How I Invest
I’ve never been interested in owning a little bit of everything. The whole point of paying attention to markets, really paying attention, is to develop conviction about the companies that actually matter.
The ones that aren’t going anywhere. The ones that the rest of the economy quietly depends on whether it knows it or not.
That’s what the North Tech 15 strategy is built around.
1. The Core
The foundation is simple: a Nasdaq-100 base that gives broad, efficient exposure to large-cap technology. It’s liquid, low-cost, and does exactly what it’s supposed to do, keep pace with the market while the satellite positions do the more interesting work.
2. The Satellite: Sovereign Gatekeepers
This is where the real conviction lives. I’m looking for a specific type of business, what I call Sovereign Gatekeepers. Not the next disruptor. Not the most exciting story at the conference.
The companies that have already won, and whose products are now so deeply embedded in the infrastructure of the digital economy that removing them would cause genuine systemic disruption.
Think ASML, the only company on earth that manufactures the EUV lithography machines every advanced chipmaker depends on.
Three things have to be true for a company to make the cut:
- An infrastructure moat: the product is mission-critical and functionally irreplaceable without serious consequences.
- Pricing authority: margins hold regardless of what the macro environment is doing, because customers simply don’t have an alternative.
- Cash-flow generosity:real Free Cash Flow, not adjusted earnings dressed up to look good. The cash has to actually exist.
Every hyperscaler, every data centre, every connected device runs through a handful of companies. I want to own those companies.
How I decide when to buy and sell
Knowing what to own is only half the job. The other half is knowing when.
I use multi-timeframe technical analysis to anchor my entry and exit decisions — not to predict the market, but to make sure I’m deploying capital when the technical setup confirms what the fundamentals already tell me. Price is information. I pay attention to it.
On the sell side, I try to keep ego out of it entirely. If the thesis changes, or the technical picture invalidates the rationale, I sell. Immediately. The biggest losses in investing usually come from holding on to something because you don’t want to admit you were wrong. I’d rather be wrong quickly and cheap than right eventually and expensive.
The monthly factsheet
On the first of every month I publish a full breakdown of the portfolio — positions, sizing rationale, performance attribution, and risk metrics — for subscribers. If you want to follow along in detail, that’s where it all lives.
Our strategy utilises a Core-Satellite architecture, anchoring the portfolio in a liquid Nasdaq-100 base enhanced by high-conviction exposure to businesses within the global technology ecosystem.
I. The Sovereign Gatekeeper Mandate
A Sovereign Gatekeeper must meet three non-negotiable criteria:
- Infrastructure Moat: Mission-critical products that are functionally impossible to replace without systemic disruption.
- Pricing Authority: The ability to protect margins regardless of the inflationary or macro environment.
- Cash-Flow Generosity: A relentless focus on Free Cash Flow (FCF) over speculative “adjusted” earnings.
II. Dual-Layer Execution Process
Investment decisions are driven by a fusion of fundamental quality and technical precision.
- Technical Anchoring (The “When”): We utilise multi-timeframe technical analysis to optimise entry and exit points. We use price discovery to anchor our fundamental conviction, ensuring capital is deployed only when the technical setup aligns with intrinsic value.
- Fundamental Quality Filter (The “What”): We screen for capital efficiency, targeting companies with high Returns on Invested Capital (ROIC) and robust net-cash balance sheets. This defines our Satellite universe.
III. Research Hub & Portfolio
The North Tech Capital Core Satellite factsheet is published monthly and available to subscribers at our research hub. It includes a full live portfolio breakdown, position sizing rationale, performance attribution, risk metrics, and more.