$RHM (-0,27 %) is currently falling toward €1,000, as it appears the federal government’s frigate contract will go to TKMS after all. If I understand correctly, Rheinmetall will then be left with a shipyard without any orders. The frigate contract would have been worth up to 15 billion euros. In addition, there appear to be concerns that the federal government is awarding too many contracts to individual companies. However, on Monday, Papenberger purchased shares worth 4 million euros through his holding company at a price of 1,160 €. It seems the loss of the contract really wasn’t foreseeable after all. I only have 3 shares left (I sold the rest at around 1,300 €), so it’s very frustrating to lose 12% on this stock intraday.

Tuesday:

$BMW (-3,51 %) BMW lowers its forecast. Developments in the Middle East and China, in particular, are weighing on the company’s annual targets. In China, the auto market reportedly slumped by 20% overall in May. This is fueling further discount wars there, from which German automakers tend to stay out.

https://www.sueddeutsche.de/wirtschaft/bmw-muenchen-krise-gewinnwarnung-sparprogramm-li.3500059

Thursday:

In the Fed’s first interest rate decision under Kevin Warsh, the interest rate remains unchanged. For the first time in a long while, this decision was also unanimous. Warsh emphasizes, above all, the Fed’s role in keeping inflation in check.

https://www.tagesschau.de/wirtschaft/fed-leitzins-154.html

Friday:

The German defense contractor $RHM (-0,27 %) Rheinmetall is looking to enter the weapons production market in Japan and is exploring a potential investment. The plan is to potentially produce weapons for the Japanese domestic market as well as for export.

https://www.handelsblatt.com/unternehmen/industrie/expansion-rheinmetall-prueft-einstieg-in-die-waffenproduktion-in-japan/100234399.html

The German software company $TMV (+0,65 %) TeamViewer has once again received an award from Gartner for its AI platform, TeamViewer One. The platform combines remote access with AR. It also features an integrated AI agent named “Tia” that independently resolves IT issues. However, what will be particularly interesting is a look at the Q2 figures and whether this technological leadership can also be translated into growth.

https://www.finanztrends.de/news/teamviewer-aktie-0-3-prozent-guidance-bremst-kurs/

I evaluate around 1,400 stocks using a multidimensional factor model, with each dimension on a scale from 0 to 100. Recently, I’ve started applying this analysis to my own portfolio as well—so each of my positions receives the same score as every other stock in the universe. The results are revealing, especially where the model rates my stocks poorly.

Let’s start at the top:

$SLR (-0,09 %) Ranked 3 out of 865, $TSM (-1,11 %) at 7, $BESI (-3,32 %) at 30, $NU (+5,21 %) at 39. At BE Semiconductor, I find the breakdown particularly instructive: an extremely strong momentum score meets a valuation score of practically zero, with a P/E ratio of around 149. So the model doesn’t say “good stock” or “bad stock,” but describes exactly what you’re holding—a strong trend at a high price. This distinction is more important to me than a single overall score.

Now for the bottom half:

Because that’s actually the more interesting part. $RHM (-0,27 %) It’s way down the list, $1211 (-3,66 %) almost at the end of the universe, $MELI (+3,29 %) and also deep. The reason is almost the same everywhere: The 12-month momentum has collapsed following the correction, and at the same time, valuations are high. So two factors are pulling it down at the same time. With Rheinmetall, there’s the added factor that the stock is simply no longer cheap after its strong run—the model sees this objectively, regardless of the story surrounding it.

My software stocks are a special case:

$NET (+4,54 %) , $CRWD (+2,9 %) and $NOW (+8,61 %) . They also end up in the lower range because their high stock-based compensation weighs on quality and balance sheet metrics. This is a well-known issue with growth-oriented software companies: A large portion of employee compensation is paid in stock, which dilutes and burdens margins when factored in honestly. I tested exactly that—I built a variant that excludes the SBC burden and thus rates these stocks more leniently. The backtest yielded a worse result. So I discarded it again and am sticking with the stricter approach. I’d rather have a consistent model that measures all stocks the same way in a verifiable manner than one I tweak for individual favorites. It’s precisely this tweaking that’s the fastest way to a model that looks great in backtesting but doesn’t work in real-world trading.

Bottom line:

for me, these are two types of positions. I bought some because of their scores—Solaria and BESI, for example; the model is what led me to them in the first place. I hold the others deliberately against the score, out of my own conviction. But I want to see the number and take it seriously, rather than pretending it doesn’t exist. That’s the whole point of the exercise.

The purely systematic version—that is, strictly the top-scoring stocks, excluding my conviction-based positions—has been running as a Wikifolio (ISIN: DE000LS9V052) since March and became tradable this week.

What do you think:

Do you tend to trust your own thesis, or the system behind it?

May was dominated by strong figures and a massive rally in the tech and cloud sector. While April was still characterized by a general recovery, excellent quarterly figures and the unbroken AI boom continued to fuel the markets in May. The Nasdaq in particular benefited greatly from this and reached new highs. Even though volatility was noticeable in isolated cases, investors made strong gains in growth stocks.

My portfolio was able to take advantage of this strong momentum and achieve an outstanding performance, but was narrowly beaten by the extremely strong performance of the Nasdaq 100:

📊 Monthly performance: +9,33%

📊 Portfolio value: ~43.345 €

📊 Performance max. (06.01.2022): +43,84%

📊 Performance YTD: ~+10,44%

Performance & comparison 🚀

Performance in May was exceptionally strong, driven by my high weighting in US tech stocks. While European indices such as the DAX made rather moderate gains, US stocks dominated the action. My portfolio did extremely well with a whopping gain of over 8 % and clearly outperformed the broad market.

Performance in comparison (01.05.-31.05.2026):

My portfolio: +9,33%

NASDAQ 100: +11,20%

S&P 500: +6,47%

FTSE All-World: +5,93%

DAX: +3,27%

Buying, selling & allocation 💶

In the month of May, € 300.00 flowed into the MSCI ACWI USD (Acc)
$ACWI and € 50.00 in the MSCI World Small Cap
$WSML (+0,14 %). In addition, smaller savings plan tranches were invested in Solaria Energia
$SLR (-0,09 %) (150,30 €), Rheinmetall $RHM (-0,27 %) (14,00 €), Ferrari
$RACE (+4,51 %) (€6.00) and Hermes
$RMS (+1,14 %) (€ 3.01) were invested.

Top movers in May 🟢

The list of winners in May is led by outstanding developments in the cloud and cybersecurity sector - an absolute feast for tech investors.

The absolute frontrunner was $SNOW (+8,24 %) with a veritable price explosion of +83,65% (+€ 527.53), closely followed by $DDOG (+8,35 %) with +82,71% (+592,11 €). Both values showed incredible momentum. Also $CRWD (+2,9 %) was convincing across the board and delivered a strong +66,91% (+€ 930.15), which was the biggest gain in the portfolio in absolute terms. $IREN (-2,56 %) continued its strong trend and recorded a further +40,45% (+344,17 €). The outstanding tech performance was rounded off by $NET (+4,54 %) with a solid +13,60% (+€ 257.29), while Keyence also $6861 (-1,25 %) with +12,08% (+€83.94) also developed extremely positively.

Flop movers in May 🔴

Despite the generally extremely strong sentiment, there were also some stocks that consolidated or showed weakness in May.

American Lithium was the worst performer, falling by -13,16% (-46.03 €), still unable to find a bottom in the current market environment. With $1211 (-3,66 %) the minus of -12,13% (€ -190.62) was due to falling EV sales and the ongoing price war in China. $NU (+5,21 %) After the strong previous months, the share price fell by -8,90% (-99.30 €) after the strong previous months. Also $TEM (+2,04 %) also recorded a slight setback of -8,49% (-7.90 €), similar to $BABA (-0,3 %) with -5,15% (-40,59 €). $RHM (-0,27 %) also lost ground and lost -4,60% (-77.14 €), indicating further profit-taking in the defense sector.

Conclusion 💡

May was an outstanding month that impressively demonstrated how much a targeted positioning in the tech and cloud sector can pay off.

❓ Question for the community

This was my month in numbers, what was your best buy in May? Which stock surprised you the most?

👇 Write it in the comments!

➡️ Follow @codeandcapital for transparent portfolio updates!

🔗 Link in bio: Wikifolio, Getquin & Parqet Portfolio

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

$RHM (-0,27 %) today announced an order worth €5.7 billion with Romania. Most of the production will take place locally and delivery is 2028-2030.

Lynx tanks, ammunition and ships were ordered. Unfortunately, the share price doesn't care. Understand who wants to

https://www.spiegel.de/wirtschaft/unternehmen/rheinmetall-rumaenien-bestellt-waffen-und-munition-im-wert-von-5-7-milliarden-euro-a-1e043244-baf2-43a0-8d5d-264442be6d3d?sara_ref=re-so-app-sh

Which stock is your favorite? 🛡️✈️

The sector remains extremely in focus due to the ongoing geopolitical dynamics and rising European defense budgets. But where do you currently see the best risk/reward ratio?

$RHM (-0,27 %)

$HAG (+1,55 %)

$LDO (+0,53 %)

#armament #rheinmetall #hensoldt #leonardo #shares #invest #portfolio

All German defense stocks have just fallen quite sharply.

Do you think now would be a good time to get in or is the hype already completely over?

$RHM (-0,27 %)
$R3NK (+3,27 %)
$HAG (+1,55 %)