I’m a few days late getting my end of November portfolio review together - but I’ve finally found the time to complete it 5 days into December.
November was actually my first negative month this year since April - 15.7% for the month. It was a volatile month at times - but even though I lost a little this month I am still happy to be up +119% YTD as at November 30. My returns are:
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%
YTD as at end of November = +119%
So despite some bumps in the road for a few names this month, my concentrated portfolio remains intact and in good shape and my +119% is still a big win even if a little less than prior months.
I’m still fully invested in what I view as the core group of high-growth, high-conviction companies. Below are my current allocations.
- Nebius (NBIS): ~25%
- AppLovin (APP): ~23%
- Celestica (CLS): ~16%
- Astera Labs (ALAB): ~13%
- IREN (IREN): ~11%
- NVIDIA (NVDA): ~9%
- Electro Optic Systems (EOS): ~4%
The only change I made in November was to sell my small allocation in HIVE and to put those proceeds into topping up IREN considering it had dropped quite a lot during the month.
Nebius (≈ 25%)
Nebius continues to be the cornerstone of my portfolio — and their Q3 results proved exactly why I remain so committed.
- Revenue growth: In Q3 2025, Nebius delivered $146.1 million in revenue, a +355% year-over-year surge.
- Improved profitability (non-GAAP): Adjusted EBITDA loss narrowed dramatically to -$5.2 M, compared with a -45.9 M loss in the same quarter a year ago.
- Net loss / cash burn remains large: Net loss from continuing operations was -$119.6 M, wider than last year’s –US$43.6 M, reflecting heavy capex and build-out costs.
- Major strategic wins: The company announced a significant $3 billion, five-year AI-infrastructure deal with Meta Platforms, adding to recent large contracts, including one with Microsoft — reinforcing Nebius’s positioning as a top-tier AI-cloud infrastructure provider.
- Capacity expansion & demand backlog: Management reiterated aggressive expansion plans — aiming for up to 2.5 GW of contracted power capacity by end of 2026 to meet surging demand.
- Capital raise / share issuance risk: Nebius also announced an equity distribution agreement to sell up to 25 million new Class A shares — a move that improves financial flexibility, but adds a dilution overhang.
This is the hyper growth play I signed up for in the first week of this year and the dramatic revenue growth and major hyperscaler contracts are exactly what I want them to deliver. The narrowing of adjusted EBITDA losses is encouraging. Yes, dilution and heavy capex remain risks — as many have pointed out on this board - but given how tight AI compute supply appears to be globally, I remain convinced Nebius could continue to pay off handsomely as they continue to execute.
I’m firmly holding here as I continue to watch those ARR numbers increase (up 359% YoY). I did, as I said on another thread a couple of weeks, have a wobble with Nebius (I panicked in order to protect my significant gains this year) - and I sold out for a very short time. Then I instantly regretted it and 2 hours later I bought them all back again (plus a few more because it had dropped a little in that time). And I am so glad I did because it has risen another 20% since then. I still see significant upside ahead.
You can see my summary of their recent UBS conference on a different thread.
AppLovin (≈ 23%)
AppLovin Corporation had a really strong Q3 and continues to show that its mobile-games-and-ad-tech hybrid model is working beautifully — even in uncertain times.
- Revenue growth: Q3 2025 revenue hit $1.405 billion, up ~68% YoY.
- GAAP Gross margin of 88%!!
- Profitability & cash flow: Adjusted EBITDA was $1.158 billion, up ~79% YoY.
- Free Cash Flow and net cash from operations came in at US$1.05 billion for the quarter - which is a phenomenal 75% margin!!
- Strong net income: Net income was$836 million (≈$2.45/share), up sharply from US$434 million the prior year — a substantial beat vs expectations.
- Capital return & confidence: AppLovin repurchased ~1.3 million shares in Q3 and increased its buyback authorization — a sign management believes their intrinsic value exceeds the current share price.
- Outlook looks solid: Management’s guidance for Q4 suggests continued healthy top-line growth and strong margins in what will be “a fun quarter”.
AppLovin remains one of the cleanest “cash-generating growth” stories out there. It is a top tier company for me. I have held it for nearly 2 years now and it has almost 10x’d my original purchases of just $75!! Even with the regulatory overhang (which seems muted for now), the numbers speak loud and clear. Revenue is scaling, margins are excellent, and cash flow plus buybacks make this more than just a hype-growth name. This continues to be a core holding for me.
Celestica (≈ 16%)
I wrote a lot about Celestica in my end of October review because their Q3 came in just before the end of last month, but I am still very happy to hold Celestica and I still think it remains something of an “under-the-radar” play on the AI supply-chain boom. Like APP it has given me an almost 10x in just over 18 months!
Astera Labs (≈ 13%)
Astera Labs, Inc. delivered a very strong Q3 — arguably the best under-the-radar AI-chip–chain story right now.
- Revenue growth: Q3 2025 revenue hit $230.6 million, up 104% YoY and 20% sequentially.
- Margins & profitability: GAAP gross margin came in at 76.2%, with an operating income of $55.4 million and an operating margin of 24.0%. Net income was reported at $91.1 million, with diluted EPS of $0.50.
- Strong forward guidance: The company signalled continued strength — expecting further growth in AI-data-center demand for its signal-conditioning, cable, and switch-fabric products.
Astera Labs is starting to look like the kind of hidden compounder I hoped for when I first added it. As the AI compute boom forces scale-outs of data-center infrastructure, demand for high-bandwidth, low-latency interconnects is only going to grow — and ALAB seems extremely well positioned. I’m more than happy keeping a meaningful stake here and I think 2026 will be another great year for them.
IREN (≈ 11%)
IREN delivered its Q1 FY26 results on Nov 6 — and the update gives more clarity into its transition from pure bitcoin-mining toward becoming a hybrid “AI-cloud + mining + data-center infrastructure” business.
- Revenue: IREN reported $240 million in Q1 FY26 revenue.
- Business mix & contracts / AI cloud pivot: The company continues advancing its AI-cloud infrastructure. As part of that push, IREN recently disclosed a large long-term cloud contract with Microsoft.
- Capex / growth plans: Management reiterated aggressive expansion: plans to scale GPU fleet and AI-cloud capacity across its grid-connected campuses.
- The long-term buildout includes large sites (e.g. “Sweetwater” campus) targeting gigawatt-class power — giving the potential to host thousands of GPUs and large-scale data-center infrastructure.
- The sizeable cash position ($1.8B) gives them some flexibility to fund the AI-cloud pivot.
- The new long-term cloud contract (Microsoft) is a major validation of their infrastructure vision — it helps anchor expected future cash flows from high-margin AI-cloud services rather than relying solely on bitcoin-mining.
- If they can execute GPU deployments and buildout as planned, the long-term payoff could be meaningful — turning what was once a high-volatility crypto-miner into a hybrid cloud/infrastructure play.
Given the large cap-ex and infrastructure plans (gigawatt-scale power + GPU/data-center deployments), execution risk is high — and any delay in buildouts or funding could impair growth. But I remain bullish — cautiously optimistic and I am happy to have it as an 11% position.
NVIDIA (≈ 9%)
NVIDIA Corporation remains the bedrock of the AI-compute boom. In my portfolio, it’s effectively my anchor and like I said last month, I can kind of forget about it in between their quarterly earnings calls. They continue to deliver amazing results and I am so glad it is in my portfolio. NVIDIA delivered a blockbuster Q3 (fiscal 2026) report in November — and it continues to cement its status as the AI-compute powerhouse.
- Revenue: Q3 revenue came in at $57.0 billion, up 62% year-over-year and 22% sequentially. Just WOW!
- Data Center (AI hardware) business: The Data Center segment — the heart of NVIDIA’s AI-infrastructure business — generated $51.2 billion this quarter. That’s up 66% YoY and 25% vs the prior quarter.
- Profitability (EPS): GAAP and non-GAAP diluted earnings per share were both $1.30, up 67% from a year ago, and noticeably higher than analyst estimates (many had expected ~US$1.26).
- Margins: Gross margins remain strong — GAAP gross margin was ~73.4% and non-GAAP ~73.6%.
- Guidance / forward-looking signals: For Q4, NVIDIA forecasted revenue around $65 billion ±2%, implying continued very strong demand and order backlog.
- Jensen said that demand remains “off-the-charts,” with cloud-GPU supply still sold out.
Having NVDA as 9% of my portfolio gives me a solid base in one of the “must-own” companies in the AI-compute infrastructure wave. The strength of Data Center revenue and margins shows that the demand for GPUs and AI hardware remains robust — very few companies can match that scale and earnings power. No need for further tinkering here. I’m quite comfortable holding this weight in NVDA. It gives me confidence.
Electro Optic Systems (≈ 4%)
Electro Optic Systems remains a small but strategic allocation — giving me a bit of optionality in defense / laser-tech / aerospace. I wrote quite a lot about them last month and given the small weighting in my portfolio the downside risk is limited, but I think that considerable upside optionality remains. I watched a really great interview with their CEO last week in a room packed with analysts in Frankfurt, Germany. If you are interested then you can watch it here: London_26.11.25_1115_Electro Optic
That wraps up November for me. I’m looking forward to whatever surprises (Santa rally) December brings — especially among the infrastructure-heavy names.
It has begun well for me so far - and I hope it has for you too.
Best,
Jonathan
My previous portfolio reviews:
https://discussion.fool.com/t/jonathans-end-of-october-portfolio-review/121909?u=jonathan1
https://discussion.fool.com/t/jonathans-end-of-september-portfolio-review/121474
https://discussion.fool.com/t/jonathans-end-of-august-portfolio-review/121063
https://discussion.fool.com/t/jonathans-end-of-july-portfolio-review/120367
https://discussion.fool.com/t/jonathan-s-early-june-portfolio-review/118951
https://discussion.fool.com/t/jonathans-early-may-portfolio-review/117982
https://discussion.fool.com/t/jonathans-february-portfolio-review/113227
https://discussion.fool.com/t/jonathans-early-december-portfolio-review/111063
https://discussion.fool.com/t/jonathans-first-portfolio-review-and-four-year-update/106666
https://discussion.fool.com/t/my-brief-investing-story/52814