Diversification, here, is not a slogan. It is visible in the weights: Alphabet, NVIDIA, Amazon and Microsoft are the largest lines, and none of them alone reaches a share that would decide the year. Beneath them: cybersecurity, industrials, healthcare, a few ETFs, a limited presence in crypto.
Small lines mean that a mistake stays a local mistake. They also mean more names to follow, and more chance of being right and wrong in the same month. The two-year win ratio, around 50%, coexists with months that are profitable more often than not: there is no need to be right every time, if the losses stay contained relative to the portfolio.
Cash at zero, in the snapshot, means the portfolio is invested. It does not mean an absence of risk. A drawdown arrives all the same, and 2022 in the annual series is there to recall it: −30.24%.
The weights change. This note describes a date, not a promise of future composition.
Informational note. This is not a recommendation to buy or sell, nor a forecast. The returns cited are those of the public series and may change.