Well May was an amazing month for my portfolio. Over the course of the 4 and a bit weeks my entire portfolio went up by 40%. It was my best month ever. And the first week of June has continued in the same vein - up a further 12.6% this past week alone.
The last few weeks have certainly helped to recover the losses of March and April. As of today I am up 14.5% YTD.
But even after last year’s return of +70% I still have a long way to go to equal my ATH of Oct 17 2021. It will take me another 105% return from here to get me there. But with the way my companies are performing at the moment, and with the huge demand for AI still continuing, I believe I will get there before too long. That will be a big milestone for me to get back to. I know that the market cares nothing for what was in the past - but mentally for me it will feel really good to get back to where I was nearly 4 years ago. Well done to those who have already recovered and have surpassed their ATH’s.
My returns this year have been
2025
Jan +4.6%
Feb -2.5%
March -26.2%
April -27.3%
May +1.7%
YTD 14.5%
I have not traded much over the past month, but as I explained on a different thread a couple of days ago, I did trim my top holding Nebius when it reached a 37% holding for me to bring it back under 30%. I am so impressed by this company and stock that I may buy it back should it fall back again. That’s why I am leaving a cash holding for now.
My current portfolio is:
Nebius (NBIS) - 28%
AppLovin (APP) - 24%
Nvidia (NVDA) - 13%
Celestica (CLS) - 11%
AsteraLabs (ALAB) - 9%
Credo (CRDO) - 8%
Cash - 7%
I have written much about Nebius on this board recently, as have many others. I continue to believe it could go many multiples higher from here. After reading Bert’s recent article on SA it is clear that he feels the same too - so that is very reassuring to me.
This stock has doubled in the last month alone (!) since my last portfolio review just 4 weeks ago! But I still see it as very undervalued - indeed the most undervalued of all of my stocks.
Time doesn’t permit me to write much on the other holdings this month - but my reasons for holding these companies is the same as it has been in my last few write ups.
Needless to say I have been hugely impressed by all of their earnings releases over the last 2 or 3 weeks and they have all put up incredible numbers and guidance.
APP - Applovin is closely tied as my number 1 stock and their earnings, guidance and management commentary were once again hugely encouraging. I really like that they have sold off their APPS business and that they are now a purely advertising based company. They are just beginning to put their toes in the water of e-commerce - and their early results on this huge market look even more promising than what has gone before.
NVDA earnings, at least in my mind, put an end to all of those who thought that the AI race was ending (though I am sure many will still continue to believe this). NVDA shows we are still in the early innings of what Jensen calls the next industrial revolution. NVDA rose again this week to take the crown of the most valuable company in the world. It is now a $3.4T company, but I can see it getting to a 5T company soon.
CLS - Celestica has increased 33% over the last 4 weeks since it’s ER - and I continue to really like this company. Their CCS business (Cloud and Connectivity Solutions) increased 28% YoY and is now 70% of their total revenue.
ALAB - Astera Labs also posted great numbers and this is up 33% over the past month too. With 144% revenue growth in the last quarter, 75% GM and a 20% GAAP Net Income, they are scaling nicely - and they will be able to report a FY of positive Net Income by the end of this year.
CRDO - Credo had a phenomenal report just 6 days ago and it rose 20% immediately. It still has much further to run in my mind.
Looking forward to the rest of June and a slightly quieter month after all of the recent earnings.
Best,
Jonathan