Brief Review: August 2026:

Through mid-August, the Euro AI Backbone saw a recovery. In mid-August, the wikifolio’s price came under pressure. Price drivers from the semiconductor and tech hardware sectors declined, in some cases significantly.

As of August 1, the certificate’s price stood at €91.81; on August 31, it closed at €90.71, representing a loss of 1.2%.

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At the start of the new month, the regular portfolio rebalancing will take place as follows.

• The weighting of the VAT Group
  $VACN (+0,57 %) is reduced from 2.1% to 1.4%.
• The weighting of Enel
  $ENEL (+0,94 %) will be reduced from 5.6% to 5.0%.
• The weighting of Geberit
  $GEBN (+1,21 %) is being reduced from 1.3% to 0.7%.
• New addition Huber+Suhner
  $HUBN (-1,77 %) at 2.1%.

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Background

VAT Group reduction / Fine-tuning in the semiconductor sector:

The position of the VAT Group will be reduced as part of the optimization of the semiconductor specialists (taking into account the existing position in Atlas Copco $ATCO B (+2,03 %) ) in order to reduce concentration risk in vacuum technology.

Reduction in Enel:

For the major utilities, the reduction is intended to lock in profits and free up capital for highly specialized technology niches, while coverage of the core power grid holding remains stable.

Reduction in Geberit:

The weighting of Geberit is being adjusted to reflect its actual AI leverage (cooling water circuits/piping systems in data centers), ensuring that the physical data center infrastructure segment remains represented without tying up unnecessary capital.

Addition of Huber+Suhner:

In the Optical Interconnects and Passive Infrastructure segment, Huber+Suhner is a specialist in high-precision fiber-optic and connection technology within data centers. Huber+Suhner bridges the gap in optical signal transmission between AI servers, thereby complementing network equipment providers such as Nokia
$NOKIA (+2,69 %) as well as cable giants such as Prysmian
$PRY (+1,13 %) and NKT $NKT (+0,83 %) .

P.S.: The Wikifolio will likely be granted "Investable" status later this month, and you'll be able to start investing in it at that time!

Hier geht es zum Euro AI Backbone-wikifolio

Since the wikifolio was created on June 18, a review will not take place until the end of July.

The first rebalancing will take place at the start of the second half of the year.

• The weighting of the VAT Group $VACN (+0,57 %) will be reduced from 4.5% to 2.3%.
• The weighting of Nexans $NEX (+1,68 %) will be reduced from 1.6% to 0.3%.
• New addition Alfa Laval $ALFA (+2,7 %) at 1.7%.
• New addition: Atlas Copco $ATCO B (+2,03 %) at 1.7%.

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Background

Reduction of VAT Group / Addition of Atlas Copco:

One of the goals of the Euro AI Backbone is to cover as much of the value chain as possible. While the VAT Group manufactures vacuum valves, this is now complemented by the global market leader in vacuum pumps.

Reduction in Nexans:

In the cable/infrastructure sector, in addition to Nexans, Prysmian $PRY (+1,13 %) and NKT $NKT (+0,83 %) are also represented. Prysmian, with its large operational scale, and NKT, with its deep roots in European network expansion, already cover a large portion of this sector.

Addition of Alfa Laval:

In the automation and data center cooling sector, Alfa Laval is the global market leader in thermal heat transfer, separation technology, and fluid control. Alfa Laval complements Siemens $SIE (+2,47 %) , Schneider Electric’s $SU (+2,11 %) and ABB $ABBN (+0,74 %) , as well as RWE $RWE (+1,36 %) , Iberdrola $IBE (+1,02 %) and Enel $ENEL (+0,94 %) .

Hier geht es zum Euro AI Backbone-wikifolio

P.S.: Almost there! The wikifolio has already been bookmarked seven times—just three more to go before the certificate can take the next step toward “Investable” in a few days.

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.

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And which industries are covered?

• Semiconductors
• Machinery
• Electricity
• Networks
• Cables
• Energy
• Automation

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.

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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.

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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.

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About the Stocks

From EU AI Cortex Basket taken over by Goldman Sachs:

• Infineon ($IFX (+4,06 %)): 7.10%
• ASML ($ASML (+2,92 %)): 6.80%
• Siemens ($SIE (+2,47 %)): 6.00%
• Rolls-Royce ($RR. (-0,53 %)): 5.40%
• Enel ($ENEL (+0,94 %)): 5.40%
• Schneider Electric ($SU (+2,11 %)): 5.40%
• ABB ($ABBN (+0,74 %)): 5.00%
• Iberdrola ($IBE (+1,02 %)): 4.90%
• Siemens Energy ($ENR (+3,1 %)): 4.70%
• ASM International ($ASM (+1,96 %)): 3.70%
• Prysmian ($PRY (+1,13 %)): 3.60%
• BE Semiconductor ($BESI (+1,25 %)): 3.20%

Supplemented by the following stocks:

• VAT Group ($VACN (+0,57 %)): 4.50%
• STMicroelectronics ($STM (+1,7 %)): 2.50%
• Legrand ($LR (+0,42 %)): 2.00%
• RWE ($RWE (+1,36 %)): 1.95%
• Nokia ($NOKIA (+2,69 %)): 1.90%
• E.ON ($EOAN (+0,28 %)): 1.90%
• National Grid ($NG. (-0,62 %)): 1.80%
• SSE plc ($SSE (+0,34 %)): 1.70%
• EDP Renováveis ($EDPR (+0,9 %)): 1.60%
• Red Eléctrica ($RDEIY (+0,68 %)): 1.50%
• Nexans ($NEX (+1,68 %)): 1.50%
• Hochtief ($HOT (+0,54 %)): 1.50%
• Enagás ($ENG (-0,15 %)): 1.40%
• United Utilities ($UU. (+1,1 %)): 1.40%
• Spirax-Sarco ($SPX (+2,68 %)): 1.30%
• Centrica ($CNA (+0,29 %)): 1.30%
• Aixtron ($AIXA (+4,04 %)): 1.30%
• Orsted ($ORSTED (+1,54 %)): 1.15%
• Verbund AG ($VER (+0,39 %)): 1.10%
• Soitec ($SOI (+9,85 %)): 1.10%
• Safran ($SAF (+1,72 %)): 1.00%
• Thales ($HO (+0,09 %)): 1.00%
• Geberit ($GEBN (+1,21 %)): 0.90%
• NKT A/S ($NKT (+0,83 %)): 0.80%
• Andritz ($ANDR (-0,31 %)): 0.70%

The figures $IG (-0,01 %) , $SRG (-0,2 %) , $TRN (-0,88 %) , $ALFA (+2,7 %) , $ATCO B (+2,03 %) or $AEMMY can unfortunately only be traded via CFDs on Trading 212. Therefore, these securities could not be included.

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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).

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Pie Composition

By country:

• Germany: 24.35%
• France: 15.4%
• Netherlands: 13.7%
• United Kingdom: 12.9%
• Switzerland: 10.4%
• Italy: 9%
• Spain: 7.8%
• Denmark: 1.95%
• Austria: 1.8%
• Portugal: 1.6%

By sector:

• Technology: 32.3%
• Industrial & Capital Goods: 31.5%
• Utilities & Energy Infrastructure: 36.2%

By industry:

• Semiconductors & Data Center Chips: 27.8%
• Energy Equipment & Grid Technology: 25.5%
• Electricity Generators: 16.1%
• Physical Networks & Storage: 10.1%
• Cable Infrastructure: 5.9%
• Vacuum Technology & Components: 6.5%
• Network Technology & Connectivity: 1.9%
• Data Centers & Industrial Construction: 3.1%
• Cyber and Perimeter Security: 3.1%

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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.

Hi folks,

We often talk about tech hypes and dividend kings here. But today I want to take up the cudgels for quality European work. As you know, I live in Scandinavia and therefore sometimes have a different view of the shares here.

I have bought $ATCO B (+2,03 %) Atlas Copco (the one from Sweden) and wanted to share my thoughts with you.

In a nutshell: For me, this is the "secret giant" that there is hardly any way around.

What do they actually do?

At first glance: Yawning boredom. They build compressors, vacuum pumps and industrial tools.

But the second glance is amazing:

The "fourth energy source": every factory in the world needs compressed air. No matter whether cars, food or pharmaceuticals are being produced. Without Atlas Copco, the production line stands still.

The AI shovel vendor: Very few people know that the production of modern microchips (Nvidia, TSMC & Co.) requires absolutely high-vacuum chambers. Atlas Copco is the world market leader here. Anyone who believes in AI must also believe in Atlas.

Why I celebrate the share (The Quality Check):

I pay extreme attention to the figures and not to stories.

And the figures here are brutal:

Margin: They have an operating margin of over 21-22%. That's almost impossible for an industrial company. That's more on a tech level.

Moat: They not only sell the machine, but also the service subscription. This means that revenue continues to flow even when no new factories are being built.

Stability: The company is extremely decentralized. Hundreds of small units that run like start-ups. No bureaucratic tanker.

The catch:

Quality has its price. The share is almost never "cheap". You rarely see a P/E ratio of less than 25, usually you pay more like a 30 multiple.

At ~1.7%, the dividend also looks puny at first.

But: It is extremely safe and has been raised almost every year for decades (or there are special distributions). It is a compounder, not a high-yielder.

My conclusion:

For me, this is the perfect stock to "buy and leave". It combines old industrial strength with new tech fantasy (chip production).

Tip: If you get in, take a look at the B share (SE0017486897). Although it has fewer voting rights (which may not matter to us), it is usually cheaper than the A share and pays exactly the same dividend. This drives up the yield somewhat.

How many of you already have the Swedes in your portfolio? Or is the valuation currently too high for you?

Let's hear it!

Greetings from 🇩🇰