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In my November Review, this was my outlook section: " I know hope is not a good strategy, but it would be nice to record a strong December to cap off what has been a good year for my portfolios. I think I will be rewarded with interest rate cuts, helping equity markets to push on to new highs after what was a wobbly November. My mind then must turn to 2026. One can't ignore the concentration in the US market in the top stocks. One must pinch oneself when one sees that Nvidia

Tomorrow (Tuesday, 9 December) at 9:30 am, there will be an online webinar with the managers, Sean Peche and Andrew Lapping. They will discuss the factors that have driven the Fund's strong performance this year and the current positioning. To attend, please register via this link: Webinar Registration - Zoom

The JIC Portfolio was down 0.7% last week, while the FTSE All-Share was down 0.5%. YTD, JIC Portfolio is up +19.9%, All-Share is also up +20.8%. The Funds' Portfolio was down 0.4% last week, while the FTSE All-World (GBP) was down 0.1%. YTD, Funds' Portfolio is up +27.4%, All-World (GBP) +15.0%. Performance of JIC and Fund Portfolios' holdings over one week Markets over one week Markets YTD

Background:   A volatile month for markets, with many calling the top of the AI bubble. Whether it has popped or is just letting out a little air is a moot point. Equity markets weren’t helped by the Chairman of the Federal Reserve. Following a quarter-point interest rate cut early in the month, he poured cold water on the chances of a further cut in December. Towards the end of the month, the mood changed with the market now expecting another cut on 10 December. This helped

First end-of-month close above £800k

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I found an interesting website www.miningvisuals.com . Thank you to Amanda Van Dyke @amandavandyke13 on X The website has many fascinating charts for different mined commodities. I'm especially interested in some charts from UBS, forecasting a growing copper deficit. A deficit made worse by, in the short term, outages and, in the longer term, by a lack of new mine investment. UBS is forecasting copper rising to $13,000 per tonne by the end of 2026. (Currently $11,347). Th

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www.serica-energy.com   Trading update: HERE   Conclusion: At last, a positive production update from Serica Energy. Triton is back up, and running means that November production of 50,300 boepd is close to what we expected over the whole year before the problems at Triton, which have plagued Serica for most of this year. The completion of the Prax Upstream acquisition will boost production further with a contribution from Lancaster. As for the budget, the changes to the taxa

Fireweed Metals (TSX: FWZ, Market Cap C$583 m (£315m) C$2.76 (150p), currently 2.7% of JIC Portfolio). (In the portfolio view in my Investment Diary, I show the share price converted to sterling.)   www.lundingroup.com www.fireweedmetals.com   Mactung tungsten update. (Rel eas ed yesterday - share price up a few per cent on the news)   Conclusion: A good update which reminds investors of the support from the US Department of War for the “world’s premier tungsten deposit, unma

Rosebank Industries (ROSE.L, Market Capitalisation: £1394m, 343p, 4.2% of JIC Portfolio)   www.rosebankindustries.com   The founders of Rosebank have a long track record and experience of successfully executing the “Buy, Improve, Sell” strategy. They acquire businesses in which they see potential for further improvement and effect meaningful change through decisive management action and investment. The Rosebank directors cemented their reputation in this field at FTSE100 co

Volatility spikes

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XPS Pensions (XPS.L; FTSE 250. Market capitalisation: £682m, 346p, 1.6% of JIC Portfolio.   XPS Pensions Group PLC is a UK employee benefits consultancy and related business services. The services provided by the company include Pensions, Investment, National Pension Trust Administration, and Self-Invested Pensions. The company derives maximum revenue from Pensions Actuarial & Consulting followed by Pensions Administration, Pensions Investment, National Pension Trust (NPT), a

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#podcasts Long-time members of JIC will know that I think The Art of Execution is one of the best investment books out there and is a must-read for those who want to be successful investors. I wrote a brief review of the book HERE Yesterday, I listened to a podcast, which was recommended by a member. It's called "the art of investing." In this episode, the guest is Lee Freeman-Shor. As an aside, you will see at the top of the diary page #podcasts. If one clicks on this, one w

Pollen Street Group (POLN.L; FTSE250 Index. Market capitalisation: £527m, 884p, 4.7% of JIC Portfolio)   Pollen Street Group Limited is an alternative asset manager company. The Company is engaged in investing with the financial and business services sectors across both Private Equity and Private Credit strategies. It has a set of asset management activities focused on managing third-party assets under management (AuM) (the Asset Manager) together with on-balance sheet invest

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Polar Capital Holdings (POLR.L, Market Capitalisation: £525m, 548p, 5.1% of JIC Portfolio) www.polarcapital.co.uk Polar Capital is a specialist, investment-led, active fund manager. It says it has a collegiate and meritocratic culture where the capacity of investment strategies is managed to enhance and protect performance.   Interim results for the six months ended 30 September HERE   Conclusion: We knew the AUM numbers from a previous update. It’s good to see it has grown f

New high for International Petroleum Corp. That's more than five times your money since flotation in 2017! Lots more kite flying and a huge U-turn ahead of the budget. Confidence in UK financial markets is being severely tested. The government is giving a good impression of not knowing what it's doing! The JIC Portfolio was up 1.7% last week, while the FTSE All-Share was up 0.3%. YTD, JIC Portfolio is up +20.8%, All-Share is also up +20.8%. The Funds' Portfolio was up 2.5% la

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Premier Foods (PFD.L, FTSE 250, Market Cap £1.5bn, 173p, 2.8% of JIC Portfolio)   www.premierfoods.co.uk   H1 Results HERE   Conclusion: I’m finding it difficult to find the right words. Lacklustre might be too harsh, but it's hardly exciting. The good news is that it's happy with full-year expectations, but that does require a better H2 and good Christmas sales. On 13 August, when I published a short review of each of my positions, I said, “ Premier Foods:  4.5% of JIC Portf