Oral Wegovy is now available through NovoCare. Prices are comparable or even cheaper than at Hims & Hers Health - and that for the branded, FDA-approved original version. With health insurance, both the tablet and injection versions start at $25 per month.

$NOVO B (+0,85 %)
$NVO (+0,56 %)
$HIMS (+1,42 %)

I have looked at my portfolio review of 2025 and my start to 2026 - not just "how much", but above all: why and what I have learned from it. I am happy to share this with you and look forward to discussion & feedback and, above all, your views: what was the result and also your perception of your stock market year 2025 - and what set-up are you starting the new year with?

Time to reflect 🧘‍♂️

1) Change of mood at the end of 2024

After a rather sobering (for me) stock market year 2024, there was a clear turnaround in sentiment in November 24: on the day of Trump's election victory in Nov 24, the market jumped significantly (Dow +3.57 %, S&P 500 +2.53 %, Nasdaq +2.95 %). This made the "risk-on" narrative credible again - and you could see it in the behavior of many portfolios. At least in mine, if I'm honest with myself ;)

2) Q1/Spring 2025: Unusually Europe-friendly

The first few weeks of 2025 were indeed unusually Europe-heavy: in the first six weeks of 2025, the STOXX 600 was up >5.5%, while the S&P 500 was only up +2.7% in the same period.

This also became clear later in hindsight: in 2025, defense and banks were extremely strong drivers in Europe at times. I was also right in this upswing ($DHL (+0,58 %) , $GBF (+0,59 %) , $RIO (+1,28 %) ) but unfortunately also some disastrous ($NESN (-2,3 %) , $MC (-0,55 %) , $NKE (+0,63 %) ,$NOVO B (+0,85 %) ) decisions were made. Partly also trend- and community-driven -> yes, you are to blame ;)

3) Beginning of April: Bad times

Then came the break: The strong start to the year was literally "wiped out" in just a few sessions, partly due to the customs/trade war shock. YTD turned completely negative, and by April 7 the STOXX 600 was around 12% below the closing price on April 2. $TSLA (+1,27 %) and $NVDA (+1,06 %) purchases. I also $PEP (+0,18 %) I bought cheaply, but a real breakout is still a long way off.

4) Shortly afterwards: fireworks

Then a tailwind came back in the US from the middle/end of April, when the market repriced parts of the Trump escalation in the direction of "negotiations/de-escalation". The Donald kept a few election promises that were perhaps not quite official .-)

5) H2/late year: AI + interest rates as a "macro tailwind"

Towards the end of the year, the environment was then more strongly characterized by two factors: AI-driven risk assets and falling interest rates. It was an AI-driven rally, which also supported sentiment and inflows into US equity again.

And on the interest rate side: the Fed set the key interest rate at 3.50 % to 3.75 % in December after a further cut.

At the end of the year, the major benchmarks were also closer together again: STOXX 600 +16.66 % in 2025, S&P 500 ~+17 %.

6) Golden times 🥇🏅

Then there was the beautiful gold (u.W.). 2025 was a real exclamation mark: spot gold was up around 66% over the year (according to Reuters, the strongest increase since 1979).

Silver was even more extreme at around +168 % per year.

I have already written about gold in more detail here on getquin - if you are interested in the topic, you can find the article in my profile.

Personal performance 2025

• Internal rate of return: approx. +10 %
• TTWROR: approx. -33 %
• Dividend yield: approx. 1.3 % p.a.

The figures confirm what I described above: in my opinion, I made very good operational decisions (realized profits, used tax aspects, built up cash flow). At the same time, the TTWROR shows quite clearly that the portfolio structure was too volatile and too strongly growth/trend-oriented in the meantime. Too often, I have taken the "falling knife".

Before the turn of the year, I invested in $NVDA (+1,06 %) , $TSLA (+1,27 %) , $GBF (+0,59 %) and $DHL (+0,58 %) - each with positive returns - for the following reasons:

• Utilize saver's allowance
• Reduce tech-heaviness
• Cash generation (you can read why below)

Starting point Jan 2026:

Brief overview of the 2026 start setup

Asset mix

• Individual shares: 71.4 %
• ETFs: 16.0 %
• Gold: 9.2 %
• Crypto: 3.4 %

Regional breakdown

• North America: approx. 45.7 %
• Europe developed: approx. 26.0
• Rest of the world (including EM/Asia/Australasia): approx. 22.5 %

Sector structure

• Financial services: 20.5 %
• Consumer goods (cyclical): 19,2 %
• Consumer staples: 15.7
• Information technology: 14.8
• Materials: 7.9
• Healthcare: 4.7

Start to the new year

Parallel to the sales at the end of 2025, I reallocated or increased my holdings in January, including in $O (+0,1 %), $VNA (-0,44 %) and $ZAL (-1,62 %)- with the logic:

• Strengthen cash flow/dividend components
• Turnaround opportunities as a limited admixture
• Reduce volatility in the portfolio

Why I am thinking more defensively in 2026

Next week, the purchase of an apartment on beautiful Lake Tegernsee 🏝️ will be notarized. This is a step into a completely new asset class for me, as it's my first property of my own. - In addition to construction financing, it will of course also be a liquidity issue over the next few weeks.

I may make a separate post about this, perhaps some of you are also currently facing this step?

I can mentally cope well with drawdowns. But: being able to bear risk does not automatically mean having to bear risk.

My portfolio should fit in with this new phase of my life.

What I will do differently in 2026

Because a new asset class will be added to my portfolio in 2026 with the purchase of an apartment, I want to position my portfolio more defensively in future - without completely foregoing opportunities for returns : risk. Otherwise we would be completely wrong on the stock market :)

1) ETF core should dominate

I want my portfolio to be dominated by my ETFs in future. My target scenario is therefore

• 60% of the deposits via a savings plan in my 4 core ETFs ($VWRL (+0,15 %) , $COMM (+1,59 %) , $WSML (+0,15 %) , $IEMS (-0,21 %) ).
• 30 % stocks
• 10 % commodities
• Play money: crypto, certificates, pennies (weighting < 5%)

Important! This is a start-in-2026 setup

Of course, as always in life, a plan is there to be thrown overboard - so you have to wait and see how assets perform in the year ahead and reassess regularly.

2) Stocks yes - but with more discipline

Turnaround/opportunity stocks and trends remain part of my approach, but clearly limited. I want these positions to be what they should be again: An addition, not a foundation.

I will reduce (basic) consumption and strengthen healthcare. And tech?

3) Tech: more controlled

Tech will remain a driver of returns in 2025 - but I want to build it up again in a controlled manner after my sales. I will monitor the trend from a distance for the first few weeks and possibly months and bet on corrections. You can't do without it - as you can see from the Mag-7 performance in 2025:

• $GOOGL (+0,5 %) : +65,3 %
• $NVDA (+1,06 %) : +38,9 %
• $MSFT (+0,48 %) : +14,7 %
• $META (+0,34 %) : +12,7 %
• $TSLA (+1,27 %) : +11,4 %
• $AAPL (+0,24 %) : +8,6 %
• $AMZN (+0,63 %) : +5,2 %

On that note, happy new year!

$VWRL (+0,15 %)
$EWG2 (+2,35 %)
$O (+0,1 %)
$PEP (+0,18 %)
$MSFT (+0,48 %)
$P911 (+0,25 %)
$BLK (+0,35 %)
$NKE (+0,63 %)
$RIO (+1,28 %)
$MC (-0,55 %)
$NOVO B (+0,85 %)
$NESN (-2,3 %)
$ZAL (-1,62 %)
$COMM (+1,59 %)
$IEMS (-0,21 %)
$BTC (+1,97 %)
$ETH (+1,41 %)
$XRP (+3,15 %)
$PEPE (-4,83 %)

-72% The Trade Desk $TTD (+0,94 %)

-72% Fiserv $FI (+0,22 %)

-65% Dogecoin $DOGE (-0,54 %)

-65% Cardano

-61% Gerresheimer

-60% Enphase Energy $ENPH (+1,82 %)

-59% CarMax $KMX (+0,58 %)

-57% Strategy $MSTR (+3,73 %)

-56% Deckers Outdoor

-56% Alexandria Real Estate

-50% Redcare Pharmacy

-50% PUMA $PUM (-0,27 %)

-50% lululemon

-49% Dow

-49% Novo Nordisk $NOVO B (+0,85 %)

-48% MARA $MARA (+3,86 %)

-48% Molina Healthcare

-47% FactSet

-47% Charter Communications

-47% HelloFresh

-45% Wolters Kluwer

-43% Solana $SOL (+1,49 %)

-43% Cocoa

-42% UnitedHealth $UNH (-0,28 %)

-41% Atlassian

-41% Li Auto

-40% Copart

-40% Meituan

-38% PayPal

-38% Chipotle Mexican Grill

-36% TeamViewer

-35% GameStop $GME (+0,75 %)

-35% Orsted $ORSTED (-2,56 %)

-33% Pernod Ricard $RI (-0,38 %)

-33% Evotec

-33% Symrise

-31% Marvell Technology $MRVL (+2,25 %)

-30% Comcast

-30% Natural Gas

-30% Kraft Heinz $KHC (-0,14 %)

-30% Adobe $ADBE (-0,67 %)

-29% Salesforce $CRM (+0,05 %)

-28% Nike $NKE (+0,63 %)

-28% Adidas $ADS (+0,01 %)

-27% Sugar

-27% XRP $XRP (+3,15 %)

-26% Stellantis $STLAM (-0,88 %)

-25% JD .com

-24% Procter & Gamble $PG (-0,21 %)

-23% Arm $ARM (+2,76 %)

-22% Ferrari $RACE (+0,73 %)

-22% Porsche AG $P911 (+0,25 %)

-21% Zalando $ZAL (-1,62 %)

-21% NEL ASA $NEL (+0,78 %)

-21% Ethereum $ETH (+1,41 %)

-18% Bitcoin $BTC (+1,97 %)

-16% Brent Oil

-16% Delivery Hero

-13% Vonovia $VNA (-0,44 %)

-12% Coinbase $COIN (+4,28 %)

-11% SAP $SAP (+1,28 %)

-7% Amazon $ (+0,63 %)AMZN (+0,63 %)

The best shares for 2026 from the $UBSG (+0,68 %)

$AMZN (+0,63 %)
$ANET (+3,27 %)
$CSCO (+0,52 %)
$SNOW (+0,72 %)
$TXN (+0,26 %)
$NEE (+0,05 %)
$D (+0,33 %)
$ETN (-0,39 %)
$PWR (+1,56 %)
$FSLR (+0,12 %)
$UNH (-0,28 %)
$ACAD (-1,58 %)
$DHR (+0,18 %)
$LLY (-0,49 %)
$NOVO B (+0,85 %)
$COF (+0,95 %)
$SPGI (-0,06 %)
$TPG (+0,89 %)
$LOGN (+0,42 %)
$NESN (-2,3 %)
$SIKA (-1,87 %)

Let's see what happens in 2026 🙊 👩🏻‍🚀

$VUSA (+0,52 %) ☝️

$EQQQ (+0,81 %) ☝️

Europe 😯 ☝️

$NOVO B (+0,85 %) -47,44% 🥺

Japan ☝️

$NOVO B (+0,85 %) Nordisk is in much better shape than feared for a long time ahead of trading in the new year from Friday. The share price ended the old year at around 44.02 euros. Although this level does not mark a major leap compared to previous weeks, it does signal a clear shift from the previous risk of a crash. The share had been struggling around the EUR 40 mark for some time. This was precisely the area where buyers intervened several times and slowed down sales. For good reason, as the assessment of the current starting conditions can certainly show.

Novo Nordisk: The good news!

The trigger for the latest movement came from the USA. The approval of Wegovy in tablet form there significantly changed the perception of the product. So far, Wegovy was primarily seen as an injection solution. With the tablet form, Novo Nordisk is expanding access to a significantly larger group of users. This news immediately triggered increased buying activity and provided a visible boost to the share price.

This was followed shortly afterwards by a second announcement from China. The authorities there imposed a price cap on Wegovy. Novo Nordisk confirmed this step publicly. This news partially relativized the first impulse. Nevertheless, the reaction on the stock markets remained muted. Buyers did not withdraw. Sellers did not intensify their activities either. The share price remained close to the level reached.

It is now 2 euros short of the GD100 and thus the formal jump into the upward trend. If this is now achieved quickly, analysts' expectations could come into effect in the new year. They expect price gains of around 20 %. That would be a strong year and would also mean that the share price would break through the EUR 50 mark. This would then open up a whole new range of opportunities anyway.

Would you use the slimming tablet? What is your BMI?

I have a BMI of 25.2...

Source: boerse-express.com

The recent development of $NOVO B (+0,85 %) around the oral Wegovy appears to promote growth at first glance, but on closer inspection turns out to be a clear burden on profitability.

Due to the very low bioavailability of an orally ingested peptide, around 70 times more active ingredient has to be used compared to injections. At the same time, prices for Wegovy have fallen significantly, leading to sharply rising production costs and falling revenue per patient and putting margins under considerable pressure.

This means that sales do not necessarily increase, as the margins reduce this effect. In addition, the advantage is only there as long as Lilly does not launch a product on the market. In addition, this leads to lower margins in the entire pipeline.

Competitive pressure further exacerbates the situation. $LLY (-0,49 %) Lilly is about to enter the market with an oral GLP-1 product on a small molecule basis, which is structurally cheaper to manufacture and puts Novo at a long-term disadvantage in terms of both price and margins. Despite potential sales growth, this threatens a sustained deterioration in earnings quality.

As a result, Novo still remains a risk area for me: value is not yet being generated here and the risk/reward profile does not fit for me!

The future will show: Will NOVO get 3x more customers as a result of the price cut? Then the price cut will have paid off and sales will remain the same. Has the barrier to trying Wegovy through oral pills fallen? (YES) But as I said, this can take time and initially weigh on sales!

My motto: Wait and see how it establishes itself, you may lose a return of 20% but you have certainty!

Dear Community,

At the end of the year, I would like to share my portfolio and my strategy with you.

I am 38 years old, have been in the stock market since 2024 and am aiming for financial freedom at the age of 58. Time will tell whether that will work out... 😉 I'm not investing to maximize my profits, but to be able to live a relaxed life in the long term. To this end, I have deliberately separated my investments into two portfolios with a clear purpose.

Portfolio 1 - Growth (ING)

$VWCE (+0,46 %) , $XNAS (+0,82 %) , $WGLD (+2,42 %) and as an admixture some Bitcoin via ETP $IB1T (+3,34 %) .

This portfolio is saved monthly until 58 and then remains more or less untouched.

My savings rates would be:

800€ $VWCE (+0,46 %)

375€ $XNAS (+0,82 %)

150€ $WGLD (+2,42 %)

0€ $IB1T (+3,34 %) - Position is currently at 10% and should rest for the time being

Portfolio 2 - Cash flow (SC)

Here I am investing via 2 dividend ETFs ($VHYL (+0,29 %) , $TDIV (+0,02 %) ) and selected quality stocks to build up a steadily growing cash flow. All distributions are reinvested equally in the ETFs. Furthermore, a small cushion is built up here via $XEOD (-0,01 %) is built up here.

My savings rates would be

250€ $XEOD (-0,01 %)

200€ $VHYL (+0,29 %) - Start January 26

200€ $TDIV (+0,02 %) - Start January 26

425€ Individual assets (as required, no savings plan, no obligation)

My individual stocks:

Allianz $ALV (-0,27 %)

Munich Re $MUV2 (-2,48 %)

Procter & Gamble $PG (-0,21 %)

PepsiCo $PEP (+0,18 %)

Johnson & Johnson $JNJ (-0,01 %)

Novo Nordisk $NOVO B (+0,85 %)

Lime $LIN (+0,11 %)

ADP $ADP (+0,17 %)

Waste Management $WM (+0,16 %)

Siemens $SIE (+1,07 %)

Accenture $ACN (+0,42 %)

Alphabet $GOOGL (+0,5 %)

Itochu $8001 (-0,02 %)

visas $V (+0,07 %)

No speculation, no trading. For most people here, extremely boring... 😴 But hopefully the selection will bring some stability to the portfolio in turbulent times. 😉

For the time being, we will stick with these stocks and gradually buy more when good opportunities arise. Each individual position will of course be capped later and should make up between 2-3% of the portfolio (including the proportion within the ETFs). Alphabet would be an exception.

The reallocation idea

Nothing is invested from 58. The plan is to reallocate around 5 % annually from custody account 1 to custody account 2. In this way, growth is gradually converted into cash flow - without significant erosion of assets. And in the best-case scenario, my growth portfolio can continue to grow. I consciously accept taxes 😉

Thank you for reading and have a successful 2026.

P.S. My allocation doesn't fit yet because I've been focusing more on my individual stocks in recent weeks. Chart is also not meaningful because of ING Autosync and Itochu split 🥲