SELLING:

$500 (+0,83 %) S&P500 ETF - selling at +15,06%🟢

$UST (+1,34 %) NASDAQ100 ETF - selling at 18,63%🟢

$MFC (+1,16 %) Manulife Financial - selling at -7,12%🔴

$CS (+2,61 %) AXA - selling at +30,34%🟢

$ADC (+0,31 %) Agree Realty - selling at -8,68%🔴

Reasons:

• I’m out of the ETFs, I stopped adding to them months ago but now I’ve decided to kill my positions, as I think we’re in a phase where a very short list of names are moving them, and since that is the case I prefer to choose exactly what companies I want to be invested in.

•Exiting Manulife as it has lost momentum and has been trading sideways for a year, earnings estimates for the following years are ok but not amazing and I wanted to focus my investments on insurers with $ALV (+2,29 %) that has been performing better. Also exiting $CS (+2,61 %) even though I like its valuation. Again I want to focus in just 1 insurer and I prefer not to be particularly exposed to France.

•Sold $ADC (+0,31 %) as again I want to focus on 1 name on the REITT sector, and that is $O (+0,14 %) . The biggest, still growing, strong, and reliable. I do think REITTS will perform better in the coming months once interest cuts start materializing. Realty Income’s yields are higher than usual and I don’t see the stock going down, with potential for appreciation and nice monthly dividend.

BUYING:

$DELL (+9,86 %) adding more to my position

$ALV (+2,29 %) Allianz adding more to my position

$GRF (+0,75 %) Grifols adding more to my position

$PUIG (+0,09 %) adding more to my position

$SSRM (+7,53 %) SSR Mining new addition to my portfolio

$GSL (+0,39 %) Global Ship Lease new addition to my portfolio.

$9999 (+2,37 %) NetEase (ADR) new addition to my portfolio.

Ressons:

•I’m growing the positions I’m confident in, and I belive that Puig, Grifols and Dell are undervalued, all of them are growing strong, with Puig having lost half of its market cap since IPO but growing net income, revenue, and maintaining good revenue forecasts (7-8% annual). Grifols has been performing well, but it is far away from its all time highs and I think that their dominant position, their US exposure (with plasma centers built in the country) and their growing market, are all combined with operational and financial improvements, factors that should help the stock run higher sooner than later… and Dell… probably the only AI player with a P/E close to 20.

•My new additions follow my usual logic for picking… good momentum, good growth prospects, and correct valuation.

Global Ship Lease has a ridiculously low P/E, high dividend with low payout, nice balance sheet that has improved a lot in recent years (deleveraging) and well the macro is not amazing for them (trade wars, end of Gaza war…) but they have a very nice backlog for the next 2 years.

SSR Mining is a gold miner with no debt, long term cost effective gold mines, nice production growth prospects and an amazing momentum linked to golds nice performance. Even if gold price went down a but, I see it as a good investment. I took the oportunity to buy today as it was falling 10% after news of a possible meeting Trump-Putin that affected gold price.

Finally NetEase, mobile gaming Chinese company with low valuation, nice growth projected, zero debt, cash, and a growing market and macro improvement in Chinese regulation. I wanted some exposure to China and I got it with NetEase.

Moving my $PFE (-0,26 %) money to $GRF (+0,75 %) and $NOVO B (+1,96 %)

Third time I add to Grifols. Getting more expensive but growth prospects are good, financial position improving, and momentum is also good.

Not going to to the analysis again as I mantain my previous view on it. .

The rest of the money coming from my divestment in Pfizer, goes to $NOVO B (+1,96 %) . I still want to have a bit of pharma in my portfolio, and the punishment that Novo has had is excesive in my view. It has gone from hyped to hated, and at this point PE is low and growth ahead is still there. Not as good as it was expected, but not as bad as it looks…

I wrote about $GRF (+0,75 %) when I made my first buy in december 2024, up ~35% since then. Now I’m adding more.

Nothing has changed on my perspective, and doubts about its leverage and management are becoming a smaller risk.

After the short report, the fallen buyout, the new management and some divestment to reduce debt, we already start to see the first results with strong EPS growth and record revenues.

Forecasts place the EPS at 1,2€ in 2026, which would already be a record for the company, improving their 2020 EPS when the stock was at 30€ per share.

I see plenty of upside here and I’m happy to invest in Pharma industry to diversify from my heavy tech, finance and travel portfolio.

Comments on $GRF (+0,75 %)
Related to My F&F Portfolio

I recently added $GRF (+0,75 %) to the portfolio as I believe it is a strong play in the pharmaceutical sector. Its valuation appeared (and still remains) attractive, especially when considering its future EPS projections and its significant position in a growing market. I also noted that their debt was their biggest weakness, although I believed it to be manageable.

Since then, recent news has positively impacted the stock. But what exactly happened, and why did investors view it favorably for $GRF (+0,75 %) ? The company announced a bond issuance aimed at addressing the debt maturing between 2025 and 2027, which had been putting considerable pressure on their cash flow.

The Good News

With this bond issuance, their their debt position is still tight, but short-term debt is no longer a pressing concern. Investors also perceived this move as a demonstration of $GRF (+0,75 %) 's ability to access debt markets, which speaks to their financial stability. Additionally, by shifting short-term debt into long-term obligations, $GRF (+0,75 %) improved its credit rating, which further boosts investor confidence. Given their strong EPS forecasts, this new debt shouldn't pose a repayment issue, although the risk if forecasts are wrong is still there.

The Bad News

However, the new debt comes at a higher cost. The bonds carry an interest rate of approximately 7.2%, significantly higher than their previous debts, which ranged from 2.5% to 5%. This increase in interest expense will weigh on their financial results and could impact profitability in the near term.

Conclusions

Despite the higher costs, I view this move as a step in the right direction. It addresses immediate financial pressures and positions $GRF (+0,75 %) more favorably for the future, reinforcing my confidence in the decision to invest in this company.

**Disclaimer - This is not a stock recommendation. Do your own research before investing**

Adding Grifols to My Portfolio: Reasons

Diversification: Increasing exposure to non-tech and non-cyclical sectors to balance the portfolio.

Strong Growth Potential: Grifols ($GRF (+0,75 %) ) is a leader in plasma derivatives, with anticipated revenue growth and significant improvement in EPS (Earnings Per Share) projected over the coming years.

Opportunity from Recent Selloff: The recent stock price drop followed the cancellation of an acquisition offer around €10.5 per share. The company publicly advised shareholders against accepting the offer, deeming it undervalued.

Financial Recovery and Market Improvements: Grifols has made substantial progress in improving its financial position by reducing debt, supported by better market conditions. The challenges posed by COVID-19, which disrupted blood collection, are now behind them.

Addressing Short Seller Concerns: The company has effectively responded to claims in short-seller reports. While some structural aspects of the business were previously unclear, Grifols has improved transparency (they were forced to it). This reduces the risk of future stock hits related to such reports.

Despite all the noise, overeall I see a long therm oportunity on an expanding market with a leader company at a low price.