Aroundtown

Analyst updates, 04.12.

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- BARCLAYS raises the price target for SIEMENS from EUR 125 to EUR 130. Underweight. $SIE (+3.17%)

- BARCLAYS raises the target price for SIEMENS ENERGY from EUR 35 to EUR 36. Equal-Weight. $ENR (+3.41%)

- JEFFERIES raises the target price for ADYEN from EUR 1695 to EUR 1797. Buy. $ADYEN (+1.21%)

- JPMORGAN raises the target price for SALESFORCE from USD 340 to USD 380. Overweight. $CRM (+2.32%)

- HSBC raises the target price for ZALANDO from EUR 37 to EUR 40. Buy. $ZAL (+2.28%)

- JPMORGAN raises the target price for RHEINMETALL from EUR 680 to EUR 800. Overweight. $RHM (+5.19%)

- DEUTSCHE BANK RESEARCH raises the target price for COCA-COLA HBC from GBP 31.50 to GBP 32. Buy. $CCH (+0.25%)

- BARCLAYS raises the target price for KNORR-BREMSE from EUR 55 to EUR 60. Underweight. $KBX (+3.85%)

- BARCLAYS raises the price target for ABB from CHF 40 to CHF 42. Underweight. $ABBNY (+0.79%)

- BARCLAYS raises the price target for ALSTOM from EUR 8 to EUR 9. Underweight. $ALO (+2.83%)

- HSBC upgrades MERCK & CO to Buy. Target price USD 130. $MRK (-0.97%)

- JPMORGAN raises the target price for DSV from DKK 1685 to DKK 1800. Overweight. $DSV (+3.06%)

- JPMORGAN raises the target price for LUFTHANSA from EUR 4.80 to EUR 5.50. Underweig$LHA (+2.26%)

- UBS raises the target price for AROUNDTOWN from EUR 2 to EUR 3.30. Neutral. $AT1 (+3.82%)

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- JPMORGAN lowers the target price for DHL GROUP from EUR 47 to EUR 42.50. Overweight. $DHL (+2.78%)

- WARBURG RESEARCH lowers the target price for UNITED INTERNET from EUR 38.50 to EUR 37.30. Buy. $UTDI (+0.53%)

- WARBURG RESEARCH lowers the target price for 1&1 from EUR 23.50 to EUR 19.10. Buy. $1U1 (+0.99%)

- WARBURG RESEARCH lowers the target price for KWS SAAT from EUR 89 to EUR 88. Buy. $KWS (+0.97%)

- DEUTSCHE BANK RESEARCH downgrades HEINEKEN from Buy to Hold and lowers target price from EUR 95 to EUR 76. $HEIA (+1.17%)

- EXANE BNP lowers the price target for SCHOTT PHARMA from EUR 36 to EUR 28. Neutral. $1SXP (+0.59%)

- BARCLAYS downgrades SIGNIFY to Underweight. Target price EUR 18. $LIGHT (+2.97%)

- CFRA downgrades BRISTOL-MYERS SQUIBB to Hold. Target price USD 60. $BMY (-2.58%)

- MORGAN STANLEY downgrades MOLLER-MAERSK to Underweight. Target price DKK 12200. $AMKBY (-3.03%)

- BARCLAYS downgrades ANDRITZ to Underweight. Target price EUR 40. $ANDR (-0.34%)

- JPMORGAN lowers the price target for HAPAG-LLOYD from EUR 85 to EUR 80. Underweight. $HLAG (-2.53%)

Analyst updates, 02.12.24:

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- EXANE BNP upgrades NOVO NORDISK to Outperform. Target price DKK 930. $NOVO B

- HSBC upgrades LVMH to Buy. Target price EUR 727. $MC (+0.45%)

- WARBURG RESEARCH raises target price for MTU from EUR 278 to EUR 297. Hold. $MTX (+3.2%)

- GOLDMAN raises the price target for VISA from USD 324 to USD 347. Buy $V (-0.44%)

- DEUTSCHE BANK RESEARCH upgrades BASF from Hold to Buy and raises price target from EUR 50 to EUR 55. $BAS (+2.3%)

- DEUTSCHE BANK RESEARCH upgrades BURBERRY from Hold to Buy and raises target price from GBP 8.60 to GBP 11.80. $BRBY (-3.9%)

- GOLDMAN raises the target price for AROUNDTOWN from EUR 2.90 to EUR 3.70. Buy. $AT1 (+3.82%)

- GOLDMAN downgrades TOAST from Buy to Neutral and raises target price from USD 34 to USD 45. $TOST (+3.72%)

- HSBC upgrades HERMES to Buy. Target price 2500 EUR. $RMS (+1.82%)

- MORGAN STANLEY upgrades ZEBRA TECH to Equal-Weight. Target price 400 USD. $ZBRA (+2.1%)

- JPMORGAN upgrades AIR LIQUIDE from Neutral to Overweight and raises target price from EUR 161 to EUR 195. $AI (+0.85%)

- JPMORGAN raises target price for PUMA SE from EUR 44 to EUR 47. Neutral. $PUM (+2.06%)

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- GOLDMAN lowers the price target for MASTERCARD from USD 563 to USD 557. Buy. $MA (+0.61%)

- WARBURG RESEARCH lowers the price target for AIXTRON from EUR 26 to EUR 24. Buy. $AIXA (+0.41%)

- METZLER lowers the price target for WACKER NEUSON from EUR 14.50 to EUR 14. Hold. $WAC (+7.42%)

- DEUTSCHE BANK RESEARCH downgrades K+S from Hold to Sell and lowers target price from EUR 9.75 to EUR 9.50. $SDF (+0.17%)

- BERENBERG lowers the price target for BP from GBP 4.70 to GBP 4.40. Hold. $BP. (+2.37%)

- RBC downgrades IBERDROLA from Outperform to Sector-Perform. Target price EUR 14 $IBE (+0.79%)

- RBC lowers the price target for RWE from EUR 52.50 to EUR 45.50. Outperform. $RWE (-0.03%)

- JPMORGAN lowers the target price for ORSTED from DKK 460 to DKK 430. Neutral. $ORSTED (-0.17%)

- JPMORGAN lowers the price target for ADIDAS from EUR 275 to EUR 266. Overweight. $ADS (+1.8%)

- JPMORGAN lowers the price target for LVMH from EUR 685 to EUR 650. Neutral. $MC (+0.45%)

- JPMORGAN lowers the price target for HUGO BOSS from EUR 43 to EUR 42. Neutral. $BOSS (-0.22%)

27.11.2024

Aroundtown becomes slightly more optimistic + JPMorgan raises Henkel to 'Overweight' - target up to 100 euros + Ørsted has allegedly initiated the sale of shares

The commercial real estate specialist Aroundtown $AT1 (+3.82%) stabilized further in the third quarter thanks to increased rental income and slightly higher interest rates. The loss was significantly reduced in the first nine months compared to the previous year. In addition, the MDax < listed group is somewhat more confident about its operating result than recently. The bottom line for the three months to the end of September was even a profit, meaning that the loss after tax for the first nine months was lower than that of the first half of the year. Unlike recently, no further value adjustments on real estate were necessary, the company announced in Luxembourg on Wednesday. The bottom line for the nine months to the end of September was a loss of 154 million euros compared to almost 1.4 billion euros a year earlier. The operating profit fell by just under eight percent to 236 million euros. Aroundtown also became somewhat more optimistic about the result for the current year and is now aiming for the upper end of the operating result range of 290 to 320 million euros, which was raised in the summer. Compared to 2023, the operating result should therefore only fall slightly.

The US bank JPMorgan has Henkel $HEN (-0.26%) from "Neutral" to "Overweight" and raised its price target from 82 to 100 euros. Analyst Celine Pannuti emphasizes the attractive total shareholder return (TSR) in her 2025 outlook for the consumer goods sector published on Wednesday. She is particularly optimistic about tobacco stocks, the shares of soft drinks manufacturers and breweries as well as consumer durables companies (HPC). Pannuti takes a rather skeptical view of alcoholic beverage and food manufacturers and is also rather selective when it comes to food additives. Henkel is still significantly cheaper than its competitors, although the annual targets for 2024 have been increased twice.

The Danish energy company Ørsted $ORSTED (-0.17%) has initiated the sale of a 50 percent stake in the Hornsea 3 wind farm project in the UK North Sea, Bloomberg News reports. It is unclear what price the company is seeking for the stake. The project, which will supply more than three million British homes with electricity, had previously been valued at 8.5 billion pounds, equivalent to just over SEK 117 billion. The sale is also intended to test the market's appetite for Ørsted's project, which is still under development. Ørsted has been pushing to sell off parts of the company as part of a restructuring plan launched by CEO Mads Nipper earlier this year. Last month it was announced that Brookfield had acquired a stake in four Ørsted-operated wind farms in UK waters for £1.75 billion.

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

T-Mobile US USD 0.88

Newmont Corporation USD 0.25

Quarterly figures / company dates Europe

06:50 Aroundtown quarterly figures

08:00 Easyjet annual results

11:00 Adler Group AGM

Untimed: Norsk Hydro Capital Markets Day

Economic data

• 08:45 FR: Consumer Confidence November PROGNOSIS: n/a previously: 94
• 10:30 DE: GfK Consumer Climate Indicator November FORECAST: -19.0 points previously: -18.3 points
• 14:30 US: GDP (2nd release) 3Q annualized PROGNOSE: +2.8% yoy 1st release: +2.8% yoy 2nd quarter: +3.0% yoy GDP deflator PROGNOSE: +1.8% yoy 1st release: +1.8% yoy 2nd quarter: +2.5% yoy
• 14:30 US: Initial jobless claims (week) FORECAST: 215,000 previous: 213,000
• 14:30 US: New orders for durable goods October FORECAST: +0.5% yoy previous: -0.7% yoy
• 15:45 US: Chicago Purchasing Managers Index November PROGNOSE: 44.7 previous: 41.6
• 16:00 US: Personal Spending and Income October Spending / Income FORECAST: +0.4% yoy/+0.3% yoy previous: +0.5% yoy/+0.3% yoy

Analyst updates, 25.11.

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- MORGAN STANLEY upgrades ROBINHOOD to Overweight. Target price USD 55. $HOOD (+7.19%)

- BARCLAYS raises the price target for DEUTSCHE TELEKOM from EUR 37 to EUR 39.50. Overweight. $DTE (-0.3%)

- BERENBERG raises the target price for SIEMENS ENERGY from EUR 35 to EUR 70. Buy. $ENR (+3.41%)

- UBS raises the target price for RHEINMETALL from EUR 570 to EUR 630. Neutral. $RHM (+5.19%)

- BARCLAYS raises the price target for 1&1 from EUR 17 to EUR 20. Equal-Weight. $1U1 (+0.99%)

- DEUTSCHE BANK RESEARCH upgrades VESTAS from Hold to Buy. $VWS (+3.35%)

- DEUTSCHE BANK RESEARCH raises the price target for VONOVIA from EUR 33 to EUR 38. Buy. $VNA (+0.44%)

- DEUTSCHE BANK RESEARCH raises the price target for TAG IMMOBILIEN from EUR 16 to EUR 18. Buy. $TEG (+3.04%)

- DEUTSCHE BANK RESEARCH upgrades AROUNDTOWN from Sell to Hold. Target price EUR 2.80. $AT1 (+3.82%)

- DEUTSCHE BANK RESEARCH raises the price target for LEG IMMOBILIEN from EUR 90 to EUR 105. Buy. $LEG (+0.95%)

- DEUTSCHE BANK RESEARCH upgrades DEUTSCHE WOHNEN from Hold to Buy and raises target price from EUR 19 to EUR 28. $DWNI (+1.55%)

- STIFEL raises the price target for NOVARTIS from CHF 106 to CHF 109. Hold. $NUVN

- DEUTSCHE BANK RESEARCH upgrades JD SPORTS FASHION from Sell to Hold. $JD. (+3.22%)

- DEUTSCHE BANK RESEARCH raises the price target for ALSTOM from EUR 22 to EUR 25. Buy. $ALO (+2.83%)

- MORGAN STANLEY raises the price target for DEUTSCHE BÖRSE from EUR 213 to EUR 232. Equal-Weight. $DB1 (+2.54%)

- KEPLER CHEUVREUX raises the target price for ECKERT & ZIEGLER from 57.30 EUR to 60.30 EUR. Buy. $EUZ (+2.94%)

- BARCLAYS raises the target price for UNITED INTERNET from EUR 23 to EUR 26. Equal-Weight. $UTDI (+0.53%)

- JEFFERIES raises the price target for HEIDELBERG MATERIALS from 142.10 EUR to 145.50 EUR. Buy. $HEI (+3.69%)

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- DEUTSCHE BANK RESEARCH lowers the price target for KION from EUR 55 to EUR 50. Buy. $KGX (+5.6%)

- DEUTSCHE BANK RESEARCH lowers the price target for CTS EVENTIM from EUR 114 to EUR 106. Buy. $EVD (+2.02%)

- GOLDMAN downgrades ORSTED from Buy to Neutral and lowers target price from DKK 520 to DKK 445. $ORSTED (-0.17%)

- DEUTSCHE BANK RESEARCH lowers the price target for H&M from SEK 200 to SEK 190. Buy. $HM B (+2.29%)

- MORGAN STANLEY lowers the price target for MERCK KGAA from EUR 200 to EUR 190. Overweight. $MRK (-0.97%)

- BARCLAYS lowers the target price for THYSSENKRUPP from EUR 4.40 to EUR 4. Underweight. $TKA (-0.71%)

- MORGAN STANLEY downgrades ING to Equal-Weight. Target price EUR 17.50. $ING (+2.19%)

- JPMORGAN lowers target price for RWE from EUR 48 to EUR 47.50. Overweight. $RWE (-0.03%)

11.09.2024

Tesla with a buy recommendation and 40% upside potential + Alibaba with a new upswing + BMW shocks the automotive sector + Real estate stocks ahead thanks to interest rates - US inflation in view +

Tesla $TSLA (+3.39%) gained 4 percent to a good 225 US dollars. Deutsche Bank recommended buying the shares of the e-car manufacturer and identified 40% upside potential

Shares (including the ADR) of Alibaba $BABA (+1.33%) - $9988 (+1.34%) rose sharply as investors reacted to the news of the company's listing on the Chinese mainland stock exchanges. Alibaba announced its listing on the Southbound (SB) Connect late Monday. This came after the Chinese e-commerce company upgraded its Hong Kong listing to primary status last month, paving the way for its inclusion in the Stock Connect Scheme of China's Shanghai and Shenzhen stock exchanges.

With a share price slump of 11.2 percent at BMW $BMW (-0.3%) investors reacted to two pieces of bad news: firstly, the margin had to be reduced to 6 to 7 percent due to recalls of brake systems, whereas the market had expected over 9 percent. Worse was the fact that the delivery forecast was also lowered, after a slight increase had previously been expected. RBC Capital Markets said that the warning undermined hopes for a better second half of the year. "This is an operational problem and of course cuts all analysts' expectations for sales growth," said one trader. The BMW statements therefore infected the entire sector.

Real estate shares were the only sector to hold their ground against the decline. In the DAX Vonovia $VNA (+0.44%) rose by 2.2 percent, Aroundtown $AT1 (+3.82%) even rose by 14 percent thanks to hopes of an interest rate cut. On Wednesday, US consumer prices are hoping for signals for the Federal Reserve's monetary policy decision next week. Opinions differ as to whether the Fed will cut interest rates by just 25 basis points or 50 basis points. The ECB on Thursday is expected to cut rates by 25 basis points.

Wednesday: Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

HP USD 0.28

Quarterly figures / company dates Europe

07:30 Inditex | Auto1 half-year figures

10:00 Richemont AGM

16:00 ARM Holding AGM

Economic data

• 03:00 US: TV debate between the candidates for the US presidency Kamala Harris and Donald Trump, Philadelphia
• 08:00 UK: GDP July Forecast: +0.2% yoy/+1.4% yoy previous: 0.0% yoy/+0.7/ yoy | Trade Balance July Forecast: n/a previous: -£18.9bn | Industrial Production July Forecast: +0.3% yoy/-0.1% yoy previous: +0.8% yoy/-1.4% yoy | Services Sector Production July
• 14:30 US: Consumer prices August PROGNOSE: +0.2% yoy/+2.6% yoy previous: +0.2% yoy/+2.9% yoy Core consumer prices PROGNOSE: +0.2% yoy/+3.2% yoy previous: +0.2% yoy/+3.2% yoy
• 14:30 US: Real income August

05.09.2024

AI hype subsides + Insider buying at Dermapharm in the 2-digit million range + German government wants to reduce stake in Commerzbank + Real estate stocks benefit from interest rate hopes

Investors in the technology sector continue to take profits at the beginning of the seasonally rather poor stock market month of September. The previous day, European sector stocks had already come under pressure in the wake of the New York Nasdaq stock exchange, where semiconductor stocks in particular were sold off. This trend continued in European trading on Wednesday. Chip stocks also corrected in Asia amid somewhat disillusioned hype surrounding artificial intelligence (AI). In New York, the semiconductor index SOX had slipped by almost eight percent the previous evening, which, according to one trader, was the biggest daily loss since the coronavirus outbreak in March 2020. The AI favorite alone, the Nvidia $NVDA (+4.11%) had lost a good 280 billion US dollars in value in one day on Tuesday.

The pharmaceutical manufacturer Dermapharm $DMP (+2.83%) recently had to contend with significant declines in sales in some cases after the coronavirus pandemic subsided. However, the outlook for the branded pharmaceuticals manufacturer's core operating business is now brightening again, as evidenced by recent insider purchases in the double-digit million euro range. Dermapharm is also attractively valued fundamentally with a P/E ratio26e of 13.4 and a dividend yield of 2.6 %.

The threat of a placement of shares by the German government has put the shares of Commerzbank $CBK (+3.44%) shares on Wednesday, particularly at the start of trading. In the first few minutes, the Frankfurt-based bank's shares lost up to 4.4% in a weak market environment. However, with the gradual recovery of the DAX, they ultimately reduced their price loss to less than half. The state is planning its exit and wants to reduce its stake in a first step, according to the Federal Finance Agency. According to informed circles, sales of initially 3 to 5 percent are being discussed, reports the news agency Bloomberg.

German real estate stocks were among the best performers in the weak market on Wednesday. In addition to increasing hopes of interest rate cuts following recent weak economic data, a positive sector study by Kepler Cheuvreux provided support. Vonovia $VNA (+0.44%) was one of the best performers in the leading Dax index thanks to a price increase of around 0.8 percent. In the MDax of medium-sized listed companies TAG Immobilien $TEG (+3.04%) topped the list of winners with a plus of 3.2 percent, followed by LEG Immobilien $LEG (+0.95%) and Aroundtown $AT1 (+3.82%). Patrizia $PAT (+1.53%) took the top spot in the small cap index SDax with an increase of around 2.5 percent.

Stock market dates, economic data, quarterly figures

ex-dividend of individual stocks

Qualcomm USD 0.85

Quarterly figures / company dates USA / Asia

/

Quarterly figures / Company dates Europe

10:00 Volvo Car Corp Capital Markets Day

11:00 Compugroup Medical Capital Markets Day

Economic data

• 08:00 DE: New orders July seasonally adjusted FORECAST: -1.0% yoy previous: +3.9% yoy | Manufacturing turnover July FORECAST: n/a previous: -0.9% yoy
• 11:00 EU: Retail Sales July Eurozone FORECAST: +0.3% yoy previous: -0.3% yoy
• 14:15 US: ADP Labor Market Report August Private Sector Employment PROGNOSE: +140,000 jobs previous: +122,000 jobs
• 14:30 US: Initial jobless claims (week) FORECAST: 229,000 Previous: 231,000
• 14:30 US: Productivity ex-farm (2nd release) 2Q annualized PROGNOSE: +2.5% yoy 1st release: +2.3% yoy 1st quarter: +0.4% yoy Unit labor costs PROGNOSE: +0.8% yoy 1st release: +0.9% yoy 1st quarter: +3.8% yoy
• 15:45 US: Purchasing Managers' Index/PMI Service (2nd release) August FORECAST: 55.1 1st release: 55.2 previous: 55.0
• 16:00 US: ISM Non-Manufacturing Index August Forecast: 51.0 points Previous: 51.4 points
• 17:30 US: Presidential candidate Trump, speech at Economic Club of New York event

Pre-market news

$VOW (-0.05%) Volkswagen Vz. pre-market -0.85% +++ Media report on missed savings target

$LEG (+0.95%) LEG Immobilien pre-market -4% +++ Convertible bond burdened

$DHER (-1.07%) Delivery Hero pre-market +1.55% +++ JPMorgan brings mergers into play

$AT1 (+3.82%) Aroundtown pre-market +4.8% +++ After figures, outlook raised

Aroundtown generates revenue of €770.8m (previous year: €815.3m), net rental income of €587.6m (previous year: €596m), FFO 1 of €154.1m (previous year: €175.3m) and a net result of -€329.6m (previous year: -€1.3bn) in the first half of the year. In the outlook for 2024, the company now sees FFO1 of €290 to €320 million (previously: €280 to €310 million).

11.07.2024 +++ Consumer prices +++ PepsiCo quarterly figures +++ Real estate stocks with interest rate fantasy +++ Interest rate cut very likely in the second half of the year +++ (Update 14:00)

Interest rate winners and losers wanted

Stocks that had been punished in the previous days were particularly sought after. The real estate sector, for example, rose, with its pan-European index leading the list of winners with a plus of 2.1 percent.

In the DAX Vonovia $VNA (+0.44%) rose by 4.1 percent, while TAG $TEG (+3.04%) and Aroundtown $AT1 (+3.82%) were up 4.5 and 7.3 percent, respectively, while LEG Immobilien $LEG (+0.95%) by 3.4 percent. Delivery Hero $DHER (-1.07%) jumped by as much as 9.2 percent and Hellofresh $HFG (+1.93%) by 3.6 percent. Citi reiterated its buy recommendation for Hellofresh, while Morgan Stanley lowered its price target for Delivery, but left it well above the current price.

PepsiCo Inc. $PEP (-0.09%) beat analysts' estimates of $2.16 in the second quarter with earnings per share of $2.28. Sales of $22.5 billion below expectations of $22.66 billion.

Following the latest comments by Fed Chairman Jerome Powell, investors are again increasingly

are increasingly expecting easing in the USA in the near future. "Powell's comments fueled investors' hopes of a US interest rate cut in the second half of the year," wrote Commerzbank in the morning. As a result, the US stock markets had continued their record rally the previous evening

ex-dividend of individual stocks

voestalpine EUR 0.70

SDM EUR 0.10

Corporate events USA / Asia

12:00 Pepsico quarterly figures

Quarterly figures / Company dates Europe

07:00 Gerresheimer

07:00 Südzucker quarterly figures

07:00 Fraport traffic figures June

10:00 Fielmann AGM

15:00 BT Group AGM

Economic data

• 08:00 DE: Consumer prices (final) June PROGNOSE: +0.1% yoy/+2.2% yoy Preliminary: +0.1% yoy/+2.2% yoy Previous: +0.1% yoy/+2.4% yoy HICP PROGNOSE: +0.2% yoy/+2.5% yoy Preliminary: +0.2% yoy/+2.5% yoy Previous: +0.2% yoy/+2.8% yoy
• 08:00 UK: GDP April PROGNOSE: +0.2% yoy previous: 0.0% yoy Three-month rate PROGNOSE: +0.7% yoy previous: +0.7% yoy | Trade balance May PROGNOSE: GBP -16.8 bn previous: GBP -19.6 bn | Industrial production May PROGNOSE: +0.1% yoy/+0.6% yoy previous: -0.9% yoy/-0.4% yoy
• 14:30 US: Initial Jobless Claims (week) PROGNOSE: 236,000 previous: 238,000
• 14:30 US: Consumer prices June PROGNOSE: +0.1% yoy/+3.1% yoy previous: 0.0% yoy/+3.3% yoy Core consumer prices PROGNOSE: +0.2% yoy/+3.4% yoy previous: +0.2% yoy/+3.4% yoy

Hello dear community!

I would like your feedback on this concept portfolio. This is how I would have liked to invest my "assets".

About me:

I am 24 years old and am currently completing my 1st state examination in law. I'm not currently managing to save anything worth mentioning on a monthly basis. From October, I will probably be able to save around €2,500 for a few months before I start my legal traineeship with hardly any opportunity to save. I bought my first share in 2018, and the first warrants and Deka funds followed soon after. I made a lot of rookie mistakes in the fast lane and paid a lot of learning money. How lucky I was to get a bloody nose so quickly before I had extensive financial resources at my disposal.

The "strategy":

Anchors should be the Etfs with about 50%, divided into MSCI World and the EM IMI. The uncorrelated assets (greetings to @Epi ) should be the 10% gold and 20% crypto. In the backtest, this seemed reasonable to me with a maximum drawdown of 35% and a performance of 26% p.a., but I also have very little experience with backtests.

The high single stock component, which is separate from these considerations, is for my own personal enjoyment. I do not expect to beat the market. That is not my intention either. I want to keep investing fun and enjoyable, which will turn into interest and motivation to learn. My portfolio is small, so this relatively high proportion of individual stocks seems justifiable to me. My goal at the moment is to gain experience with a sufficient return to counter inflation. I am prepared to accept price losses of 50%.

My current portfolio still contains $AT1 (+3.82%) with a terrible performance. It seems wrong to sell the position in times of slowly falling interest rates. On the other hand, I have neglected to look at the company in sufficient depth to date, so the share simply has no right to exist in my portfolio.

Questions for you:

My thoughts so far are quite superficial. At the latest with the serious asset accumulation from the first salary onwards, a much deeper examination of my asset accumulation strategy seems necessary to me. Until then, however, I can take advantage of the small portfolio size to try things out and possibly miss out on performance, or do you see it differently?

How would you deal with $AT1 (+3.82%) deal with?

What do you think of my asset allocation?

Many, many thanks for everyone taking the time to read this and let me know your thoughts. You guys are awesome!

Are real estate shares a buy for you at the moment? In view of upcoming interest rate cuts?

$TEG (+3.04%)
$VNA (+0.44%)
$LEG (+0.95%)
$AT1 (+3.82%)

In my opinion, a clear yes.

I think we are through the worst. What else could possibly happen?

After the last correction I see a buy - now everything is priced in.

How do you see it?

MFG