Sleep Well Portfolio April 2025 Update - Perfection, No Losers.
NO LOSERS; 18% Outperformance vs. S&P500. All tariff resistance. 10/10 holdings are in the money, 23/24 transactions were correct. Bought one stock and sold one.
Hi, I am Trung. I deep-dive into market leaders that passed my sleep-well checklist. I follow up on their performance with my Thesis Tracker updates, and when the right price comes, I buy them for the Sleep Well Portfolio, which I am building for my daughters to redeem in 2037. I disclose my reasoning for all BUY and SELL (ideally never). Access all content here.
Good morning, sleep-well owners,
April was again volatile, even more than March. I am proud that our businesses were all resilient and passing the tariff test in flying colours. However, I am not resting until my kids have their college fund in order.
The portfolio's annualized return per pick is now 51% compared to 38% in March.
NO Loser achieved, 10/10 made money, 23/24 transactions were correct decisions.
The pair bought and sold in April yielded a 44% gain.
2025 Year-to-date return was 7% vs S&P500 -5%: 12% outperformance.
Return from inception was 26% vs. S&P500 8%: 18% outperformance.
How did we do it?
We did not panic-sell or buy cheap stocks. We managed our FOMO and added the highest-quality ones.
Reviewed every holding for tariff resistance, highlighting five worth adding.
Reviewed Magnificent Seven to see which was worth adding.
Bought one highly insulated business (vs three buys in March) and sold the most impacted one.
In April, we also reviewed the Q1 results of VAT, Kinsale, and MIPS, gaining lots of valuable insights into how these businesses managed uncertainties. One will likely be added to the portfolio soon. Stay tuned.
Remember, Sleep Well is all about not losing. Return will come!
Quality > quantity.
Trung
Current portfolio - No losers.
Previously - Mar 2025
Consider becoming an annual premium member to track the Sleep Well Portfolio, transactions, and Sleep Well scores. The link to the Sleep Well Portfolio Spreadsheet is here. For all other write-ups, click here.
Transactions with notes below:
Performance reporting since inception 26% vs 8% S&P500 - Interactive Brokers:
Expanding investment universe
You will only see buy alerts from the abovementioned businesses, as I only buy what I deeply understand. I’ll expand the list when I find ones that pass the Sleep Well Investments checklist.
Thesis tracking updates - linked in spreadsheet
**Links to thesis updates, buy-and-sell, and deep dives are all in the Sleep Well Portfolio spreadsheet. (Annual Sub only)
Businesses I am currently considering and Sleep Well Picks to add now.
A basket of luxury (LMVH, Hermes, Kering, Brunello, Ferrari), ASML, Evolution Gaming, Airbnb, Ferguson, TerraVest, IES Holdings, Teqnion AB, Manhattan Associates, Grupo Aeroportuario del Centro Norte, Uber, Veralto, Nekkar, Subaru, Axon, TMO.
Sleep well picks that are good buys right now.
I believe the following businesses are good buys as I am writing.
Please visit the deep dives and updates before considering buying these businesses. If you don’t know what you own, you won’t know what to do with your shares when the market overreacts.
Mercado Libre - most impressive execution amid political uncertainties.
[The Most Sleep Well Investment Of LATAM, Tariff Review, Top pick for 2025, Q4’24, Q3’24, Buy Alert]
Grab - steady market share gains and profitability amid local competition.
[deep dive, Tariff Review, Q4’24, local competition, buy alert, Q3’24 update]
Veeva Systems - no viable alternative within the life science SaaS, Salesforce + IQVIA partnership is a disjointed solution.
[deep dive part 1, part 2, Tariff Review, Q3’24, CRM+ IQVIA]
Sea Limited - Return of growth in the former core segment (gaming), with the e-commerce arm starting to become profitable, driven by low-cost logistics, the fintech arm generating significant profits, and advertising just getting started.
[deep dive, buy alert, Tariff Review, Q3’24, Q2’24 update]
Kinsale - best low-cost operator in a niche insurance segment.
[deep dive, Q1’25, Q4’24, Q3’24, Q2’24 update, and ownership alert.]
Logistics Leader - less expensive given the leadership instability (a temporary issue, in my opinion).
[deep dive, Tariff Review, BUY, H125 update, CEO update, FY24 update]
Naval Engineering gold standard - indisputable leader and a good candidate to preserve wealth.
VAT - pick and shovels of the semiconductor and AI mega trend. [Q1’25, Tariff review, Top pick beyond 2025, Deep dive]
Sleep Well Portfolio reviews
How can Sleep Well Investments help you?
High success rate stock picks—51% time-weighted (42% money-weighted).
High-quality research and detailed follow-up. Buy and verify.
Free samples of deep dives, tracking updates, and buy alerts.
Free knowledge of investment framework to help find quality companies and execute with discipline.
Free book reviews on Pulak Prasad’s, Terry Smith's (15% CAGR), Scott Fraser's (19% CAGR), Ralph Wanger's (16% CAGR), and Peter Lynch's (29% CAGR) teaching.
Hi, I am don’t have access to the spreadsheet. I sent you a request access via Google sheets