June 2025 continued the recovery in US stock indices which started on 21 April. The Nasdaq 100 Index was up 5.5% over the month. The S&P 500 Index was up 4.5% in June 2025.
Our portfolio had a positive month and was up 1.8% in GBP terms. The GBP rose by 1.5% over the month against the US$. In US$ terms, our portfolio rose by 3.3% and therefore y underperformed the US stock indices.
One reason for this was that our cash holding was 10%. The other was the poor performance of our European and UK stocks.
It was a disappointing June, but our 2025 performance is good.
On a year-to-date (YTD) basis, the portfolio is up 4.9% in GBP terms. However, the US dollar has fallen against the GBP by 9.7% so far this year. Therefore, in US$ terms, the portfolio is up 13.6% YTD. By way of comparison, the S&P500 is up 5.73% YTD while the Nasdaq 100 is up 8.1% YTD.
Our largest holding, Berkshire Hathaway fell 3.8% on top of the 4.8% decline in May 2025. This occurred after the Chairman and CEO of Berkshire Hathaway, Warren Buffett, announced at the May AGM that he would be stepping down at the end of the year.
Our other stocks such as Nvidia, Meta and Microsoft performed well.
30/06/2025