Once again taking profits at $HL (+12,43 %) After 5 years with a percentage increase of approx. 130%, the percentages given by getquin are unfortunately not correct. But I'm still letting 230 shares run but wanted to invest in other things like $NOVO B (+2,62 %) with Novo the dividend yield of approx. 4% was the main reason and $HIMS (-0,59 %) otherwise I am unfortunately overweighted with the mining shares. I still have 80 shares in $EDV (+0,4 %) which I like to let run longer because of the good dividend of approx. 2.5% on my invested capital, which makes them even more interesting for me. But I only bought these in 2022.

While I wandered through Rostock and Schwerin, spent a frugal night and found a moment of peace in Schwerin Cathedral, my depots simply carried on doing their thing. No hectic rush, no manual interventions, no nervous glances at my smartphone. The automation of my reinvestments, savings plans and standing orders is simply worth its weight in gold!

And then, right in that moment of silence in the cathedral, a message demanded my attention. It was the moment when the biggest dividend of the month arrived. A sign from the very top, or timing straight out of a picture book? Back home at the end of the month, a new player became apparent in the portfolio, which advanced into the top 5. But catching up with my strongest stock is still a long way off for the new challenger. Time for a review.

Overall performance

For me, November in general was the same as always: steady and boring. I didn't even really notice that the US budget shutdown had ended. Just as well, because business as usual can continue.

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

• TTWROR (month under review): +1.40 % (previous month: +1.39 %)
• TTWROR (since inception): +79,75 %
• IZF (month under review): +18.54 % (previous month: +9.65 %)
• IZF (since inception): +11,22 %
• Delta: +1,211.47 €
• Absolute change: +€2,398.46

Performance & volume

$AVGO (+1,5 %) remains the heavyweight in the portfolio, but as mentioned in the introduction, there is a new challenger that made significant gains in November and has now moved into the top 5. $GOOGL (-0,61 %) pulls past $BAC (-0,02 %) . They have just delivered. New Gemini and Nano Banana version. The constant new advances in AI are the clear driver here. But watch out! The question in the future will be who will earn money with AI. Will it be those who have integrated it into their products or those who create the basic prerequisites for its use via data centers and hardware? I am curious.

And even if this competition is super exciting, these values are not in my sights, more on that later in the outlook.

Size of individual stock positions by volume in the overall portfolio:

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

$AVGO (+1,5 %) 3.57 % (main share portfolio)

$WMT (+0,15 %) 1.75 % (main share portfolio)

$GOOGL (-0,61 %) 1.56 % (main share portfolio)

$NFLX (+0,84 %) 1.60 % (main share portfolio)

$BAC (-0,02 %) 1.46 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

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

$NOVO B (+2,62 %) : 0.45 % (main share portfolio)

$GIS (+0,43 %) : 0.56 % (crypto follow-on portfolio)

$BATS (-0,55 %) 0.57 % (main share portfolio)

$TGT (-0,04 %) 0.57 % (main share portfolio)

$MDLZ (-1,1 %) 0.59 % (main share portfolio)

Top-performing individual stocks

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

$AVGO (+1,5 %) : +369 % (main share portfolio)

$NFLX (+0,84 %) +120 % (main share portfolio)

$GOOGL (-0,61 %) +119 % (main share portfolio)

$WMT (+0,15 %) +95 % (main share portfolio)

$OHI (-1,92 %) + 90 % (main share portfolio)

Flop performer individual stocks

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

$TGT (-0,04 %) : -35 % (main share portfolio)

$GIS (+0,43 %) : -35 % (main share portfolio)

$NKE (+2,53 %) -31 % (main share portfolio)

$NOVO B (+2,62 %) -29 % (main share portfolio)

$CPB (+1 %) -26 % (main share portfolio)

Asset allocation

Equities and ETFs currently determine my asset allocation.

ETFs: 41.3 %

Equities: 58.6 %

Crypto: 0.0 %

P2P: less than 0.01 %

Investments and subsequent purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: € 1,030

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,140

Savings ratio of the savings plans to the fixed net salary: 49.75

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

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 75.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 21.98

Subsequent purchases from other surpluses: € 0.00* (additional purchases are only made in December)

Automatically reinvested dividends by the broker: € 2.08 (function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

Unscheduled purchases were made on various securities accounts outside the regular savings plans:

Number of unscheduled purchases: 9

21.98 € for $SPYW (+0,4 %)

35.00 € for $SPYW (+0,4 %)

40.00 € for $GGRP (+0,44 %)

35.00 € for $GGRP (+0,44 %)

Passive income from dividends

I received € 113.15 in dividends (€ 82.45 in the same month last year). This corresponds to a change of +37.36 % compared to the same month last year. For a rather weak month, this is a great sum, which I am grateful for and from which I made a small donation in addition to reinvesting, as I did in September and October. Other key figures:

Number of dividend payments: 22

Number of payment days: 10 days

Average dividend per payment: € 5.60

average dividend per payday: € 12.32

The top three payers in the month under review were:

$IWDP (+0,61 %)

$ZPRG (+0,13 %)

$HTGC (-1,17 %)

My passive income from dividends (and some interest) mathematically covered 12.59% of my expenses for the month under review. Acceptable for a weak month with medium-high expenses (by my standards).

Crypto performance

As I play by the cycle theory, I got out of crypto completely in October. The share was previously insignificant in my portfolio anyway, but the harvest has nevertheless been reaped. Only the Oracle of Delphi knows whether I am right with my approach. There was more in an earlier getquin post from me, in which I explained my assumptions and strategy in detail.

So there are no key figures to report. Now it's time to learn and understand.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows the TTWROR in the current month (and since the beginning):

My portfolio: +1.40 % (since I started: +79.75 %)

$VWRL (+0,04 %) -0.50 % (since my start: 62.52 %)

$VUSA (+0,08 %) -0.48 % (since my start: 58.04 %)

Finally performed better than my chosen benchmark ETFs.☺️

Risk figures

Here are my risk figures for the month under review:

Maximum drawdown: YTD: 17.17% (month under review: 2.34%)

Maximum drawdown duration: 702 days since inception (reporting month: 14 days)

Volatility: YTD: 28.15 % (in the month under review: 2.44 %)

Sharpe Ratio: YTD: 0.39 (in the month under review: 7.63)

Semi-volatility: YTD: 20.91 % (in the month under review: 1.75 %)

The maximum drawdown of 702 days since the beginning is a long period 2022-2023 before the year-end rally began at the end of 2023. Otherwise the figures suit me well.

My Sharpe ratio of 0.39 YTD shows that I have achieved a return of 0.39 units above the risk-free rate per unit of risk.

My vola of 28.15% YTD is the direct footprint of the loud roar and then small cave-in of Trump's tariff policy. It has proven itself again: For me as a long-term investor, what counts is simply staying calm and buying the dip when another dip comes.

Outlook

I still have some money left over from my food and drugstore budget, but I won't be (re)investing it until December with the surpluses I hope to have by then. I've chosen a boring REIT that won't be $O, but still pays out monthly dividends and has long been a position in my portfolio. Strictly speaking, I've seen little or no mention of this stock among the financial tycoons recently. You'll see which one in the next review.

The last point will be a little more personal again. Loyal readers of my reviews will know from the August review that this summer I was diagnosed with aortic ectasia of the ascending aorta near the heart as a result of the bicuspid and insufficient aortic valve. An incidental finding that will be treated with the necessary seriousness through close monitoring and an upcoming operation. And precisely because of this, it is no longer the ticking time bomb that it would be if it were still undetected and possibly larger. The knowledge of this and now my own adjustment to day X is gradually changing my way of thinking. Before the discovery, when I was just a patient with a leaky aortic valve who regained a lot after changing my lifestyle for the better, e.g. exercise, I was influenced by the idea that I had a lot of time to implement what was on my mind. Now I know that I want to get a few things done before the day of the procedure and the lengthy recovery. I am now aware of the issue of time in a whole new way. Why am I writing this publicly? Because I want to show that finances are certainly important, but only one piece of the puzzle of life.

So, that's enough writing. With that in mind, have a wonderful Christmas.

Thank you for reading. Stay healthy and happy!

👉 You can also see my review on Instagram from next week (portfolio review from 8.12.25 and budget review from 9.12.25).

📲 In addition to the portfolio and budget review, there are currently three posts a week: @frugalfreisein

!!! 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.

👉 How was your month at the depot? Do you have any tops and flops to report? Leave your thoughts in the comments!

$HIMS (-0,59 %) The acquisition has massive advantages as it will enter the high-margin GLP-1 market in Canada.

- Livewell focuses on weight loss, but also offers products for contraception, acne treatment, ED treatment and smoking cessation.

- Hims and Hers have acquired .ca domains.

This opens up a new market that will be the most exciting for the business, starting with the USA. Better margins and growth than initially ZAVA in Europe in my opinion.

In addition, the patents of $NOVO B (+2,62 %) Semaglutide in Canada expire in January 2026, which means that massive money can be printed there with GLP-1 even if the prices are lower than in the USA!

The takeover will also have a positive impact on the Q4 figures, so we need to watch out for that in earnings!

What we have achieved so far for 2025:

- Blood testing lab (February)

- Peptide plant (February)

- CTO Mo on board (May)

- CPT Dheerja on board (June)

- 1 billion financing with 0% interest

- International expansion with Zava

- Launch of testosterone

- Launch of Menopause

- Launch of Labs

- Acquisition of a blood collection device

-Market entry Canada

AND then let's look at the growth, I expect annual growth IZF of 20-30% I have been bullish for a long time and remain so! We still have a KUV of 3.6, which is clearly too low with the growth, but you already know that after numerous posts...

Now is our time

I am looking for dividend stocks to increase the payout for the months of January, July and October, does anyone have any suggestions that might fit my portfolio? Would also like to $NOVO B (+2,62 %) get rid soon and invest in another stock in the healthcare industry.

Handelsblatt searched the Dax, Stoxx 50 and Dow Jones for so-called quality stocks that are undervalued - i.e. whose price level is lower than the long-term average.

In order to be selected as a quality stock, the companies must have consistently fulfilled five conditions over the past five years:

• Rising or at least stable earnings before interest and taxes (EBIT),
• high liquid funds from the core business (operating cash flow) to cover ongoing costs at all times,
• low to moderate net debt in relation to equity; well below 100 percent,
• Rising dividends year after year,
• lower valuation than the company's own ten-year average - calculated from the ratio of consolidated earnings to market capitalization.

The sharp rise in share prices in recent years means that only five out of a total of 120 companies listed on the Dow, Stoxx and Dax fulfill all five conditions. Only one stock from the leading German index is included.

Visa $V (+5,58 %): The moat stock is available with a six percent valuation discount

Current dividend yield: 0.8%

Several million merchants worldwide accept payments in supermarkets, when shopping online or when traveling abroad. More than half of the group's revenues remain as profit, making Visa one of the most profitable companies worldwide and at the same time a typical moat share.

Higher prices and thus inflation have a positive effect, as they mean higher revenues for Visa because the credit card fees are linked to the merchant's turnover as a percentage.

L'Oréal $OR (-0,43 %): Ten percent valuation discount and the Group is growing faster than the market

Current dividend yield: 1.9%

When the world's largest cosmetics manufacturer reported sales growth of 4.2 percent in the past quarter, the share was one of the biggest losers of the day. Analysts had expected more. The share is trading 20 percent below its record high.

According to analysts' average forecasts, L'Oréal should earn 6.7 billion euros before interest and taxes in the current full year. That would be more than ever before and almost twice as much as five years ago. In the same period, the dividend per share rose from 3.85 euros to seven euros.

With a P/E ratio of 27.4 based on the earnings forecast for the next four quarters, the share is valued ten percent lower than its ten-year average.

Procter & Gamble $PG (+0,45 %): The dividend is safe and always rising

Current dividend yield: 2.9%

Branded products such as Ariel, Pampers, Braun and Gillette provide the American consumer goods manufacturer with reliably rising earnings. Over the past five years, earnings before interest and taxes have risen by 23%.

However, this year has shown that even such defensive shares are not resistant to price losses. Procter & Gamble is currently trading just under 20 percent below the record high it reached twelve months ago.

There are two reasons for this: the preference of many investors for more speculative technology shares, but also higher financial burdens for many consumers due to the rising cost of living. As a result, more consumers preferred cheaper own brands from retailers such as Walmart in the USA or Edeka and Rewe in Germany.

In the long history of the stock market, such price setbacks have almost always proved to be good opportunities to enter the market. The share is currently valued at a P/E ratio of 20.8 based on the earnings forecast for the next four quarters. This is seven percent below the average of the past ten years - after P&G had been valued above the historical average in recent years.

The strongest argument is probably the profit distributions. The Group has paid dividends every year since 1890. Since the end of the 1950s, Procter & Gamble has increased its dividend every year. Around 50 percent of profits go to shareholders.

This leaves enough of a buffer to increase the dividend even in years with slightly falling profits. Over the past five years, the dividend has risen by around one euro to 3.75 euros per share.

German Stock Exchange $DB1 (-2 %): Not only the stock market business drives profits

Current dividend yield: 1.8%

The Frankfurt stock exchange operator is set for its seventh record profit year in a row in 2025. In the third quarter, net revenue, pre-tax profits and earnings per share continued to rise as usual. Nevertheless, the share, which has risen sharply in recent years, has come under pressure in recent months: down 25% since the beginning of May.

Deutsche Börse is currently negotiating the purchase of the fund management platform Allfunds for 5.3 billion euros. Allfunds offers fund managers and distributors a platform for trading, data analysis and compliance systems.

The result of so much consistency is reliable dividends: The dividend has risen for nine years in a row, and the tenth increase is due next spring.

In view of the recent share price losses - coupled with rising consolidated profits - the share is no longer overvalued after a long time. With a P/E ratio of 18.7 based on the expected profits in the next four quarters, the share is valued three percent lower than its ten-year average.

Novo-Nordisk $NOVO B (+2,62 %): Highest valuation discount and highly speculative

Current dividend yield: 3.8%

The most speculative share among the stocks portrayed here is Novo Nordisk. With the presentation of its third-quarter results, the Danish pharmaceutical group once again lowered its sales and earnings targets. In addition, the management, under its new CEO since August, Maziar Mike Doustdar, cut its investment plans.

The company had grown strongly with the sales injection Wegovy, which had made Novo Nordisk the most valuable stock market group in Europe for a time, before competitors, above all the US group Eli Lilly $LLY (+0 %)successfully competed with similar products. Mass redundancies at Novo Nordisk were the result.

Despite all the setbacks, the pharmaceutical company is still increasing its profits - but at a slower rate. In the current year, analysts are forecasting average earnings before interest and taxes of the equivalent of 14.1 billion euros, compared to 13.5 billion euros in the previous year.

Since last summer's record high, the share price has fallen by 70 percent. This constellation - rising profits, collapsing share price - makes the once very highly valued share with a P/E ratio of 12.9 suddenly inexpensive. The ten-year average is almost twice as high with a P/E ratio of 23.4. No other quality share is currently trading at such a high valuation discount.

Novo Nordisk recently achieved positive results in tests with the drug Amycretin in diabetes patients. According to the company, these patients reduced their weight considerably and were also able to significantly lower their blood sugar levels.

This was Novo Nordisk's core business before the hype surrounding weight loss injections began. Over the past 30 years, the number of diabetics worldwide has quadrupled to around half a billion. According to the market research institute Mordor Intelligence, the Group has a 45 to 50 percent share of insulin products, making it the undisputed global market leader.

Source text (excerpt) & image, Handelsblatt 01.12.25

November was once again a classic "rollercoaster month" - with a fortunately positive outcome. We started with a portfolio performance of -3% and then rose to +5% in the middle, then fell again to -2% and closed the month with around +8%! For the portfolio, this means that we have reached a new all-time high! 👍🏼

Start: 1,148,200 euros

End: 1,253,497 euros + 19,000 cash

Deposit: 30,000 euros

Profit: +94,297 euros (+8.2%)

Once again this month (as in October), my two gold positions were mainly responsible for the volatility, as they now account for 44% of my portfolio - but hey, I'm still convinced that there's a lot of potential in these stocks. So the rollercoaster will continue... 🎢

One of my less heavily weighted mining stocks, $SCZ (+22,92 %) SantaCruz Silver Mining, I sold completely on Friday after disappointing quarterly figures. Although the share is being driven by the strong silver price, this can quickly go in the other direction if the support falls away. The bottom line was a gain of +12% after only 6 weeks. We can be satisfied with that. I only have a total of 4 mines left in my portfolio: $KNT (+0,44 %)
$EQX (+1,79 %)
$BTO (+0 %) and $ESM (-3,97 %) .

Otherwise, I used the month to buy stocks that had fallen out of favor but that I am still convinced of. These include $PYPL (+0,67 %)
$NOVO B (+2,62 %)
$1810 (+0,58 %) (Xiaomi) $GLJ (-0,61 %) (Grenke), $LXS (+2,18 %) and $EVK (+3,07 %) have been. Novo-Nordirsk in particular presented a great opportunity a few days ago when the share price briefly plummeted by 10% without justification. 📉

At the same time, I was also able to realize a few profits. I took the opportunity to sell some of my Puma shares after the takeover rumors and at the beginning of the month I also sold Lufthansa, BHP Billiton and a small amount of Western Union (which has already been bought back at a lower price). 📈

I currently hold 19,000 euros in cash again and am waiting for the next opportunities! 💵

➡️🆓: On my way towards 4 million total assets, the target achievement rate is now 42.3%. 😊

Let's see how November turns out. As always, it remains exciting!

Hello everyone,

in order to reduce my buyin, I have once again added a lot of $NOVO B (+2,62 %) again.