melph

$ServiceNow(NOW.US)

Context: NOW has had a strong recovery this year, rising from around US$83 to above US$150. My trades are currently up about 44%.

My trade: I built the position during the weakness, buying at US$108.50 and US$89.50. I’m still holding and haven’t taken profits despite the strong recovery.

Takeaway: The next question is whether strong AI adoption can translate into sustained growth without the valuation becoming too stretched. I’m happy to hold for now but will also keep an eye on growth, margins and customer demand.

$ELF Beauty(ELF.US)

Context: ELF has recovered strongly from its low of around US$50, climbing back above US$100 after a very sharp sell-off.

My trade: I took a second round of profits. With ELF being one of my lower-moat holdings, I’m more willing to lock in gains after a strong recovery rather than hold indefinitely.

Takeaway: I’m using my moat ranking to guide my decisions. I plan to hold wide-moat stocks longer term, while taking profits more actively from lower-moat names when the opportunity arises.

$Defiance AI & Power Infrastructure ETF(AIPO.US)

Context: AIPO gives exposure to companies benefiting from the growing demand for AI infrastructure and power. The ETF has been volatile, falling from above US$33 to around US$26 before recovering.

My trade: I built my position gradually, buying shares at US$29.40, US$28.40 and US$26.50 so far. I prefer scaling in rather than trying to predict the bottom. Hope to average down even more.

Takeaway: AI needs enormous amounts of power and infrastructure so the theme is attractive. But AIPO is more speculative than my wide-moat holdings, and I’ll manage the position accordingly. High valuations of most of the companies in this ETF is the main risk I think. Also pace of AI investment over the next few years may change.

$Microsoft(MSFT.US)

Context: MSFT has gained about 29% since February, recovering strongly from around US$352 and recently reaching above US$500. The move reflects renewed confidence in its AI and cloud businesses.

My trade: I bought during the earlier weakness and have held through the recovery. I’m not looking to chase the recent surge but I’m also not rushing to take profits.

Takeaway: MSFT is another one of my wide-moat holdings so I’m comfortable holding it longer term. The big question is whether its huge AI capex spending will generate enough revenue and cash flow to justify the investment. Azure is growing strongly but the payoff needs to keep catching up with the spending.

Context: TMO has been on a strong run, gaining about 34% since April and recently reaching around US$629. The steady climb reflects confidence in its healthcare and life sciences businesses.

$Thermo Fisher Scentific(TMO.US)

My trade: I bought TMO around the April lows and have held through the recovery. I have not taken profits yet, as I consider TMO a stronger-moat stock that I’m more comfortable holding for longer.

Takeaway: TMO benefits from its scale, broad product range and strong position in life sciences. Will continue holding while watching valuation and any slowdown in research and healthcare spending.

$ELF Beauty(ELF.US)

Context: ELF had a huge run, reaching around US$146 before falling sharply to about US$50. The stock has since recovered strongly from its lows.

My trade: I took profits once after the earlier rally and later bought back around the lows. I have not taken the second round of profits yet. I rank my holdings by moat, and ELF is not one of my wide-moat stocks, so I’m more open to taking profits when the opportunity comes.

Takeaway: I plan to hold my wide-moat stocks longer term, while managing lower-moat stocks more actively. For ELF, competition, consumer spending and high growth expectations remain key risks.

$Eli Lilly(LLY.US)

Context: Eli Lilly has had a strong run, gaining about 30% since March as investors remain optimistic about its diabetes and obesity drug business. The stock has also recently reached new highs.

My trade: I closed my position last night after the strong rally. Rather than chase the stock higher, I’m happy to lock in the gains.

Takeaway: I know Lilly remains a strong growth story but expectations are also high. Also, pharma stocks face risks from drug pricing pressure, competition, regulation, and the uncertainty of developing new treatments.

NLR gives exposure to companies involved in nuclear energy and uranium, making it an interesting way to benefit from growing demand for reliable, low-carbon power. The nuclear sector is gaining attention as countries expand energy security and data centres increase electricity demand. The main risks are uranium price volatility, project delays, regulation, and the capital required to build new nuclear capacity.

ELF delivered another impressive quarter, beating expectations on both revenue and earnings while raising its full-year guidance. Strong international expansion and continued demand for its affordable products reinforced confidence in the business. Even so, expectations remain high. The key risks are slowing consumer spending, tougher competition, and maintaining its rapid growth as the company scales. I will be watching whether management can continue growing market share, protect profit margins, and prove that recent acquisitions and international expansion can drive sustainable long-term growth.

NVIDIA continues to lead the AI revolution, supported by exceptional demand for its GPUs from cloud providers and enterprises around the world. The company has built an enormous cash position while continuing to invest aggressively in next-generation AI infrastructure and products. The biggest question is whether it can keep growing fast enough to justify its premium valuation. Even so, NVIDIA's technology leadership, software ecosystem, and strong customer relationships make it one of the most influential companies shaping the future of artificial intelligence. Will continue to hold for now.

Adobe has been one of the more disappointing holdings in my portfolio. Despite slower growth and increasing competition from AI-powered creative tools, Adobe remains a highly profitable company with a strong subscription business and loyal customer base. The key question is whether its AI strategy can accelerate growth and restore investor confidence. If management executes well and revenue growth improves over the next few years, I believe a recovery to my cost price is still achievable, although it will likely require patience. Let's see.

Amazon recently climbed to a new 52-week high, reflecting growing investor confidence following its latest results. The company continues to benefit from the long-term growth of cloud computing, e-commerce, digital advertising, and artificial intelligence. AWS delivered solid performance, but investors are paying close attention to Amazon's heavy spending on AI infrastructure and data centres. The key question is whether these investments will generate meaningful returns through faster cloud growth and broader AI adoption. With multiple growth engines, improving retail profitability, and strong cash generation, Amazon remains one of the most compelling technology companies to watch.

Microsoft continues to strengthen its leadership in AI, cloud computing, and enterprise software. Its latest earnings highlighted strong Azure growth and increasing demand for AI services, helping drive another historic surge in its share price as investors rewarded its AI execution. Heavy investment in AI infrastructure and data centres remains a key watchpoint, but I believe Microsoft's scale, strong cash generation, and disciplined execution position it well for continued long-term growth.

Mapletree Logistics Trust owns logistics warehouses that support e-commerce and regional supply chains across Asia-Pacific. Its diversified portfolio and recurring rental income provide stability, but growth depends on maintaining high occupancy, securing rental reversions, and managing financing costs. With interest rates still an important factor, I will be watching whether the trust can grow distributions while keeping its balance sheet and debt levels under control.

ServiceNow is becoming much more than an IT service management company. With AI-powered workflows, it has the opportunity to help organisations automate tasks across IT, HR, finance, customer service, and other business functions, creating a large runway for future growth. The biggest risks are its premium valuation, increasing competition from other enterprise software providers, and whether customers continue expanding their AI spending if economic conditions weaken.

Veeva Systems provides software that helps pharmaceutical and biotechnology companies manage research, clinical trials, and regulatory work. Its subscription model creates stable, recurring revenue, and many customers stay with the company for years. Going forward, I will be watching whether Veeva can keep growing by winning new customers and expanding the use of its newer products.

Alphabet's latest earnings reinforced the strength of its core business, with solid growth in Google Cloud and continued momentum in AI adoption. Management also reaffirmed its commitment to investing heavily in AI infrastructure despite higher capital expenditure. The key question is whether these investments can generate attractive long-term returns. Given Alphabet's scale, strong cash generation, and integrated ecosystem, I remain optimistic about its ability to turn AI spending into sustained growth.

I like Thermo Fisher Scientific because it serves as a backbone of the life sciences industry, supplying the tools, equipment, and services that researchers, hospitals, and pharmaceutical companies rely on day in day out. While biotech spending can fluctuate, its diversified business model, recurring revenue, and broad customer base provide resilience. I believe Thermo Fisher is well positioned to benefit from long-term growth in healthcare innovation and scientific research.

Tiong Woon operates in a niche business that is difficult to replicate. Its expertise in heavy lifting, heavy haulage, and engineering support provides essential services to industries such as energy, petrochemicals, and infrastructure. While earnings can fluctuate with project activity, I believe its specialised capabilities, disciplined operations, and healthy balance sheet position it well to benefit from long-term industrial investment across the region.