T212 Portfolio update £176k 23/10/2026

I have just added £5k cash to my T212 account, so although it looks to be at £181k that figure includes the £5k that I have just added. 

A terrible month!

Total deposits £155k - Total gains £26.6k

Monthly Gains/Losses

T212 Invest GIA - £18k LOSS in one month
T212 ISA             - £8.6k LOSS in one month

ISA account gains\losses over 3 months

In terms of £, my biggest unrealised losses over 3 months have been with MP, GLW, OKLO, USAR, LYSDY (Lynas Rare Earths), MUX and CSKR (Korea). I am happy to just hold all my shares as I believe they are all undervalued.

Invest account gains/losses over 3 months

Here, my unrealised losses have been greatest with AMAT, LHL (Lenovo), HY9H (Hynix), TER, IKOR (Korea), AVGO, FRES and GEV, etc. Again, I am happy to keep holding these - hopefully they will recover.

I have £5k in new cash deposits which I will use to buy more - possibly IWVG which has it's top holding in Micron and/or IITU for S&P Tech.

My T212 Invest+ISA sector holdings exposure (Snowball Analytics)

I would like to reduce the number of holdings in both my ISA and Invest accounts. For instance, if I sold some of my biggest losers in my Invest account and realised a loss and bought more IWVG, it would reduce my capital gains bill for Jan 2028 - but I think these shares will bounce back up far more than IWVG will, even allowing for the 18%/24% CGT tax loss harvesting.

So my plan is to wait for the market to show signs of a recovery, buy £5k more of ??? in tranches and, in November/December, sell some holdings which I have less conviction in, to reduce the total number of holdings in each account to <30.

My take on the current AI 'bubble'

There are several things affecting market sentiment at the moment...

• Interest/bond rates are at high, meaning safe high returns
• High capital expense on AI with insufficient returns
• Most Q3 earnings results have shown better than forecast gains
• Geopolitical uncertainty - Ukraine, Iran, France, etc.
• USA midterm elections
• Inflation (esp. USA) still rising
• Data centres will eventually get built and energy supply will be available in the near future
• Many companies are investing in AI and reducing their workforce
• Data centres may be investing in solar, wind and batteries to work around energy shortages.

I am mainly invested in gold/metal miners, tech companies/IT, industrials, finance and health. Q3 results of many companies are due in the next few weeks as well as midterm results and the UK Autumn budget is on Wednesday with apparently no change to CGT rates. The next few weeks will be quite interesting!