Just another quick update from the depths of my portfolio. To be honest, not much has happened. Unfortunately, September really messed up my performance 🤪 But it’s all good.

My focus has shifted a bit toward my CHF investments $NOVN (-0,3 %) and $SREN (+1,83 %) these are new additions from Q3. Savings plans are still ongoing with $SLHN (+0,22 %) and $ZURN (+1,18 %) plus a few additional purchases of individual stocks $NESN (+2,1 %)
$ACLN (-3,95 %)
$VZN (-0,11 %)

As for U.S. stocks, from now on I’ll only be making selective purchases, such as with $CARR (-3,78 %)
$MCD (+0,02 %)
$VZ (+2,09 %) ; savings plans have been paused. My euro investments haven’t changed much either, except for reinvested dividends from the ETFs.

Speaking of dividends—and watch out for this milestone! My portfolio has surpassed the €100k gross dividend mark 🥳 In a maximum of 5 years, the €200k mark should be reached at €20k gross per month—and the trend is upward.

The plan for Q4 is therefore to continue making targeted purchases (on the defensive side) and build up cash reserves.

Carrier $CARR (-3,78 %)
or Daikin $6367 (-1,32 %)
—which company is more attractive from an investor’s perspective in the long term?

Rising temperatures, growing demand for cooling, heat pumps, energy-efficient building technology, and the boom in data center cooling are creating structural growth potential for both companies.

Carrier Global from the U.S. is currently impressing with higher margins, strong order intake, and excellent momentum in its commercial and data center businesses. Daikin Industries from Japan has a broader global footprint, a very solid balance sheet, and is strongly positioned as an HVAC pure play.

I’ve chosen Daikin because the company provides better diversification for my existing portfolio and also offers margin potential.

How do you see it from an investor’s perspective: Carrier $CARR (-3,78 %)
or Daikin $6367 (-1,32 %)
—and why?

The slight setback following the figures from $CARR (-3,78 %) and the weakness in $ACLN (-3,95 %) to make a small additional purchase. I also did the same with $NESN (+2,1 %) and $MCD (+0,02 %) I made small one-time purchases outside of my savings plans.

I’m already very excited about the $ABBV (+0,23 %) and $NOVO B (+2,56 %) results.

Other than that, the portfolio also hit a new all-time high 🤓

Edit: Since I was asked to explain my reasons. Then I will edit this bit by bit.

The following are leaving completely (in percentage points of the core portfolio)

$ADBE (+1,11 %) (-4%): The AI implementation in their core business is not convincing. Even as a user, I strongly doubt their future competitiveness.

$NESTE (+0,21 %) (-6%): A comparatively high level of debt, a more mindful customer base due to loss of wealth and the currency effects. I expect only very small leaps, if any at all.

$KMB (-1,93 %) (-4%):

$UNH (-1,54 %) (-6%, I would have cleaned up a week ago...): the market is currently too risky for me for political reasons. There has been no improvement in recent months. I am therefore taking the chips off the table.

But they have been expanded:

$AMZN (+4,71 %) (+7%): The growth and the margin with the market power of AWS speak for themselves in my opinion.

$PG (+0,16 %) (5%): This is a position I hold for emotional reasons. I love baby and toddler products and am regularly delighted that I get diapers, wet wipes, etc. virtually for free. The current course has simply invited.

New arrivals:

$V (+0,49 %) (+4%): I currently have a very low weighting in the financial sector. And the profitability, especially the return on equity, speaks for itself. In addition, volatility is comparatively low, which is very flattering for my large tech allocation.

$CARR (-3,78 %) (+4%, welcome back): I am convinced that we are still facing major upheavals in building air conditioning. The debate about sustainable heating systems is currently being conducted primarily in affluent societies, not to mention cooling systems.

$NVDA (-2,63 %)
$IREN (-4,1 %)
$JLL (+4,53 %)
$GOOGL (+0 %)
$AMZN (+4,71 %)
$META (-0,98 %)

$JLL (+4,53 %) says the cycle will continue until 2030. 3Trillion! $, that's 3.000.000.000.000!!!! Will be invested. Pre-letting is currently >70%. Occupancy at 97%!

Obstacles are delivery difficulties in construction and power. Good news for blade manufacturers, e.g. of UPS, cooling etc. ($VRT (-0,62 %)
$JCI (-5,69 %)
$CARR (-3,78 %)
$SU (-3,37 %)
$ETN (-4,28 %)
$GNRC (-3,02 %)
$CSCO (-4,25 %)
$ANET (-5,43 %)
$COMM (-1,33 %)) and companies like $IREN (-4,1 %) who have already secured power.

Gas will also continue to be important.

More than half of this will take place in the USA and Europe will fall behind.

Which blade manufacturers are you focusing on? Where do you see the greatest potential?

I myself am with $NVDA (-2,63 %)
$VRT (-0,62 %) and $IREN (-4,1 %) invested.

Source: https://www.datacenterdynamics.com/en/news/not-a-bubble-3-trillion-data-center-investment-supercycle-expected-by-2030-despite-challenges-jll/

I wouldn't say it's a bargain, but it's quietly and steadily increasing, so add what you can. Edison seems to have cleared up some regulatory issues, which could help the share price considerably and they pay a good, predictable dividend. And Carrier Global has just increased its dividend.

Also in the portfolio:

4 x $PG (+0,16 %)

10 x $EIX (-0,43 %)

10x $CARR (-3,78 %)

5.14 x $MO (+1,32 %)

That could almost be it for the year. Unless there are any surprises, things are looking more than good for 2025. My financial plan for over 55 is well on track, 5 more years of full-throttle investing and then the math will be done 🤓

$CARR (-3,78 %)

Air conditioner maker Carrier Global on Tuesday beat analysts' estimates for second-quarter profit and sales, but a late start to summer led to a drop in orders from residential customers.

The company now expects organic sales in its residential business to rise by a mid-single-digit percentage this year, compared with a previous forecast of high single-digit to double-digit growth.

Shares in the Florida-based company fell by 10 percent.

Quarterly revenue for Carrier's largest segment, Climate Solutions Americas, rose 14 percent year over year, driven by a 45 percent increase in sales to commercial customers.

The rise in global temperatures caused by climate change and increasing air pollution are driving demand for new air conditioning systems and air purifiers as well as for the maintenance and repair of old equipment.

Total sales in the spare parts market rose by 13% in this quarter.

The company is also benefiting from robust demand for its data center cooling products, which are used for artificial intelligence technologies.

However, the late start to the cooling season, i.e. the high-demand summer months, contributed to a 60 percent drop in orders from private customers, compared to a 100 percent increase last year.

"Sales in the private customer segment rose by 11 percent, which was below our expectations due to the lower volume," said CFO Patrick Goris during the quarterly results conference call on Tuesday.

Carrier reiterated its full-year revenue guidance of nearly $23 billion and its adjusted earnings per share guidance of between $3 and $3.10, although it lowered its expectations for consumer revenue.

Total revenue for the quarter ended June 30 rose 3 percent from a year earlier to $6.11 billion, compared with analysts' estimates of $6.09 billion, according to data compiled by LSEG.

The company reported adjusted earnings of 92 cents per share for the second quarter, compared with analysts' estimates of 90 cents per share.