English
Postes
5Is Portugal stock market still a good diversification? The PSI 20(Portuguese Stock Index) grew more than 50% last year and half due to the easing of distrust regarding the country's economy, but in a fundamental analysis the shares didn't grow all that much. Some of the biggest companies are $BCP (-2,48 %)
$JMT (+0,95 %)
$EDP (-0,44 %)
$EDPR (-1,29 %)
$GALP (+2,58 %)
$SON (+0,24 %)
Is still a buy or now the shares are in their real and fair price?
$EDPR (-1,29 %) This was one of my earlier investments. The pitch back then was “renewables in Spain—nothing can go wrong.” But right after I invested, the stock plummeted 45% in the first month. Since then, little to nothing has happened, so after almost two years, I’m pulling the plug on this one. The low payout and unclear dividend outlook were also deciding factors.
I reinvested a portion in $ASTS (-1,66 %) at today’s discount. I see long-term growth here. I’m still sticking with the renewables sector through $XDG7 (-0,47 %) through a savings plan.
Dear Community,
To kick off the week, I’d like to introduce you to my “Pick-and-Shovel” wikifolio “Euro AI Backbone” (in German: Backbone). More detailed information will follow; for now, this is just a rough overview.
_________________________
Background
The market’s focus is primarily on the U.S., while Europe often plays a more subordinate role. Yet recent years in particular have made it clear just how dependent Europe is on other countries such as the U.S., Russia, and China.
By the time the “Orange Man” began his second term, it had become clear:
Europe must become more independent —not only in the field of defense but also in the field of AI.
For nearly five years, Goldman Sachs has maintained an index called “EU AI Capex,” which consists of 64 European stocks. This served as the blueprint for my wikifolio.
The wikifolio was launched on June 18, 2026. For the wikifolio to receive “Investable” status, it needs, among other things, 10 bookmarks. So I’d really appreciate it if you could click “Add to Watchlist” on the wikifolio—thanks in advance.
_________________________
The “Pick-and-Shovel” Approach
The wikifolio aims to cover as much of the value chain for operating modern artificial intelligence as possible.
The focus here is primarily on five areas:
_________________________
Investment Universe
The portfolio includes European large-, mid-, and small-cap stocks.
Focus: Technology (semiconductor equipment), utilities (electricity, grids), and industrials (automation, specialty cables, data center construction, cybersecurity).
The Core: European market leaders with global monopolies and competitive moats.
The Tech Specialists: Profitable second-tier suppliers as yield boosters.
The foundation: Energy producers, grid operators, and construction specialists for stable cash flows and risk hedging.
Regular rebalancing, which typically takes place at the beginning of each month, prevents concentration risk. While the foundation remains unchanged, the weightings of individual securities may be adjusted. The replacement of individual stocks, the addition of new stocks, or the exclusion of individual stocks can also take place at the beginning of the month.
Initially, the portfolio consists of 37 stocks. There is no cash reserve.
The current allocation of holdings is as follows:
By sector:
By country:
Investments are made exclusively in European stocks. None ETFs, no investment certificates, no funds, no leveraged products.
_________________________
Initial Holdings
At the start, the portfolio comprises the following 37 securities, sorted by their current weighting:
Infineon $IFX (-4,22 %) , ASML Holding $ASML (-1,34 %) , Siemens $SIE (-2,53 %) , Enel $ENEL (+0,2 %) , Rolls-Royce $RR. (-3,32 %) , Schneider Electric $SU (-0,89 %) , Iberdrola $IBE (+0,48 %) , ABB $ABBN (-1,37 %) , VAT Group $VACN (-2,94 %) , Siemens Energy $ENR (-1,42 %) , Prysmian $PRY (-2,23 %) , ASM International $ASM (-1,59 %) , BE Semiconductor Industries $BESI (-0,54 %) , STMicroelectronics $STM (-4,58 %) , RWE $RWE (-0,31 %) , E.ON $EOAN (+0,01 %) , Legrand $LR (-1,75 %) , National Grid $NG. (-0,07 %) , Nokia $NOKIA (-3,54 %) , SSE $SSE (+0,34 %) , EDP Renovaveis $EDPR (-1,29 %) , Hochtief $HOT (-3,36 %) , Red Eléctrica de España $RED (-0,1 %) , Nexans $NEX (-2,18 %) , United Utilities $UUGRY (+0,3 %) , Enagas $ENG (+1,29 %) , Centric $CENTR , Spirax-Sarco Engineering $SPX (-1,18 %) , Soitex $SOI (-5,78 %) , Geberit $GEBN (-1,13 %) , Aixtron $AIXA (-4,16 %) , Orsted $ORSTED (-1,23 %) , Verbund $VER (+1,86 %) , SAFRAN $SAF (-3,14 %) , Thales $THALES (+0,18 %) , NKT $NKT (-2,18 %) , Andritz $ANDR (-2,27 %)
_________________________
Holding Period
Since infrastructure development is likely to continue for several more years, the holding period is clearly geared toward the long term. Short-term trading is avoided.
_________________________
Sources of Information
The following sources of information are primarily used to identify stocks:
Companies’ quarterly reports and financial statements.
Analyst reports and industry studies from global investment banks.
Business media and financial publications.
_________________________
I’m curious to see how the portfolio will perform over the long term. Monthly updates will keep you informed.
Dear Community,
Throughout last year, I found myself repeatedly wanting to focus on the European market as well. But the same old arguments kept dissuading me: The European market doesn’t deliver; Europe doesn’t meet my desire for a growth-oriented, high-yield portfolio, etc.
I also asked myself: Which sectors and industries do I want to cover? Where do I see enough potential to justify taking the risk? To what extent do I want to align my portfolio with this strategy?
In today’s episode, Alles auf Aktien: Fiese Gewinnwarnung bei BMW und Europas KI-Unabhängigkeitsaktien , something caught my attention:
A basket from Goldman Sachs, consisting of 64 European stocks, with the wonderful name: EU AI Capex.
Performance over the past five years: 17.5 percent annualized, including dividends.
_________________________
And which industries are covered?
Unfortunately, existing ETFs such as the iShares STOXX Europe 600 Utilities UCITS ETF or the iShares STOXX Europe 600 Technology UCITS ETF do not cover all of these sectors.
"Sounds exactly like what I was looking for," I thought to myself, and used my day off today to create an index tailored to my preferences.
Goldman Sachs has listed 12 of the 64 holdings, including their percentage allocations. The remaining 52 holdings appear to be known only to institutional investors, as the index isn’t publicly available.
So I created my own “Pie” through Trading 212. More specifically, a “Pie” is a personalized investment portfolio in which I can invest in multiple stocks and ETFs according to a percentage allocation I set myself and save toward them simultaneously via a single automated savings plan—with no expense ratio and no order fees.
It would go beyond the scope of this post to write about every individual security, which is why I chose this particular one. I didn’t make these decisions entirely on my own. Gemini helped me with this. In the end, we settled on 37 securities.
_________________________
On Selecting the Holdings
Together, we gradually added European market leaders across the entire value chain. We always kept an eye on the sectors—none should be left out.
_________________________
On the Percentage Allocation
It’s important to note upfront that the “pie” will be funded with 150 euros per month going forward. Since the minimum investment amount at Trading 212 is one euro, the smallest weighting in the “pie” must be at least 0.7%:
1.00 euro / 0.70% = 142.85 euro
The percentage allocation was then based on pricing power and global scalability.
More details on this may follow in a later post.
_________________________
About the Stocks
From EU AI Cortex Basket taken over by Goldman Sachs:
Supplemented by the following stocks:
The figures $IG (+0,07 %) , $SRG (+0,22 %) , $TRN (-1,14 %) , $ALFA (-0,49 %) , $ATCO B (-0,47 %) or $AEMMY can unfortunately only be traded via CFDs on Trading 212. Therefore, these securities could not be included.
_________________________
Trading 212 Pie
The Pie now accounts for about 10% of my portfolio, and I’ll be contributing 150 euros to it each month going forward.
I am convinced that Europe will succeed in becoming more independent. However, in my opinion, a self-sufficient Europe without any dependence whatsoever is simply not possible (keyword: globalization).
_________________________
Pie Composition
By country:
By sector:
By industry:
_________________________
I’m curious to see how the pie chart will develop.
P.S.: You can find the pie chart on Trading 212 under the name Euro AI Backbone GS to copy.
Meilleurs créateurs cette semaine
