Reference Portfolio · Updated
AI Build-Out
Multi-currency equity reference portfolio tracking the AI capital cycle — lithography, memory, testing, foundry, software, healthcare AI.
Thesis
The AI Build-Out Reference Portfolio implements Closelook's Rubin Build-Out thesis in concrete positions. The structural bet: the next decade of technology growth runs on a capital cycle that starts at the lithography layer (ASML, Applied Materials), runs through memory (Samsung, Micron, SK Hynix), testing (Advantest, Teradyne), and foundry (TSMC), and only then reaches the software and application layers that most investors focus on. Skin-in-the-game is held across all layers — the portfolio is not an infrastructure-only fund, but it's structurally tilted toward the upstream layers that most indices under-weight.
Multi-currency exposure (USD, EUR, CHF) is deliberate — Europe has the only non-US pure-play lithography franchise, and Swiss industrials provide adjacent infrastructure plays without direct semiconductor concentration. The portfolio holds roughly 30 positions with sector caps to keep concentration inside the thesis, not on a single name.
Rebalancing is event-driven rather than calendar-driven. Temperature regime shifts, Rubin sentinel trigger events (ASML/Advantest/Micron), and cross-asset cointegration breakdowns are the primary reasons positions move.
Structure
- Equities32
32 equity positions . Benchmark: Nasdaq 100 (QQQ).
Top Holdings
32 total positions — top 10 by weight shown. Barchart snapshot from May 8, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | NBIS | — | 5.60% |
| 2 | SMHN.D.DX | — | 4.92% |
| 3 | BESI.NA | — | 4.84% |
| 4 | IFX.D.DX | — | 4.00% |
| 5 | SHECY | — | 3.81% |
| 6 | SIE.D.DX | — | 3.69% |
| 7 | 0RFL.LN | — | 3.68% |
| 8 | SMSN.LN | — | 3.63% |
| 9 | SMHX | — | 3.53% |
| 10 | AVGO | — | 3.41% |
Composition
32 positions grouped by segment. All values in USD. Barchart-converted at the daily snapshot. Snapshot from May 8, 2026.
Equities (USD)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | ASX | ASX | 500 | 34.23 | 17,115.00 | 11,700.83 | 5,414.17 | +46.27% | 1,012.83 | +43.28% | 2.71% |
| 2 | ATEYY | ATEYY | 100 | 198.32 | 19,832.00 | 17,968.00 | 1,864.00 | +10.37% | 0.00 | +0.00% | 3.14% |
| 3 | AVGO | AVGO | 50.11 | 429.96 | 21,545.15 | 16,259.50 | 5,285.65 | +32.51% | 0.00 | +0.00% | 3.41% |
| 4 | COHR | COHR | 50.00 | 335.26 | 16,763.00 | 15,397.50 | 1,365.50 | +8.87% | 0.00 | +0.00% | 2.65% |
| 5 | DDOG | DDOG | 100 | 200.16 | 20,016.00 | 12,520.66 | 7,495.34 | +59.86% | 3,010.66 | +48.09% | 3.17% |
| 6 | GOOG | GOOG | 50.03 | 397.09 | 19,866.19 | 15,302.00 | 4,564.19 | +29.83% | 0.00 | +0.00% | 3.14% |
| 7 | IOT | IOT | 500 | 29.74 | 14,870.00 | 13,661.00 | 1,209.00 | +8.85% | 0.00 | +0.00% | 2.35% |
| 8 | ISRG | ISRG | 20.00 | 450.06 | 9,001.20 | 9,717.80 | -716.60 | -7.37% | 0.00 | +0.00% | 1.42% |
| 9 | LITE | LITE | 20.00 | 903.80 | 18,076.00 | 11,255.80 | 6,820.20 | +60.59% | 0.00 | +0.00% | 2.86% |
| 10 | MDB | MDB | 50.00 | 299.47 | 14,973.50 | 18,421.00 | -3,447.50 | -18.72% | 0.00 | +0.00% | 2.37% |
| 11 | NBIS | NBIS | 200 | 177.05 | 35,410.00 | 19,604.00 | 15,806.00 | +80.63% | 0.00 | +0.00% | 5.60% |
| 12 | NET | NET | 75.00 | 196.13 | 14,709.75 | 14,689.50 | 20.25 | +0.14% | 1,447.50 | +29.56% | 2.33% |
| 13 | NTRA | NTRA | 50.00 | 194.24 | 9,712.00 | 10,312.50 | -600.50 | -5.82% | 0.00 | +0.00% | 1.54% |
| 14 | NVDA | NVDA | 100.01 | 215.19 | 21,521.22 | 18,282.00 | 3,239.22 | +17.72% | 0.00 | +0.00% | 3.41% |
| 15 | RBRK | RBRK | 300 | 62.34 | 18,702.00 | 16,366.00 | 2,336.00 | +14.27% | 0.00 | +0.00% | 2.96% |
| 16 | RKLB | RKLB | 200 | 105.47 | 21,094.00 | 14,125.00 | 6,969.00 | +49.34% | 0.00 | +0.00% | 3.34% |
| 17 | SFTBY | SFTBY | 1,000 | 20.15 | 20,150.00 | 14,601.00 | 5,549.00 | +38.00% | 0.00 | +0.00% | 3.19% |
| 18 | SHECY | SHECY | 1,000 | 24.07 | 24,070.00 | 18,161.00 | 5,909.00 | +32.54% | 0.00 | +0.00% | 3.81% |
| 19 | SMHX | SMHX | 400 | 55.83 | 22,330.04 | 15,756.00 | 6,574.04 | +41.72% | 0.00 | +0.00% | 3.53% |
| 20 | SMSN.LN | SMSN.LN | 5.00 | 4,586.00 | 22,930.00 | 15,461.00 | 7,469.00 | +48.31% | 0.00 | +0.00% | 3.63% |
| 21 | SNDK | SNDK | 10.00 | 1,562.34 | 15,623.40 | 6,266.26 | 9,357.14 | +149.33% | 3,501.51 | +111.76% | 2.47% |
| 22 | SNOW | SNOW | 100 | 152.45 | 15,245.00 | 18,230.00 | -2,985.00 | -16.37% | 0.00 | +0.00% | 2.41% |
| 23 | STM | STM | 300 | 59.17 | 17,751.00 | 10,061.47 | 7,689.53 | +76.43% | 2,295.33 | +67.84% | 2.81% |
| 24 | TEM | TEM | 200 | 49.86 | 9,972.00 | 10,391.00 | -419.00 | -4.03% | 0.00 | +0.00% | 1.58% |
| 25 | TOELY | TOELY | 100 | 172.39 | 17,239.00 | 13,827.00 | 3,412.00 | +24.68% | 0.00 | +0.00% | 2.73% |
| 26 | TSM | TSM | 50.10 | 411.69 | 20,625.78 | 18,319.00 | 2,306.78 | +12.59% | 0.00 | +0.00% | 3.26% |
| 27 | WDC | WDC | 40.02 | 479.96 | 19,207.87 | 11,264.20 | 7,943.67 | +70.52% | 0.00 | +0.00% | 3.04% |
| — | TOTAL | — | — | — | 498,351.10 | 387,921.02 | 110,430.08 | +28.47% | — | — | 78.86% |
Equities (EUR)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BESI.NA | BESI.NA | 100 | 260.80 | 26,080.00 | 17,621.00 | 8,459.00 | +48.01% | 0.00 | +0.00% | 4.84% |
| 2 | IFX.D.DX | IFX.D.DX | 350 | 61.60 | 21,560.00 | 15,212.92 | 6,347.08 | +41.72% | 890.72 | +40.99% | 4.00% |
| 3 | SIE.D.DX | SIE.D.DX | 75.00 | 264.95 | 19,871.25 | 18,728.50 | 1,142.75 | +6.10% | 0.00 | +0.00% | 3.69% |
| 4 | SMHN.D.DX | SMHN.D.DX | 300 | 88.45 | 26,535.00 | 14,307.75 | 12,227.25 | +85.46% | 4,084.75 | +85.65% | 4.92% |
| — | TOTAL | — | — | — | 94,046.25 | 65,870.17 | 28,176.08 | +42.78% | — | — | 17.45% |
Equities (CHF)
| # | Symbol | Name | Units | Price | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 0RFL.LN | 0RFL.LN | 30.00 | 605.80 | 18,174.00 | 15,318.01 | 2,855.99 | +18.64% | 0.00 | +0.00% | 3.68% |
| — | TOTAL | — | — | — | 18,174.00 | 15,318.01 | 2,855.99 | +18.64% | — | — | 3.68% |
Summary
| Group | Mkt Value | Cost Basis | Unrealized | % Unr | Realized | % Rlz | % Port |
|---|---|---|---|---|---|---|---|
| Equities (USD) | 498,351.10 | 387,921.02 | 110,430.08 | +28.47% | — | — | 78.86% |
| Equities (EUR) | 94,046.25 | 65,870.17 | 28,176.08 | +42.78% | — | — | 17.45% |
| Equities (CHF) | 18,174.00 | 15,318.01 | 2,855.99 | +18.64% | — | — | 3.68% |
| TOTAL (USD) | 610,571.35 | 469,109.20 | 141,462.15 | +30.16% | 16,243.30 | — | — |
Related
Closelook C+ Portfolio
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Methodology & disclaimer
AI Build-Out is a reference portfolio — it reflects how Thomas Look, author and publisher of Closelook, implements the analytical theses discussed on this site. Position data is updated daily from end-of-day broker exports (Barchart). Benchmark prices come from EODHD.
Reference portfolio, educational purpose only. Not investment advice. Multi-currency, unhedged at reference level.
Reference portfolio, not investment advice. Past performance is not indicative of future results. Closelook Venture GmbH is a publishing company and does not manage client capital.