July was a month of making the portfolio more honest about where my conviction actually sits.
This review uses my IBKR ISA only. It is the account represented by the main Portfolio page. My Trading 212 holdings are part of a separate £15k High Growth Challenge and are not included in the figures or commentary below.
The figures are from my IBKR prior-business-day-close snapshot for 31 July 2026. They are a dated record, not live prices or a recommendation for anyone to copy my allocation.
Portfolio snapshot
At the 31 July close, the IBKR ISA was worth £194,538.84, including £49.84 of cash. The invested value was £194,489.00.
The separate Trading 212 challenge was worth £12,132.13 at its 31 July snapshot, including £136.74 cash. I am keeping it separate because the two accounts use different reporting timings and serve different purposes.
The main portfolio remains deliberately growth-oriented and concentrated. That is not a claim that concentration is safe. It is an acknowledgement that my returns, good or bad, will be shaped heavily by a relatively small number of positions.
Biggest changes in July
The biggest decision was increasing my Rocket Lab position from 1,000 to 2,000 shares. To fund that change, I sold Apple, Alphabet, NVIDIA and SoFi, and reduced Uber in the IBKR ISA. I wrote separately about why I made Rocket Lab roughly 50% of my portfolio, including the concentration, financing and execution risks I am accepting.
I also increased Micron from eight to 10 shares and Surf Air Mobility from 10,000 to 13,800 shares. These are material changes to a concentrated portfolio, so I want them recorded rather than quietly absorbed into an evergreen holdings page.
No quantity changes were identified in the Trading 212 challenge between its late-July reporting snapshots. Its three holdings at month-end were Uber, Amkor and AST SpaceMobile.
Current main holdings at month-end
At the 31 July IBKR close, the core positions included:
- Rocket Lab: 2,000 shares at $64.95.
- Palantir: 250 shares at $123.06.
- AbCellera: 3,001 shares at $5.71.
- BETA Technologies: 1,000 shares at $18.93.
- ServiceNow: 150 shares at $111.23.
- Surf Air Mobility: 13,800 shares at $0.76.
Those prices are the values in the dated broker snapshot. The live Portfolio page is the better place for the latest IBKR ISA holdings and indicative GBP values.
What I am watching
Rocket Lab remains the central position to watch, partly because of its size and partly because the investment case depends on execution continuing across several moving parts. The opportunity is why I own it. The concentration is why I need to keep looking for evidence that could challenge my view.
I am also watching whether the smaller positions continue to earn their place. Owning a company is not a permanent vote of confidence. I need to be able to explain what I am underwriting, what has changed and what would cause me to reassess.
For AbCellera in particular, the clinical proof points remain important. My latest AbCellera investment update sets out why the next programme milestones matter to the thesis.
Where I could be wrong
The obvious risk is concentration. A few disappointing outcomes at the same time would hurt this portfolio materially. That is especially true when growth companies can be volatile, funding needs can change and expectations move faster than the underlying businesses.
Another risk is confusing familiarity with understanding. Spending time researching a company can improve a thesis, but it can also make a view feel more comfortable than it deserves. The job is to keep testing the assumptions, not just to keep repeating them.
Finally, a positive month-end snapshot does not settle anything. I want the monthly record to show the decisions, the uncertainty and the areas where I could be wrong, rather than turn every portfolio move into a victory lap.
Final thoughts
July made the main portfolio simpler in one sense and riskier in another. I have fewer positions that matter, and more exposure to the ideas I believe in most. The trade-off is that I need to be more disciplined about reassessment when the screen is red as well as when it is green.
This is a personal portfolio record, not financial advice. The positions, prices and weights can change after the reporting date.