Nick Warrell
United Kingdom
2m
๐—ก๐—ผ๐˜ƒ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟ ๐— ๐—ฎ๐—ฟ๐—ธ๐—ฒ๐˜ ๐—จ๐—ฝ๐—ฑ๐—ฎ๐˜๐—ฒ November brought a mixed backdrop for global markets, with major indices edging lower overall. Even so, the portfolio achieved a +2.44% gain, continuing the steady momentum built throughout the year. In the US, technology stocks came under pressure as parts of the AI sector cooled, though the move still appears more like a healthy reset than the beginning of a deeper decline. The UK market remained subdued, but strength in banking and mining helped offset broader weakness. Rachel Reevesโ€™ Budget may not have resonated with everyone, yet markets reacted positively to its emphasis on stability. Germany remained the portfolioโ€™s lagging region. With exports under strain, growing competition from Chinese manufacturers, and the impact of tariffs, I reduced exposure to roughly 15%. Chancellor Merzโ€™s large-scale infrastructure program is advancing slowly, and its economic benefits are not yet visible. ๐—ฃ๐—ผ๐—ฟ๐˜๐—ณ๐—ผ๐—น๐—ถ๐—ผ ๐—ฃ๐—ฒ๐—ฟ๐—ณ๐—ผ๐—ฟ๐—บ๐—ฎ๐—ป๐—ฐ๐—ฒ ๐˜œ๐˜ฏ๐˜ช๐˜ต๐˜ฆ๐˜ฅ ๐˜’๐˜ช๐˜ฏ๐˜จ๐˜ฅ๐˜ฐ๐˜ฎ: British Utility SSE ($SSE.L (SSE)): +14% Airtel Africa ($AAF.L (Airtel Africa Plc) ): +12% ๐˜Ž๐˜ฆ๐˜ณ๐˜ฎ๐˜ข๐˜ฏ๐˜บ: Hochtief ($HOT.DE (HOCHTIEF AG)): +22% ๐˜œ๐˜ฏ๐˜ช๐˜ต๐˜ฆ๐˜ฅ ๐˜š๐˜ต๐˜ข๐˜ต๐˜ฆ๐˜ด: Amgen ($AMGN (Amgen Inc)): +15% Broadcom ($AVGO (Broadcom Inc)): +9% Cencora ($COR (Cencora Inc)): +9% Strong stock selection across all regions helped offset softer index moves, resulting in a positive overall gain for November. ๐—œ๐—ป๐—ฑ๐—ถ๐—ฐ๐—ฒ๐˜€ ๐—ฃ๐—ฒ๐—ฟ๐—ณ๐—ผ๐—ฟ๐—บ๐—ฎ๐—ป๐—ฐ๐—ฒ FTSE 100 ($UK100): โ€“0.4% DAX 40 ($GER40): โ€“0.6% S&P 500 ($SPX500): โ€“0.6% ๐—ข๐˜‚๐˜๐—น๐—ผ๐—ผ๐—ธ ๐—ณ๐—ผ๐—ฟ ๐——๐—ฒ๐—ฐ๐—ฒ๐—บ๐—ฏ๐—ฒ๐—ฟ ๐‘ˆ๐‘† ๐‘…๐‘Ž๐‘ก๐‘’๐‘  Markets continue to anticipate potential rate cuts from the Federal Reserve. Any confirmation of this path would likely support equities, with higher-growth sectors especially sensitive. ๐‘†๐‘’๐‘Ž๐‘ ๐‘œ๐‘›๐‘Ž๐‘™๐‘–๐‘ก๐‘ฆ โ€“ ๐‘กโ„Ž๐‘’ ๐‘†๐‘Ž๐‘›๐‘ก๐‘Ž ๐‘…๐‘Ž๐‘™๐‘™๐‘ฆ December has a historical tendency toward strength as year-end positioning and sentiment come into play. While there are never guarantees, investors typically approach the month with a constructive mindset. ๐ธ๐‘ข๐‘Ÿ๐‘œ๐‘๐‘’ Germanyโ€™s infrastructure stimulus remains slow but steady. Any clearer signs of progress could benefit construction and industrial names. --- Overall, December could offer moderate gains if rate expectations and seasonal trends hold, while keeping an eye on broader macro developments. Now weโ€™re on the home strait of 2025 โ€“ a chance to build momentum and aim for a strong, positive finish to the year. โš  Copy Trading is not investment advice | Capital at risk | Past performance does not guarantee future result
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