My end of June review is a little late this month due to the busyness of life, but June itself was a significant month for my portfolio and for the first time in a long time I decided to trim some stocks significantly and to remove the money from the market in order to clear the mortgage and buy a new car - to enjoy the fruits of the portfolio in practical terms.
At the end of May my Portfolio looked like this:
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Nebius (NBIS): 33%
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Astera Labs (ALAB): 16%
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Micron (MU):14%
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AppLovin (APP): 12%
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Celestica (CLS): 11%
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IREN (IREN): 9%
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Electro Optic Systems (EOS): 5%
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Anterix (ATEX): 2%
During the month of June I sold out of Anterix completely (just one day before it took off and rose 40% in a single day - bad timing!). I drastically reduced EOS and I made some big big trims in Nebius and Micron.
As you know, I have held Nebius since Jan 2024 at $30 a share and during last month it rose to almost $300. I didn’t manage to sell it at this price - but I did take a big chunk out at $250. It did gradually creep up again towards 300 after I had done this - but then the Meta scare and assocaited FUD came along and it dropped to around 200 very quickly (today it sits at 219).
It shows how volatile Nebius is and how the market still struggles to value it. I thought the Meta scare was vastly over done. For those who do not know there was an article on Bloomberg that stated Meta would be selling excess compute. That spooked the neo cloud market. My first thoughts were that I thought there was no such thing as excess compute - and that Meta being a big customer of Nebius didn’’t have enough compute in the first place - so how could they possibly have any excess compute to sell. From everything I continue to read demand is far far greater than supply - so I really think this is a big nothing burger.
After the big trims of Nebius to withdraw some funds it is no longer my largest position - but it still retains the same high confidence in my mind. Nothing has changed as far as I can see - and I am convinced it is going much higher - maybe 300 by year end - and then much much higher next year.
Today my portfolio looks like this.
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Astera Labs (ALAB): 23%
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Nebius (NBIS): 21%
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AppLovin (APP): 19%
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Micron (MU):17%
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Celestica (CLS): 11%
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IREN (IREN): 8%
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Electro Optic Systems (EOS): 1%
I remain fully invested as always with no options or margin.
Here are my results to date
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2024 + 70%
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2025 + 117%
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2026 (monthly returns below)
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January -5.1%
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February -4.1%
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March -1.3%
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April + 33%
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May +51%
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June +12%
YTD as at the end of June 2026…+ 101.2%.
Cumulative returns since the start of 2024 are 639.7% cumulative gain in about 2½ years, which is equivalent to multiplying my capital by 7.4× over that period. I got chat GPT to work this out for me - but it said “Based on the timing (start of 2024 to July 2026), the implied CAGR is now approximately 122% per year, reflecting the exceptionally strong gains you’ve experienced over this period.”
I have never experienced gains like this before in such a short period of time - but is now over 2.5 years of consistent hyper growth. It shows the benefits of being fully invested, of running a very concentrated portfolio of what I consider to being the very best names, of getting in early in a big way on the AI stocks, and of holding through much market turbulence over these months.
We mustn’t forget that at least twice last year alone we suffered some really big drops. We had the Deepseek scare out of China (where some of my stocks dropped 50%). Then we had the tariff impact to live through a few weeks later (another big drop at the time). All the way through this time there have been many voices calling the top in AI, saying it was a bubble about to burst etc etc. Even on this board, certain members have said to me last year that they were staggered that I was still holding Nebius at all (since that time it has more than doubled by the way - even after the 30% drop this past month!).
Having lived and invested through the dotcom bubble in 2000 and the 2008 GFC and the 2022 Saas apocalypse (which was far worse for me) I have learnt resilience - and not to be scared out of names even in tough times.
The secret is to follow the companies and the businesses closely as you can and if your confidence remains then buy more. As somebody famous once said - the stock market is the only place when things go on sale that people rush out of the shop.
Things have pulled back a little in July so far due to profit taking (like myself last month) and the Meta scare, war, interest rate fears etc, but my confidence in my companies remains as strong as ever and so I am sure they will rebound soon (though Astera Labs has been on an absolute tear of late - and it has risen to my number 1 holding. But when Nebius recovers I think it will take the top spot again for me).
Looking forward to the next earnings season starting soon (though we will be on holiday for August so I may not get around posting much till September. I will however be following my companies ER’s very closely indeed).
Best
Jonathan