As I covered this week, 2026 was a decent year for both the S&P/ASX 200 Index (ASX: XJO) and my own portfolio of ASX shares. I was able to slightly outperform the market's 10.3% return (growth plus dividend income) in 2025, thanks in part to the winners I discussed on Friday.
But not all of my ASX stocks did well in 2025. In fact, two stood out as notable laggards.
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Two ASX shares that dragged on my portfolio in 2025
CSL Ltd (ASX: CSL)
I first picked up CSL shares a number of years ago for about $225 each. This healthcare stock had a horrid 2025, which prompted me to pick up some more shares at just under $200. Alas, CSL finished the year at $172.65 each. That means my position went backwards by the best part of 30% last year. Ouch. At least I didn't buy my entire position on 1 January last year, which would have lost me closer to 40% of my investment.
Even so, CSL was a stinker investment. But I'm not too worried. For one, it is still growing, with the company reporting underlying profit growth of 14% in August for its full-year earnings.
Yes, the company is facing some short-term hurdles, particularly from US tariffs. But as a world-leading vaccine and blood plasma medicine manufacturer, I think its long-term future is bright. Some experts agree, with Morgan Stanley recently giving the company a buy rating and a 12-month share price target of $256.
Kogan.com Ltd (ASX: KGN)
ASX e-commerce share Kogan is my other 2025 stinker. This stock had a disastrous year last year, falling from $6.21 to the $3.67 it finished December. That's a drop with a nasty 40.9%.
I'll admit, I didn't buy this ASX share at the right price. Kogan has had a few issues in recent years, including problems with its acquisition of the New Zealand-based Mighty Ape. But I'm not selling, as I think Kogan is primed for a recovery. Its 2025 financial results were encouraging, with Kogan reporting 6.2% revenue growth and a 12.7% lift in net profits.
With the company writing down some of the goodwill from its Mighty Ape acquisition last year, I feel confident that 2026 will be a better year. I am also encouraged by the ongoing share buyback program Kogan is pursuing. Given the company's low share price over much of 2025, this should boost shareholder returns quite nicely in the years ahead.
