue.

Furthermore, Non-GAAP operating margin slipped a bit from 49.6% to 48.2%, do you weigh that in or would you not consider it to make a big difference?

And I think to sum it all, It would be good to ask - If you owned CRDO before this report, is there something specifically that changed in your thesis after the report? If so, how did you act upon it?