Shawarma Capital Portfolio Update - April 16, 2026

Three weeks in. Six for six. Posting a mid-month update every month going forward.

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MRLN +174.5% - Roth raised its price target from $15 to $25 in a single session this week after reading the 10-K. New board includes a former Secretary of the Navy, Amazon’s first Chief Accounting Officer, and the former Air Force CFO. CDR has not happened yet. Full Part 4 is live.

IQEPF +179.3% - IQE makes compound semiconductor wafers for 5G, defense, and photonics. Entered near cycle lows at under 1x revenue. Long duration hold.

PGY +28.2% - Pagaya AI credit platform. Quiet execution, no drama.

RBRK +21.7% - Rubrik flipped FCF from $24M to $238M year over year at $1.5B ARR scale. Still trading at a discount to peers.

LPKFF +20.9% - LPKF Laser closed up 10%+ today alone. German industrial laser company with semiconductor and solar exposure.

CODA +13.5% - Coda Octopus builds underwater imaging systems for defense and offshore energy. Profitable, debt-free.

See you mid-May.

Long all positions. Not investment advice.