AVEX

Original Thesis

Defense technology and unmanned systems exposure tied to DoD modernization demand and the structural shift toward autonomous ISR.

What Changed

Position size remained small relative to overall portfolio exposure, and the ongoing monitoring requirement for an early-stage holding became less attractive than reallocating capital toward higher-conviction names.

Why I Exited

Reallocated capital toward higher-conviction Roth positions with clearer near-term catalysts.

Lesson

Small speculative positions require ongoing conviction reviews. Continued sleeve presence has to be justified, not assumed.