There are a lot of people here who believe in $VNA (+0,03 %)
$LEG (+0,4 %) or $AT1 (-4,48 %) and similar stocks and currently find the price and dividend attractive. For all of them, here’s a news article that sums up my opinion on this very well and explains why I don’t (yet) see any good entry prices:

The wave of upcoming refinancing in the real estate market is reaching its peak: About a quarter of the financing on the books of local real estate lenders is due in the next two years. This is according to the latest banking survey by EY-Parthenon of 90 real estate-financing banks in Germany. Just under a third of the institutions report a non-performing loan ratio of between 4% and 6%. For a quarter of the surveyed lenders, the ratio is even higher. Nearly half of the lenders have seen this ratio worsen. According to the European Banking Authority, 6.8% of commercial real estate loans were nonperforming in the first quarter, corresponding to a volume of approximately 18 billion euros. More than 40% of financial institutions told EY that, in individual cases, they had been unable to find a viable financing solution. The proportion of respondents expecting real estate prices to rise has plummeted from 30% to 2% within half a year. In both the private and institutional residential segments, one in ten expects prices to fall.

$VNA (+0,03 %) continues to post solid results: rental income up 3.4%, rental EBITDA up 3.5%. At the same time, properties were sold for approximately €700 million, and €4.4 billion was refinanced on a long-term basis—at an average rate of 3.2% (just look at current construction and financing interest rates).

What matters most to me: The business is once again reliably generating cash, and the balance sheet is being actively managed. It’s not a growth-driven operation like in the tech industry, but rather a large portfolio of apartments that consistently generates income.

My assessment: I’m not buying a “story,” but rather tangible assets and recurring cash flow. However, I’m also buying into the risk of left-wing expropriation fantasies and rising interest rates. Given my investment horizon, I’m perfectly comfortable with that. As a value investor, these are exactly the kinds of situations that interest me.

September has come to a close, marking yet another somewhat mixed month. Basically, it was another rollercoaster ride that ended on a “downward” note. Unfortunately, this has also caused the overall YTD performance to slip slightly into negative territory. But we still have a few months left to turn things around... 😉

Early last month, I also decided to make my portfolio a bit less risky and to restructure my entire asset allocation. My medium-term goal is to completely phase out fixed-term deposits, leave 50,000 euros in a money market account, and reallocate two-thirds of the portfolio to an All World ETF. I’ve at least made some (too) small progress in this direction...

Portfolio at a glance:

👉🏻 September:

Starting balance: 1,477,964 euros + 70 in cash

End: 1,444,708 euros + 600 in cash

Deposit: 48,500 euros

Loss: -81,226 euros (-5.50%)

As is the case every month, the performance of my portfolio currently depends largely on the performance of gold and silver mining stocks—and thus directly on the performance of commodity prices. Due to sharply rising bond yields, the price of oil, and expectations of rising interest rates, these stocks have once again come under pressure. However, my fundamental expectation of rising gold and silver prices in the long term due to the global debt crisis remains unchanged, so I don’t want to dwell on this point any further right now...

I think the progress on my portfolio restructuring is more interesting. Although I was able to add nearly 50,000 euros to the portfolio from a maturing time deposit, I’ve made only very limited progress on my medium-term plan. 🐌

Current progress toward goals:

👉🏻 Money market account -> 50,000 euros: 40 euros

👉🏻 All-World ETF -> 1,000,000 euros: 9,200 euros

So where did the money go? I invested just under 10,000 euros in $VWRL (+0,18 %) . I actually wanted to leave the rest in the money market account (which is currently paying 3% interest, after all). That worked out fine for two weeks, but then I had to jump back into individual stocks.

The main additions to my portfolio were Vonovia ($VNA (+0,03 %) ) and, to a lesser extent, McDonald’s ($MCD (+0,24 %) ) and Alibaba ($BABA (-1,11 %) ). And with that, the money was (unfortunately) gone again... 😅

I see a lot of potential in Vonovia in particular, especially if you’re willing to hold onto it for a while. Right now, of course, the political situation in Berlin is taking center stage, but I still have some residual faith in the German rule of law. In fact, an expropriation at market value would actually be a stroke of luck for Vonovia, and I firmly believe that if expropriation is allowed at all, it will happen at or around the current market value.

McDonald’s and Alibaba are more long-term investments and also my first positions in these stocks. It’ll all work out... 😉

So much for my mixed bag of a September! Let’s see how October plays out. With Nike ($NKE (+0,27 %) ) and Accenture ($ACN (+1,49 %) ), two of my holdings are reporting their quarterly results today. Let’s hope for a successful start to the month! 👍🏼

➡️🆓: On my way toward 4 million in total assets, I’m now 45.5% of the way there.

Here’s to successful stock market trades! 😊

$VNA (+0,03 %) Given the stock price following today's interest rate hikes, I gave in.

In my view, the long-term opportunities arising from the huge gap between net asset value and market value outweigh the risk associated with managing interest expense.

For the first time in several years, I increased my position in $VNA (+0,03 %) . The persistently “high” interest rates and the low stock price seem to me like a good opportunity to strengthen this segment of the German housing market in my portfolio. Thanks to tax deferral, this currently offers a handsome 6.6% net dividend.

And by the way—this is just a side note on politics—a purchase like this is sure to annoy Die Linke😉

Here, too, I took advantage of the current weakness caused by interest rates to buy more shares.

Vonovia is Germany's largest real estate group and has become an integral part of the market.

For me, it's an attractive dividend payer.💰

$VNA (+0,03 %)

After I $MBG (-0,42 %)

sold off some holdings from my portfolio, I decided to expand my $BTC (-0,8 %) Bitcoin position by the end of November.

The first tranche was purchased today (actually yesterday) at 54,700€. With a 1% spread plus approx. 1.5% in fees (123.47€), the cost basis came to just over 56k...

I’ll also be buying $VOW3 (+0,15 %) , $VNA (+0,03 %) and $MC (-0,35 %) - positions during the timeframe mentioned above and $BTC (-0,8 %) .

Step by step upwards! With an all-time high in passive income, the foundation for financial freedom is rock solid. 📈🏰

May proved how important stability is. Just like the historic walls of Albrechtsburg Castle in Meissen, which I visited, my portfolio is in a solid position after the recent rollercoaster ride, with the overall portfolio recording a solid gain of 2.42%.

On the markets, AI continues to drive tech stocks, while $CSCO (+0,18 %) the strong old economy backbone.

The 397 steps of the Spitzhaus staircase in Radebeul near Dresden are a perfect symbol of wealth accumulation. It takes perseverance and consistency. But investors are rewarded with a steadily increasing cash flow. Time for a look back!

DISCLAIMER/RISK WARNING

Please remember that this article is for entertainment purposes only. At no point is it a buy or sell recommendation or professional legal, tax or investment advice. Don't just copy anything I do. I am merely describing what is happening in my portfolios, but in no way guarantee that it is up-to-date, correct or complete.

Investing in the capital market is always associated with risks such as loss of invested capital, price fluctuations, liquidation risks or market risks. In accordance with the current guidelines of ESMA and BaFin, I expressly point out that this review serves exclusively to document my personal investment strategy and does not constitute investment advice within the meaning of the WpIG. The securities presented by me are expressly not to be understood as investment advicebut are merely components of my personal portfolio at the time of reporting. Please also bear in mind that there is a conflict of interest, as I naturally hold the securities mentioned myself.

If necessary, seek professional advice and do your own research.

Despite great care, there may be errors in the text or in the figures.

Overall performance

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): + 2.42 % (previous month: + 5.29 %)
• TTWROR (since inception): +95,36 %
• IZF (month under review): +32.45 % (previous month: +87.17 %)
• IZF (since inception): +12,39 %
• Delta: +2,426.37 €
• Absolute change: € +3,506.37

Data shown as "since inception" is valid since 31.05.2020

Performance & volume

The merry month of May had little impact on my tops and flops. They all moved a little, but hardly with recognizable strong trends. It is rather stocks from the solid middle that stand out with a stronger positive development, such as $CSCO (+0,18 %) , $QCOM (+0,04 %) or $TXN (-0,39 %) . All tech somewhere, but not the tech that we all think of first and foremost.

My problem children remain problem children, but they are all improving somehow. We are reducing the minus, especially with $NKE (+0,27 %) ; $CPB (+0,29 %) , $NOVO B (+0,79 %) and $DHR (+0,75 %) . I cannot see any clear reason other than a general recovery.

Largest single stock positions by volume in the overall portfolio:

Share (%) of total portfolio (and associated portfolio):

$AVGO (-0,77 %) 3.39 % (main share portfolio)

$GOOGL (+0,1 %) 1.67 % (main share portfolio)

$WMT (+0,46 %) 1.61 % (main share portfolio)

$CSCO (+0,18 %) 1.51 % (main share portfolio)

$FAST (+0,65 %) 1.32 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share (%) of the total portfolio (and associated securities account):

$GIS (+0,64 %) 0.39 % (main share portfolio)

$NOVO B (+0,79 %) 0.45 % (main share portfolio)

$EDM2 (-0,1 %) 0.45 % (main share portfolio)

$NKE (+0,27 %) 0.47 % (main share portfolio)

$DHR 0.56 % (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase (%) (and the respective portfolio):

$AVGO (-0,77 %) : +450.94 % (main share portfolio)

$GOOGL (+0,1 %) +153.04 % (main share portfolio)

$CSCO (+0,18 %) +116.83 % (main share portfolio)

$WMT (+0,46 %) +91.59 % (main share portfolio)

$OHI (+0,32 %) +81.69 % (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase (%) (and the respective portfolio):

$GIS (+0,64 %) : -46.94 % (main share portfolio)

$NKE (+0,27 %) -46.64 % (main share portfolio)

$CPB (+0,29 %) -40.13 % (main share portfolio)

$NOVO B (+0,79 %) -26.23 % (main share portfolio)

$DHR (+0,75 %) -24.28 % (main share portfolio)

Sector allocation of my individual stocks

My top 6 sectors are:

Consumer goods: 16.30% (previous month: 17.62%)

Technology: 16.09% [excluding information technology] (previous month: 16.60%)

Miscellaneous: 15.56 % (previous month: 16.60 %)

Financial sector: 11.30% (previous month: 11.39%)

Transportation: 9.67% (previous month: 9.13%)

Trade: 8.18 % (previous month: 7.50 %)

Asset allocation

Equities and ETFs currently determine my asset allocation, with ETFs growing steadily in recent months, which may be due to additional purchases.

ETFs: 43.4 % (previous month: 42.8 %)

Equities: 56.6 % (previous month: 57.2 %)

Investments and additional purchases

I have invested the following sums in savings plans:

Planned savings plan amount from the fixed net salary: € 1,080

Savings ratio of savings plans to fixed net salary: 50.60

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,200

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 0.00

Subsequent purchases/one-off savings plans as cashback annuities from bonuses: € 0.00

Subsequent purchases from other surpluses: € 185.21

Automatically reinvested dividends by the broker: € 5.47 (Function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

Number of unscheduled additional purchases: 5

Passive income from dividends and ETF distributions

Passive income in the month under review

I received € 272.14 in dividends and ETF distributions in the month under review (€ 163.38 in the same month of the previous year). This corresponds to a change of +66.57 % compared to the same month of the previous year.

Number of dividend payments and ETF distributions: 28

Number of payment days: 15 days

Average dividend per payment: € 9.72

average dividend per payment day: € 18.14

Passive income YTD

YTD I have received distributions in the amount of € 914.50. If you put this in relation to my annual dividend target of € 2,100, the target achievement of the distribution is 43.5 % (target 41.7 %). This means that after several months I am now back above the target, which also shows that we are now facing stronger months again.

The three calculation methods result in the following distribution yields:

YTD distribution yields: 0.98 %

Distribution yields since inception: 4.97 %

Distribution yields YoY: 2.31 %

The distribution yield YoY increased by 0.93%, while the relative fluctuation was 29.54%. This shows that the distribution is growing slightly, but nevertheless from a lower momentum, as the relative fluctuation was always lower in the previous months. We are therefore dealing with a surge, which traditionally characterizes May for me.

My top payers

The top 6 payers in the month under review were:

$VNA (+0,03 %)

$DHL (+1,17 %)

$IMEU (+0,34 %)

$IWDP (+0,01 %)

$HTGC (+0,16 %)

$SAP (+1,36 %)

FIRE Number & Runway

Even though I don't want to sell shares later, I also calculate my FIRE number for comparability with investors who run an exclusively accumulating strategy.

My FIRE figure based on my 12-month spending (TTM) of €12,219.62 was €305,490.50 (previous month: €303,921.50).

That's the minimum amount my portfolio would need to reach to theoretically cover the expenses via a 4% withdrawal. And this figure has risen slightly.

Of course, this figure fluctuates every month. But it's not the only metric to determine how long my assets could support me in an emergency (without taking taxes into account).

The rolling spending range (runway) expresses how long I could live off my assets.

On an annual basis, this is currently 8.16 years (previous month 7.92 years). Compared to the previous month, it has fallen by 0.24 years increased. So I am effectively about quarter of a year more "free" due to the recovery from the current global political events.

Compared to the same month last year, this is an increase of 2.33 years years. I am still 16.84 years away from my runway target (25 years), which corresponds to the FIRE multiplier. 16.84 years away. So there is still a long way to go to financial freedom, assuming that everything continues as before.

The runway stability of 97.49% indicates that my system is solid despite the market turbulence. The proximity to 100% proves that the core of my strategy remains unaffected by the market.

Performance comparison: portfolio vs. benchmarks

To see where I really stand, I regularly compare my portfolio with the major market ETFs. This allows me to see immediately how well my performance (TTWROR) has done in the current month and since the start compared to the overall market.

My portfolio: +2.42 %

$VWRL: +5,97 %

$VUSA: +6.43 %

$IQQY: +3.22 %

I am lagging behind...

Risk figures

Here are my risk figures for the month under review:

Maximum drawdown:

In the month under review: 0.78

since start: 17.17 %

Maximum drawdown duration:

In the month under review: 8 days

since start: 702 days

Volatility:

In the month under review: 2.07

since inception: 28.74 %

Sharpe Ratio:

In the month under review: 13.77

since inception: 0.43

Semi-volatility:

In the month under review: 1.28

since inception: 21.31 %

The maximum drawdown in May of just 0.78 % shows that the dust has settled. While the previous months were still characterized by corrections, the impact in May remains minimal. The Sharpe ratio of a strong 13.77 underlines the excellent risk-adjusted performance in this growth phase.

With a volatility of 2.07% and a semi-volatility of 1.28%, the fluctuations are far below the historical average. This confirms once again that my system is stable. While the long-term values hardly move, I use the calm for my foundation. The focus remains on cash flow, while the risks remain absolutely controlled.

Outlook

I look back on the merry month of May with real satisfaction. Fresh capital flowed directly into the market, the foundation for passive income continues to grow and May delivered a new all-time high: EUR 272.14 in dividends and distributions show in black and white that perseverance pays off.

Privately, May was a real month of pleasure. The trips to Albrechtsburg Castle in Meissen and Wackerbarth Castle, including the Spitzhaustreppe in Radebeul near Dresden, were absolute highlights. The 397 steps of the Spitzhaustreppe made me realize something that I have long known from investing: it always goes up step by step. My running sessions and workouts are now so automated that my strength and endurance grow almost automatically, without any motivational debates.

I conclude this review with real serenity. When the foundation is right and the habits are in place, the market noise loses all its terror. If you build your foundation like a castle, you will not be distracted by any wind.

Thank you for reading. Onwards to June and upwards step by step! 🚀

👉 The review is also available as a YouTube video and as Instagram Carousel posts, which are published as follows:

06.06.2026: Depot review on Instagram (key performance indicators, share performance, allocation, sectors, additional purchases and performance comparisons)

07.06.2026: Budget review on Instagram (income, expenses, cash flow, ratios, budget compliance and citizen money check)

08.06.2026: Cash flow review on Instagram (general, YTD and actual vs. target comparison for passive income, my top spenders, FIRE figure and capital reach)

09.06.2026: consolidated monthly review on YouTube

📲 There are regular videos, shorts, reels and carousel posts on the topics of frugalism, mindset and investing under @frugalfreisein on Instagram and YouTube.

Please pay close attention to the spelling of my alias. Unfortunately, there are too many fake and phishing accounts on social media. I have already been "copied" several times.

$VNA (+0,03 %)