Reference Portfolio · Updated
Global Tech 50
~50 ex-US technology names with long track records — Rolls Royce, Spotify, TSMC, Hitachi, Safran, Nu Holdings, and others.
Thesis
Global Tech 50 is the Closelook view on technology outside the US mega-cap complex. US tech dominates coverage and crowding; the rest of the world holds real franchises that trade at structurally lower multiples simply because Wall Street does not cover them with the same intensity. The portfolio isolates those franchises — European industrial technology (Safran, Rolls Royce), Asian semiconductor incumbents (TSMC, Hitachi, Samsung via ADR), Latin American fintech (Nu Holdings), and the selective consumer-tech names that pair growth with cash-flow discipline (Spotify).
The portfolio carries currency exposure as a feature, not a bug. When the dollar weakens, unhedged non-US equity outperforms US peers by the FX move before considering fundamentals. When it strengthens, hedging matters less because the positions are quality-first and can absorb translation drag.
Rebalancing is quarter-driven with event-based overrides when a sentinel breaks (regulatory event, earnings discontinuity, geopolitical step-change affecting supply chains).
Structure
- Equities47
- Cash1
47 equity positions . Benchmark: MSCI ACWI ex-US (ACWX).
Top Holdings
48 total positions — top 10 by weight shown. Barchart snapshot from Jun 9, 2026.
| # | Symbol | Name | Weight |
|---|---|---|---|
| 1 | US Dollar | — | 8.06% |
| 2 | IFNNY | — | 5.76% |
| 3 | ATEYY | — | 4.85% |
| 4 | SMSD.L.IX | — | 3.88% |
| 5 | TSM | — | 3.77% |
| 6 | STM | — | 3.57% |
| 7 | BESIY | — | 3.07% |
| 8 | NBIS | — | 2.67% |
| 9 | ARM | — | 2.64% |
| 10 | SFTBY | — | 2.52% |
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
Global Tech 50 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. Non-US concentration — FX exposure is a structural feature.
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.