T212 Portfolio update £200k 09/10/2026 + NU Holdings, Lenovo and Gold

I had set some stop losses on some non-ETF holdings so as prices went down this week, some holdings (approx. £13k) were sold off for a profit.  

Buys

NioCorp £523
Vistra £205
Lenovo £4000
ZENAtech £100
WDC £200

Sells

Intel £158
Meta £1625
HPE £3000
CME £1100
CAT £5936
Eaton £1146

Cash
Invest GIA £8616
ISA £0

NU was my best performer this week

Tax and Capital Expenditure

I also bought more Lenovo because I think companies will want their own AI servers for 24x7 uptime and to reduce overall costs. Also, thanks to Trump's new bills, USA companies can right-off capital expense in the first year which is a good way of reducing taxes.

So this change in law encourages USA companies to pour loads of money into capital investment now (before the law is changed after the Trump era ends). This is especially beneficial for companies which need to expand by investing in equipment (like buying data centre equipment or silicon foundry equipment, etc.).

This helps to explain the USA AI explosion, companies are encourage to spend money on equipment now. Even if some companies go bust, the picks and shovels companies who sell memory, chips, servers and infrastructure should survive.

That is why I think these sorts of companies should do well for the next two years because there will be a continuing demand. Between Dell, HPE and Lenovo, I think Lenovo is the best for current value and future growth.

Note that this also leads to heavy borrowing and debt, so it is important to look at the debt burden of any company!

Lenovo

Lenovo has formed extensive tie-ins with Nvidia and AMD and LLM. It is offering companies a cost-effective entry into the AI world and has a competitive server business. Because it has been seen as just a PC/Notebook company, it is underrated and undervalued.

Gold

Gold forecasts show that it could go up another 5% by the end of 2026 as the USD\GBP exchange rate goes down another 3% or so.

I have high hopes for gold and gold/silver miners which I hold in my portfolio as a hedge. I am also trimming positions in other areas and holding cash. This is partly to prepare for a future correction and partly to reduce UK CGT in case of a budget rate hike on October 28th by Andy Burnham. 

To date, the UK Prime Minister has not indicated where he is going to get money from. I don't think he will do anything radical but he will probably try to cut gov. expenditure and raise CGT.

The USA economy seems to be circling the drain due to debt but they just won't admit it. Trump has no idea how to run the economy (just look at the recent fiasco of imposing penalties on anyone who buys oil from Russia and then actually buying oil\diesel from Russia a few weeks later)! The man is a buffoon!