Some 'ash' has fallen off the cigarettes. 😉

In future, I will only receive half as many BATS dividends, as I have halved my position. $BATS (-0.33%) halved my position.

Divis for Poor Dad 💷

Hello everyone.

Today I'm not going to analyze my $ALV (-4.09%) or $BATS (-0.33%) . By the way, I'm currently looking for a really cool dividend stock, but the final analysis is not yet complete, a few exciting companies are still on the longlist (e.g. $ABT (-3.82%) , $NOVO B (-0.1%) , $SAN (-0.4%) ) - no matter. That's not what we're talking about today, but P2P loans. Do you know this class? I've been using this class for almost 6 years and just wanted to report on it and then go into more detail about my "third oldest" platform - Income Marketplace. If you want to see nice graphics and my portfolio charts, you should go to my free blog post, if the text is enough, stay here ;) - Otherwise here: https://steady.page/de/finanzen-anders/posts/7f29f472-572d-49aa-98da-bd0978640036

Why I invest a lot of money without deposit protection - and still sleep soundly

"Imagine someone offering you a permanent 12% return per year."

"The first question is not where can I sign upbut:

Who actually bears the risk here?"

I myself have been investing since 2022 part of my assets in P2P loans (€ 88,064 as at the end of April 2026)specifically via Income Marketplace - Income is my third oldest platform. I've been invested in Bondora for almost 6 years.

This is not a self-experiment out of boredom, but a deliberate addition - and yes, so far with returns well over 10 % p.a.

This means that the investment beats both my call money and most of my broadly diversified ETFs in difficult market phases.

But:

If double-digit returns beckon anywhere on a sustained basis, then the same applies in accounting as in real life:

"If it looks too good to be true, someone is obviously taking risk."

So the question is not whether risk exists - but who bears it, how it is structured and whether you are fairly rewarded for it.

P2P is not a savings product.

Rather, it is the asset class for people who know that returns do not fall from the sky, but from assumed risk.

If you are interested in the P2P asset class in video form, please watch my video:

I have also written about the P2P asset class in great detail on my financial blog (in 7 parts). Here is the link to part 1:

Why I like to invest in P2P loans? Take a look at this graphic - in my financial blog :)

The purple curve is my main stock portfolio at ScalableThe purple curve is my main stock portfolio at , strong highs and when Donald Trump declares tariffs, my portfolio plummets. Not for the faint-hearted.

The yellow curve is my investment in P2P loans as a whole, a really nice yield ladder. And Income? In light green, significantly higher returns than the yellow curve. In other words, I have a relatively predictable passive income here!

What is the business model - quite soberly?

With P2P loans, we give investors money to lendersmostly fintechs in Europe or emerging markets.

These lenders grant (among other things) consumer loans with high interest rates - and we get part of it.

👉 We are replacing the bank to a certain extent.

With the small difference that we:

• no deposit protection
• no state protection
• and no guarantee have.
• We take over but also parts of the credit risk,
• but in return get we also higher interest rates.

That is uncomfortable - but honest.

Income Marketplace is thereby not a lenderbut a marketplacethat connects investors with fintech lenders (loan originators) brings them together.

👉 Anyone who invests here is not in loans in Germanybut in loan portfolios from Europe, Central and South America, Asia. And I personally find that very exciting.

Income

So why Income of all things?

Income Income differs from many P2P platforms in a way that you can only appreciate if you have experienced early P2P crises:

A buyback guarantee is only as good as the lender who can pay it in an emergency.

That is why Income on a multi-level security concept:

• Lenders retain 20-35 % of the loans themselves,
• but subordinated - we are serviced first.
• If a lender defaults entirely, the portfolio can Income take over the portfolio
• and continue to process it via debt collection.

This is not a magic trick.

But it is structurally cleaner than the classic "Trust me, I'll buy it back later".

Now the honest part

Income is:

• not regulated
• not profitable
• and the security mechanisms have never been tested in a real major crisis

And yet I invest.

Why?

Because I:

• understand the risk understand
• it limit it
• and don't confuse it with "safe money"

In other words:

This money doesn't have to be there in three years - but it is very welcome to work.

The most important distinction

The officially reported defaults are less than 2 %.

Depending on the country, the real borrower defaults are 20-25 %.

This is not a contradiction -

but shows that there is constant regrouping, buying back and reinvesting.

👉 The return is not generated because nobody defaults -

but because the system expects defaults.

The mistake many beginners make

Many people hear:

"Buy-back guarantee, auto-invest, 12% - sounds relaxed."

And that's exactly that is the dangerous moment.

P2P only works well if you:

• diversified
• critically scrutinize lenders
• and come to terms internally with defaults

If you are looking for absolute security lost nothing here.

But if you are looking for returns and consciously manage riskwill find an interesting niche here.

Conclusion

My conclusion in one sentence

P2P loans are not a substitute for overnight money -

but a deliberately risky addition to returns for people who know why they are getting 12 or 13 %.

And when we think about it, it's not with the question

"Is that safe?"

but with the much more important one:

"What risk am I consciously taking - and am I getting a fair price for it?"

If you would like to open an account with Income, please use my affiliate link: https://link.finanzenanders.de/income

Not enough?

If you Income Marketplace or P2P investments interest you, then let's get down to business.

Income Marketplace In figures (so we're not just talking about feelings)

• Foundation: 2020
• Registered office: Tallinn, Estonia
• Regulation: ❌ None
• Investor assets under management: ~EUR 26-27 million
• Financed loan volume: >EUR 220 million
• Average yield: approx. 11-14 % p. a. (13,78 % lt. Income)
• Deposit protection: ❌ None
• My current investment: € 3,579
• My current return: 12.95 %

In short: Not a savings account. Not even close, but a very high return.

At times I've invested over €10,000 on Income I withdrew a lot from all my P2P loans when we bought our house. That was the plan. And now the great thing is that with Income the transfer to my reference account is free of charge and super fast!

I like the UI / structure of Income:

Everything at a glance.

I also really like the cash flow forecast.

Why Income not simply "Mintos with a different logo" is

Income is trying to solve a problem that P2P investors have known well since corona:

The buyback guarantee is only worth as much as the lender who promises it.

Therefore Income on two additional security mechanisms:

Security concept 1: Junior Share

("Skin in the Game - but the right way, please")

With almost all loans, the lender holds a subordinated subordinated equity share - usually 20-35 %.

This means that

• Investors are are given priority
• the lender receives money only when we are fully repaid
• if the portfolio turns out worse → the lender loses first

👉 This is structurally better than classic "skin in the game", but:

• It protects not from poor collection rates
• It does not protect not from systemic crises
• It has never been proven in a major stress test

Security concept 2: Cash flow buffer

(Or: "Plan B in case the lender disappears")

If a lender defaults:

• Income takes over the loan portfolios via SPVs
• Repayments continue
• Collections are made via local partners
• Losses are to be cushioned by surpluses & junior shares

Sounds good - and is conceptually clean.

But to be fair, it has to be said:

The real thing hasn't really been played out yet.

The well-known problem case ClickCash (Brazil) was simply too small to seriously test the system.

Failure rates: Apparently low - potentially brutally different

This is where it gets exciting:

• Official platform statistics (March 2026):
• → only 1,7 % of the portfolio in debt collection
• Lender-specific:
• → partial 20-25 % defaults with high-risk originators
• (e.g. Indonesia, Brazil with ClickCash)

This is not a contradiction:

• Short-dated + buyback + regrouping conceal short-term defaults
• In the long term, everything depends on Lender quality & collection efficiency

👉 Diversification is not a "nice to have" here, but essential for survival.

Auto-Invest: Passive income - or passive looking away?

Income lives from Auto-Invest.

Once configured, the capital (usually) continues to work diligently.

Advantages:

• Compound interest
• hardly any cash drag
• Very granularly controllable

But:

• You must not not blindly filter for yield
• if you take all lenders & countries, you also buy problems

💡 My personal lesson:

Better fewer lenders - but understood risks.

This is how my auto-invest is set up

However, I also have the option of investing manually, such as in this short-term business loan:

Sorted by shortest term

I have chosen the top loan and will invest €25.41.

Done.

The inconvenient truth: Income is not (yet) profitable

Income earned:

• approx. 2-4 % p. a. fees on loan portfolios
• no fees from investors

Problem:

• Losses in the annual reports
• No audited financial statements
• Dependent on investor and financing rounds

Plain language:

You also invest to a certain extent in the hope that Income survives as a platform.

For whom is Income suitable - and for whom not?

Suitable for: ✅ Yield-oriented investors

✅ People with previous P2P experience

✅ Investors who can mentally & financially cope with total losses

✅ Addition of up to ~5-10% of total assets

Not suitable for: ❌ Security lovers

❌ "This is my nest egg" faction

❌ Investors without time to monitor risk

❌ People who believe that 12% is "virtually safe"

Conclusion: Exciting, lucrative - but not a free ride

Income Marketplace is not a miracle investmentbut:

• structurally more sophisticated than many P2P platforms
• transparent
• high-yielding
• so far without losses for investors

👉 Whether it stays that way is decided not the marketingbut:

• a real lender crash
• a recession in emerging markets
• or your own discipline when investing

In other words:

Income is not a savings account.

But perhaps that's precisely why it's interesting. Definitely for me :)

Disclaimer

Of course, investing in shares, ETFs, crypto, ... is always associated with risks. My thoughts are therefore not to be understood as concrete recommendations for action (neither buy nor sell recommendations), but are intended to stimulate your way of thinking. So that you can also develop your own opportunities. Past performance is no guarantee of future returns. Capital is at risk. Furthermore, the data and figures are not accurate. For links with * I receive a commission if you order through them. There are no additional costs for you. Thank you for your support!

Even I can make mistakes, so please always double-check.

This article reflects my opinion and my experience, although it is financially supported by Income is financially supported.

Dir gefallen meine Analysen/Artikel? Werde hier Mitglied in der Lounge und erhalte regelmäßige Einblicke zu spannenden Aktien. So unterstützt du mich und meine Arbeit. Herzlichen Dank!

After the partial sale of $BATS (-0.33%) the proceeds were invested directly in $PAYX (-0.88%) invested. With the initial purchase, I secured a personal dividend of ~4.7%. Further purchases are planned in the near future.

After more than 3 years, I am reducing the $BATS (-0.33%) my portfolio by more than half. The reason is profit-taking and reallocation to another company.

The second picture shows the distributions of my BATS position to date.

Most brokers do not accept USA clients. Will probably be replaced by a global ETF, as I will be focusing less on individual shares in future. However, I have been very satisfied with the return.

The good @Tenbagger2024 has in his contribution Das Leben ist wie eine Schachtel Pralinen Man weiß nie was man kriegt a joint dividend carryforward. As this is difficult to implement in practice, I'll start with my figures from March and add a short report on how the first quarter went. This is followed by a few more insights into my investment approach.

In March, I received a total of € 2,345.17 gross in dividends from 7 distributions. The month is therefore on average for what my pure dividend share portfolio regularly yields. You can find the strongest payers on the table in the picture above, plus my EM dividend ETF also paid out.

According to GQ-Rewind, my time-weighted return in March was minus 0.09%, which is somewhere in the middle of the average. So far so good.

The first quarter was dominated by the war in Iran and had already seen some turbulence before that. From this point of view, I am more than satisfied that my portfolio has gained 9.52% YTD. These YTD figures are up to and including 02.04.2026.

For the overall performance for the benchmark, I took YTD to 31.03.2026, 12:00 noon. And here I am clearly ahead with 14.37% and clearly beat corresponding indices as you can see in the following picture.

This has made it relatively easy for me to deal with the market fluctuations in recent months under the aforementioned circumstances. But I don't have to hide my overall performance in the longer term either. For 1 year and 3 years I am also ahead, only when looking at 5 years do I have to admit defeat to the Nasdaq 100, all others are behind.

And that brings us to the crucial point for me. My investment strategy. I can sleep peacefully in pretty much all market phases without having to get into an operational frenzy, and I have the psychological advantage of the relatively predictable cash flow that comes even when prices fall.

Here I go into more detail on the contribution by @Tenbagger2024
Wer die Wahl hat hat die Qual in more detail.

Lest we misunderstand each other, my approach is certainly not the Holy Grail for relaxed investing, but is purely due to my personal life situation. If you are young and still have an investment horizon of 20 or 30 years, then you have significantly more opportunities for stable wealth accumulation with growth stocks or ETFs. However, you also have to put up with price fluctuations. Perhaps some of you will still find an idea to take some risk out of your portfolio and stay a little calmer in turbulent phases.

How am I currently positioned as at the beginning of 04/2026? My capital is currently 35% in equities, 25% in some bonds and mostly fixed-coupon certificates and 40% in cash.

Cash is quickly described, a quarter in fixed-term deposits, the rest in overnight money hopping with currently 3.25% BBVA, 3.4% Consorsbank and 3.35% Advanziabank, conditions for overnight money fixed until the end of the first half of the year. After that, the search continues. Apart from Consorsbank, the other two pay interest monthly. I also receive the interest on my fixed-term deposit regularly every month via Ford Money. Plannable cash flow month after month at the price of constantly having to open and close accounts. But always better than with most house banks or neo-brokers.

I still have old federal bonds with a coupon of more than 6% and the rest is defined by express certificates with a fixed coupon. The bonds pay out once a year, one at the beginning of January. This has the positive side effect that my tax-free allowance is fully utilized immediately and I no longer have the withholding tax problem with all US dividends. The express certificates all relate to shares that I do not actively hold in my portfolio. As the name suggests, they pay fixed interest. This is paid quarterly and, depending on the certificate, is between 8% and 11.7% p.a. Maturities are usually 18 to 30 months. No matter what the stock markets do or how the individual shares perform, the cash flow comes. Sounds great at first, and it is during the term. The risk lies at the end, on the final valuation date. There, the underlying should not be below the corresponding barrier. This is usually 40 to 50% below the price on the fixing date. Of course, this requires a corresponding valuation and selection of the underlyings. I currently hold certificates on Renk, Hensoldt, Vonovia, BMW, LVMH, Nvidia, Infineon and Heidelberg Materials. New issues that I have subscribed to for the beginning of April are Banco Santander, MTU and Rheinmetall. This is an overview of what I am investing in indirectly.

You can see the current composition of the 25 stocks in my portfolio in my profile. In principle, I invest between 1% and max. 2% of my total capital in the respective shares, and I weight them accordingly via the purchase price. The purchase price also determines my total dividend yield. Measured against my current investments, I achieve a gross return of 8.90% on the capital invested with the dividends already paid and expected in 2026. The different weightings in my portfolio therefore result from the different price gains. My largest position at the moment, $BATS (-0.33%) currently contains over 50% price gains and is fully invested. Dividend yield measured against the buy-in is well over 8% gross p.a. I am currently only fully invested in 2 stocks. I usually buy in 3 or 4 tranches spread over several months in different market phases. Under no circumstances do I select my shares according to a buy and hold forever principle. That's not possible with high yield. I have to keep a close eye on the "narrow" positions at all times. High dividends are not always a good sign and can also be cut quickly. If a negative trend proves to be sustainable, we restructure. The weighting is reduced and another stock from the same sector is added to the portfolio, or the stock is removed completely. My buy and hold a while motto....

My portfolio is significantly overweighted in the EU/UK at around 60%, with 25% in the USA and the rest in Latin America and Asia. Within Europe, the most represented countries besides the UK are D, NO, DK, A, NL, BE and Sweden. Consumer staples - clearly dominated by tobacco - and financial services are the largest sectors, followed by materials, energy, healthcare, communications and industry.

The primary objective is to preserve capital with a corresponding cash flow. For this reason, I am happy about price gains, the distance to the loss zone increases accordingly and I let the shares run without regularly evaluating the value. As long as there are no serious changes in the earnings situation or even a reduction in dividends, these stocks remain on the fringes of the radar. For the rest, or for new stocks, I set a tight SL to be reasonably protected against the risk of losses and monitor developments more closely.

And of course, sometimes my fingers itch. To this end, I have set myself a limited budget of a maximum of 5% of my total capital to realize short-term trades. These are held in a separate portfolio. These are stocks from the biotech, information technology and commodities sectors, which of course do not pay dividends. This prevents me from getting the wrong idea if I invest too much.

I've also been holding some physical gold for a few years to enjoy the shine 😉

As I'm still a bit at war with AI, this is a rustic compilation of my goals and results. Please forgive me for that. If you have any general or in-depth questions about individual points, please feel free to ask in the comments.

I wish us all a successful new trading week!

Today I would urge caution: a possible sector rotation could be imminent - a classic signal for an incipient bear market. In such phases, capital shifts specifically to defensive sectors. This is exactly what I discuss in this video.

Which sectors are now becoming interesting and why food & beverage is moving into focus. 🧠ro macro assessment Capital could flow out of cyclical stocks Defensive business models are gaining in importance Typical behavior in early bear market phases

The focus is clearly shifting towards stability. 🥤 Sector in focus: Food & Beverage The sector is currently showing clear strength:

• Stable demand regardless of the economy
• High pricing power
• robust margins

A classic refuge in uncertain market phases.

📈 Share 1: Coca-Cola Coca-Cola is currently confirming its defensive strength.

• Forecast for 2026 at the lower end (inflation burdened)
• Nevertheless, stable development despite market turbulence
• Net margin most recently at 27.29%

Business model remains robust as it is based on essential consumer goods

Valuation:

• around 6.14% above fair value
• Rather expensive in the long term, interesting for trading in the short term

Chart analysis:

• new all-time highs reached
• Return to the USD 73-74 range

I expect renewed buying interest here with potential up to around USD 90.

🚬 Share 2: British American Tobacco BAT also shows typical defensive characteristics.

• Moderate growth of around 3-5%
• Increasing share buybacks
• strong demand in Asia (around 19% share of sales)

Additional factor: provisions for legal disputes. Valuation:

• around 52.96% above fair value
• More of a trading case than an investment case

Chart analysis:

• strong rally, currently pullback above GBP 42.50
• Buyers are defending this level

Potential towards GBP 52.50, while prices above GBP 36.50 remain bullish.

⚠️ Conclusion

• Sector rotation could begin
• Defensive stocks move into focus
• Coca-Cola and BAT show relative strength

The market could be moving into a new phase in which stability is more important than growth. Or what do you currently think about $KO (-0.72%) and $BATS (-0.33%) ?

https://www.youtube.com/watch?v=0eZgHXGIymo&t=59s

Not one but two companies ;)

$DGE (+0.5%)
$BATS (-0.33%) in the video or in the two articles. Have fun :)

https://www.youtube.com/watch?v=mansUDUBtgk

https://steady.page/de/finanzen-anders/posts/8b580e66-6bb0-4882-973c-fbed92e269a0

https://steady.page/de/finanzen-anders/posts/cab289ff-31aa-48a4-b1e8-c5260ca85841

TLDR: Long, but with even more metrics. 😊

February may be the shortest month of the year, but there are no short breaks when it comes to building wealth. While Father Frost came knocking again outside before early spring, I used the time to push ahead with my plans. After the imperfect start in January, this month was all about one thing: sticking with it! Whether it was braving the cold on an evening run, lifting weights, shooting new videos or creating new Carousel posts (even in wooden class on the train), or looking at my depot. Time and time again, it turns out that consistency is one of the keys to success. When discipline is developed, automation runs like clockwork and frees my mind for new ideas and projects related to financial freedom.

While I was enjoying my frugal vacation in MV, it rained not only water but also dividends from the sky as the thaw set in. Do you want to know what's been happening in the engine room of my portfolio and are you interested in a whole new set of metrics for my passive income?

Then it's time for a nice look back, because the bad weather is really getting on my nerves.

DISCLAIMER/RISK WARNING

Please remember that this article is for entertainment purposes only. At no point is it a buy or sell recommendation or professional legal, tax or investment advice. Don't just copy anything I do. I am merely describing what is happening in my portfolios, but in no way guarantee that it is up-to-date, correct or complete.

Investing in the capital market is always associated with risks such as loss of invested capital, price fluctuations, liquidation risks or market risks. In accordance with the current guidelines of ESMA and BaFin, I expressly point out that this review serves exclusively to document my personal investment strategy and does not constitute investment advice within the meaning of the WpIG. The securities presented by me are expressly not to be understood as investment advicebut are merely components of my personal portfolio at the time of reporting. Please also bear in mind that there is a conflict of interest, as I naturally hold the securities myself.

If necessary, seek professional advice and do your own research.

Overall performance

I would like to repeat a fact from my last review. Automation is king. When everything runs by itself, you have room in your head for the finer things in life. Or to do the right thing. More on that at the end.

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): +3.47 % (previous month: +1.64 %)
• TTWROR (since inception): +88,49 %
• IZF (month under review): +55.90 % (previous month: +21.13 %)
• IZF (since inception): +12,50 %
• Delta: +3,172.19 €
• Absolute change: € +4,396.52

Data shown as "since start" is valid since 31.05.2020

Performance & volume

My class leader $AVGO (+3.65%) loses some weight in the portfolio, but remains in first place in terms of volume and performance. The stock has been running very hot recently. Perhaps the semiconductor market is currently undergoing a rotation to $NVDA (+1.01%) taking place? The tech sector is also falling $GOOGL (+0.37%) somewhat, as they have announced high investments. On the other hand $WMT (-0.23%) continues to grow nicely.

In terms of volume, the $BAC (-3.29%) is now out of my top 5. $FAST (-0.95%) The screw manufacturer was already in my top 5 once before and doesn't need to be asked twice.

Also $FDX (+0.25%) also climbs back into my top 5. The logistics giant had a strong performance in February. Maybe it has to do with the tariff-refund issue or a sector rotation from tech to industrials? They are also spinning off their freight division, further fueling cost-cutting fantasies. That means more cash flow for the "purple ones".

If I take a look at my weakest performers, I notice that the minus at $TGT (-0.75%) continues to improve. I'm particularly pleased about this, as I always put a little more money in the savings plans for this stock in times of hunger. On the other hand $NOVO B (-0.1%) continues to fall. At -43 %, they set a new negative record in my portfolio. This shows how intense the competition with $LLY (-2.92%) has become in the meantime.

Largest individual share positions by volume in the overall portfolio:

Share ( %) of the total portfolio (and associated securities account):

$AVGO (+3.65%) 2.59 % (main share portfolio)

$WMT (-0.23%) 1.87 % (main share portfolio)

$FAST (-0.95%) 1.45 % (main share portfolio)

$GOOGL (+0.37%) 1.40 % (main share portfolio)

$FDX (+0.25%) 1.31 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share ( %) of the total portfolio (and associated securities account):

$NOVO B (-0.1%) : 0.35 % (main share portfolio)

$GIS (-3.22%) 0.51 % (main share portfolio)

$HTGC (-1.63%) 5.53 % (main share portfolio)

$BATS (-0.33%) 0.55 % (crypto follow-on deposit)

$CPB (-2.63%) 0.56 % (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase ( %) (and the respective portfolio):

$AVGO (+3.65%) : +277 % (main share portfolio)

$WMT (-0.23%) : +112 % (main share portfolio)

$GOOGL (+0.37%) +106 % (main share portfolio)

$NFLX (-1.29%) +95 % (main share portfolio)

$OHI (+1.3%) +88 % (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase ( %) (and the respective portfolio):

$TGT (-0.75%) : -20 % (main stock portfolio)

$CPB (-2.63%) : -30 % (main share portfolio)

$NKE (-1.03%) -34 % (main share portfolio)

$GIS (-3.22%) -35 % (main share portfolio)

$NOVO B (-0.1%) -43 % (main share portfolio)

Sector allocation of my individual stocks [NEW!]

My top 6 sectors are:

Consumer goods: 18.19%

Miscellaneous: 16.78 %

Technology: 11.92 % [without information technology]

Financials: 11.24

Transportation: 9.61

Trade: 7.13 %

Asset allocation

Equities and ETFs currently determine my asset allocation.

ETFs: 42.0 %

Equities: 58.0

Investments and subsequent purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: € 1,040

Savings ratio of savings plans to fixed net salary: 48.80

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,060

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 55.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 39.97

Subsequent purchases from other surpluses: € 0.00

Repurchases from dissolved tax reserve: € 107.98

Automatically reinvested dividends by the broker: € 2.51 (function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

In the month under review, only the fixed savings plans were executed.

Number of unscheduled additional purchases: 4

Passive income from dividends and ETF distributions

Passive income in the month under review

I received € 101.65 in distributions in the month under review (€ 97.31 in the same month of the previous year). This corresponds to a change of +4.46 % compared to the same month of the previous year. Two distributions will fall in the following month, which is reflected in the low to moderate distribution growth YoY.

Number of dividend payments and ETF distributions: 21

Number of payment days: 10 days

Average dividend per payment: € 4.84

average dividend per payday: € 10.17

Passive income YTD [NEW!]

YTD I have received distributions in the amount of € 274.37. If you put this in relation to my annual dividend target of € 2,100, the target achievement of the distribution is 13.07% (target 16.67%). This means that I am just below the target, but this will be turned around by the coming March, which has a higher payout.

The three calculation methods result in the following distribution yields:

YTD distribution yields: 0.31 %

Distribution yields since inception: 4.71 %

Distribution yields YoY: 2.25 %

This means that my overall portfolio has already paid me back around 5% of my initial investment, less than half a percent this year and over 2% within a year. This reflects the comparatively young age of the investment.

The distribution yield grew by 0.89 % YoY. Not a big jump, but a sign of calm, steady dividend growth. The money is working more efficiently than a year ago.

My top payers

The top 5 payers in the month under review were:

$OHI (+1.3%)

$ZPRG (-0.25%)

$JEPQ (+0.73%)

$BATS (-0.33%)

$ABBV (-1.06%)

FIRE number [NEW!]

I calculate my FIRE figure from the rolling 12-month expenses (TTM) multiplied by a factor of 25. Even if I don't want to sell any shares later, I use this reciprocal value of the classic 4% withdrawal rate as a conservative guide.

With my current 12-month expenditure of €12,226.88, this results in a FIRE figure of €305,672.00. This is the minimum volume that my portfolio would have to reach in order to theoretically cover my expenses with a 4% withdrawal.

Of course, this figure fluctuates with my lifestyle. But it is not the only metric to determine how long my assets would last in an emergency.

Spending range (runway) [NEW!]

Another method for determining how long I can manage to cover my expenses from my assets is the rolling spending rangealso known as runway also known as the runway. On an annual basis, this is currently 7.49 years or the equivalent of around 89.9 months. Compared to the previous month, it has increased by 0.33 years years. So I am effectively about four months longer "free".

Compared to the same month last year, the increase is even 1.92 years. Although this figure could be even higher, the setbacks caused by the economic policy uncertainties in the TTM period are dampening the trend somewhat. I am still 17.51 years away from my runway target (25 years), which corresponds to the FIRE multiplier. 17.51 years away. This makes it clear that, despite the great progress I have made, I am still at the beginning of my path to complete financial freedom.

The runway stability of -0.22 indicates that my range is currently fluctuating slightly and is not yet stable in an absolutely steady upward trend. A negative value here indicates that the volatility of capital or short-term spending spikes in the rolling period are still slowing down the continuity of growth somewhat.

Performance comparison: portfolio vs. benchmarks

To see where I really stand, I regularly compare my portfolio with the major market ETFs. This allows me to see immediately how well my performance (TTWROR) has done in the current month and since the start compared to the overall market.

My portfolio: +3.47 % (since I started: +88.49 %)

$VWRL (+0.55%) +1.79 % (since my start: 68.46 %)

$VUSA (+0.58%) -0.32 % (since my start: 56.83 %)

$IMEU (+0.92%) +3.92 % (since I started: 84.27 %)

As in the previous month, things are continuing to go up for me, while the USA is faltering. 🤗

Data marked with "since my start" is valid since 31.05.2020.

Key risk figures

Here are my key risk figures for the reporting month:

Maximum drawdown:

since inception: 17.17

Month under review: 0.87

Maximum drawdown duration:

since inception: 702 days

Month under review: 14 days

Volatility:

since inception: 28.36

Month under review: 2.02

Sharpe Ratio:

since inception: 0.41

in the month under review: 27.72

Semi-volatility:

since inception: 21.07

month under review: 1.48

The maximum drawdown of 702 days since the beginning still reminds me of the intensive phase between 2022 and 2023 before the big recovery began. In February, the drawdown was absolutely negligible at just 0.87 %. This clearly shows how stable my portfolio currently was in the icy wind.

My Sharpe ratio is particularly striking this month, having shot up to 27.72. Even if this is of course an upward statistical outlier, it reflects the extremely positive performance combined with very low volatility. Since the beginning, the Sharpe ratio has been a solid 0.41. This means that for every unit of risk, I continuously collect returns above the risk-free interest rate.

Volatility in February was extremely low at 2.02% compared to the 28.36% since the beginning. Even the semi-volatility was only 1.48 %. For me, this is a clear signal: although my portfolio fluctuates minimally, the actual risk of loss remains at a very low level.

What is the conclusion for this month? The confirmation of my strategy: think long-term, let the automation run like clockwork and use the time for new projects. February was a month of stability and growth. This is exactly how it should continue!

Outlook

After setting the course in February, March will be a month of implementation. The provisions for the advance lump sum have already been successfully transferred to the markets. I will transfer a small refund still to be expected to the markets in March, and perhaps I will also be able to look forward to another bonus, which will also be invested. If you want to know which individual stocks are particularly in focus this month, then stay tuned! 😊

When it comes to AI, I will of course keep my finger on the pulse. NotebookLM in conjunction with Gemini has become an absolute game changer for me. It's easy to create a clickable dashboard from prepaid sources that come together in a table, turn your own monthly statement into an audio DeepDive, or get to know completely new metrics that are wonderfully explained. There's still so much to discover when it comes to AI and this forward momentum drives me to make the most of the new technical possibilities and further automate my workflows.

As in the previous month, I'll end this review with a political topic that doesn't really belong here. Nevertheless, I would like to use my small reach to draw attention to an important event. In February, there was an impressive mass demonstration by Iranians in Munich. It was absolutely peaceful. The participants collected their garbage and played our anthem out of gratitude and humility. They thanked the police, not only with words but also with roses. There were no riots and no damage to property. That is absolutely impressive and I think you appreciate that as much as I do.

The word free appears in my branding. Even if it's in a different context there, this little word is my personal concern this month. We can be glad that the exiled Iranians live with us. They and the suffering of their compatriots remind us time and again how infinitely valuable our Western values of freedom, self-determination and democracy are.

In Iran, we are experiencing people who want so much to simply live in freedom like us. Free from religious oppression, free from violence and free from the indoctrination of hatred and terror. They want this so much that they even ask for intervention from the Americans and Israelis and advocate attacks on the regime's positions in their homeland. We have to understand that for them, the rocket fire and bombing is a much lesser evil than having to live in this Islamist hell for even one more day. We must understand that our Western values cannot be taken for granted and that we must take a stand now. An attitude towards our values and an attitude towards those who long for the end of this dictatorship. That is my most important learning for the past month.

I wish the people of Iran, who are still risking everything, that they will finally be freed from this criminal regime. They should finally get to know what is so commonplace for us: democracy, human rights (especially women's rights) and, quite simply, freedom. They deserve it after 47 years of oppression, violence and terror. I sincerely wish them all the best and all the happiness in the world on their path to peace and self-determination. 🍀

Thank you for reading. And now let's start the spring march! ☀️

👉 My related Carousel posts for the review will be published as follows.

08.03.2026: Portfolio review (Key performance indicators, share performance, allocation, sectors, additional purchases and performance comparisons)

09.03.2026: Budget review (income, expenditure, cash flow, ratios, budget compliance and citizen's income check)

10.03.2026: Cash flow review [NEW!] (general, YTD and actual vs. target comparison for passive income, my top spenders, FIRE figure and capital reach)

📲 There are also currently three posts a week: @frugalfreisein. Instagram reels and YouTube shorts currently appear irregularly under channels of the same name, the same applies to videos.

Please pay close attention to the spelling of my alias. Unfortunately, there are too many fake and phishing accounts on social media. I have already been "copied" several times.

👉 How do you personally feel the stock market year has started? (No investment advice!)