Dear Community,

I contacted you at the weekend because I will soon be taking over my father's portfolio. I already have a few years of experience with ETFs, but so far I only have a small equity position of my own.

I also have two other beneficiaries to pay out. I expect to be able to keep a maximum of 40 percent of the value.

I have the impression that the portfolio is very tech-heavy. Some losses were incurred because my father was no longer able to look after it after a sudden illness. Since his death last summer, we have had no access.

Unfortunately, I therefore don't know the exact purchase dates, but I have been able to determine the purchase price for most of the titles. I have entered all items with the same purchase date and the purchase price, as far as known. There are still a few leverage certificates that I could not enter here, but they are all in the red.

As there is a 25-27.5 percent tax on price gains in Austria and this can be offset against losses, it is tax-efficient to sell all loss positions. I will also sell the Allianz leverage certificate. I would like to keep up to 40 percent of the portfolio value of the shares.

I have agreed with the other beneficiaries that it should be possible to settle positions by number of shares. This means that I could, for example, sell 2/3 of the large positions, pay out the proceeds and keep 1/3 of the shares - this would cut the tax burden in thirds. There are also some positions that I would find attractive as a whole - $BRK.B, $MSFT (-0,2 %) and $LISP (+0,14 %) - Here, however, I would probably have to pay the tax as a whole. But that would be fine with me.

I'm in my early 40s and would like to keep my part of the portfolio as a retirement investment. I could also imagine shifting part of it into ETFs. But I'm still thinking about which allocation makes sense. I have 80k in my own ETF portfolio. My ideas that I have considered so far:

• Keep up to about 40 percent and use up to 20k to cash out from other funds. Further expand the ETF position over the next few years
• Reduce the interesting positions so that they make up no more than 1/3 of the total portfolio, shift the rest into ETFs

Unfortunately, there are not many people in my environment who are interested in the stock market. That's why I'm looking for people here with whom I can exchange ideas.

I think the large positions are generally attractive, but they need to be properly reduced in line with the situation. Depending on the position, I'm thinking of a clean third or a further reduction to 8-10k. What is your opinion on the weighting? Apple/Microsoft roughly equal? Leave Freenet in or take it out?

Looking forward to reading your thoughts.

https://getqu.in/J1X5FY/

https://app.getquin.com/de/post/JiiaYdKjXs/lindt-sprungli-aktienvorstellung

Brief presentation of the company

• ISIN / Ticker: CH0010570759 (registered share with voting rights, very expensive) $LISN (+0,64 %)

CH0010570767 (participation certificate without voting rights, significantly cheaper,

with the same dividend, my choice 😁) $LISP (+0,14 %)

• Sector / Industry: Consumer staples - Food & Confectionery
• Geographical positioning: Lindt sells its chocolate in over 120 countries, with a strong presence in Europe and a growing market share in North America and Asia. The highest sales are generated in the USA, Germany and Switzerland.

Brief profile & business model

Lindt & Sprüngli is a traditional Swiss company founded in Zurich in 1845.

Lindt is known worldwide for iconic products such as the Gold Bunny, Lindor balls and classic chocolate bars.

The company controls the entire value chain, from the cocoa bean to the point of sale, and relies on its own brand boutiques and online store in addition to a strong retail network.

Fundamental key figures

• Market capitalization: CHF 28.2 billion
• P/E ratio / forward P/E ratio: 41 / 39
• Sales growth 2024: 5 %
• Profit growth: 8.7
• Net profit margin: 12.29 %
• Dividend yield: 1.2 %

Valuation

Compared to international confectionery groups such as Mondelez or Hershey, Lindt is currently trading at a premium valuation, reflecting its strong brand position, robust balance sheet and solid historical performance.

Opportunities & risks

Opportunities:

- Strong brands with a global reputation and high pricing power

- Premium segment with low price sensitivity among customers

- Expansion in North America and Asia

- Solid balance sheet, practically debt-free

Risks:

- High valuation

- Dependence on commodity prices (especially cocoa, whose prices have recently risen sharply)

- Exchange rate risks, especially EUR/USD/CHF and Latin America

- I am rather skeptical about the own sales boutiques which are often located in tourist hotspots and shopping malls

Chart technique

The Lindt PS share has moved sideways since the all-time high in December 2021, but has recently been able to overcome important marks and resistances. The ATH was almost reached again in March 2025. If Lindt surprises with strong figures on July 22, I believe a new all-time high and a return to a visible upward trend is very likely.

Personal assessment

For me, Lindt & Sprüngli is a quality share with excellent brand management, high pricing power and a robust balance sheet. The valuation is high, but reflects the stability and market position. For long-term investors with a focus on quality and brands, Lindt can be an excellent addition to a portfolio, especially via the participation certificates, which are significantly cheaper than the registered shares.

Sources

- https://www.lindt-spruengli.com

- SIX Swiss Exchange

- Bloomberg, Reuters

- Onvista, finanzen.ch

A slightly different portfolio for a change. I am 22 years old.

The larger single stock position is due to my stock based compensation. It currently makes up a large part of my portfolio, but is fine for me at the moment.

I hold just under 3% in gold. I plan to replace the Vitainvest Passive 50 Sust fund with the Vitainvest Passive 100 Sust in the future. This position represents my third pillar of provision.

I am also thinking about expanding my portfolio with $LISP (+0,14 %) or $ONON as I enjoy the companies and believe in a positive development in the long term.

What do you think?

Lindt & Sprüngli simply has a beautiful chart, a fantastic dividend development (not yield, which is rather moderate at 1.2%) and of course excellent business figures, even though it is about something "boring" like chocolate.

I am aware that the current P/E ratio of over 40 is perhaps a little too high, even historically. But you can currently get L&S at around 20% of the high, which hasn't happened often in the past. And you always had to calculate a "premium" here. Even the "circumstances" with the Swiss taxation did not stop me. For me, it's a value that my heirs can probably take care of...

What a bargain course😝

Delicious food