๐ก๐ผ๐๐ฒ๐บ๐ฏ๐ฒ๐ฟ ๐ฃ๐ผ๐ฟ๐๐ณ๐ผ๐น๐ถ๐ผ ๐จ๐ฝ๐ฑ๐ฎ๐๐ฒ
November was a painful month for my portfolio with a loss of just over 5%. This meant the portfolio dropped from 24.09% at the end of October to 17.84% by the end of November.
I made quite a few tweaks to the portfolio through the month, mostly an effort to consolidate the portfolio more by reducing the number of positions held. There were also some earnings releases, a couple of which impacted the portfolio.
๐๐๐ฎ ๐๐๐ฉ๐ง๐๐๐จ
November Portfolio Performance: -5.05%
November S&P 500 Performance: -0.15%
November Nasdaq 100 Performance: -1.86%
Number of Trades: 31
Assets Under Copy: $43M
Copiers: 9843
Copier Profitability: 88.75%
Full BullAware Factsheet: bullaware.com/etoro/jaynemesis
๐๐ค๐จ๐๐ฉ๐๐ค๐ฃ ๐พ๐๐๐ฃ๐๐๐จ
โข I fully closed my Xiaomi position after around 6 months of holding for a total loss of around 20% for the position, which made up around 1% of my portfolio.
โข I took some profits from Microsoft, closing 3 trades at +113%, +100% and +64% respectively trimming the position marginally.
โข I cycled a few old positions in Mercado Libre, but kept exposure similar. All positions were green.
โข I cut my BYD position by half while considering cutting it completely from the portfolio. It has performed similarly to Xiaomi over the past 6 months, slightly hurting portfolio performance.
โข I fully cut my small position in Smurfit Westrock at a small loss, the company helped add diversification to the portfolio, but has had a poor year and wasnโt serving its purpose well in balancing out the portfolio while maintaining good growth opportunities.
โข I finished closing out my Salesforce position, as mentioned in the October update.
โข I cut my Garmin position in half. Iโve held this company in my portfolio for almost a decade now, witnessing their strong growth throughout those years.
โข I added some more exposure to eToro, Ubiquiti, First Solar and the TAN ETF.
๐๐๐ง๐ ๐๐ฉ๐จ & ๐๐๐ฌ๐จ
๐จ๐ฐ ๐ฉ๐๐๐๐๐?
I mentioned in a post about AI Slop a few months ago that some of the downsides and risks facing AI were being broadly overlooked - you can read about it here if you missed it:
But the fresh anxiety around a Bubble came from investors growing increasingly concerned by the circular deals between Open AI, Nvidia, AMD, Oracle, Meta and more. Open AI especially has been a focal point, they lack meaningful revenue to fund their growth, there is talk of an IPO, meanwhile they are making deals with all the big names to buy huge quantities of hardware. The question for investors is simple: Buy it with what money?
I have another AI post coming up soon with some fresh concerns. I'll try to get it out before Christmas, but I make no promises.
๐ฌ๐๐๐๐๐๐๐ ๐ฝ๐๐๐๐๐๐๐๐๐
Many of the positions in my portfolio had sizable moves up or down after reporting earnings: etoro.tw/3LB0vRv
๐๐ฃ๐ช๐ฒ๐ถ๐ช๐ต๐ช
Their earnings were strong, beating expectations, although slightly down from the previous quarter. What spooked investors though was the weaker guidance for 2026 at just 12% growth, compared to the 20% (which they comfortably beat) for 2025. The stock fell hard, down 20% on the day, and 28% by the end of November. Iโm still very bullish on the company, and they had a great year overall.
๐ฆ๐๐ฐ๐ณ๐ฐ
A more recent position, eToro rallied over 15% in the days following their earnings release, partially driven by their announced stock buybacks.
(๐ท๐๐ ๐๐๐๐๐๐๐, ๐๐๐ ๐ฃ๐๐๐ค๐ ๐๐๐ ๐๐ฆ ๐๐ค๐, ๐๐๐ ๐๐ ๐๐๐ก ๐๐๐๐๐๐๐ก ๐กโ๐๐ ๐ ๐๐ ๐๐๐๐๐, ๐ผ ๐๐ ๐๐ ๐๐๐๐๐ ๐๐๐๐ข๐๐๐ ๐ผ๐๐ฃ๐๐ ๐ก๐๐ ๐ค๐๐กโ ๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐ก๐๐๐๐ โ๐๐ ๐ค๐๐กโ ๐๐๐๐๐, ๐๐ข๐ก ๐ค๐๐ ๐๐๐ก ๐๐ ๐๐๐ ๐ก๐ ๐๐๐๐๐๐๐ก ๐๐ ๐๐๐๐๐๐๐ ๐๐ก๐๐ ๐๐ ๐๐๐ฆ ๐ค๐๐ฆ ๐๐๐ ๐ โ๐๐๐๐๐ ๐๐ฆ ๐ฃ๐๐๐ค๐ .)
๐๐ข๐ฎ๐ฆ๐ด ๐๐ฐ๐ณ๐ฌ๐ด๐ฉ๐ฐ๐ฑ
Not technically earnings, Games Workshop gave a Trading Update on the 20th, boasting of revenue growth of around 15% - The stock was my top performer in November, up over 20%
๐๐ท๐ช๐ฅ๐ช๐ข
Nvidiaโs earnings were what the entire market was watching, and they delivered again, causing the entire market to regain much of the losses they had incurred earlier in the month.
๐๐ฐ๐ฐ๐จ๐ญ๐ฆ
Google followed a few days later with their own strong earnings bringing further optimism back to markets.
๐พ๐ก๐ค๐จ๐๐ฃ๐ ๐พ๐ค๐ข๐ข๐๐ฃ๐ฉ๐จ
As mentioned in this and the last monthly update, I have quite a few things lined up to post about, so stay tuned.
This *might* be my last post before Christmas, so Merry Christmas to all who are celebrating. As usual, thanks for copying, following and taking the time to read this update. Please feel free to ask questions and share your thoughts with the community as well!... Show More
Sono sempre stato uno dei tuoi piรน grossi sostenitori e ho sempre apprezzato il tuo lavoro, ma purtroppo a partire dal 2021 sino ad oggi i tuoi risultati rispetto a quelli di altri PI o ai tuoi stessi degli anni precedenti sono stati molto sotto le aspettative. Spero in un anno migliore buon Natale ... Show More Translate
I would like some more colour on why you closed the Xiaomi position please. Did the fundamentals change compared to six months ago? What happened?... Show More
Does the parabolic rise in precious metals this year not concern you for what the market is going to go through next year? Changes to the portfolio?... Show More
Appreciate the detailed transparency, Jay. Months like this really highlight how much of performance is driven by position sizing and portfolio structure rather than individual stock calls. Staying disciplined through earnings volatility is never easy, but the process matters most over full cycles.... Show More
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