On October 1, the model replaced 18 of its 30 positions. One month later, all six of the month’s top-performing stocks are new additions resulting from that very rebalancing. However, three of the six worst-performing stocks are as well. The Wikifolio ended October down 11.64 percent, its weakest month since its launch in March.

October was not a good month for tech stocks. Concerns about AI spending by the major cloud companies have resurfaced; the SOX semiconductor index lost 15.4 percent over the month, and the Nasdaq fell 5.3 percent. That was its weakest month since March 2025. Quarterly earnings reports came out last week. Seagate and Teradyne beat expectations but still saw their shares fall. On October 30, $INTC (-4,15 %) l issued a weak outlook for the fourth quarter and plummeted 28.6 percent in a single day. SanDisk $SNDK (-7,04 %) , Marvell $MRVL (-6,1 %) and $AMD (-8,7 %) also saw double-digit declines. In the meantime, on October 28, the Fed kept interest rates at 3.75 to 4.00 percent; two members would have preferred to raise them already.

For a portfolio that, after rebalancing, is invested nearly half in semiconductors and memory

, this was the worst possible month:

📊 Monthly performance: −11.64%

📊 Price as of October 30: €104.23

📊 Performance since inception (March 13): +4.2%

📊 Largest loss since inception: −18.6% (previously −14.6%)

📊 Next rebalancing: Early January 2027

Performance & Comparison 🚀

The Nasdaq fell, the broad indices held steady, and the DAX even gained ground. The model clearly lagged behind this time, falling more than twice as far behind as the Nasdaq.

Performance Comparison (September 30–October 30, 2026, end of day, all as euro-denominated ETFs):

Global Quant 6-Factor: −11.64%

NASDAQ 100: −5.27%

FTSE All-World: −0.52%

S&P 500: +0.25%

DAX: +2.43%

The Wikifolio is now 17.5% below its high of €126.30 on June 22.

Buys & Sales 💶

On October 1, the third rebalancing took place—the largest one yet. 18 stocks out, 18 in, 12 remained.

The model sold all nine banks: Bankinter $BKT (-0,66 %) , Swedbank $SWED A (+0,91 %) , UniCredit $UCG (-0,48 %) , CaixaBank $CABK (-0,18 %) , BBVA $BBVA (+0,21 %) , BPER $BPE (+0,8 %) , Monte dei Paschi $BMPS (+0,58 %) , Banca Mediolanum $BMED (+0,64 %) and HSBC $HSBA (+0,45 %) . Also, Interactive Brokers $IBKR (-0,19 %) , Antofagasta $ANTO (-2,01 %) , Coeur Mining $CDE (-2,68 %) , AppLovin $APP (+3,73 %) , Airtel Africa $AAF (+0,58 %) , Merlin Properties $MRL (-0,34 %) , Solaria $SLR (-2,11 %) , Investor AB $INVE B (+0,21 %) and Pershing Square $PS (+3,45 %) . All were ranked below 40th place. You can see the returns on each position since the purchase on the slides.

It bought six healthcare stocks (Eli Lilly $LLY (+0,9 %) , Bristol-Myers Squibb $BMY (+1,4 %) , Vertex $VRTX (+0,05 %) , Incyte $INCY (-0,3 %) , Illumina $ILMN (-1,17 %) , WuXi AppTec $603259 ) and five semiconductor companies (Seagate $STX (-4,27 %) , Marvell $MRVL (-6,1 %) , Applied Materials $AMAT (-3,94 %) , Teradyne $TER (-7,04 %) , KLA $KLAC (-3,93 %) ). Also included is Fortinet $FTNT (-1,41 %) , CF Industries $CF (-0,33 %) , Marathon Petroleum $MPC (-0,05 %) , APA $APA (+1,04 %) , Pop Mart, the Hong Kong Stock Exchange $HKXCY , and Lion Finance $BGEO (+0 %) . Applied Materials and KLA had been sold by the model in July; now they’re back in the portfolio.

After the reshuffle, twelve of the thirty positions were semiconductor and memory stocks, accounting for a combined 44.8% of the portfolio.

Top Movers in October 🟢

The sectors that gained were those unrelated to AI. APA topped the list with +28.95%. The oil company reported preliminary third-quarter results on October 7 and repurchased 10.5 million of its own shares. Eli Lilly rose +24.24%. Third-quarter revenue rose 39 percent to $24.4 billion, driven by Mounjaro and Zepbound, and Lilly raised its full-year revenue forecast to $91 billion to $92 billion.

Marathon Petroleum gained +14.06%, even though the stock fell 7.4% on October 27 along with other refiners. CF Industries rose by +8.54%, Vertex by +8.41%, and Bristol-Myers Squibb by +1.54%. All six have been in the portfolio since October 1.

October’s Worst Performers 🔴

This list consists almost entirely of chip stocks. SanDisk saw the biggest loss at −32.92%; on October 30 alone, it fell by 13.5%. Teradyne dropped −30.60%. The earnings report on October 28 beat expectations, as did the outlook, yet the stock still fell. Seagate (−29.13%) saw the same pattern following its earnings report on October 27. Lam Research fell −26.19%, Marvell by −24.61%. Comfort Systems lost −24.43%. It’s not a chip stock, but the company manufactures climate control and electrical systems for data centers and is thus tied to the same sector. On October 23, following the quarterly earnings report—which did not include a 2027 outlook—the stock dropped about 8 percent in a single day.

Teradyne, Seagate, and Marvell were added to the portfolio on October 1. SanDisk, Lam Research, and Comfort Systems $FIX (-0,53 %) were already in the portfolio and were still among the gainers in September.

What’s in the portfolio now 🔍

Stock prices have fallen. The companies’ financial results look different so far. Key metrics for the 30 positions, each showing the median value as of October 31:

P/E ratio: 24.6

Revenue growth: +21.2%

Earnings per share growth: +48.8%

Net margin: 39.0%

Return on equity: 39.4%

Debt-to-equity ratio: 0.2

With a P/E ratio of 24.6, this portfolio isn’t exactly cheap. However, revenue is growing by one-fifth per year, and debt plays virtually no role. The next earnings season will show whether these figures hold up.

Conclusion 💡

October showed what a 44.8% gain means in this sector. When the sector turns, the entire portfolio turns with it. The pharmaceutical and oil stocks added during the rebalancing performed well, but they couldn’t keep up with the chip stocks. A few weeks ago, I calculated a sector limit. At 20 percent, it reduced the maximum drawdown by 2.1 points, but I haven’t implemented it yet. I don’t tinker with the rules in the middle of a drawdown.

What I want to look into is the timing. Rebalancing always takes place just before earnings season, and this time the earnings reports came out right in the first few weeks after the purchase. I’ll run the numbers to see if this is a real disadvantage or if it just happened to look that way this time before I make any changes.

❓ Question for the community

How did October go for you? Did you also have chips in your portfolio, and did you buy more, sell, or just sit it out?

👇 Share your thoughts in the comments!

➡️ Every month, you’ll find the complete Wikifolio update here—even in bad months—along with research from the model.

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

In August, gold mines were the market's top performers. In September, they were the most expensive. Fresnillo
$FRES (-0,95 %) down 15 percent, Micron
$MU (-2,7 %) up 17. At the end of the month, the Wikifolio was up 1.03 percent, and one day later, I swapped out 18 of 30 positions.

September was all about interest rates and oil. Brent rose above $100 in the second week and, following a Saudi pipeline outage, briefly hit $110. U.S. inflation stood at 3.4 percent in August. On September 16, the Fed raised the benchmark interest rate by a quarter point to 3.75 to 4.00 percent, for the first time since July 2023. The 10-year U.S. yield subsequently climbed to 5.19 percent, a level last seen in 2007. This hardly bothered tech stocks. The Nasdaq hit a record high on September 21, and AMD has been worth one trillion dollars ever since. The situation was different in Europe. German inflation jumped to 3.3 percent, and the DAX lost about four percent over the month.

📊 Monthly performance: +1.03%

📊 Price as of September 30: €117.97

📊 Largest loss since inception: −14.6%

📊 Max performance: +18% (since March 13, 26)

Next rebalancing: Early January 2027

Performance & Comparison 🚀

The U.S. indices posted clear gains when calculated in euros, with the Nasdaq leading the way. The Wikifolio did not keep pace. It lagged behind the Nasdaq, S&P 500, and FTSE All-World, and outperformed only the DAX.

Performance Comparison (September 1–30, 2026, end of day):

Global Quant 6-Factor: +1.03%

NASDAQ 100: +4.18%

S&P 500: +2.90%

FTSE All-World: +1.95%

DAX: −4.07%

You can see what caused this in the two lists below. Tech stocks delivered, while mining stocks and a few individual stocks ate up a good chunk of those gains.

Purchases & Sales 💶

None in September itself. The model trades only on four dates per year, and the third was on October 1. What happened then is detailed in its own section below.

Top Movers in September 🟢

The month belonged to semiconductors and memory stocks. Midway through the month, Intel’s CEO said the company could currently only meet about half of the demand for processors. After that, the entire industry picked up steam. Micron
$MU (-2,7 %) topped the list with +16.91%, followed by SanDisk
$SNDK (-7,04 %) at +13.90% and TSMC
$2330 at +11.85%. Lam Research
$LRCX (-4,55 %) rose +11.12%, ASML
$ASML (-0,25 %) +10.06%. In between is Comfort Systems $FIX (-0,53 %) , a stock that has nothing to do with chips, up 10.47%. In August, Comfort Systems was still among the losers.

September’s Big Losers 🔴

Gold and silver declined in September, with silver falling much more sharply. Rising yields and a stronger dollar weighed on prices. Mining stocks followed suit. Fresnillo
$FRES (-0,95 %) lost −14.53%, Coeur Mining
$CDE (-2,68 %) −10.65%, and Endeavour Mining $EDV (-1,06 %) -7.50%. In August, all three were still on the other list with gains of over 25 percent. Merlin Properties fell −8.98%, Airtel Africa
$AAF (+0,58 %) down 7.76%, and Interactive Brokers
$IBKR (-0,19 %) fell by 6.79%.

Rebalancing on October 1 🔄

On October 1, the third rebalancing since the start took place. I swapped out 18 of 30 positions—more than ever before. In July, it was nine.

All nine banks are out: Bankinter
$BKT (-0,66 %) , CaixaBank
$CABK (-0,18 %) , BBVA
$BBVA (+0 %) , UniCredit
$UCG (-0,48 %) , BPER
$BPE (+0,8 %) , Monte dei Paschi $BMPS (+0,58 %) , Banca Mediolanum
$BMED (+0,64 %) , Swedbank$SWED A (+0,91 %) and HSBC
$HSBA (+0,45 %) . In addition, Interactive Brokers $IBKR (-0,19 %) , Antofagasta $ANTO (-2,01 %) , Coeur Mining
$CDE (-2,68 %) , AppLovin
$APP (+3,73 %) , Airtel Africa
$AAF (+0,58 %) , Merlin Properties and Solaria
$SLR (-2,11 %) . Investor AB
$INVE B (+0,21 %) and Pershing Square
$PSH (-0,21 %) are also no longer in the portfolio. So four of the six underperformers listed above are no longer in the portfolio.

Six stocks from the healthcare sector were added: Eli Lilly
$LLY (+0,9 %) , Bristol-Myers
Squibb
$BMY (+1,4 %) , Vertex $VRTX , Incyte
$INCY (-0,3 %) , Illumina
$ILMN (-1,17 %) and WuXi AppTec
$603259 . Five are from the semiconductor and storage sectors: Seagate
$STX (-4,27 %) , Marvell
$MRVL (-6,1 %) , Applied
Materials
$AMAT (-3,94 %), Teradyne
$TER (-7,04 %) and KLA
$KLAC (-3,93 %) . The rest is split among Fortinet
$FTNT (-1,41 %) , CF Industries
$CF (-0,33 %) , Marathon Petroleum
$MPC (-0,05 %) , APA
$APA (+1,04 %) , Pop Mart $9992 (-0,61 %) , Hong Kong Exchanges
$388 (-0,5 %) and Lion Finance
$BGEO (+0 %) .

Twelve remain: SanDisk, Micron, Western Digital, Nvidia, Lam Research, TSMC, ASML, Alphabet, Comfort Systems, Fresnillo, Endeavour and Newmont. All six of September’s top movers are included.

Two names stand out. Applied Materials and KLA I sold on July 1, up 92 and a gain of 90 percent. Now both are back in my portfolio. The model doesn’t remember what it has sold in the past. It only looks at where a stock stands in the ranking today.

Conclusion 💡

The portfolio looks different after October 1 than it did before. In September, about 41 percent was still in financial stocks; now there are two positions out of 30. Instead, 12 out of 30 are in semiconductors and memory, and six are in the healthcare sector. There’s no sector limit; the model sorts by score, not by industry. Trading won’t resume until early January.

How was your September? And did you hold onto your stocks after the pullback, or did you sell them? 👇

➡️ Every month, you’ll find the complete Wikifolio update here, along with research in between.

📈 Wikifolio $DE000LS9V052 (-0,58 %)

In July, Tempus AI was my biggest loser, down 25 percent. In August, it was my biggest winner, up 42 percent. I didn’t buy or sell anything in either month.

August had two sides to it. At the beginning of the month, mild inflation data was released, and the S&P 500 hit an all-time high of 7,816 points on August 13. After that, sentiment in the bond markets shifted. The 30-year U.S. Treasury yield rose to its highest level in nearly twenty years, and U.S. gross debt exceeded forty trillion dollars. At the end of the month, Nvidia reported quarterly revenue of 96.2 billion, an increase of 106 percent. The very next day, Fed Chair Warsh signaled a pause in Jackson Hole, and the market priced in an interest rate hike in September.

Following the chip sell-off in July, this was a significantly calmer month for my portfolio:

📊 Monthly performance: +3.15%

📊 Portfolio value: ~€45,506

📊 Max. performance (Jan. 6, 2022): +40.28%

📊 YTD performance: ~+11.88%

Performance & Comparison 🚀

August was a positive month for all major indices, led by the Nasdaq. My portfolio outperformed the DAX, S&P, and FTSE, but lagged behind the Nasdaq.

Performance Comparison (August 1–31, 2026, end of day):

My portfolio: +3.15%

NASDAQ 100: +4.42%

DAX: +2.41%

S&P 500: +2.29%

FTSE All-World: +2.24%

Purchases, Sales & Allocation 💶

None. In July, I reduced my cash position and invested in BE Semiconductor$BESI (-0,35 %) , Solaria $SLR (-2,11 %) and Hermès $RMS (-0,09 %) . I didn’t make any changes in August.

Top Movers in August 🟢

Tempus AI $TEM (-6,81 %) posted the strongest gain at +42.72% (+71.12 €), marking a strong rebound following the July slump. Bitcoin $BTC (+2,91 %) rose by +23.68% (+€211.78). CrowdStrike $CRWD (+0,31 %) rose by +19.04% (+€463.68), making it the biggest euro gain in the portfolio; cybersecurity performed well in August regardless of the chip cycle. American Lithium gained +12.50% (+€27.62), while the VanEck Uranium and Nuclear ETF $NUKL (-3,77 %) rose by +9.50% (+81.71 €). Snowflake $SNOW (-2,86 %) rounded out the list with a gain of +8.30% (+€87.07).

August’s Worst Performers 🔴

The losses were significantly smaller than in the previous month. BYD $1211 (-2,48 %) fell -7.52% (-€107.74), taking a breather after a 27 percent gain in July. Alibaba $BABA (-0,41 %) followed with a -6.12% drop (-€45.58); here, too, the China rally from July ran out of steam. Berkshire Hathaway $BRK.B (+0,77 %) fell -3.68% (-103.67 €), and Rheinmetall $RHM (-1,06 %) -2.56% (-€18.22). BE Semiconductor $BESI (-0,35 %) fell by only -1.39% (-€10.18) and has stabilized following the slump in July. Solaria $SLR (-2,11 %) closed down 1.10% (-€4.83).

Conclusion 💡

July was a month in which a lot happened. August was the month in which much of that reversed. Tempus AI $TEM (-6,81 %) went from the biggest loser to the biggest winner, while BYD $1211 (-2,48 %) and Alibaba $BABA (-0,41 %) the other way around. Anyone who had sold in a panic in July would have been on the wrong side of the market in August.

❓ Question for the Community

Did the market fluctuations in August make you get cold feet, or did you hold onto your positions? And what was your best buy?

👇 Share your thoughts in the comments!

➡️ Every month, I post a portfolio update here, along with research from my quantitative model in between.

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

July was a month of contrasts. The Nasdaq slipped into its second correction of 2026, triggered by a sharp sell-off in semiconductor stocks—memory chip manufacturers and chip equipment suppliers saw losses, in some cases in the double digits, and even strong quarterly results were no longer enough to prop up share prices. The DAX, on the other hand, hit new record highs during the same period, driven by software stocks and a rebound at Rheinmetall. At the same time, a significant amount of capital rotated out of AI and chip stocks and into Chinese tech and electric vehicle stocks, which staged a strong comeback after months of decline.

My portfolio benefited from this rotation and is back in the black:

📊 Monthly performance: +1.02%

📊 Portfolio value: ~€44,139

📊 Peak performance (Jan. 6, 2022): +43%

📊 YTD performance: ~+14.09%

Performance & Comparison 🚀

July demonstrated how differently the indices could perform depending on their composition. While the Nasdaq suffered from the chip sell-off, the DAX benefited from its lower concentration of semiconductor stocks and the Rheinmetall recovery. My portfolio tracked the DAX more closely than the Nasdaq and ended the month in positive territory.

Performance Comparison (July 1–July 31, 2026, end of day):

My portfolio: +1.02%

DAX: +2.57%

S&P 500: -1.25%

FTSE All-World: -1.47%

NASDAQ 100: -6.97%

Purchases, Sales & Allocation 💶

In July, I reduced my cash position. The Xtrackers II EUR Overnight Rate Swap ETF, which I had been using to park liquidity, was sold in three tranches: €301.00 on July 17, and €232.13 each on July 28 and July 29—totaling approximately €765. The freed-up funds were immediately allocated to three positions: BE Semiconductor Ind. $BESI (-0,35 %) I increased my position in two steps: €150.00 on July 17 and €230.00 on July 29. For Solaria $SLR (-2,11 %) , I added another €150.00 on July 17, and for Hermès $RMS (-0,09 %) on July 28. In doing so, I deliberately reallocated cash into stocks rather than injecting new capital.

Additionally, on July 30, I invested €454.36 in my own Wikifolio certificate $DE000LS9V052 (-0,58 %) —a private position separate from the rest of my portfolio.

Top Movers in July 🟢

The month clearly belonged to stocks that benefited from the rotation out of U.S. tech.

BYD posted the strongest gain at +27.08% (+€305.27). The stock received a double boost: capital flowed from AI and chip stocks into Chinese electric vehicle stocks, and BYD also reported $1211 (-2,48 %) reported a nearly 22% jump in sales for July and more than a doubling of overseas deliveries. Alibaba $BABA (-0,41 %) followed suit with a gain of +25.33% (+€149.06)—part of the same China-led rally that also swept up Tencent and Xiaomi. Snowflake $SNOW (-2,86 %) rose by +17.46% (+€155.91) and Cloudflare $NET (-3,75 %) by +15.62% (+344.80 €), the largest euro gain in the portfolio—both software stocks fared significantly better than hardware and chips in the rotation. Rheinmetall $RHM (-1,06 %) rebounded by +15.09% (+€186.59) from its 52-week low following the frigate shock in June, supported by full order books and rising defense budgets in Europe. Nubank $NU (+9,37 %) rounded out the list with a gain of +9.49% (+€97.49)—here, too, the rotation away from U.S. tech toward other regions played a role.

July’s Big Losers 🔴

On the other hand, the list consisted almost exclusively of stocks that were directly or indirectly hit by the chip sell-off.

Tempus AI $TEM (-6,81 %) suffered the biggest loss at -25.08% (-€55.74)—AI-related stocks came under particular pressure during the broad sell-off. IREN $IREN (-8,47 %) fell by -20.39% (-€179.15) and has remained weak since the price slump in early summer, still weighed down by the combination of Bitcoin weakness and skepticism regarding its transition to an AI cloud provider. BE Semiconductor Ind. $BESI (-0,35 %) fell by -18.77% (-€169.56), directly impacted by the global sell-off among chip equipment manufacturers. TSMC $TSM (-2,7 %) lost -15.04% (-€80.55)—despite a strong quarter, the stock was swept up in the general semiconductor correction. Hermès $RMS (-0,09 %) dropped -10.27% (-24.26 €), with luxury goods following the downward trend of weaker growth stocks. Solaria $SLR (-2,11 %) rounded out the list with a -9.50% (-€46.19) decline—solar and renewable energy stocks remain under pressure.

Conclusion 💡

July showed just how quickly capital flows can shift. While the chip sector underwent one of the sharpest corrections of the year, Chinese tech and electric vehicle stocks found their bottom. For my portfolio, this was a good example of why broad diversification across sectors and regions makes all the difference.

❓ Question for the Community

That was my month in numbers—how did the July chip sell-off affect you? Did you rotate into Chinese stocks, or are you holding onto your U.S. tech positions?

👇 Let us know in the comments!

➡️ Follow @codeandcapital26 for transparent portfolio updates!

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

June was marked by a Fed shock and a rotation away from the winners of the previous months. On June 17, the Fed, under its new chair Kevin
Warsh , the Fed kept interest rates at 3.50–3.75%, the dot plot signaled a possible rate hike rather than a cut—after months of hopes for easing —a real blow to the markets. On top of that came a bombshell regarding defense stocks: The Ministry of Defense scrapped the multi-billion-euro F126 frigate program, and Rheinmetall $RHM (-1,06 %) subsequently lost over 16% —one of the stock’s worst trading days in decades. While speculative and cyclical stocks were sold off, investors fled to quality: defensive large-cap stocks and established software stocks held up significantly better.

In line with this more selective market environment, my portfolio slipped slightly into the red but held up more robustly than the DAX and Nasdaq:

📊 Monthly performance: -0.39%

📊 Portfolio value: ~€43,298

📊 Peak performance (Jan. 6, 2022): +39.16%

📊 YTD performance: ~+7.68%

Performance & Comparison 🚀

June was a month of contrasts: While the DAX and Nasdaq suffered from the Fed shock and the rotation out of risk assets, the S&P 500 and FTSE All-World held up significantly better thanks to their broader, more defensive composition. My portfolio was in the middle of the pack at -0.39%—more stable than the DAX and Nasdaq, but weaker than the two broad U.S. and global indices.

Performance Comparison (June 1–June 30, 2026, end of day):

My portfolio: -0.39%

FTSE All-World: +1.24%

S&P 500: +0.85%

DAX: -0.53%

NASDAQ 100: -0.96%

Purchases, Sales & Allocation 💶

In June, €300.00 was invested in the MSCI ACWI USD (Acc) $ACWI and €50.00 into the MSCI World Small Cap $WSML via the ongoing savings plans. The following were added via buy orders: Solaria Energia $SLR (€250.97), BE Semiconductors (€501.00), a Euro Overnight Rate Swap ETF (€101.00), and Tempus AI $TEM (€101.00).

On the selling side, I took profits on two positions in which I’ve been a shareholder for a good two years: In Datadog $DDOG (+0,06 %) , I closed out the entire position after the stock had performed strongly in recent months. With Snowflake $SNOW (-2,86 %) , I sold about a quarter of the position and am holding onto the rest. Both were purely profit-taking after a strong run; there has been no fundamental change in my assessment of the companies.

Top Movers in June 🟢

Despite the generally nervous sentiment, there were a few stocks that bucked the rotation trend and benefited from the flight to quality.

Tempus AI $TEM (-6,81 %) posted the strongest gain at +19.99% (+37.02 €)—AI diagnostics remain in demand, even as more speculative stocks were sold off. TSMC $2330 followed with a gain of +15.56% (+€72.12): Demand for chips related to AI expansion remains consistently high, regardless of the interest rate debate. Ferrari $RACE (+1,26 %) rose by +9.63% (+€78.63)—luxury goods proved resilient in the face of macroeconomic concerns. Berkshire Hathaway $BRK.B (+0,77 %) benefited significantly from the flight to defensive quality, rising +7.37% (+€142.01), while Crowdstrike $CRWD (+0,31 %) posted the largest euro gain in the portfolio with a +6.97% (+161.62 €) rise—cybersecurity remains structurally in demand. Cloudflare $NET (-3,75 %) rounded out the list of winners with a gain of +4.92% (+€105.74).

June’s Biggest Losers 🔴

The losers in June were almost exclusively the stocks that had performed the strongest in previous months or are particularly sensitive to interest rates.

IREN was hit the hardest $IREN (-8,47 %) , down -26.48% (-€316.39): Falling Bitcoin prices and ongoing disagreement among analysts regarding the company’s transition from a Bitcoin miner to an AI cloud provider weighed on the stock. Rheinmetall $RHM (-1,06 %) lost -23.36% (-€376.76) after the Ministry of Defense scrapped the F126 frigate program, which affected the entire defense sector. Alibaba $BABA (-0,41 %) fell by -21.25% (-€158.86)—Chinese tech remains under pressure due to general risk aversion toward Chinese stocks. American Lithium fell -21.21% (-€64.45), weighed down by persistently weak commodity prices and higher interest rate expectations, which particularly affect unprofitable growth stocks. BYD $1211 (-2,48 %) fell by -18.40% (-254.16 €) amid the ongoing price war in the Chinese electric vehicle market. Solaria $SLR (-2,11 %) rounded out the list of top losers with a -15.86% drop (-€63.35)—the hawkish Fed is weighing noticeably on interest-rate-sensitive solar and renewable energy stocks.

Conclusion 💡

June was a month of rotation: away from the more speculative winners of previous months, toward quality and established names. The Fed shock and the Rheinmetall slump showed how quickly sentiment can shift—a good reminder of why diversification across sectors and regions remains important.

❓ Question for the Community

That was my month in numbers—how did your portfolio fare through the Fed shock? Did you buy more Rheinmetall shares, or did you pull the plug?

👇 Let us know in the comments!

➡️ Follow @codeandcapital26 for transparent portfolio updates!

🔗 Link in bio: Wikifolio, Getquin & Parqet Portfolio

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

I evaluate around 1,400 stocks using a multidimensional factor model, with each dimension on a scale from 0 to 100. Recently, I’ve started applying this analysis to my own portfolio as well—so each of my positions receives the same score as every other stock in the universe. The results are revealing, especially where the model rates my stocks poorly.

Let’s start at the top:

$SLR (-2,11 %) Ranked 3 out of 865, $TSM (-2,7 %) at 7, $BESI (-0,35 %) at 30, $NU (+9,37 %) at 39. At BE Semiconductor, I find the breakdown particularly instructive: an extremely strong momentum score meets a valuation score of practically zero, with a P/E ratio of around 149. So the model doesn’t say “good stock” or “bad stock,” but describes exactly what you’re holding—a strong trend at a high price. This distinction is more important to me than a single overall score.

Now for the bottom half:

Because that’s actually the more interesting part. $RHM (-1,06 %) It’s way down the list, $1211 (-2,48 %) almost at the end of the universe, $MELI (+1,42 %) and also deep. The reason is almost the same everywhere: The 12-month momentum has collapsed following the correction, and at the same time, valuations are high. So two factors are pulling it down at the same time. With Rheinmetall, there’s the added factor that the stock is simply no longer cheap after its strong run—the model sees this objectively, regardless of the story surrounding it.

My software stocks are a special case:

$NET (-3,75 %) , $CRWD (+0,31 %) and $NOW (+0,02 %) . They also end up in the lower range because their high stock-based compensation weighs on quality and balance sheet metrics. This is a well-known issue with growth-oriented software companies: A large portion of employee compensation is paid in stock, which dilutes and burdens margins when factored in honestly. I tested exactly that—I built a variant that excludes the SBC burden and thus rates these stocks more leniently. The backtest yielded a worse result. So I discarded it again and am sticking with the stricter approach. I’d rather have a consistent model that measures all stocks the same way in a verifiable manner than one I tweak for individual favorites. It’s precisely this tweaking that’s the fastest way to a model that looks great in backtesting but doesn’t work in real-world trading.

Bottom line:

for me, these are two types of positions. I bought some because of their scores—Solaria and BESI, for example; the model is what led me to them in the first place. I hold the others deliberately against the score, out of my own conviction. But I want to see the number and take it seriously, rather than pretending it doesn’t exist. That’s the whole point of the exercise.

The purely systematic version—that is, strictly the top-scoring stocks, excluding my conviction-based positions—has been running as a Wikifolio (ISIN: DE000LS9V052) since March and became tradable this week.

What do you think:

Do you tend to trust your own thesis, or the system behind it?

May was dominated by strong figures and a massive rally in the tech and cloud sector. While April was still characterized by a general recovery, excellent quarterly figures and the unbroken AI boom continued to fuel the markets in May. The Nasdaq in particular benefited greatly from this and reached new highs. Even though volatility was noticeable in isolated cases, investors made strong gains in growth stocks.

My portfolio was able to take advantage of this strong momentum and achieve an outstanding performance, but was narrowly beaten by the extremely strong performance of the Nasdaq 100:

📊 Monthly performance: +9,33%

📊 Portfolio value: ~43.345 €

📊 Performance max. (06.01.2022): +43,84%

📊 Performance YTD: ~+10,44%

Performance & comparison 🚀

Performance in May was exceptionally strong, driven by my high weighting in US tech stocks. While European indices such as the DAX made rather moderate gains, US stocks dominated the action. My portfolio did extremely well with a whopping gain of over 8 % and clearly outperformed the broad market.

Performance in comparison (01.05.-31.05.2026):

My portfolio: +9,33%

NASDAQ 100: +11,20%

S&P 500: +6,47%

FTSE All-World: +5,93%

DAX: +3,27%

Buying, selling & allocation 💶

In the month of May, € 300.00 flowed into the MSCI ACWI USD (Acc)
$ACWI and € 50.00 in the MSCI World Small Cap
$WSML (-0,11 %). In addition, smaller savings plan tranches were invested in Solaria Energia
$SLR (-2,11 %) (150,30 €), Rheinmetall $RHM (-1,06 %) (14,00 €), Ferrari
$RACE (+1,26 %) (€6.00) and Hermes
$RMS (-0,09 %) (€ 3.01) were invested.

Top movers in May 🟢

The list of winners in May is led by outstanding developments in the cloud and cybersecurity sector - an absolute feast for tech investors.

The absolute frontrunner was $SNOW (-2,86 %) with a veritable price explosion of +83,65% (+€ 527.53), closely followed by $DDOG (+0,06 %) with +82,71% (+592,11 €). Both values showed incredible momentum. Also $CRWD (+0,31 %) was convincing across the board and delivered a strong +66,91% (+€ 930.15), which was the biggest gain in the portfolio in absolute terms. $IREN (-8,47 %) continued its strong trend and recorded a further +40,45% (+344,17 €). The outstanding tech performance was rounded off by $NET (-3,75 %) with a solid +13,60% (+€ 257.29), while Keyence also $6861 (-0,49 %) with +12,08% (+€83.94) also developed extremely positively.

Flop movers in May 🔴

Despite the generally extremely strong sentiment, there were also some stocks that consolidated or showed weakness in May.

American Lithium was the worst performer, falling by -13,16% (-46.03 €), still unable to find a bottom in the current market environment. With $1211 (-2,48 %) the minus of -12,13% (€ -190.62) was due to falling EV sales and the ongoing price war in China. $NU (+9,37 %) After the strong previous months, the share price fell by -8,90% (-99.30 €) after the strong previous months. Also $TEM (-6,81 %) also recorded a slight setback of -8,49% (-7.90 €), similar to $BABA (-0,41 %) with -5,15% (-40,59 €). $RHM (-1,06 %) also lost ground and lost -4,60% (-77.14 €), indicating further profit-taking in the defense sector.

Conclusion 💡

May was an outstanding month that impressively demonstrated how much a targeted positioning in the tech and cloud sector can pay off.

❓ Question for the community

This was my month in numbers, what was your best buy in May? Which stock surprised you the most?

👇 Write it in the comments!

➡️ Follow @codeandcapital for transparent portfolio updates!

🔗 Link in bio: Wikifolio, Getquin & Parqet Portfolio

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

The first quarter was very difficult, at least in March. This superfluous war made it the worst quarter since my project has been running.

There was virtually a standstill with a minus of 0.12%. In view of the high risk I am taking, this result is actually surprisingly good and not a disaster, but after +15% in the first 2 months it is annoying.

For the new quarter I have already made some new entries in the small cap sector.

The following companies have ended up in my portfolio.

$LAR (-0,89 %)

$CDLR

$186A (-3,06 %)

$SECT B (+2,49 %)

$ALM (-0,65 %)

$SLR (-2,11 %)

So let's see how it goes.

I wish you a good start to the new quarter.

Your Multibagger

Chris

Everyone perceives risks individually. Everyone tries to independently assess the risk of a share or the current economic situation on the stock market.

In portfolio theory, risk is primarily measured using the standard deviation. In simple terms, this is the extent to which a share price moves. If this movement is correlated with the "market", this results in a beta. If this is < 1 bedeutet das, dass der Kurs einer Aktie geringer als der Markt schwankt. > 1, the result is a disproportionate fluctuation. The "market" is an elastic term. For example, an MSCI World, S&P 500 or the DAX can be used as a reference. The result is different betas depending on the index. However, I do not want to go into this topic any further at this point.

Why beta is not relevant for me

• Price fluctuations are not a problem in my current life situation (24 years old; student).
• Every share that grows faster than the market has a beta > 1. As my portfolio is set to grow, a high beta is desirable.

Diversification as a risk?

I often see portfolios with 30+ companies on Getquin. The aim behind this is to minimize risk. In my view, however, what gets lost in the process is the overview - or leisure time, because every share in the portfolio should be tracked and scrutinized.

I have therefore opted for a clearly structured portfolio. There are currently 11 companies (but the number is not set in stone). There are two reasons for this:

I want to know and follow each company in my portfolio well

The impact of a price increase should be significant

My strategy for less drawdown despite fewer shares

• Cover as many sectors as possible
• Consider regional sales distribution
• Know a company as well as possible

Why these companies?

• Heidelberg Materials $HEI (-0,66 %). Local monopolies with strong pricing power
• Medpace$MEDP (-0,15 %). Enabler of small research/pharma teams. Enables research outside of Big Pharma
• Hims and Hers$HIMS (-0,95 %). Generics seller with "cool brand". Enables better margins in the long term.
• MercadoLibre $MELI (+1,42 %). The Amazon and bank of Latin America. To benefit from the rise of emerging markets.
• Meta Platforms$META (+2,47 %). Monopoly in communication/social media.
• Prada$1913 (-0,33 %). One of the few luxury companies that is constantly growing (and not highly valued). More on this in my last post.
• BATS$BATS (+1,16 %). Non-cyclical business model. Bought at the time due to significant undervaluation. Now I hold the share to stabilize the portfolio somewhat.
• Sanlorenzo$SL (-0,7 %). Yacht manufacturer and thus part of the luxury sector, which I find attractive due to its high margin and low cyclicality.
• Solaria $SLR (-2,11 %). My conservative bet on rising energy demand through AI.
• Metaplanet $3350 (+0,2 %). Bitcoin gamble with play money.

My criteria for buying shares

Basically, I hardly set myself any limits when investing. I like to invest in shares that are rather unpopular at the time of purchase. The sector doesn't matter, although I prefer high-margin business models.

I like to buy cheap - high P/E ratios put me off (even if FOMO sometimes kicks in). I don't feel comfortable with it because of the potential drop.

Wow. Thank you for reading this!

Now that you know my strategy, I would really appreciate some stock tips tips, that could fit my strategy.

By the way, can you see the portfolio? Because it's my own post I can't check it👀