2025 - A year to forget if you look at the first quarter. While things were still looking positive until around mid-February, things have been going steadily downhill since the middle or end of February.

March 2025 was the worst single month in my portfolio since 2013, with price losses of almost 10%. The negative market trend in the US and a weak US dollar naturally hurt my portfolio particularly badly.

Monthly view:

In total, March was -9,9%. This corresponds to price losses of almost 30.000€.

The MSCI World (benchmark) was -7.9% and the S&P500 -5.8% (in dollars, for euro investors it was also more like -10%).

Winners & losers:

A look at the winners and losers shows a clear picture in March:

Winners? You will look for them almost in vain this month.

In 1st and 2nd place are Deutsche Bank
$DBK (-0,69 %) and Allianz $ALV (-0,87 %) two German financial stocks with gains of around € +180 each. Northrop Grumman $NOC (-0,84 %) at +120€ is only one of 2 American stocks with a positive price performance in March.

A completely different picture on the losers' side:

1st place goes to NVIDIA $NVDA (-3,43 %) with price losses of over €4,200. It is followed by Meta $META (-4,66 %) and Palo Alto Networks
$PANW (-2,21 %) with price losses of ~€2,000 each. 4th place goes to Alphabet
$GOOG (-2,87 %) with €1,600 in share price losses. The flop 5 is then completed by a non-tech stock, namely Starbucks
$SBUX (-1,71 %) with losses of ~€1,400.

The performance-neutral movements were €500 in March - these are still lower at the moment due to the house construction issue.

current year:

In the YTD my portfolio is now also clearly in the red with -8,4%. The MSCI World is still doing better at -5.4%.

In total, my portfolio currently stands at ~260.000€. This corresponds to an absolute decline of ~€25,000 in the current year 2025. -28.000€ of this comes from exchange rate losses, slightly offset by ~900€ from dividends / interest and ~2.000€ from additional investments.

Dividend:

• Dividends in March were +8% above the previous year at ~390€
• At the top of the list Amgen
  $AMGN (-0,73 %) with meanwhile over 55€ (gross) dividend every 3 months
• In the current year, the dividends after 3 months are +15% over the first 3 months of 2025 at ~730€
• The US dollar will also have an impact on dividends this year. Example: 2,500$ at an exchange rate of 1:1 equals 2,500€. At an exchange rate of 1.08$, these 2,500$ would only be worth 2,315€, a decrease of ~185€

Buying & selling:

• I bought in March for 750€
• 460€ shares
• 190€ ETFs
• 100€ crypto
• Sales Was there no

Change of strategy?

At the moment, Donald Trump and his policies are causing a lot of scrutiny, especially with regard to the (high) US share in the portfolio.

I can understand these thoughts very well. However, I have decided not to change my strategy and to maintain my high US & tech allocation in my portfolio.

There are certainly better short-term investment opportunities (European defense stocks as an example). Through my savings plans, however, I have deliberately opted for a long-term buying strategy that I will not throw overboard every few months. In the long term, for example, 2022 was an extremely good year to buy tech stocks.

As I don't have a portfolio target for this year anyway, I'm happy to go even lower - hopefully I'll be happy about the entry prices in 2-3 years' time.

YouTube:

Unfortunately, I only uploaded 2 videos to YouTube in March. Unfortunately, work in March was extremely stressful and time-consuming, so there was little time left for this.

I have also uploaded my March portfolio update as a video there if anyone would like to see some more information on the portfolio performance: https://youtu.be/fxbvatj6uvM?si=xP_gvoEmtuqSsfz8

I'm particularly happy to receive criticism or feedback here! 😊

Goal 2025

As already mentioned in the January & February review, a fixed deposit target for this year makes little sense due to the house construction. A fixed savings rate is also difficult to implement due to the issue (unforeseen costs and the like).

A dividend target is also very difficult due to the high volatility of the US dollar.

That's why I'm focusing on other topics this year, especially building a house and possibly one or two YouTube successes.

How are things looking for you? Are you sticking to your portfolio target for 2025 or do you also see difficulties in achieving it after the first quarter?

#dividends

#dividende

#rückblick

#depotupdate

#aktie

#stocks

#etfs

#crypto

#personalstrategy

Presumably because the New York Times reports on the Pentagon's war plans against China, which Musk was apparently briefed on at the Pentagon today.

In a military conflict between the two economic powers USA and China, the first "Line of Contact" would be a digital one: cyber attacks.

And even if only hypothetical scenarios are reported, this will probably already lead to an intensification of the constant mutual cyber attacks. Information is key.

• Cyberark $CYBR (-1,19 %)
• Palantir Tech $PLTR (-1,99 %)
• Check Point Software Technologies $CHKP (-1,87 %)
• Crowdstrike $CRWD (-1,32 %)
• VeriSign $VRSN (-0,47 %)
• Zscaler $ZS (-1,9 %)
• Okta $OKTA (-2,1 %)
• Cloudflare $NET (-1,01 %)
• Fortinet $FTNT (-1,36 %)
• Cisco Systems $CSCO (-0,49 %)
• Palo Alto Networks $PANW (-2,21 %)
• Akamai Technologies $AKAM (+0,62 %)
• BlackBerry $BB (-12,9 %)
• NetScout Systems $NTCT (+0,51 %)
• CommVault Systems $CVLT (+1,32 %)

Sources:

• The Pentagon set up a briefing for Musk on plans for a potential war with China.
• NYTimes Liveblog: Trump Administration Live Updates: Trump Rejects Idea of Letting Musk See Secret Plans for War With China

#newyorktimes
#china
#usa
#trump
#pentagon
#elonmusk

Revenue Forward 3Y CAGR and Forward P/S Ratio (sorted in ascending order)

Hims & Hers: 31.9% / 3.4x $HIMS (-4,49 %)

Spotify: 14.9% / 5.6x $SPOT (-2,99 %)

Airbnb: 10.4% / 6.8x $ABNB (-1,97 %)

Roblox: 19.4% / 7.3x $RBLX

Robinhood: 17.0% / 10.6x $HOOD (-4,27 %)

The Trade Desk: 19,4% / 11,1x $TTD (-5,32 %)

Fortinet: 14.4% / 11.5x $FTNT (-1,36 %)

Shopify: 22.6% / 11.9x $SHOP (-7,56 %)

Palo Alto Networks: 14.7% / 12.2x $PANW (-2,21 %)

ServiceNow: 19.5% / 13.4x $NOW

Duolingo: 26.7% / 13.7x $DUOL

Axon Enterprise: 20.9% / 15.5x $AXON (+0,58 %)

Crowdstrike: 22.5% / 17.2x $CRWD (-1,32 %)

Cloudflare: 27.2% / 20.9x $NET (-1,01 %)

Palantir: 30.8% / 52.6 $PLTR (-1,99 %)

Palantir and Hims & Hers are not the same...

Even if Palantir increases its sales by an ambitious 30% every year over the next 10 years and achieves a free cash flow margin of 45% (!), the current share price is still >20% above fair value (assumption: 3% terminal growth, 8% discount rate) - even though the share has already corrected by >30%.

Your opinion?

2025 - A stock market year that has so far been more reminiscent of rough seas. It goes uphill and the next moment it goes abruptly downhill again.

The January began with a lot of Trump euphoria on the markets, before this was halted by DeepSeek in the second half of January.

The February recovered relatively quickly from this shock before falling again in the second half of the month. The Trump euphoria has turned into a Trump shock for the time being.

Nevertheless, I will continue to hold a 75-80% USA quota with a high proportion of tea.

I can get over the fact that after 2 years of outperformance against my benchmarks, there may be an underperformance this year.

Monthly view:

In total, February was -3,2%. This corresponds to price losses of almost 10.000€.

The MSCI World (benchmark) was down -2.5% and the S&P500 -1.4%.

Winners & losers:

A look at the winners and losers nevertheless reveals a surprising picture for the top performer in February.

But first a look at the losersThe biggest loser by far is Alphabet $GOOG (-2,87 %) With losses of almost €3,000, the share price took a heavy hit in February. This is followed by a total of almost €5,000 in price losses Bitcoin
$BTC (-2,35 %) & Ethereum
$ETH (-3,07 %) . 4th & 5th place goes to Salesforce
$CRM (-2,37 %) and TSMC $TSM (-4,1 %) two more tech stocks

On the winning side are actually at the top, much to my own surprise NVIDIA
$NVDA (-3,43 %) with a price gain of almost €1,000. And this despite the fact that NVIDIA lost over 10% on the penultimate trading day in February. Nevertheless, the recovery after the DeepSeek shock in February was greater than expected.

The top 5 includes Amgen
$AMGN (-0,73 %) and Johnson & Johnson
$JNJ (+0,37 %) two stocks from the healthcare sector, a rather defensive sector. These are joined by MercadoLibre $MELI (+0,49 %) and Palo Alto Networks $PANW (-2,21 %) but also two tech stocks.

The performance-neutral movements were positive again in February at € 900, after January was clearly negative due to a property purchase.

current year:

In the YTD my portfolio is still just in the plus with +0,6%. However, the MSCI World is up +1.9% and I am currently underperforming my benchmark.

In total, my portfolio currently stands at ~288.000€. This corresponds to an absolute growth of ~€3,000 in the current year 2025. ~1.000€ of this comes from price increases, ~500€ from dividends / interest and ~1.500€ from additional investments.

Dividend:

• Dividends in February were 19% above the previous year at ~€188
• At the top of the list Procter & Gamble
  $PG (-0,73 %) with now over €50 (gross) dividend every 3 months
• In the current year, the dividends after 2 months are +24% over the first 2 months of 2025 at ~350€

Buys & sells:

• I bought in November for ~800€
• 520€ shares
• 210€ ETFs
• Here I took up a new ETF via a savings plan, an ETF that normally does not correspond to my strategy at all. This is a Covered Call ETF on the NASDAQ $JEPQ (+0,22 %) - The ETF uses a covered call strategy to aim for a distribution of ~10% p.a. and still generate price gains. I know that this doesn't make sense from a tax perspective, but what the heck: you can have fun sometimes 😉
• 100€ crypto
• sales there were none in February

YouTube:

I uploaded a few new videos to YouTube in February and I'm starting to feel less stupid talking into a microphone.

I've also uploaded my portfolio update there as a video if anyone would like to see some more information about the portfolio performance in February:

https://youtu.be/iJZ0i3EO5Hs

Here I act according to the motto: Let's see what happens - What will happen!

Goal 2025

Building a house makes it particularly difficult to formulate a goal this year.

A certain savings rate? Difficult if additional costs are suddenly added

A certain deposit value? Also difficult, as I can't really back this up with my savings rate this year and the markets are very volatile.

The current portfolio balance is ~€290,000. I would estimate additional investments at ~€15,000. This would bring me to just over €300,000. I originally assumed a market return of 7% for this year. However, after the first two months it is difficult for me to estimate how this year will go.

That's why I'm being honest: A target doesn't make sense for me this year.

The goal is to build a successful house and for the portfolio we'll just see what happens.

#dividends

#dividende

#rückblick

#depotupdate

#aktie

#stocks

#etfs

#crypto

#personalstrategy

Podcast episode 78: "Buy High. Sell Low."

Subscribe to the podcast to help Münzi rise to 400$.

00:00:00 Market overview

00:12:40 Palo Alto Networks $PANW (-2,21 %)
$CRWD (-1,32 %)

00:29:00 Nebius Group $NBIS (+7,18 %)$TEM

00:52:00 Coinbase & Bitcoin $COIN (-0,08 %)
$BTC (-2,35 %)

01:17:00 Election programs: The Left, BSW, Volt

Spotify $SPOT (-2,99 %)

https://open.spotify.com/episode/5u7nL29RbT9cZrVDZ9ATv0?si=0gSaCyjvTBKwHvkcFkVFlw

YouTube $GOOGL (-2,85 %)
$GOOG (-2,87 %)

https://youtu.be/Y0dcaNwLfW8

Apple Podcast $AAPL (-5,01 %)

https://podcasts.apple.com/us/podcast/folge-78-coinbase-palo-alto-nebius-wahlprogramme/id1695869891?i=1000693370783

#podcast
#bitcoin
#coinbase
#krypto
#spotify

Next week won't be boring either 🫡

There's something for everyone 😁

What numbers are you looking forward to? 🧐

$MCD (-2,04 %)
$VRTX (-0,93 %)
$KO (-1,43 %)
$SPGI (-0,16 %)
$VRT (-5,2 %)
$PANW (-2,21 %)
$CVS (-0,06 %)

$MEDP (+3,92 %)
$ACLS (-2,65 %)
$THC (-0,81 %)
$TTD (-5,32 %)
$CSCO (-0,49 %)
$APP (-2,69 %)
$HOOD (-4,27 %)
$DE (-4,14 %)
$AMAT (-1,53 %)
$ABNB (-1,97 %)

Due to my own inattention or incompetence, I will liquidate the positions except for gold and BTC.

Why? I only realized today that this taxation of unrealized gains on ETFs is actually coming into force.

In order to replicate the performance of Info Tech and Defense as closely as possible (I still want to exclude Mag 7 and the savings plan options also limit me slightly), I am betting on these stocks (all are equally weighted):

$ORCL (-0,56 %)

$PANW (-2,21 %)

$PLTR (-1,99 %)

$PH (+2,46 %)

$RTX (-0,41 %)

Hi folks,

I would like to add a cybersecurity share to my portfolio this year. Since I'm sure some people are already invested here and I'm not yet familiar with the market (apart from the growth potential), I'd be interested in your opinion.

My favorite at first glance would probably be Palo Alto, even if I first have to read up on why there was such a sharp drop in profits. Which player would be your pick and why?

$PANW (-2,21 %)

$CRWD (-1,32 %)

$FTNT (-1,36 %)

$NET (-1,01 %)