Stocks or ETFs?

With my cash, I am not totally sure whether to put it into a stock or ETFs. I have 3 ETFs that I own, the USF, TWF, and USG i.e. the Total World, the US 500 and the US Large Growth. These have done well for me. I own a bunch of individual stocks as well, and the one I might add too is Infratil. Or I could create a new position in Summerset or Fonterra, but then again, I wouldn't be investing a lot. I would like to keep enough at the ready to do a couple of monthly lump sum index buys, especially if the market corrects. I am wary of owning too much (again), because if I own too many stocks, it is going to be hard to watch them all. So, the only two options I think that I have with my next l of investment, is too either buy more Infratil or to buy more index ETFs.

Infratil in a lot of ways is like a Private Equity investment vehicle. It is like buying a smaller Blackstone. They are Wellington based, with global investments, and have had a history since their founding in 1994 of beating the NZX. The USF and TWF ETFs have also beaten the NZX. I have mentioned in the past that I already have a lot of funds in ETFs. But I put some money into Infratil earlier in the year, and I wouldn't mind lowering my average buy price a bit. They have just increased their investment in CDC Data Centres. But the whole data centre market has recently just been shaken up with the release of China's Deepseek AI Chatbot. The thinking is that Deepseek uses a lot less data too operate, and the demand for datacentres could drop off. Obviously, there are other investments in Infrail's portfolio; telecommunications and renewable energy chief among them.

On the other hand, I could just buy more index ETFs, a strategy which has worked really well over the past year. It is important to note though, that the indexes are largely governed by the largest companies, like Nvidia and Tesla. These companies are quite richly valued right now. And if they have a hiccup, my portfolio will decline. Comparing the US 500 to Infratil since 1994, the US 500 is up 10.55% per annum while Infratil has increased 18.7% per annum. Will this continue? Who knows, but the main thing for me to remember is that I don't need to buy Infratil with my next lot of investment money. I could do a couple of lump sum ETF buys before I buy any Infratil. And I think that this is what I will do. So I'll schedule to buy some ETFs at the end of this month.