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
- Equities33
33 equity positions . Benchmark: Nasdaq 100 (QQQ).
Top Holdings
33 total positions — top 10 by weight shown. Barchart snapshot from Jun 9, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | SMHX | — | 4.12% |
| 2 | DDOG | — | 3.88% |
| 3 | IFNNY | — | 3.84% |
| 4 | NBIS | — | 3.75% |
| 5 | RBRK | — | 3.67% |
| 6 | TSM | — | 3.66% |
| 7 | NVDA | — | 3.55% |
| 8 | BESVF | — | 3.39% |
| 9 | SMSN.LN | — | 3.38% |
| 10 | AVGO | — | 3.35% |
Related
Closelook C+ Portfolio
Real-time access for founding subscribers
Free readers see this end-of-day snapshot of the top positions. Founding subscribers also get every position with cost basis and per-position P&L, the full trade log in real time as moves happen, and the long-form weekly commentary that explains every change.
- Every position with cost basis, market value, and unrealized P&L
- Real-time trade log (free readers see weekly digest)
- Long-form commentary with the rationale behind every move
- Push notifications when positions open, close, or resize
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.