How concentrated this is
Holdings3
Weighted like2.4 equal ones
LargestZS at 57.0%
Half the portfolio1 name
Exposed to the premise84%
Half of this book is 1 name. If it is wrong, the rest will not save it.
Security spending grows regardless of the budget cycle because the attack surface keeps expanding.
This link was built against universe v1, and the published universe is now v2. Conviction scores and holdings may have been revised since, so the portfolio below is not necessarily the one that was shared. See what changed.
Universe v1· No stated date on this link
Every holding, and why it is that size
Restore the portfolio57%Zscaler
Network access rebuilt for a world with no perimeter.
ZS · Equity · $4.26 · $16B · Cyber defence
−+×27%Okta
Identity is the control plane once the perimeter is gone.
OKTA · Equity · $70.85 · $3B · Cyber defence
−+×16%0–3 Month Treasury Bill ETF
Cash that still earns while the thesis is early.
SGOV · Treasury · $100.50 · — · Ballast
The case for
Cloud migration, remote work and now autonomous agents each added attack surface faster than defences. Security is one of the last line items cut, and the market consolidates toward platforms rather than point tools.
The case against
The sector is crowded and already discounts a lot of growth. Every incumbent platform vendor bundles security for free, which compresses pricing for pure-plays over time.
What the weights are worth
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Anyone who opens it rebuilds the same portfolio, weight for weight.
igitur.xyz/b/security-spending-grows-regardless-of-the-j86z2q