GitLab Is Up 27% in Eric Bleeker's AI Portfolio After a Brutal 49% Drawdown

GitLab's position in Eric Bleeker's AI Portfolio has crossed the 25% return threshold, now sitting at a 27.3% gain. That milestone carries more weight than the number alone suggests given what the position endured along the way.

The position fell nearly 50% at its worst point last spring, the kind of drawdown that shakes out most investors long before any recovery begins. Anyone who sold near the bottom locked in a loss and then watched the stock recover all the way past the original entry price.

Holding through a drawdown of that size requires a level of conviction that is easy to describe in hindsight and very difficult to exercise in real time. The position was underwater by nearly half before it reversed, meaning the recovery had to be substantial just to get back to even, let alone into positive territory.

The position is now 27.3% ahead on a total-return basis. High-growth software names tied to AI adoption cycles tend to see sentiment move far faster than underlying fundamentals, in both directions, which is precisely what the trajectory here reflects.