At some point, it's time to call it a day and take the profits. Besides, I wanted to reduce my tech share anyway.

Profit flows into $7974 (+2,26 %) and pharma top-ups $SDZ (+1,6 %) & $SFZN. (+1,11 %)

Nintendo $7974 (+2,26 %) has made it into my portfolio for several reasons. For decades, the company has been able to appeal to new generations of young gamers and at the same time build up an exceptionally high level of brand loyalty. The Switch console is currently still very popular and shows that Nintendo can be successful even without high-end hardware. A major advantage over competitors such as Xbox or PlayStation is that Nintendo is more profitable both in the console itself and in the accessories business.

Its own brands such as Mario, Pokémon and Zelda, which are known worldwide and regularly achieve high sales figures, are also particularly strong. In addition, Nintendo benefits from every game sale on the Switch platform, including third-party titles, which further strengthens the business model. This is complemented by growing online services with recurring revenues. In my view, the recent price setback offered an attractive entry point.

Here is my review of December 2025. I will probably also write a review of the year, where I will also go into more detail about the dividends. But that will probably take a few more days.

📈 Performance:

S&P500: -0.33%

MSCI World: +0.32%

DAX: +2.74%

Dividend portfolio: -1.55%

My high and low performers in November were (top/flop 3):

🟢 ($2318 (-1,94 %) ) Ping An +15.65%

🟢 ($RIO (-0,92 %) ) Rio Tinto +11.61%

🟢 ($2768 (-0,91 %) ) Sojitz +7.15%

🔴 ($MMM (-1,89 %) ) 3M -6,81%%

🔴 ($TSCO (+0,59 %) ) Tractor Supply -8.45%

🔴 ($7974 (+2,26 %) ) Nintendo -21.09%

Dividends:

December 2025: € 208.88

December 2024: € 185.64

Change: +12.52%

Sales:

🟥 ($MICC (+2,78 %) ) The Magnum Ice Cream Company

Purchases:

🟩 ($HD (+0,3 %) ) Home Depot (2 pcs.)

Savings plans:

($CTAS (+0,01 %) ) Cintas (50€)

($MC (-3,37 %) ) LVMH (50€)

($MSFT (+0,77 %) ) Microsoft (25€)

What else has happened?

As is often the case in December, there are those who rush from one Christmas party to the next, constantly have appointments and can't find any peace and quiet even at Christmas.

Then there are those who take December very easy, have relaxed TV evenings, make the most of the nice weather during the day (if possible) and at least try to keep things quiet at Christmas. I belong to the latter and only belong to the former at Christmas. As a result, my December was pretty quiet except for the Christmas rush, where you're rushing from one meal to the next and from one relative to the next. With various birthdays around Christmas and between the years, the stress continues. Fortunately, I've been reserving Boxing Day for me and my wife for a few years now. We don't visit anyone there and don't want anyone with us. We just spend the whole day doing whatever we feel like doing. Apart from that, we have a quiet New Year's Eve and that's it for 2025.

🥅 Goals for 2025:

Deposit of €10,000 and thus a custody account volume in the share portfolio of ~€73,000

Target achievement at the end of October 2025: 91.56%

So I actually didn't quite reach my target, although the total investment I was aiming for (incl. pension portfolio & Oskar) of €20,000 was achieved.

Overall, I am quite satisfied with the year. In the annual review, as mentioned above, I will go into more detail about the dividends and the overall performance.

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Margin pressure and a weak yen are currently putting pressure on Nintendo. First tranche (1/3 of target size) placed and savings plan set up. $CMG (-1,01 %) Had to be removed from the portfolio earlier than planned after a strong rebound.

$7974 (+2,26 %) -President Shuntaro Furukawa explains that Nintendo is actively building a framework to regularly release films based on its brands in the future. Nintendo is not just a licensor, but is "deeply involved from planning to production".

Three confirmed films are mentioned - including The Super Mario Bros. Movie (2023), The Super Mario Galaxy Movie (2026) and The Legend of Zelda (2027) - with more projects in the pipeline.

https://www.videogameschronicle.com/news/nintendo-says-it-plans-a-consistent-release-of-new-films-following-the-super-mario-galaxy-and-zelda-movies/

$BNTX (+2,9 %)
$ON (+0,17 %)
$HIMS (+1,08 %)
$PLTR (-3,21 %)
$O (+1,55 %)
$8058 (-1,45 %)
$7974 (+2,26 %)
$BP. (+0,45 %)
$BOSS (+0,76 %)
$SWK (+0,36 %)
$SPOT (-0,8 %)
$N1CL34
$UBER (+0,72 %)
$CPRI (-3,12 %)
$SHOP (-1,02 %)
$RACE (-2,89 %)
$HOG (-2,64 %)
$HTZ (+0 %)
$PFIZER
$UPST (+0,51 %)
$ANET (-0,2 %)
$PINS
$TEM (+1,67 %)
$AMD (+1,45 %)
$SMCI (+10,74 %)
$RIVN (-2,32 %)
$BYND (-4,55 %)
$KTOS (+5,68 %)
$CPNG (-0,38 %)
$BMW (-0,93 %)
$NOVO B (+8,02 %)
$FRE (+0,31 %)
$ORSTED (+3,07 %)
$AG1 (+0,68 %)
$EVT (+0,47 %)
$CCO (+2,9 %)
$DOCN (-0,2 %)
$LMND (-0,58 %)
$SONO (+1,1 %)
$MCD (-0,12 %)
$HOOD (-2,17 %)
$QCOM (-1,1 %)
$FTNT (-1,65 %)
$FSLY (-0,51 %)
$HUBS (-5,35 %)
$ELF (+0,61 %)
$ARM (+0,66 %)
$SNAP (-2,84 %)
$DASH (-1,72 %)
$APP (-6,53 %)
$AMC (+1,45 %)
$ZIP (-3,57 %)
$FIG (-6,59 %)
$LCID (+0 %)
$DUOL
$UN0 (-1,05 %)
$CBK (+0,01 %)
$DEZ (+1,4 %)
$ZAL (+1,15 %)
$HEN (+0,59 %)
$MAERSK A (-0,3 %)
$HEI (-0,47 %)
$CON (-1,37 %)
$AZN (+0,65 %)
$ALB (-6,5 %)
$MRNA (+5,47 %)
$QBTS (-0,44 %)
$WBD (-0,12 %)
$LI (-1,24 %)
$RHM (-0,24 %)
$DDOG (-1,16 %)
$RL (-1,55 %)
$OPEN (+5,7 %)
$ABNB (-1,17 %)
$PTON (-4,52 %)
$MP (+2,77 %)
$TTD (-2,08 %)
$STNE (-1,96 %)
$SQ (+1,63 %)
$GRND (-2,79 %)
$IREN (+10,84 %)
$AFRM (+4,35 %)
$CRISP (-0,01 %)
$RUN (+0,63 %)
$7011 (-2,31 %)
$DTG (-0,6 %)
$HAG (+3,24 %)
$DKNG (-7,64 %)
$LAC (+1,19 %)
$KKR (+0,28 %)
$PETR3 (-0,25 %)
$CEG
$WEED (-1,9 %)

Following the rebalancing of the S&P Quality Aristocrats last Friday, the following stocks were removed from or added to my two ETF indices (50% weighting):

New additions:

$QDEV (+0,58 %): $NOVN (+0,77 %) , $REL (-0,39 %) , $ITX (+0,25 %) , $LSEG (+1,42 %) , $DB1 (-0,02 %) and more

$QUS5 (+0,18 %): $BKNG (-0,29 %) , $MRK (-1,83 %) , $CRM (-2,52 %) , $UNP (-0,15 %) , $COR (+0,39 %) , $CAH (-0,38 %) and more

Kicked out of both indices and therefore according to S&P no longer Quality Aristocrats are among others: $BATS (+0,35 %) , $7974 (+2,26 %) , $HD (+0,3 %) , $LOW (+0,06 %) , $HLT (-0,21 %)

In addition, the allocation of all individual stocks in the indices was reduced again to max. 5 % was limited.

Thanks to the recent rally of $$HY9H (-0,33 %) my current top 10 weighting (ETFs+shares) is as follows:

3.48% Alphabet

3.04% SK Hynix

3.04% Broadcom

2.93% Meta

2.75% Microsoft

2.71% Apple

2.71% NVIDIA

2.55% Taiwan Semiconductor

2.13% Mastercard

2.08% Visa

New portfolio key figures:

P/E: 27.1 (<30) 🟢

Forward P/E: 21.1 (<25) 🟢

P/Β: 11.5 (<5) 🔴

EV/FCF: 28.7 (<25) 🟡

ROE: 42% (>15%) 🟢

ROIC: 19% (>15%) 🟡

EPS growth for the next 5 years: 15% (>7%) 🟢

Sales growth for the next 5 years: 9% (>5%) 🟡

My internal rate of return is currently 20.19%

Demand for the Switch 2 is exploding.

Nintendo had to ramp up production - a clear sign of strength in the consumer segment.

$7974 (+2,26 %)

https://invezz.com/de/news/2025/10/17/nintendo-steigert-produktion-fur-switch-2-da-die-nachfrage-die-prognosen-ubertrifft/

After the rally of$GOOGL (-0,71 %)

I sold 20% of the position to lock in profits.

I used the setback in $7974 (+2,26 %) Nintendo to enter the market and start to slowly diversify.

Focus remains on quality + balance between tech growth and stable cash flows.

📈 Performance:

S&P500: +1.51%

MSCI World: +1.76%

DAX: +2.59%

Dividend portfolio: +4.24%

My high and low performers in August were (top/flop 3):

🟢 $UNH (-2,19 %) UnitedHealth +16.78%

🟢 $ADM (-2,08 %) Archer Daniels Midland +12.33%

🟢 $8058 (-1,45 %) Mitsubishi Corp. +12.05%

🔴 $LLY (+0,68 %) Eli Lilly -5.99%

🔴 $MSFT (+0,77 %) Microsoft -7.51%

🔴 $CTAS (+0,01 %) Cintas -9.20%

Dividends:

August 2025: €129.54

August 2024: € 101.41

Change: +27.74% 🥒

Sales:

🟥 $7974 (+2,26 %) Nintendo (6 pcs.) +100%

Purchases:

🟩 $PG (-0,08 %) Procter & Gamble (4 pcs.)

Savings plans:

• ($CTAS (+0,01 %) ) Cintas (50€)
• ($MC (-3,37 %) ) LVMH (50€)
• ($MSFT (+0,77 %) ) Microsoft (25€)

What else has happened?

The tax assessment notice has arrived and the back payment has increased to 4100€. Funnily enough (typical for Germany), the advance payment is calculated on the basis of this year. As everything seems to run automatically, nobody checks whether this makes sense. In any case, the tax office assumes that I will have to pay the same amount again next year (or more) and tells me that I should pay €6500 in advance. Of course, I'm now asking for a recalculation. But that's a lot of work again, which could have been avoided if someone had just looked over it. Then they would have seen that this was a one-off. Well, what else do I expect these days.

The appointment at the garage has been arranged for the beginning of September. Let's see what else is in store for me.

I'm going on vacation at the end of September. That will be necessary again. My last vacation was last year around Christmas.

🥅 Goals for 2025:

Deposit of €10,000 and thus a deposit volume in the share portfolio of ~€73,000

Target achievement at the end of August 2025: 60.58%

How was your August?

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