Sleep Well Portfolio (June 2026) - Software continues to stabilise? Latest pick up 75%
Pro Medicus is up 75% in June. Bought ISRG. Five losers out of 13 holdings; 8 months of decline coming to an end. Hyperscalers are looking interesting.
Sleep Well Portfolio consists of time-tested leaders. We screen them with a rigorous checklist and regularly track their theses to determine when to buy. So far, we have made one mistake, but are happy with the current 13 ownerships. All about us here.
Summary of June 2026
June saw an incredible resurgence of our latest pick and buy - Pro Medicus is up 75%, even when bought at 55x free cash flow, similar to my CrowdStrike first buy level. I also bought Intuitive Surgical, at 50x fcf, so not far off but I believe these two will vastly improve the portfolio going forward. Detailed account why I bought these two recently here.
Other non-AI companies, including our SaaS picks, remain fundamentally strong, and their share prices have started to recover by 10-20%. As of writing, the portfolio is ready to make a comeback, despite not owning any pure-play AI.
After 8 months of me ‘looking wrong’, last month and this month are starting to prove that the waiting and, better yet, slowly buying in maximum fear are the most difficult things but are the right action to take.
As always, time will tell. And we have been through this before; recall that the last prolonged decline was a year and a half — it began with the start of the war in Ukraine around February 2022. But every time we practice discipline and patience, we improve as long-term investors.
Market cycles are a feature of long-term investing, not a bug.
By 2037 (when my daughters will have full control of the Sleep Well Portfolio), none of this would matter. I continue to put aside some savings for them and own more winners - ‘winner keeps winning ’- in both bear and bull markets.
You can expect Sleep Well to continue studying and adding irreplaceable businesses, patiently waiting for buys at reasonable prices (often at historic lows). I don’t promise monthly/weekly ideas or regular buy/sell signals. I provide only business-focused research; you need to make your own portfolio decisions.
Read my most recent picks and buys - SWI #24:
SWI #23:
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