How concentrated this is
Holdings7
Weighted like6.3 equal ones
LargestCRWD at 19.9%
Half the portfolio3 names
Exposed to the premise84%
84% of this book is one theme. It is a bet on Cyber defence, not a spread of them.
Security spending grows regardless of the budget cycle because the attack surface keeps expanding.
Universe v2 (assumed — this link predates the field)· No stated date on this link
Every holding, and why it is that size
Restore the portfolio19.9%CrowdStrike
Endpoint agent with the widest telemetry footprint.
CRWD · Equity · $554.98 · $2.13T · Cyber defence
−+×19.6%Palo Alto Networks
The broadest platform consolidation story in the sector.
PANW · Equity · $335.10 · — · Cyber defence
−+×14.5%Zscaler
Network access rebuilt for a world with no perimeter.
ZS · Equity · $4.26 · $16B · Cyber defence
−+×12.9%Fortinet
Hardware-anchored, cheaper, slower growing.
FTNT · Equity · $130.15 · $58B · Cyber defence
−+×11.5%Okta
Identity is the control plane once the perimeter is gone.
OKTA · Equity · $70.85 · $3B · Cyber defence
−+×5.6%Cybersecurity ETF
Basket exposure in a sector prone to single-name blowups.
BUG · ETF · $40.87 · — · 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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