Portfolio update (June 2025)
A complete, transparent look into our portfolio, its value, and its performance in June and year-to-date.
Welcome back, Fluenteers! 👋🏻
June has been a ‘boring’ month for our portfolio, which we like. There haven’t been any significant changes, and there haven’t been any exciting or daunting news recently. It appears that the market is fully adjusted to what we’ve experienced over the last couple of months. There have been some changes, and we’re going over them in full detail.
The picture I use for this portfolio update sums up the month of June! The picture you see is Magnus Carlsen on the left and Fabiano Caruana on the right, both grandmasters in chess.
In this 2018 chess tournament, they played 12 rounds, and all 12 were draws. This match was considered one of the most boring matches ever played, summing up our June.
I’ll stop being the chess geek; let’s review the month of June and our year-to-date performance of your portfolio.
Happy compounding!
A Quick Reflection On June
Here are some of the most notable events from June.
U.S. major indices (S&P 500, Nasdaq, Dow) rebounded sharply by month-end, with the S&P 500 hitting 6,173—a record close on June 27. Despite early‑month jitters from tariff threats, overall gains through June confirmed a robust +5–9% rally year-to-date
Trump’s administration escalated steel and aluminum tariffs (from 25% to 50% on June 4), sparking renewed market anxiety. A critical “deadline” for new tariff deals, introduced on July 9, potentially created volatility in late June.
Mid-June strikes between Israel and Iran stirred raw nerves: oil prices surged by 7–11%, Bitcoin fell, and gold rose, while airline stocks dropped. Markets showed unusual resilience—bonds and USD didn’t behave like classic safe havens, reflecting shifting asset allocations.
Global investors shifted out of U.S. bonds into European high-yield debt, pushing €23 billion of June issuance, which drove yields down to ~3.1% in Europe. These flows weakened the U.S. dollar, contributing to the outperformance of European assets.
AI stocks → engines of growth: Meta surged ~26% in June to all-time highs; Nvidia powered the Nasdaq run.
Crypto and gold also outperformed: crypto received regulatory tailwinds, and gold miners rallied on geopolitical and dollar pressure.
Strong inflows into defensive assets—short-term money-market funds, physical gold ETFs—coincided with buying in global income/index funds. A roller-coaster ride between the early June correction and late-month rebound emphasized an investor appetite for growth hedged by safer assets.
Although there’s still a significant amount of uncertainty looming around globally, I feel like the market is adjusting well to the new ‘environment’ we’re all in.
Companies globally are still conducting business, selling more than in previous years, earning more per share, and buying back shares; the machine is still operating in full force.
This is notable in share prices from almost all companies.
The discounted companies we’ve seen at the beginning of the year have almost all disappeared from the screeners. Despite this, we’ve still managed to find one, and we’ve been scaling this position significantly.
How Did Our Portfolio Perform In June?
I avoided checking my brokerage app for June. In the previous portfolio update, when I was confronted with my own flaws, I stated the following:
‘‘The month of May has been the complete opposite. I usually check my portfolio once or twice a month, to be honest. But this month, I must have checked it at least twice a week; that’s odd. During times of market turbulence and hectic periods, I refrain from checking my portfolio. But when the market starts soaring again, giving back the gains that’ve disappeared from our portfolio, I start checking again.
I learned something when I discovered this ‘flaw’ of mine.
Recency bias, hope anchoring, and loss aversion vs reward sensitivity.
During downturns, many long-term investors refrain from reviewing their portfolio to avoid emotional reactions (e.g., panic selling or stress). This is a protective behavior. When the market rises again, and especially when prior losses are being recouped, there's a dopamine-driven pull to check frequently, because it feels good.
You remember the recent pain of drawdowns. When green returns, you want confirmation: “Are we back to all-time highs yet?” or “Did I make the right decision not selling?” That curiosity becomes compulsive checking, especially when there's momentum.
Market volatility makes people feel helpless. When the market improves, checking your portfolio gives a sense of control, even though nothing has changed about the fundamentals or your long-term plan.
When the market crashes, we look away to avoid pain. When it recovers, we look often to enjoy the relief.
It reminded me how I’m human. However, recognizing it helps me stay mindful and keeps me on track.’’
I was confronted with my flaws, and I started not just to embrace them, but to tackle them in ways I found most efficient.
I’ve been reading more on behavioral science, emotions, personal growth, personal well-being, and much, much more.
I began journaling and tracking my emotions.
I started implementing a well-balanced diet for my body and mind.
I started working out more regularly.
I began connecting more deeply with friends, family, and my wife.
I've learned a great deal about myself over the past few months, and I would highly recommend this experience to anyone who wants to embark on a similar journey. The amount of positive energy and states I’ve been in, thanks to these slight adjustments, not only benefited my personal life, health, and well-being, but also drastically improved my approach to investing.
Try it and let me know your findings.
Now, let’s go over the portfolio!