November Portfolio Update

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.

Key Metrics

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: 9843Copier

Profitability: 88.75%

Full BullAware Factsheet: https://bullaware.com/etoro/jaynemesis

Position Changes

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.

I took some profits from Microsoft, closing 3 trades at +113%, +100% and +64% respectively trimming the position marginally.

I cycled a few old positions in Mercado Libre, but kept exposure similar. All positions were green.

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.

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 wasn’t serving its purpose well in balancing out the portfolio while maintaining good growth opportunities.

I finished closing out my Salesforce position, as mentioned in the October update.

I cut my Garmin position in half. I’ve held this company in my portfolio for almost a decade now, witnessing their strong growth throughout those years.

I added some more exposure to eToro, Ubiquiti, First Solar and the TAN ETF.

Markets & News

AI Bubble?

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.

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.

Earnings Volatility

Many of the positions in my portfolio had sizable moves up or down after reporting earnings:

Ubiquiti - 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. I’m still very bullish on the company, and they had a great year overall.

eToro - A more recent position, eToro rallied over 15% in the days following their earnings release, partially driven by their announced stock buybacks. (Disclaimer, all views are my own, and do not reflect those of eToro, I am an eToro Popular Investor with an ongoing relationship with eToro, but was not asked to comment or compensated in any way for sharing my views.) - Really need to get a good consolidated disclaimer sorted for talking about them more in future (still want to write a post about them soon).

Games Workshop - 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%

Nvidia - Nvidia’s 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.

Google - Google followed a few days later with their own strong earnings bringing further optimism back to markets.

Closing Comments

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!