Wise is a core holding (approx. 50% of portfolio); rising interest rates provide excess income that acts as a margin of safety/bonus, not the main investment thesis.

And here I'm talking about Wise and Booking Holdings because these companies hold cash for their customers. In the case of Wise, people use the Wise account, but not everyone can be paid interest.

So they have a lot of cash on the balance sheet—not really their cash, for the customers—but they earn interest on that.

So if interest rates are going up, Wise is going to earn more. But I see this excess interest income just as a bonus. It is not the reason why I'm investing in a company. Of course, I consider the bonus as one of the reasons—not really into valuations—one of the reasons why there is a margin of safety.

These two companies, Wise and Booking Holdings, are about 50% of my portfolio.