April was here and it's already over again. Trump's liberation day was not as liberating as we now know. Nevertheless, a lot happened and the stock market remained very volatile in April. After initially falling sharply, it stabilized towards the middle of the month and ultimately rose again, leaving the S&P500 at -3.62% at the end of the month.

In April, I recorded a loss of 3.68%. Given the size of my portfolio, this corresponds to a value of almost €4,000.

Thanks to the dividends, which are gross here in the picture (net = €272.65), this amount is then reduced to just under €3,700.

The Dax (+0.80%) has beaten me again, but compared to the HSBC MSCI World (-4.24%) I am doing better again.

Over the year as a whole (YTD), I have lost ground again to the DAX, which has risen again. At the same time, however, I was able to further extend my lead over the MSCI World. However, as can be seen above, the MSCI World caught up considerably towards the end of the month.

April again showed that my portfolio is quite stable. That's the price you pay if you give up positive returns. Of course, everyone has to decide for themselves how well they can sleep.

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

Nintendo ($7974 (+3,93 %) ) +15,32%

Eon ($EOAN (+0,39 %) ) +10,42%

Tesla ($TSLA (+2,01 %) ) +8,87%

Pepsi ($PEP (-0,31 %) ) -14,93%

UnitedHealth ($UNH (-2,5 %) ) -20,62%

Petroleo Brasileiro ($PETR4 (-0,38 %) ) -20,89%

Interesting that UnitedHealth was the second-worst stock in February, the second-best in March and now the second-worst again. A very volatile stock at the moment. Understandable, however, after the recent events.

Dividends:

In April, I received €272.65 net from a total of 15 distributions.

Compared to March 2024 (€182.13), this was an increase of 49.7%.

I now expect another increase in May before it falls sharply again afterwards.

Investments:

As in February and also in March, I am still building up my nest egg again. This was actually planned to be completed in April or May at the latest. But now the car is broken and the repairs will cost a lot. So the replenishment continues.

The special payment in April went into the $XEON (+0 %). I also treated myself to a South African government bond, which will also mature in the year the first loan is due. I'm happy to take the 8% until then and if I don't see the money again, then it was a try and I can cope with it.

Buying and selling:

I sold Monster with a plus of 12.3%. Simply because I want to reduce the size of the portfolio, Monster does not pay a dividend and we were very close to the all-time high in April.

I bought or increased Gladstone Investment (I'm happy to take the special dividend in June), Texas Instruments, LVMH, Rio Tinto, United Health, Lockheed Martin and Waste Management.

Savings plans (125€ in total):

• Cintas ($CTAS (+0,17 %) )
• LVMH ($MC (+2,12 %) )
• Microsoft ($MSFT (+4,14 %) )

Target 2025:

My goal is still to have € 130,000 in my portfolio at the end of the year. The goal is to be achieved by reinvesting the dividend, making payments and, of course, increasing the share price. The share price increase is of course impossible to predict in any way, so the motto is: if the share price falls or does not rise enough, more cash is needed.

This comes from selling useless stuff on eBay, additional income from e.g. "neighborhood help" etc.

The worse the share price, the more additional cash has to be raised.

Target achievement at the end of April 2025: 22.22%

I'm slowly lagging behind the average. It's definitely going to be very sporty this year.

Let's see what else is coming. Now that Trump has probably signed a commodities deal with Ukraine, the share price will rise again somewhat, at least in the next few days. After that it will be uncertain again.

How was your April? As the getquin monthly report for March was not published, I am now looking forward to the April report.

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.

The state-owned Brazilian oil company Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) reported oil, gas and liquefied natural gas production of 2.77 million barrels of oil equivalent per day (boed) in the first quarter on Tuesday, a decrease of 0.2% compared to the previous year.

Petrobras' oil production in Brazil fell 1% year-on-year to 2.21 million barrels per day (bpd), the company said, adding that the floating production vessel Almirante Tamandare (FPSO) started production in the country's Buzios field in February.

"The commissioning of the Almirante Tamandare floating production vessel is of strategic importance for Petrobras and represents a sustainable expansion of production," Renata Baruzzi, head of engineering, technology and innovation, said in Petrobras' sales and production report.

The company's results were in line with the annual forecast, which envisages a 4% deviation from the production target of 2.8 million boed.

Total sales of oil, gas and derivatives reached 2.86 million boed, the company said, representing a decrease of 1.9% compared to the first quarter of 2024.

Total exports fell by 10.4% year-on-year to around 760,000 bpd, the company said.

While exports in general declined, the share of oil exports to Asia (excluding China) increased from 10% to 33%.

In the first quarter, the company concluded an agreement with the Indian Bharat Petroleum Corporation $BPCL for the export of up to 6 million barrels of oil per year from 2025.

"The agreement strengthens the commercial relationship between Petrobras and the Indian refining sector and underlines the importance of India as a market for Brazilian oil," Petrobras said in the press release.

Brazilian state-owned energy giant Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) is seeking to attract new Chinese investment in Brazil's oil and gas sector, particularly in the marine sector, the company announced on Tuesday during the visit of CEO Magda Chambriard to Asia.

Chambriard and President Luiz Inacio Lula da Silva's chief of staff, Rui Costa, met with Chinese businessmen and government officials in Beijing on Monday, the company said in a statement.

According to the company, they gave an overview of Petrobras' activities and emphasized the potential for the expansion of shipyards in Latin America's largest country.

"We are here to propose the expansion of the partnership between Brazil and China in oil and gas investments," Chambriard said.

"We know that there are opportunities for Chinese companies to work with Brazilian shipyards and believe that increased cooperation would be beneficial for our countries," said Chambriard.

Lula, a former metalworker, has made it a priority to create jobs in local shipyards - a sector that has struggled for years - with Petrobras, which has already ordered several new ships.

The oil giant's transportation and logistics subsidiary, Transpetro, plans to put 25 ships into operation by 2030.

The Brazilian mining company Vale $VALE3 (+1,36 %) and the oil and gas giant Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) have entered into a commercial partnership to test a biofuel blend with 24% second-generation biodiesel on a ship chartered by Vale.

As part of this partnership, the bulk carrier Luise Oldendorff, chartered by Oldendorff Carriers, was fueled with ultra-low sulfur (VLS) B24 on April 22 in Singapore for testing purposes.

The fuel was formulated by Petrobras Singapore in their locally leased tanks by blending 76% fossil fuel oil from the Petrobras system refineries and 24% UCOME, a biofuel derived from the processing of used cooking oil (UCO) purchased in the region.

The product is ISCC EU-certified, meaning it meets the strict sustainability criteria, a requirement that accompanies the entire logistics chain of the biofuel in this process, Petrobras explained.

The biofuel bunker test is a continuation of the strategic partnership between Vale and Petrobras, which focuses on competitiveness and advancing the decarbonization agenda, including the development of sustainable fuels.

"We are increasingly developing sustainable fuels and delivering on our commitment to decarbonize our operations. The partnership with Vale is another achievement in Petrobras' goal to improve the company's production capacity and logistics structure to bring greener products to the market and strengthen our decarbonization strategy," said Petrobras President Magda Chambriard.

On multiple recommendation and because I actually wanted to get into the stock 2 years ago, but always found something else...got in today.

I am excited

Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) announced a 3.38% reduction in diesel prices at the state-owned company's refineries on Thursday (17.04.).

Since 18.04.2025, the price per liter has been reduced from R$ 3.55 to R$ 3.43, a decrease of R$ 0.12 per liter.

This is the second reduction in diesel prices in less than a month. The last adjustment of the diesel price was on 01.04.2025.

On Wednesday (16.04.), Petrobras CEO Magda Chambriard explained that the company had been monitoring the prices of petroleum products on the international market in light of the turbulent situation following the new tariffs imposed by US President Donald Trump on imported products.

Oil prices have fallen sharply since Trump's tariff increase. Ms. Chambriard said that one had to be careful to assess the international situation before making any decisions. "We cannot plunge Brazil into chaos that we did not cause.

Mitsubishi Heavy Industries $MHVIY and Single Buoy Moorings, the subsidiary of SBM Offshore, have agreed to conduct a study on the use of CO2 capture modules on future floating production, storage and offloading vessels (FPSOs) for Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) to carry out the study.

This study will be carried out with a view to a typical implementation of CO2 capture solutions for FPSOs.

The module design for FPSOs is based on a combination of MHI's proprietary Advanced KM CDR Process CO2 capture technology and SBM's Fast4Ward principles.

The study focuses on the capture of CO2 emitted from on-board gas turbines, with analysis and evaluation being carried out with a view to future commercialization.

This is the first result of a partnership agreement between MHI and SBM in September 2023.

The agreement, which is a response to the rapidly growing demand for decarbonization, aims to accelerate business development in the field of CO2 capture solutions for FPSOs to contribute to achieving carbon neutrality on a global scale.

The Annual General Meeting of Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) approved the distribution of R$9.1 billion as an ordinary dividend for the 2024 financial year. The distribution had previously been approved by the Board of Directors in February. The meeting also confirmed an earlier report that the federal government - the oil company's main shareholder - would only fill six of the eight available seats on the board of directors.

The newly approved R$9.1 billion adds to the compensation already distributed to shareholders last year. Petrobras distributed a total of R$ 75.8 billion for the 2024 financial year - R$ 73.9 billion in the form of dividends and interest on equity and R$ 1.9 billion for share buybacks.

In the elections to the Board of Directors, which were held according to the unbundled voting system, the government won six seats - five incumbents and one newcomer: José Fernando Coura, former President of the Brazilian Mining Institute (IBRAM). The five reappointed members are CEO Magda Chambriard, Pietro Mendes, Renato Galuppo, Rafael Dubeux and Bruno Moretti.

The system of unbundled voting, which is increasingly used in Petrobras elections, tends to favor minority shareholders as it allows them to concentrate their votes on certain candidates. To trigger this voting system, investors must collectively hold at least 5% of the company's capital. On April 14, Petrobras announced that shareholders reaching this threshold had requested the unbundled voting system.

Two candidates supported by the government - Ivanyra Maura Correia and Benjamin Alves Rabello - were not elected. Their seats were instead filled by the candidates nominated by the minority shareholders, Aloisio Macário and José João (Juca) Abdalla Filho. Mr. Abdalla controls about 2% of Petrobras' capital and, according to sources, took the floor during the meeting to thank Chairman Francisco Costa e Silva. Another minority candidate, Thales Kroth, was not elected despite running for the second time in a row.

The elected members of the Board of Directors will remain in office until 2026, completing the term of office that began in April 2023. Following the departure of former CEO Jean Paul Prates in May 2024, a new election became necessary. As Mr. Prates had been elected by uncommitted election, the company was obliged to call a new election for his seat. Petrobras' governance model stipulates that the CEO also holds a position on the Board of Directors.

The shareholders also re-elected Pietro Mendes as Chairman. However, Mendes could soon step down as he has been nominated for a leadership position in Brazil's National Agency for Petroleum, Natural Gas and Biofuels (ANP), which still needs to be confirmed by the Senate.

Petrobras also held an extraordinary general meeting at which shareholders approved several amendments to the company's articles of association. These included provisions that allow compensation for members of board committees during the mandatory cooling-off period after leaving office.

A further amendment formally included carbon capture and storage in Petrobras' scope of activities.

Brazil's oil giant is investing in the revitalization of the Campos Basin and is planning a similar strategy for Santos, where the pre-salt mega fields are located.

Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %)which alone or in joint ventures is responsible for almost 90% of Brazil's oil and gas production, is managing volatile commodity prices while pursuing strategies to secure long-term production. The company is closely monitoring the global market turbulence triggered by US President Donald Trump's tariff war, which has recently exacerbated oil price fluctuations. On Friday (11th), Brent crude closed at $64 per barrel, up 1.96% from the previous day, but still down 13.66% from April 2, the so-called "Liberation Day".

Since the introduction of the tariffs, Petrobras has lost R$ 63.2 billion in market capitalization, making it the hardest hit Brazilian company. Despite the volatility, the company has refrained from lowering diesel and gasoline prices, even though the Brent price is falling. "Crises are not the exception - they are the rule. We only experience a few moments of calm in between," said Sylvia Anjos, Petrobras' Chief Upstream Officer, at a recent event.

Last week, Goldman Sachs lowered its oil forecast for the end of 2025 to $66 a barrel, down $5 from its previous estimate. According to Ms. Anjos, Petrobras remains competitive under these conditions: "Our projects remain stable even at a price of only $28 per barrel".

While short-term efforts are focused on coping with price fluctuations, the medium and long-term goal is to ensure a level of production that maintains Brazil's position as a major oil exporter and minimizes dependence on imports.

To this end, Petrobras is prioritizing the replacement of reserves through two main avenues: the development of new reserves - particularly Foz do Amazonas in the Equatorial Marine, which is still awaiting environmental approval from IBAMA - and increasing production from existing fields, particularly in the Campos and Santos basins, Brazil's most productive offshore areas.

The Campos Basin, the cradle of Brazil's offshore oil industry since 1974, is being revitalized to increase daily production to 1 million barrels within a decade - a 32% increase from the average of 681,000 barrels in 2024, equivalent to 20.3% of national production.

In 2010, the basin produced an average of 1.75 million barrels per day, equivalent to 85.5% of Brazil's total oil production.

The younger Santos Basin, which contains Brazil's huge pre-salt reserves, was commissioned in 2009 and is approaching its production peak. In 2024, it produced 2.6 million barrels per day - 77% of total national production. The most important fields include Tupi and Búzios.

Tupi, which is operated by Petrobras in partnership with Shell and Petrogal, produced around 780,000 barrels per day last year. Búzios, a joint venture with the Chinese CNOOC, CNODC and the Brazilian PPSA, produced an average of 639,000 barrels per day.

The discovery of pre-salt reserves in 2006 prompted Petrobras to redirect its financial, technological and human resources to these new areas and neglect Campos. When production in the mature basin declined, Petrobras re-evaluated the economics and decided to invest again in increasing production in Campos.

"Production in Campos was declining faster than it should have because the previous efforts to maintain production levels were not enough. What we are doing now is postponing the end of production there," said Anjos.

She pointed out that Campos had peaked in 2009, which "gave the false impression that no further action was needed". Petrobras is now applying the lessons from Campos to Tupi and trying to delay its decline.

The development of the Campos basin itself was a response to past global oil shocks in 1973 and 1979, when Brazil was highly dependent on imports and rising global prices forced the country to look for domestic alternatives. In 1974, Petrobras struck commercially viable oil in the Garoupa field, followed by Namorado and Enchova. At that time, Brazil's daily oil production was 164,300 barrels; by 2024, the country was producing 4.3 million barrels of oil equivalent per day.

To replenish reserves and increase productivity, Petrobras and its partners are implementing a range of solutions. Key to this are technological advances such as platform upgrades, water and gas injection and "intelligent completion methods" that enable real-time production optimization.

The company is also using 4D seismic imaging to map the reservoir structures more accurately. With these tools and new production systems, Petrobras plans to drill 200 new wells in Campos by 2029.

The revitalization efforts, which are based on the principle of "every drop counts", gained momentum in 2023 with the commissioning of the Anita Garibaldi and Anna Nery FPSOs in the Marlim field, replacing nine older platforms. Petrobras is now inviting tenders for three more FPSOs for the Albacora, Barracuda-Caratinga and Marlim Sul-Marlim Leste fields.

These initiatives fall under the 2025-2029 business plan, which earmarks 77 billion dollars - or 70% of the company's total investment of 111 billion dollars - for exploration and production. This allocation underlines the central importance of upstream activities in Petrobras' business model.

Claudio Nunes, Head of Exploration and Production at the Brazilian Institute of Petroleum and Natural Gas (IBP), noted that the revitalization of mature fields complements new exploration. "A field starts to shrink with the first drop of oil, so reserves need to be continuously replaced," he said.

Rivaldo Moreira Neto, partner at infrastructure consultancy A&M Infra, argues that Campos still holds untapped potential and was shelved after 2006 in favor of pre-salt discoveries that promise quicker returns. "Pre-salt has a profile of 'drill, find, produce', which makes it easier for Petrobras to focus on Santos."

A source familiar with the early stages of Campos' revival said the targets were realistic, although supply chain issues could pose a challenge. "Production costs are critical. Some previous projects have been delayed due to a lack of suppliers with competitive prices. It all depends on the situation, including shipyard capacity at home and abroad."

According to the source, Petrobras' focus on new areas such as Foz do Amazonas and the Pelotas Basin is not in competition with revitalization efforts; the projects are complementary. The company is already considering a similar plan for the Santos Basin, particularly Tupi.

Plans for Tupi include a new platform, additional wells, an extended FPSO life and a robust seismic campaign to optimize reservoir management. However, the feasibility of these investments depends on the regulatory approval of the National Petroleum Agency (ANP) for an extension of Petrobras' production rights in this field.

"This is a field that clearly deserves Petrobras' full attention," said Mr. Loss. "Selling it now makes no sense. Productivity means revenue - and Tupi's productivity must be maintained.

Brazil's Petrobras $PETR3 (+2,19 %)
$PETR4 (-0,38 %) is examining the possibility of an auction of oil blocks to be held in India this year, the head of the state oil company's exploration and production department, Sylvia dos Anjos, said on Thursday.

Petrobras had already collected data to analyze the potential of the offshore areas on offer in deep and ultra-deep waters, dos Anjos said, but no decision had yet been made on whether the company would bid.