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
- Cash1
32 equity positions · CH, EU, US . Benchmark: Nasdaq 100 (QQQ).
Composition
33 positions grouped by segment. Values in each group's native currency; portfolio weight is USD-normalised. Snapshot from Apr 17, 2026.
Equities (USD)
| Symbol | Units | MV | Unrealized | Weight |
|---|---|---|---|---|
| NBIS | 200 | USD 28,238 | +44.0% | 4.59% |
| SMSN.LN | 5.00 | USD 25,398 | +64.3% | 4.13% |
| SHECY | 1,000 | USD 21,350 | +17.6% | 3.47% |
| NET | 100 | USD 21,197 | +8.2% | 3.45% |
| STM | 400.89 | USD 21,115 | +57.0% | 3.43% |
| NVDA | 100.01 | USD 20,927 | +14.5% | 3.40% |
| AVGO | 50.11 | USD 20,317 | +24.9% | 3.30% |
| DDOG | 150 | USD 20,097 | +7.0% | 3.27% |
| SMHX | 400 | USD 19,836 | +25.9% | 3.23% |
| TSM | 50.10 | USD 19,731 | +7.7% | 3.21% |
| ASX | 600 | USD 18,354 | +30.7% | 2.98% |
| ATEYY | 100 | USD 18,169 | +1.1% | 2.95% |
| GOOG | 50.03 | USD 17,376 | +13.6% | 2.83% |
| LITE | 20.00 | USD 17,166 | +52.5% | 2.79% |
| WDC | 40.02 | USD 16,519 | +46.6% | 2.69% |
| RBRK | 300 | USD 16,104 | -1.6% | 2.62% |
| SFTBY | 1,000 | USD 16,090 | +10.2% | 2.62% |
| SNDK | 15.00 | USD 15,963 | +69.8% | 2.60% |
| RKLB | 200 | USD 15,404 | +9.1% | 2.50% |
| COHR | 50.00 | USD 15,247 | -1.0% | 2.48% |
| IOT | 500 | USD 14,685 | +7.5% | 2.39% |
| SNOW | 100 | USD 14,122 | -22.5% | 2.30% |
| TOELY | 100 | USD 13,953 | +0.9% | 2.27% |
| MDB | 50.00 | USD 12,915 | -29.9% | 2.10% |
| TEM | 200 | USD 10,004 | -3.7% | 1.63% |
| NTRA | 50.00 | USD 9,738 | -5.6% | 1.58% |
| ISRG | 20.00 | USD 9,077 | -6.6% | 1.48% |
Equities (EUR)
| Symbol | Units | MV | Unrealized | Weight |
|---|---|---|---|---|
| SMHN.D.DX | 400 | EUR 32,646 | +44.2% | 5.31% |
| BESI.NA | 100 | EUR 28,053 | +34.1% | 4.56% |
| IFX.D.DX | 400 | EUR 26,108 | +26.5% | 4.24% |
| SIE.D.DX | 75.00 | EUR 21,686 | -2.4% | 3.53% |
Equities (CHF)
| Symbol | Units | MV | Unrealized | Weight |
|---|---|---|---|---|
| 0RFL.LN | 30.00 | CHF 23,341 | +17.0% | 3.79% |
Cash (USD)
| Holding | Balance | Weight |
|---|---|---|
| USD | USD 14,132 | 2.30% |
Related
Beyond the snapshot
Closelook.money adds the live layer
The composition above is the end-of-day snapshot. Closelook.money adds what sits between snapshots: the historical move log with Thomas' reasoning per trade, per-holding performance attribution, per-portfolio real-time alerts when a position changes, and CSV export for analysis.
- Full historical moves log with per-trade reasoning
- Per-holding attribution — which position drives the return
- Real-time alerts on opens, closes, and ≥10% size changes
- CSV export of current composition
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.