Because I wrote my end of April portfolio review just three weeks ago, I’m going to keep this review today fairly brief. As of today I am up Year to Date by 40%. Here are my results so far since 2024.
-
2024 + 70%
-
2025 + 117%
-
2026
-
January - 5.1%
-
February - 4.1%
-
March - 1.3%
-
April + 33%
YTD …+ 40%.
I am very pleased to say that I am once again at new all All Time Highs. I am so thankful I found this board in 2020 and I discovered Saul’s knowledge base. I remember during that year I read and re-read it so many times. And not a day goes by, even today, that I do not check and read this board multiple times. I am grateful to all who post here, and to Bear and the other moderators for keeping it all on topic.
One of the many things I learnt from Saul was to run a concentrated portfolio of the best growth stocks, to follow the companies very closely, and to track their metrics each earnings call. So far this week I have been very busy reading through the CC notes of APP, IREN, and ALAB and updating my spreadsheets with their latest metrics. I continue to like what I have seen (more of that below).
Here are my current allocations (all long):
-
Nebius (NBIS): 33%
-
Micron (MU):14%
-
Celestica (CLS): 13%
-
Astera Labs (ALAB): 12%
-
AppLovin (APP): 11%
-
IREN (IREN): 10%
-
Electro Optic Systems (EOS): 5%
-
Anterix (ATEX): 2%
April was an astonishing month for my portfolio. Growing +33% in just 30 days was the best month I have had for a while. May has continued so far to be up another 15% on top of that.
Here are the YTD gains (losses) of my current holdings.
-
Micron (MU): up 157%
-
Nebius (NBIS): up 114%
-
IREN (IREN): up 55%
-
Celestica (CLS): up 27%
-
Astera Labs (ALAB): up 17%
-
Electro Optic Systems (EOS): up 9%
-
AppLovin (APP): down 30%
Much of the gains this past month have been driven by Micron which is up 80% in the last 30 days, ALAB which is up 56% in the past 30 days and Nebius which is up 61% in the past 30 days. Because these are large allocations for me - they have driven much of the gains of this past year.
Nebius report next week - so I will have more to say about them in my next monthly review. But I continue to be very impressed with Arkady and the whole team. Their recent purchase of Eigen AI, which as I understand it will support their AI token business, seems a very smart move as they continue to move more and more to a full stack AI hyperscaler (not just a neo-cloud). The market certainly liked it - with the stock price shooting up over 20% as soon as this deal was released. This is a quote from their release last week about this acquisition;
The acquisition will strengthen Nebius Token Factory as a frontier managed inference platform for production AI, combining a battle-tested optimization stack with Nebius’s global compute capacity and AI cloud platform, and will add elite inference research talent to the company’s established in-house AI R&D capabilities.
Following close, Eigen AI’s inference and post-training optimization layers will be integrated directly into Nebius Token Factory, which provides enterprise-grade autoscaling endpoints and fine-tuning pipelines across all major open-source models. The two companies have already delivered jointly optimized implementations of leading open source models that ranked among the fastest on Artificial Analysis.
The acquisition also accelerates Nebius’s expansion in the US. Eigen AI’s founding team — researchers who have developed optimization techniques and tools the industry runs on — will join Nebius to establish a Nebius engineering and research presence in the San Francisco Bay Area.
As I wrote in my portfolio review just 3 weeks ago, I can see this stock being at $200 by the end of the Summer. At the time I said that the stock was around $130. Today it is currently at $180, having pulled back a little from the $196 it reached just 2 days ago. It looks like it will be at $200 before the start of Summer not the end of it!
ALAB had a very strong earnings release, growing 93.4% YoY and 14% sequentially. Their GP Margin was the highest in 7 Q’s at 76.3%. Their non GAAP EPS grew 85% YoY, with their non GAAP NI at a 36% margin. They had an amazing quarter in my opinion, and they look to have even better times ahead. Management expects their Scorpio products to become their largest product line by year end, and it is this that is their main growth pillar this year. I continue to hold with excitement.
Micron have had a blistering few months - and I still think they are grossly undervalued. Their fWD PEG is only 0.09!!! They are valued at a massive discount to their peers and their products are in huge demand. I expect them to have another great report in a few weeks time. It has grown to my number 2 position now.
I thought the Celestica report was incredible too! As you will know, if you have read my previous reviews over the past months and years now, this is currently my longest held stock. And I have no plans to sell any. They grew revenue by 53% this past Q - by far their best Q ever. Their CCS (Cloud and Communications segment) grew over 80% and their HPS segment even more! Their GAAP EPS grew triple digits to 147% YoY. I was staggered that the market found fault in their numbers - but am pleased to see that they are climbing back up again to where they were 10 days ago.
I am still digesting the IREN report - but the market certainly liked it. Last night in the AH it was up over 20% at one point (though currently today it is up only 6%). I think the big moves AH came because of their NVDA announcement of 3.4B funding. I know there are murmurings again about circular financing again - but I think this confidence in IREN from NVDA is very encouraging and that it changes everything for the better. I can see this stock making new highs again soon.
In terms of APP, I was pleased that Adam spoke about the general release in June of Axon’s public service launch and I think that this will be a big growth driver moving forward. ECommerce is growing faster than gaming - but it still represents a small part of their revenue. Gaming continues to be the biggest contributor to revenue by far. This may change after the general release of Axon next month. I was pleased with their metrics. Growth is slowing a little to 59% but look at their huge EBITDA margin of 84.5% and their Free cash flow of 1.3B - as well as their GP Margin of 89%. Incredible for a company of this size. I have no plans to reduce my 11% allocation - and I like how the PT’s of most of the major analysts are much much higher than today.
I sold a little bit of my Australian space and drone company EOS 2 weeks ago to buy a try out position in Anterix. It is not a growth stock so I won’t say anything about it here - but it is up nearly 20% for me in the past 2 weeks alone, so I am pleased so far. But it only represents around 1.7% of my portfolio so it does not pull much weight for me.
I hope that May continues to be as good as April was. Thanks again to Saul for creating this board and imparting his knowledge, and to all those who post here.
Best,
Jonathan