2025

The year 2025 ended with a 5% loss on my portfolio. This was mainly due to a 60% loss on Intellego, followed by a weakening dollar and stagnation of some financial companies in the portfolio. The sell-off on I-Tech and the decline of RaS after the announcement of the termination of the contract with Stake did not help either. Intellego was a huge lesson that taught me that I should be much more sensitive when there are doubts about a company in my portfolio. Fortunately, that’s behind me now. Stocks such as Finance of America and Versabank went sideways in 2025, even though their fundamentals improved significantly. In the case of Versabank, there was even a sharp dip during the tariff announcement period. I have rotated quite a few stocks in my portfolio, and I am still learning and finding companies that have a better setup than what I have in my portfolio. Lately, however, I have been very happy with my portfolio, and although I am constantly finding interesting opportunities, they are rarely “good enough.” Let’s take a look at the horses I am betting on into 2026.

Abacus Global Management - 16,7%

I had Abacus on my watchlist, and when the company announced its dividend and buyback policy after its recent Q3 earnings, it seemed to me that the company had definitively confirmed its profitability and shareholder-friendliness, so I decided to roll my entire position in Jackson Financial into Abacus, because unlike Jackson, Abacus is a growth story. Coincidentally, Abacus was close to its 52-week low, and the market probably evaluated the results similarly to me, because a nice bull run followed, and I am now at a +46% at this position. Although growth in 2025 was stimulated by debt, I believe that Abacus can show very decent growth next year without borrowing money, and Q4 is usually the strongest quarter.

Entravision Communications - 14,6%

Entravision is probably the most asymmetrical situation I have seen so far. The company is perceived by the market as a dying media business, but it has assets with a value comparable to the valuation of the entire company, a dividend of 6.5%, will have extra revenue from political advertising next year, and, most importantly, has a rapidly growing ad-tech segment that grew 104% YoY in revenue and 378% in EBITDA in the last quarter. If we annualize Q3 EBITDA, which was $9.75 million, we get $39 million compared to an EV of around $400 million. Plus, it’s growing fast. This is probably the craziest thing I’ve ever seen, and I’m curious to see what results the company will come up with and how the market will react.

Trufin - 11,47%

I love this company, and I especially love their video game division, Playstack. When I read the analysis of this company, my knowledge of indie video games and my investor perspective clicked. Playstack is the core of this company, and if they deliver historic ROIC in the hundreds of percent, reinvest in new projects, and continue to make buybacks while sensibly managing their software businesses Oxygen and Satago, I’m happy. Next year will see the release of their biggest project, Mortal Shell 2. Keep doing what you’re doing, I’ll be watching you.

D-BOX - 9,31%

When J. Cukierwar posts, it’s time to pay attention. I read a summary of his thesis, bought in, and then continued my own thorough research. D-BOX is a case of activists taking over a poorly managed company, and I think there is still a lot of upside potential here. Once they report another quarters with YoY profit instead of loss, the market will react positively, and if the new management manages to get D-BOX seats into a new cinema chain, it will be a multibagger.

CareCloud - 8,74%

CareCloud has been stagnating since I bought it, but this company is very cheap, and I am mainly interested in how much new cash flow they can squeeze out of their latest acquisition. It will take time for everything to settle down, but if they deliver what I expect, the market will inevitably respond. It takes time.

Versabank - 8,68%

Yeah, this company has been a pain. CEO Taylor, aka the master of jovial quarterly calls and stupidly communicated foreign expansions. However, it looks like the share price has caught a second wind and investors are finally beginning to understand Versa’s potential in the US market. I’m happily holding on and hoping that 2026 will be the year of Versabank.

I-Tech - 8,49%

I-Tech has been under pressure for the last two quarters, and I still maintain that the company has high potential. In my opinion, the last two quarters are a “bump” caused by customer concentration, and I am also optimistic about the outcome of the ECHA decision. We’ll see.

Asiro - 7,5%

Asiro is probably the strongest candidate for a possible replacement. It is a cheap and growing company, but I was unpleasantly surprised by the reduced guidance for 2026. Otherwise, everything seems relatively OK to me, and I am able to sit it out for a year if necessary. We’ll see if a better opportunity arises.

Finance of America - 7,44%

Fundamentaly FOA has improved so dramatically without any reaction from the market. There was a 100% beat on EPS, which confirmed the correctness of the thesis regarding increased spreads on a portion of reverse mortgages, the company is buying convertible bonds, and there was a very interesting deal with Blue Owl Capital, which points to the potential of reverse mortgages and the possibility of unlocking equity in people’s real estate. I am very bullish on FOA in 2026.

RaS Technology Holdings - 6,99%

RaS took a terrible blow after announcing that it would not be renewing its contract with crypto betting company Stake. Although I understand that this is the first time they have lost a major client, I personally do not think this will happen again and I believe that the company’s revenues will continue to grow and that it will start to see profitability and operating leverage. P/S will be somewhere around 1.2 for a company that currently has a 46% gross margin, which will only increase. I see no reason to sell.

We’ll see if the portfolio’s performance improves in 2026. The main thing is to avoid mistakes. Good luck in the new year.