I am publishing this inaugural annual review for one simple reason: accountability.
Good and prudent investing should be judged on outcomes, not intentions. If I expect readers to think carefully about risk, valuation, and long-term positioning, I should apply the same standard to my own work.
This review covers the first full calendar year of our model portfolio, the Global Tech 15, hosted and independently verified on Savvy Trader.
Performance summary
For the calendar year 2025, the Global Tech 15 returned +28.02%, compared with +16.35% for the S&P 500.
Since inception in August 2024, the portfolio has returned +55.78%, versus +30.60% for the S&P 500 over the same period.
The market backdrop
2025 was not a smooth year for investors.
Equities continued to move higher, but beneath the surface, conditions became more complex.
Inflation concerns lingered. Interest-rate expectations shifted multiple times.
And while large-cap technology remained influential, leadership narrowed at points rather than broadening cleanly.
At the same time, capital began to rotate quietly.
Some investors leaned toward durability and balance rather than pure growth. Others reduced exposure where valuations assumed near-perfect outcomes.
It was a year where narratives were plentiful, but judgement mattered more than headlines.
How North Tech Capital approached 2025
Throughout the year, I did not attempt to forecast short-term market moves or trade around noise.
Instead, I focused on three recurring questions:
- Is the underlying business improving?
- Is the valuation justified by cash flows and durability?
- And is capital being allocated in a way that compounds value over time?
That approach meant fewer changes, not more.
It meant holding through periods of discomfort rather than reacting to every data point. And it meant being willing to sit with uncertainty when the alternatives were weaker.
This philosophy shaped the Global Tech 15.
Not every holding outperformed in every quarter, but collectively, the portfolio reflected the kind of selectivity that markets increasingly rewarded in 2025.
What worked, and why
One of the defining features of the year was the continued importance of scale, pricing power, and integration.
Companies that sat at the centre of enterprise software, cloud infrastructure, semiconductors, and data flows continued to benefit from long-term demand rather than cyclical enthusiasm.
Where enthusiasm ran ahead of fundamentals, I remained cautious.
The Global Tech 15 was not constructed to capture every theme. It was designed to compound steadily, with an emphasis on quality over excitement.
That distinction mattered as the year progressed.
What did not go perfectly
It is also important to be clear about what did not work as well.
Not every position moved in a straight line.
Volatility increased in parts of the technology complex, particularly where capital intensity rose faster than near-term returns. In some cases, patience was required.
In others, expectations had to be reset.
I do not believe that a clean year without drawdowns is realistic or desirable, what matters is whether risks are understood and sized appropriately.
2025 reinforced the importance of that discipline.
Lessons from the year
If there is one lesson that stood out, it is that markets are becoming less forgiving.
Valuation mattered more in 2025 than it had in the immediate years following the pandemic. Business quality mattered more than narratives. And the gap between strong and weak companies widened.
This environment favoured selectivity rather than broad exposure. It rewarded patience over constant activity.
Those are conditions in which I am comfortable operating.
Looking ahead to 2026
If 2025 was defined by resilience, 2026 is likely to be defined by differentiation.
Earnings will matter more. Cash flows will matter more. And capital allocation decisions will be judged more harshly.
I do not expect leadership to remain concentrated forever. Nor do I expect every large technology company to perform equally well.
The next phase is likely to require more judgement and fewer assumptions.
I will continue to focus on that transition.
Not by predicting markets, but by helping readers think clearly about where durability lies and where risks may be underappreciated.
Closing thoughts
This annual review is not a victory lap.
It is a snapshot of how a disciplined, long-term approach performed in a demanding but constructive year for markets.
I publish it because transparency builds trust, and because results should always be open to scrutiny.
I appreciate everyone who has read, challenged, and engaged with North Tech Capital over the past year, and look forward to continuing the work in 2026.
Methodology & disclosure: All performance figures reflect a consistent interpretation of published commentary, without leverage, using third-party verified data via Savvy Trader. Commentary reflects opinion and analysis for educational purposes only. Past performance is not indicative of future results.