Gavin O'Luanaigh @GEMOLFund: "Dear Fellow Investors, I hope you..."

United Kingdom

Dear Fellow Investors, I hope you are all well and happy to say we continued our upward trend into the end of the year meaning we had 11 green months out of 12 which I am really pleased about. We once again saw new all-time highs this month and hopefully this will continue. December Summary December +1.51% 2025 +30.87% 2 Yr Return +54.45% All Time Return +257.95% Risk Level 3 December Total Trades 4 Successful Trades 75% Annualised Return 27.01% Dividend Yield 2.19% Total Cash 49.65% All stats are taken from bullaware.com/etoro/GEMOLFund for open and transparent viewing. Selected Top Gainers in December $LUV (Southwest Airlines Co) +18.73% $GLEN.L (Glencore Plc) +12.47% $RIO.L (Rio Tinto) (Rio Tinto) +10.23% $BHP.L (BHP Group Ltd ) +9.38% $ADBE (Adobe Systems Inc) +9.33% Worst Losers Intel - 9.02% SEA - 8.23% Diageo -7.17% Mining Stocks are flying at the moment buoyed by the precious metals rise and world's desperate need to secure resources. I do expect them to top out soon as they are very cyclical and we would most probably rotate out of these soon. This month we brought in a few new stocks Crypto - We picked up some $BTC $ETH $AVAX $LINK and $ADA which I think will have a positive 2026 We also increased our positions in Investec, SEA, Uber and added $ETOR (eToro Group LTD) and Occidental Petroleum. I also think Oil will have a good year next year and catch up with the other mining and metals after a poor run in 2025. 2025 saw us close 254 positions of which 210 were positive giving us a 83% successful completed trades this year. Some Talking points for the year.... UK FTSE After years of relative stagnation and sideways movement, the UK’s FTSE 100, enjoyed a strong resurgence in 2025. Over the year, the index climbed roughly 21.5%, its best annual performance since 2009, closing at 9,931.38 points and coming tantalisingly close to the symbolic 10,000 level. Several factors contributed to this rebound. Major constituents like mining and defence companies delivered outstanding returns, with precious metal producers uplifted by strong commodity prices. Banks also benefited from stabilising earnings and expectations of interest-rate cuts, drawing investors back into equities. The FTSE’s global exposure — around three-quarters of its revenues come from outside the UK — helped it outperform many peers even as the domestic economy showed mixed signals. The index repeatedly flirted with record highs throughout the year, buoyed by robust corporate earnings, defensive sector strength, and periodic inflows from global investors seeking yield and diversification. We were about 60% invested in the FTSE however I have been selling some stocks to increase our cash which in hindsight I could have kept for longer. Crypto In contrast to equities and precious metals, cryptocurrencies largely stagnated or fell back over 2025. After an early-year rally that pushed Bitcoin and other digital assets to strong levels, the initial momentum faded. By year-end, major coins like Bitcoin and Ethereum saw muted performance or annual losses, with Bitcoin ending 2025 down and trading well below its mid-cycle peak. The market’s price action showed a lack of sustained upside despite ongoing institutional integration and regulatory progress. High correlation with risk assets, leverage unwinding, and macro pressures dampened enthusiasm, leaving crypto prices largely range-bound and sentiment stuck at cautious levels. I think we will see money rotating back into Crypto this year from precious metals and fully expect them to do well. We have picked up some and may pick up a few more this year. Silver $SILVER experienced a dramatic surge in 2025, with prices reaching record levels as investor interest in hard assets intensified. Factors behind this surge include expectations of future rate cuts, supply concerns, and strong industrial demand — especially from renewable energy, data centres, and electric vehicles — that boosted both safe-haven and industrial appeal. By late December, silver traded above $75–$79 per ounce, more than doubling from earlier levels, reflecting widespread bullish sentiment and tight physical markets. Some analysts even cautioned that the rapid run-up might resemble a bubble, although structural demand drivers support the metal’s strength. We had some large positions in Silver and $GOLD throughout the year however we sold these probably too early in hindsight. We did make 50%-75% on these after some of them were down over 80% at some point, however if we had hung on then we could have achieved maybe 100%+ on these. It is what it is.... I was quite cautious this year keeping 50% cash for most of the year. April saw us really benefit from that and hopefully also in early 2026. Finally we are looking to add a few positions this month. I am looking at BP, Occidental, Shell as well as some more defensive stocks. I hope you had a great 2025 and are looking forward to 2026 where we can hopefully generate some more returns. Take Care, Gavin @GEMOLFund