Nelson’s portfolio, weighted by position size. I update it approximately once a month.

(Updated on May 5th, 2025)

It is split into several easy-to-read sections, starting with the top 20 positions:

A few (new!) FAQs to clear up some of your questions:

Is this only your portfolio?

No. It includes portfolios I manage for family members which I plan to inherit one day. Many positions overlap in both my portfolio and ones I manage.

Are you making progress selling down positions?

I’m getting there. We were at 93 companies last update (April 1st), now I’m down to 91.

I’ve been selling my Walmart position too, which will soon take me down to 90.

I also have a few stocks that are in the process of being acquired (Minto Apartment REIT and Gamehost, with Information Services Corp likely making that list soon), so that’ll help reduce the list.

How are you deciding which positions to sell?

I’m mostly looking in the 60-91 range in the portfolio. I’m much more inclined to sell a small position first, since I don’t have much conviction in those names.

Any small position is currently going through a test. My decision is either add to it — and make it a decent-sized position — or punt it. There are no holds in the 60-91 range. Only buys and sells.

From there I’m adding timing. I want to sell stocks when they’re high, rather than low. I want to keep things fairly neutral tax wise, so I may sell a loser and a winner at the same time.

I’m also considering where to allocate the new capital. I’m not finding a lot of buys among my current holdings, which is why I’m in no rush to sell the companies that are about to be acquired. I’ll be more aggressive selling if I see more buying opportunities.

How many positions would you like to have long-term?

Anywhere from 40-50, I think.

Can I comment on your portfolio?

Sure. The best way to do so is by replying to one of the emails I send or send me a DM on Twitter (@CDInewsletter).