Well, this has turned out to be my very best year ever in terms of my investing results. I honestly thought that I would not be able to match the incredible results I achieved in 2024 - but amazingly I have nearly doubled them this year! In 2024 I was up +70% and as of today, Dec 30th 2025, I am up another 124% on top of that. That is nearly 4 times what I had at the start of 2024!
November was a tumultuous month - and December has continued in a similar vein, but actually ended much better. For the first part of the month I was up, then I was down in the middle of December, and then at the end of December I was up again slightly to finish the month up 2.6%.
Here are my monthly results for 2025
2024 +70%
2025
January +5%
February -7%
March -24%
April - 2%
May +40%
June +19%
July +18
August +17%
September +44%
October +8%
November -16%
December +2.6%
2025 final results +124%.
My allocations at the end of the year are not too different from what they were at the start of 2025.
At the start of January 2025, these were my holdings:
APP - 22.5%
ALAB - 22%
CLS - 20%
NVDA - 17%
PGY - 6%
CRDO - 5%
ROOT - 4%
QTWO - 3.5%
Then in the middle of January I bought Nebius by selling many of the smaller allocations above.
At the end of 2025 I still own 4 of these 8 stocks that I have held all year. My holdings today at the end of the year are:
AppLovin (APP): ~23%
Nebius (NBIS): ~21%
Celestica (CLS): ~15%
Astera Labs (ALAB): ~14%
IREN (IREN): ~10%
NVIDIA (NVDA): ~9%
Electro Optic Systems (EOS): ~8%
The observant ones who have been following my monthly updates throughout this year will notice that Nebius has now lost its top spot as number 1 in my portfolio. This is simply because it has dropped in value over the last few weeks. I have not sold any stock. That means that my number 1 stock is today once again AppLovin.
Here is how my stocks have performed in 2025. If I have held them all year then the percentage increases are from the start of this year:
APP +121%
NBIS +216%
CLS +229%
ALAB +26%
IREN +310% (but I only bought them in October, and for me they are down 23%)
NVDA +42%
EOS +683% (but I only bought them in July so for me they are “only” up 219%).
I know that the conventional wisdom outside of Saul’s board is to diversify into a much larger basket of stocks. I first joined TMF in 2009 and this was the approach I took then - pretty much buying all of their monthly recommendations until my portfolio contained way too many stocks. My results over the 11 ensuing years were pretty average because of this.
But then in the Summer of 2020 I found Saul’s board and I began to adopt Saul’s excellent ways and methods. And since that time I have found that owning a much more condensed portfolio of just a handful of what I consider to be the best companies works for me in so many ways (apart from in 2022 of course!).
I know that I have allowed certain positions to get very large at times. I allowed Upstart to get to over 40% in 2021, Nvidia to get to over 50% in mid 2024, SMCI to get to over 40% in 2023/ 2024, and then Nebius in 2025 to get over 40% at one point. But I made significant returns on all of these (even Upstart and Supermicro, in fact especially SMCI) - and if I had held much smaller allocations of them then my returns would have been much much smaller than they were.
All year long I have posted my monthly portfolio results on this board. I am still working full time here in the UK as a school teacher - so it has not always been easy for me to find the time to prepare these reviews- but I am so glad I have managed to do so as it has been a valuable exercise for me, and it has helped sharpen my thinking in so many ways.
Thank you to everyone who has commented on my reviews this year, and to all those who have questioned me. And thank you to everyone else who have also posted their own reviews and who continue to post on Saul’s excellent board.
I am guessing that Saul is truly retired from his board, and that he no longer reads the posts on his board - but I wish him a long and enjoyable retirement with his family and friends. I continue to be very grateful to him for his knowledge base, and all of his posts over the years that are still to be found on his board. I do sometimes like to go back and re-read things he has written in the past.
None of my companies reported in December and as I wrote extensively in other threads about Nebius, and I also did a full write up on all of my companies at the end of November after their most recent ER, I will make this review shorter than normal.
I do not know if 2026 will be as great for me as 2025 has been in terms of the results of my holdings, but I continue to feel confident in the companies themselves and I still feel we are in the early innings of AI. I feel that once all of my companies report again in January & February then the stock prices will continue to move higher once again - and I am hoping for new ATH’s on all of my holdings in 2026.
Wishing everyone a happy and prosperous New Year in every way.
@jonathan1 Thanks for the diligence in posting your recaps.
This was my exact experience too and is what I believe to be a hidden strength of posting recaps. It’s hard to lie to yourself when you write it down. It also allows you to review past thinking, especially with regard to earnings results. I was shocked at how much better I knew what I owned just by jotting down a few notes every month. Yes, it’s extra work, but I’ve found it invaluable to managing our family’s portfolio.