Andrew Odell's Portfolio

Since 2011, I have run a very small investment partnership, the goal being to build an investment track record. 2025 YTD thru 9-30-2025, the partnership is up 15%.

Positions as of 09-30-2025:

  1. Peabody Energy – 15.2%. Cheap on a current earnings basis. Coal is the fulcrum energy asset.
  2. CNX Resources – 10.8%. Decades of low-cost natural gas reserves with high barriers to export/import. Disciplined capital allocation and hedging strategy.
  3. Nintendo – 10.5%. Durable franchise built on irreplaceable IP. Transforming cash flows from episodic releases to stable subscriptions.
  4. Alphabet Inc – 9.8%. Global open garden domination in at least two separate verticals (Google.com, YouTube), along with rising dominance in AI.
  5. PDD Holdings – 9.2%. Chinese ecommerce giant competing, and winning, globally.
  6. Vornado Realty – 8.8%. AAA rated office buildings in the best real estate market in the world, New York City.
  7. Adobe - 8.5%. True software business, marked by high margins, dominant market position, and durable cash flows.
  8. Canadian Pacific – 7.5%. Operator of a North American network for the most efficient way to move goods.
  9. British American Tobacco – 6%. Selling the most addictive substance on earth in old and new ways (Velo).
  10. Philip Morris Intl – 5.8%. Selling the most addictive substance on earth in old and new ways (Zyn).
  11. Cresud – 3.5%. Farmland in one of a handful of global breadbaskets in a geographically gifted nation (Argentina).

Positions as of 03-31-2025:

  1. CNX Resources – 12.76%. Decades of concentrated low-cost natural gas reserves. Huge barriers to import and export natural gas.
  2. Nintendo – 10.55%. Durable franchise built on irreplaceable IP. Transforming cash flows from episodic releases to stable subscriptions.
  3. Peabody Energy – 10.43%. Unbelievably cheap, albeit with questionable management decisions.
  4. Vornado Realty – 10.05%. Triple A-rated office buildings in the best real estate market in the world (NYC).
  5. PDD Holdings – 9.89%. Chinese ecommerce giant competing, and winning, globally.
  6. Meta Platforms – 9.74%. Global walled garden domination in at least three separate verticals (Facebook, Instagram, WhatsApp).
  7. Alphabet Inc – 7.83%. Global open garden domination in at least two separate verticals (Google.com, YouTube), with moonshot bets that may land (Waymo, Gemini), and participation in the hyperscale cloud computing triumvirate.
  8. Canadian Pacific – 7.49%. Operator of a North American network for the most efficient way to move goods.
  9. Philip Morris Intl – 6.45%. Selling the most addictive substance on earth in old and new ways (Zyn).
  10. British American Tobacco – 5.47%. Selling the most addictive substance on earth in old and new ways (Velo).
  11. Cresud – 5.04%. Farmland in one of a handful of global breadbaskets in a geographically gifted nation (Argentina). Trustworthy and reliable management.
  12. ASML Holdings – 4.27%. Dominant maker of mission-critical enabling technologies.
  13. In Contemplation – Stellantis, TransferWise, Nebius, VF Corp, ICE...