At the end of July, I made the decision to break up my portfolio. This is just a visual change, but it will take me back below 100,000 euros.

What did I do?

I decided to split my portfolio into three parts. Of course, as I said, this is only a visual change. But it allows me to make a somewhat more concrete evaluation.

But first, as usual, let's take a look at the S&P500:

For once, the S&P500 was up almost continuously in July. There was only a dip at the end of August. The main reason for the rise was the regulated tariffs.

In my opinion, the stock market reacts very quickly and very positively to any regulations, which, as we all know, can also be quickly discarded.

In the end, the S&P500 gained +3.97% (USD). In EUR terms, it is even up 6.1%.

Now let's move on to my new portfolio allocation. For the time being, nothing has changed in terms of positions. However, I have turned one portfolio into three or simply sorted things out.

On the one hand, of course, I have my share portfolio, which also serves as a review here.

Secondly, I have taken out my XEON. It's still running, of course, because that's the money that will be used to pay off the loan in five years' time. I don't need to keep that in retrospect.

I have also created a "pension portfolio". This contains my ETFs, which I save a total of €650 per month. This doesn't need to be included in the review either, as the savings plans are running there and there shouldn't be any changes until retirement.

What remains is my share portfolio, which contains the individual shares and gold.

As you can see, my performance is +1.45%.

The S&P500 has massively outperformed me here. At the same time, the MSCI World has also risen by 4.4%. Over the year as a whole, my portfolio is now down -1.7%, while the MSCI World is still down -2.7%. The S&P is even at -4.1%

Only the DAX is still outperforming everyone. Over the year, it is now up +17.7%.

My high and low performers in July were (top 3):

Tractor Supply ($TSCO (+1.01%) )+15,85%

British American Tobacco ($BATS (-1.27%) ) +15,59%

Ping An insurance ($2318 (-1.09%) ) +13,52%

Nestlé ($NESN (+0.07%) ) -9,32%

Nintendo ($7974 (-1.98%) ) -11,07%

United Health ($UNH (+0.97%) ) -16,29%

Dividends:

In July, I received €56.87 net from a total of 8 distributions.

Compared to July 2024 (€74.17), this was a reduction of 23.32%.

The difference is due to the fact that Ping An already paid in June this year.

Due to my new portfolio allocation, I have excluded the ETF dividends in each case and therefore the dividend is now of course also visually much lower. The dividends received in the bond portfolio flow 1:1 back into the ETFs.

Investments:

The bill for the car has finally arrived. It amounts to around €1200. Of course, that sets me back enormously. But the worst is yet to come.

The tax was due on 31.07. Well, I was already aware that I had to pay it. However, the sum amounts to €4,000 in arrears. But where does that come from? My old employer paid me a special payment from the old year (i.e. 2023), which was untaxed except for the pension contributions. I got away with it and of course I have to pay an enormous amount as a result. This is also deducted from my nest egg, which makes it worthwhile to have a nest egg.

This means I'm starting almost from scratch again with my nest egg. However, the inspection is due next month at the latest, including an oil change and possibly a brake change.

That would probably use up the nest egg completely. If the brakes don't need to be changed, I can also use the coffee money.

Let's see what August or September at the latest brings.

Buying and selling:

There were no sales in July either.

I added to Gladstone Invest ($GAIN (-0.5%) ) (150 shares) and Hercules Capital ($HTGC (+1.03%) ) (14.45 shares)

savings plans (125€ in total):

• Cintas ($CTAS (-0.48%) )
• LVMH ($MC (+2.11%) )
• Microsoft ($MSFT (+1.17%) )

Goals 2025:

I have to change my targets slightly - together with the portfolio. Overall, the €130,000 at the end of the year will remain, but this target will of course be made smaller and the focus will only be on the dividend portfolio.

To be honest, I haven't thought about the target there yet.

Target achievement at the end of July 2025 (in relation to the €130,000): 58.33%

How was your July?

What else would be of interest or what could I do better in the review?

If you liked the report and would like to read more, feel free to follow me,

If you're not interested, you can keep scrolling or use the block function.

Tractor Supply ($TSCO (+1.01%) ) Results for the second quarter of 2025

📊 Financial results (Q2 2025)

• Turnover4.44 billion USD
• ⤷ +4.5% compared to the previous year
• ⤷ USD 50 million above analyst forecast (USD 4.39 billion)
• Earnings per share (EPS)USD 0.81
• ⤷ +2.8 % YoY
• ⤷ 1.25% above expectation (USD 0.80)
• Gross margin: 36,9 %
• ⤷ Improvement of 31 basis points
• InventoriesUSD 3.1 billion
• ⤷ +1.5 % per store

🏪 Business development

• Branch network:
• ⤷ 24 new stores opened
• ⤷ 18 locations taken over from Big Lots
• Strong stores:
• ⤷ Consumer goods
• ⤷ Pet food
• ⤷ Successful sales campaigns such as "Chick Days"

📈 Market reaction

• Share price:
• ⤷ Pre-market increase of 7.35 %
• ⤷ Share price reached USD 64
• ⤷ Close to 52-week high - signal of strong investor confidence

🔮 Outlook for the full year 2025

• Net sales growth: 4-8 %
• Like-for-like sales: 0-4 %
• Operating margin: 9,5-9,9 %
• Net profit1.07-1.17 billion USD
• EPS forecast2.00-2.18 USD
• H2 expectation: Accelerated sales due to moderate inflation & price adjustments

🗣️ Management comments

• CEO Hal Lawton:
• "Rural America is doing very well right now."
• CSCO Colin Yankee:
• "Our supply chain is uniquely designed for life out here."

⚠️ Risks & challenges

• Potential supply chain disruptions
• Regional market saturation
• Inflationary pressure on consumer behavior
• Impact of tariffs on margins
• Intense competition in the pet food market

ConclusionTractor Supply exceeds expectations with sales and EPS, expands strategically and confirms a robust position in rural retail - despite macroeconomic uncertainties. The positive market reaction reflects confidence in future growth.

Financial position & performance

Tractor Supply ($TSCO (+1.01%) ) missed analysts' expectations in the first quarter of 2025:

Revenue: USD 3.47 billion (-2.3% below forecast; +2.1% YoY)

EPS: USD 0.34 (vs. expected USD 0.37; -8.1 %)

Gross margin: 36.2% (+25 basis points YoY)

Operating income: USD 249.1m (-5.3% YoY)

Net profit: USD 179.4m (-9.5% YoY)

Causes & challenges

- Delayed start to spring and adverse weather impacted sales

- 0.9% decline in comparable store sales

- Ongoing supply chain problems and economic uncertainty

Market reaction

Share price fell by 4.04% to USD 48.68 after the announcement

Share price approaching 52-week low of USD 46.85

Strategic focus

Expansion of product range and sales

Diversification of the supplier base

Strengthening the resilience of the supply chain

Outlook2025

Sales growth: 4-8 %

Comparable store sales: 0-4 %

Operating margin: 9.5-9.9%

EPS forecast: USD 2.00-2.18

Net profit: USD 1.07-1.17 billion

Management commentary

CEO Hal Lawton emphasized resilience and strong customer loyalty as key strengths of the company in the focuscurrent market environment.

Significant risks

- Weather-related sales fluctuations

- Supply chain risks

- Economic volatility & potential customs duties

- Strong competition in the retail sector

$TSCO (+1.01%)

$TSCO (+1.01%) Always too expensive and always on the watch list. Bought the first small installment. Let's see what happens.

$TSCO (+1.01%) purchased at 242.45

Morning everyone,

I've been wondering for two weeks now whether the strategy I'm pursuing is the right one (dividend strategy),

because on the one hand the taxes you pay on it are a big contra in my eyes but on the other hand I benefit from the dividend growth in the future. On the other hand, if I increase my capital now and then switch to dividends in 15-20 years, I would theoretically have more.

I always find it difficult to sort out my thoughts and write them as text, but I hope you can help me 😅.

I have now added stocks via a savings plan such as: accenture $ACN (-0.34%) , deere $DE (+1.36%) , pepsi $PEP (+0.2%) , tractor supply $TSCO (+1.01%) , abbvie $ABBV (+0.75%) , McDonald's $MCD (-1.33%) Union $UNP (+1.43%) , home depot $HD (+1.12%).

All the other bets were just gambling without any real analysis to be honest and these are the ones I'm convinced of in the long term unless something fundamental changes.

Yes, the topic of returns has now also reached me and I want to leave as little of it as possible by the wayside and take it with me.

@Barsten said to me the other day that he is on the road for a longer time and I therefore get my leftover food destruction money again. Close it saves yes ne quantity garbage removal costs. Anyway, I thought: Willi, I thought, don't throw that out the window again right away. So I placed a limit order with Tractor Supply (and one with Union Pacific). It's been running for a few weeks now and I actually wanted to delete it before the numbers, in case of a "crash". Fun fact: I forgot about it 😂

Well, now I bought a little too high. If I had looked more closely, 172€ would have been possible. No matter, in the long term I am convinced and then really does not depend on the 8 € difference. The position is also only half full. Therefore, there is still some room up.

Below you can see me, as I prefer to ride scooters in Barsten's playroom, instead of worrying about the issued limits.

A nice Sunday I wish you, hopefully it remains so beautiful after you have seen my depot 😂.

vllt a few info about me am 27 years.

I am invested since about 02.2022.

initially, my strategy was only to put on shares with high divi yield that you can also see in my 2 largest positions, but now I bespare shares with dividend growth as eg. $DE (+1.36%)
$TSCO (+1.01%)
$GS (+1.82%)
$MCD (-1.33%)
$PG (-1.21%)
$UNP (+1.43%)
$BX (+3.13%)
$TXN (+2.11%) (all 20€) in the event of a setback, I will buy larger tranches. In addition, I cover the Core MSCI World $IWDA (+0.85%) (150€ per month).

I am aware of the risk with my current stock selection and I know that I vllt a few 🆘 cash.

so my question to you because my 2 biggest REITS positions have too much weighting, rather sell a part or pull up the smaller positions?

I would vllt also 2-3 shares of other sectors still take up to diversify a little more, do you have suggestions ?

I couldn't resist and cut my Home Depot purchase in half and put the rest into Tractor Supply. Again, this is only a small position but I think the company is just great. Unfortunately I have not heard of it before.

For country bumpkins like me, a company like this is just top notch. Whether clothes, tools for the garden or pet insurance. Here, everyone is happy and so am I. Hopefully 😁