$CLS (-10,27%)

🔹 Adj. EPS: $1.58 (Est. $1.48) 🟢

🔹 Revenue: $3.19B (Est. $3.02B) 🟢; UP +28% YoY

🔹 Adj. Operating Margin: 7.6% (Company record)

🔹 Raised FY25 guidance

2026 Outlook (New)

🔹 Revenue: $16.0B, +31% YoY

🔹 Non-GAAP EPS: $8.20, +39% YoY

Commentary

🔸 “We achieved strong adjusted operating margin of 7.6%, another high for the company.”

🔸 “Demand continues to strengthen, allowing us to increase our 2025 outlook.”

🔸 “2026 revenue expected at $16B and non-GAAP EPS at $8.20.”

As I’ve been doing recently, I just trimmed again my positions in $APP (+1,42%) Applovin and $CLS (-10,27%) Celestica.

Both amazing companies with a superv momentum and explosive growth, they have been in my portfolio for more than 2 years both giving returns of over 1.000% (from my first buy, then I kept adding).

At this point, they are my 2 biggest holdings and have been for a while, and I try to mantain them under 8% of my portfolio (each). Although they keep running, I don’t see them as safe investments anymore due to rich valuations, so I’m divesting (for the 3rd time now) to place my money in other ideas.

Don’t get me wrong, they still are between my biggest 3 holdings, just making them a bit smaller.

I’ve decided to exit a small part of my investment in $APP (+1,42%) .

Up 1.292% since my initial investment, this is one of the longest holdings in my portfolio (not that I’m very active selling), and the most succesful one.

Just like I’ve been doing with $CLS (-10,27%) , I’m trimming my position as it got too big (over 8%) in my diversified portfolio. Both companies are still in my top3 holdings, but both of them got too fat, too fast. Valuations at this point are rich and optimistic. I’m ok with exposure and risk but I don’t see any more explosive growth ahead, and possible corrections are in sight if momentum fades away.

That said, $APP (+1,42%) is one of a kind and I do think they have a moat that will grow over time as they keep collecting more and more data to work and improve their algorithm and platform, while entering new markets and boarding new clients. I think there is still room to grow, so eventhough I sold a small piece of it and plan to do it again if it keeps going up on the short therm, it is a company that I want in my portfolio and I would buy if a correction takes place.

I’ve been holding on for a bit on new investments. On the last few days:

• I started again with a 50€ weekly investment plan into $O (+0,91%) . I don’t see it going more down, the company is rock solid, and the macro environment is pointing on rate cuts so it could be more atractive soon. It has been punished for its big size and their portfolio lower quality, and a high interest environment that makes bonds very atractive.

• I bought a bit of $K (-5,1%) . Good environment for gold, their numbers look very nice and momentum is also excellent. I wanted some exposure in Gold mining and eventhough I obviously lost the best moment to buy, I still think it can give me good returns.

• I trimed (again) my exposure on $CLS (-10,27%) after its recent run (up more than 300%). Still keeping it as my biggest 3rd position, close to $APP (+1,42%) and $GOOG (-1,28%) . I don’t like anymore its valuation, but it is in the center of the AI revolution with an amazing momentum. When the growth stops being that strong, its valuation should normalize. I think $CLS (-10,27%) was regular stock that has been transformed into cylcical stock strongly linked to AI capex, and I don’t want to have a position too big in it.

• I'm thinking of trimming $APP (+1,42%) (up more than 1.000%) as I also think it got too expensive, but I've kept it all for now as I see it as a non cyclical long term investment and if they keep delivering the run could continue. I acknowledge this is a risky move, as any small underperformance could crush the stock, and they depend on expanding its services into different add segments (as they’re doing), I know first hand that on the mobile gaming they are unbeatable. I'll see in the next days if I sell a small part of it.

• I have 49 positions, with 10 being 50% of my portfolio. I’m heavy on tech, finance and travel. My last investments have been in different segments. Not planing to have more than 50 positions.

Following my previous sell argument, I just sold some more, taking profits again. My position is up more than 300% at this point.

$CLS (-10,27%) has an amazing momentum 🚀🚀, is beating every time EPS, Revenue, and forecasts. But at this point it screams hype and overvaluation.

Does this mean that the stock will fall soon? Probably not, momentum is intact, it is an AI related stock and growth usually justifies rich valuations… But I’m not comfortable having an overvalued stock as my biggest position (8% of my portfolio).

Locking some profits, keeping still the majority of the investment, and looking to allocate the profits elsewhere!

$CLS (-10,27%)

🔹 Revenue: $2.89 B (Est. $2.67 B) 🟢; UP +21% YoY

🔹 Adjusted EPS: $1.39 (Est. $1.23) 🟢; UP +54% YoY

🔹 Adj Operating Margin: 7.4%; UP +110 bps YoY

FY25 Outlook (Raised):

🔹 Revenue: $11.55 B (vs. prior $10.85 B) 🟢

🔹 Adjusted EPS: $5.50 (vs. prior $5.00) 🟢

🔹 Adjusted Operating Margin: 7.4% (vs. prior 7.2%)

🔹 Non‑GAAP Free Cash Flow: $400 M (vs. prior $350 M)

Q3’25 Guidance

🔹 Revenue: $2.875 B – $3.125 B (Est. $2.76 B) 🟢

🔹 Adjusted EPS: $1.37 – $1.53 (Est. $1.29) 🟢

Q2 Segment Revenue:

🔹 CCS: $2.07 B; UP +28% YoY; Margin: 8.3%;  +130 bps YoY

🔹 ATS: $0.82B;  UP +7% YoY; Margin: 5.3%; +70 bps YoY

🔹 Hardware Platform Solutions: $1.20 B; UP +82% YoY

Other Metrics

🔹 Share Repurchases: 0.6 M shares for $40 M

CEO Commentary

🔸 “We achieved very strong results in the second quarter…each exceeding the high end of our guidance ranges.” — Rob Mionis

🔸 “With our strong first half results, and a strengthening demand outlook from our CCS customers, we are increasing our full‑year 2025 outlook.” — Rob Mionis