My Equity Portfolio – Strategy, Allocations, and Rationale

Hello Investors, my name is Petar Milanov and I have been in the financial markets for 14 years. I opened my first trading account back in 2011 in the first Bulgarian company providing forex trading – Trader BG, currently Trading 212.

At that moment I was captivated by the idea that one can work completely remotely from my computer with access to the vast world of financial markets.
Like almost every beginner, I turned to forex trading, as it is the most affordable option for accessing the financial markets. I traded the main currency pairs such as EUR/USD, GBP/USD, USD/JPY, etc. Guess what I've been very confused and lost making. I was also interested in WTI trading.

At that time, I did not know much about the stock and bond markets until I entered the Academy of Economics in Svishtov, where I was lucky enough to come across unique mentors from business and incredibly good fellow students. It was there that my interest in portfolio management and investments in stocks, index funds and stock options began. I participated with great interest in all trading competitions organized by the academy and it may sound immodest, but all of them were won by me or my team.

My focus then fell on the largest stock market - the USA. Later, I also included Europe as a region in which I could invest, and today I am even the proud owner of shares in several Bulgarian companies with extremely well-run businesses and very good prospects, but more on them later in the blog.

If I had to briefly summarize my profile, I would say that I am a long-term investor with a horizon of about 1 to 2 years, but someone who would not miss a short-term opportunity with a good success rate.

Why did I decide to share my portfolio?
Our team's desire is to make the financial world and investment opportunities accessible to everyone and we believe that building long-term and quality relationships with our clients would only be possible if we are completely open with them by presenting our results in real time - with all good and bad thing that happened on market.

Lets start with Strategy & Structure

Investment Style:

• Long-term horizon (1–2 years)


• Opportunistic short-term trades when risk-reward is favorable


• Focus on structural growth themes, especially AI, clean energy, and frontier technology

Portfolio Construction:

• High-conviction positions (15–20%)


• Diversification through sectoral, geographical, and risk-profile exposure


• Clear capital allocation buckets: Core, Tactical, and Venture

Here is the portfolio itself:
!Pesho Portfolio Overview.jpg

Cash Allocation – Why I Hold Liquidity
Following the escalation of the war in Ukraine, I opted for a higher-than-usual cash buffer. This was driven by a desire to preserve flexibility in an environment of heightened geopolitical and macroeconomic risk.

Palantir Technologies – ~20%
A high-conviction position held since its IPO. I increased exposure during the downturn, based on strong belief in the company’s unique positioning in both government and commercial AI analytics contracts. Despite the stock’s rebound, I’ve managed the position size through disciplined risk management to keep it under 20%.

S&P 500 ETF (EUR-denominated)
Although stock-focused, I hold this ETF as a strategic hedge — to balance portfolio volatility and preserve risk-adjusted returns through diversification.

Bulgarian Equities
_Smart Organic_
This is a long-held position since IPO, with strong fundamentals and impressive growth across Europe. The company recently doubled its production capacity and stands to benefit further from Bulgaria’s expected Eurozone entry in January 2026. Smart Organic is one of the low-beta, stable growth holdings in my portfolio.

_Hydrogenera JSC_
A venture-stage hydrogen technology firm, acquired via private placement at BGN 11.85 per share. The company develops zero-loss hydrogen storage and electrolysis equipment. With an IPO scheduled for June 24th, 2025 at a tentative price of BGN 20.00, I plan to reduce its weighting post-listing to maintain proper diversification (<5%).

_Shelly Group_
Bulgaria’s first unicorn and a global IoT player in the smart home sector. Recently added to the portfolio, Shelly is growing rapidly, especially in the DACH region, and plans expansion into North America. Due to volatility, it currently holds a small allocation (~1.5%).
_
Dronamics_
A tactical short-term trade. Acquired at BGN 1.62 with a target of doubling within months. The company develops autonomous cargo drones and has secured EU funding. A military-use prototype is also under consideration due to current geopolitical developments.

U.S. & Global Tech Positions
_Semiconductor Cluster – Intel, Nvidia, AMD, Micron, ASML_
All acquired on March 24, 2025, during a sector-wide pullback. The thesis is straightforward: to capitalize on the accelerating global demand for AI-driven infrastructure. While Nvidia is richly valued, the others offered favorable entry points. I may expand these positions depending on future chip market clarity.

_Amazon & Alphabet (Google)_
These are low-beta, large-cap market movers, held to stabilize portfolio returns and benefit from secular growth in data center infrastructure. I view Google as a particularly strategic AI play due to Gemini’s integration potential, the company’s vast data assets, and early success with its quantum computing project (Willow).

Exiting Apple
Originally purchased at $116.95 in 2020, Apple is a stock I intend to fully exit. Despite its historical performance, I believe the company is falling behind in the AI race. Sales of Vision Pro have disappointed, and Apple is currently the worst-performing member of the "Magnificent Seven." Most critically, the company lacks a clear, ambitious roadmap for AI or future platform innovation — something I consider essential at this stage of the tech cycle.

Volkswagen AG – Dividend Value Play
Acquired at €78 with a dividend of €7.90, Volkswagen is a classic deep-value, income-generating component in my portfolio. While long-term fundamentals are clouded by Chinese competition and sector transformation, I believe the stock offers an attractive yield and capital appreciation potential as the group restructures. This aligns with my dividend-focused strategy of acquiring distressed leaders with durable cash flows.

_This overview serves as a brief introduction to the current structure and rationale behind my equity portfolio. It is by no means an exhaustive analysis of each position. In the coming days and months, we will continue to provide updates on key developments related to these companies, along with the investment decisions I make in response to market events and corporate actions.

Our goal is to maintain transparency and build a community of informed investors. If you're following this journey, stay tuned for in-depth breakdowns, real-time portfolio adjustments, and strategic commentary based on fundamentals and macroeconomic trends._

_Disclaimer
This communication is provided solely for informational purposes and does not constitute investment advice or a recommendation within the meaning of Directive 2014/65/EU (MiFID II) or any applicable national implementing regulations._

_All opinions expressed are strictly personal views of the author and are not intended to constitute, nor should they be interpreted as, investment research, analysis, or a personalized investment recommendation. The information contained herein does not take into account the investment objectives, financial situation, or specific needs of any particular investor._

_Investing in financial instruments carries risk. Past performance is not a reliable indicator of future results. Readers are solely responsible for their own investment decisions and should seek advice from a licensed financial advisor before acting on any information contained in this post. No liability is accepted for any direct or indirect loss arising from any use of this information._