I thought on such a beautiful day I could tease our @Simpson a little annoying again (just kidding of course, I'm a big fan of your portfolio 👍)

HSBC really is one of the best stocks in my portfolio! Unfortunately I didn't buy enough back then! But I'm still happy about the dividend!

Best regards to the community

What a wild ride that was, please ?!? Even the poor kangaroo gets sick...

🦘📈🦘📉🦘📈🦘📉🦘📈 🦘

...and personally don't really believe that the current situation is the end of "Pinky and the Brain"...

... "Pinky" still has to live up to the bets of all his boddies, has his back to the wall domestically with regard to the mid-terms and "the Brain" still has no interest in the end, after all, he still wants to permanently occupy at least southern Lebanon (incorporate the country) and therefore continues to escalate...

...my conclusion from this is that "Pinky" will launch a limited ground offensive over Easter or shortly afterwards in order to sell it strategically at home or to be able to announce something successful at all, the outcome of which is still completely open, while "the Brain" is already forging plans on how he can continue to pursue his goals even after a possible US exit - the end is open - regardless of the fact that the energy issue will still not be resolved after the end 🤷🏻‍♂️

But let's get back to March...

...even though the month was difficult, it ended with a small gain on the bottom line or even just below the last ATH...

...shows me, conversely, that my consistent strategy and steady fingers have been able to survive such market phases relatively well so far 💪🏻

In terms of the year as a whole, the first quarter has also been relatively successful for the circumstances and when I think about the fact that the overall portfolio is just ~1.5-2% below my chosen September milestone, the whole thing reassures me immensely or rather... is going better than forecast 🫠

In the long term, of course, everything is still on target and so not only are the nights still calm and cozy, but I also know that the dividends will continue despite everything, which brings us back to the next topic...

》Dividends《

This month there were €116.68 net dividends, which means an increase of 164.41% YOY 💪🏻

YoC (TTM) is ~6% and thus slightly below the target range, although the good months are yet to come...

》Outflows《

$PDI (-0,4 %) (35x)

$VICI (+1,12 %) (35x)

》Accesses《

$ALV (+1,12 %) (5x)

$EVD (-0,44 %) (25x)

$FWRG (+1,36 %) (73x)

》TOP 3《

$3750 (-2,62 %) +28,67% (+89,65%)

$VAR (-0,05 %) +23,61% (+55,54%)

$HAUTO (+1,31 %) +11,31% (+79,18%)

》FLOP 3《

$HSBA (+1,84 %) -8,25% (+45,21%)

$ASWM (+3,06 %) -6,51% (-8,38%)

$MUX (-0,7 %) -5,70% (+27,30%)

Furthermore, all contracts for the continuation of my training were signed and sealed this month, which was also pleasing and comes with a small salary increase 😊

That's all from me for now and I wish us all a successful April

The military escalation between the USA, Israel and Iran is causing strong market movements worldwide. Investors are shifting out of cyclical sectors and into security, energy and defense.

_________________________

Bitcoin $BTC (-0,24 %) shows surprising stability

• 📈 In the meantime +8,1 %
• 💰 Just over 70,000 dollars
• Stabilization at around 69,000 dollars

Despite geopolitical risks, Bitcoin is apparently being used as a liquidity parking lot in the short term. At the same time, volatility remains high - further escalations could trigger new spikes.

_________________________

🛢 Oil prices up significantly

• Brent: + just under 6 %
• WTI: + a good 5 %
• In the meantime even +13 %

According to the report, the USA is currently no release from the strategic oil reserve. The market is still considered to be supplied, but the situation remains tense.

_________________________

🏦 Banks under pressure

The European banking index loses around 3,5 % - sharpest decline since April 2025.

Particularly affected:

• HSBC - $HSBA (+1,84 %)
• Barclays - $BARC (+1,9 %)
• Standard Chartered - $STAN (+4,91 %)
• Deutsche Bank - $DBK (+0,73 %)
• BNP Paribas - $BNP (-1,1 %)
• BBVA - $BBVA (+3,27 %)
• Commerzbank - $CBK (+0,07 %)

In the USA also weaker until the US opening:

• Bank of America - $BAC (+0,71 %)
• Citigroup - $C (-0,03 %)

Reason: Strong Middle East business of many institutions and general risk aversion of investors.

_________________________

✈️ Travel industry collapses

High oil prices and uncertainty weigh heavily on tourism stocks:

• TUI - $TUI1 (+2,43 %) (-11 %)
• Lufthansa - $LHA (+3,64 %) (-11 %)

Flights to the region are canceled, travel offers suspended. Investors fear rising costs and falling booking figures.

_________________________

💎 Luxury stocks clearly in the red

The European luxury index loses almost 4 %.

Strongly affected:

• Richemont - $CFR (+3,34 %)
• Swatch - $UHR (+1,98 %)
• LVMH - $MC (+0,54 %)
• Hermès - $RMS (+0,84 %)
• Kering - $KER (+0,83 %)
• Brunello Cucinelli - $BC (+2,36 %)
• Moncler - $MONC (-1,36 %)
• Ferragamo - $SFER (+2,49 %)

Background:

Luxury is heavily dependent on global travel. Capital flows out of cyclical stocks.

_________________________

🛡 Defense stocks as clear winners

Geopolitical tensions drive up defense stocks:

• BAE Systems - $BA. (+2,33 %)
• Lockheed Martin - $LMT (+1,15 %)
• RTX - $RTX (+1,52 %)
• Kratos - $KTOS (+5,63 %)
• Hensoldt - $HAG (+2,93 %)
• Leonardo - $LDO (+2,12 %)
• Renk - $R3NK (+0,64 %)
• Rheinmetall - $RHM (+1,28 %)

Partial price increases of 3-6 %.

The focus is particularly on missile defense systems and possible increases in defense budgets.

_________________________

🚢 Shipping companies benefit

Transport values increase due to detour (avoidance of Hormuz, Suez Canal & Bab al-Mandab):

• Maersk - $MAERSK A (+2,1 %)
• Hapag-Lloyd - $HLAG (+1,63 %)
• Torm - $TRMD A (-0,29 %)
• Frontline - $FRO (+0,45 %)
• Hoegh Autoliners $HAUTO (+1,31 %)

Reason: Shortage of transport capacity and speculation on rising freight rates.

_________________________

🥇 Gold in demand

• Gold price: +2,5 %

Profiteers in mining stocks:

• Evolution Mining - $EVN (-1,73 %)
• Northern Star - $NST (-1,48 %)

The sector has been showing relative strength for several days.

$4GLD (+1,38 %)
$GOLD
$GOLD (+0 %)

_________________________

📊 Market logic clearly recognizable

Winner:

🛡 Armaments

🚢 Shipping companies

🥇 Gold

₿ Bitcoin (short-term)

Losers:

🏦 Banks

✈️ Travel

💎 Luxury

_________________________

🔎 Conclusion

The market reaction follows the classic pattern of geopolitical crises:

• Risk is reduced
• Capital seeks security
• Energy prices rise
• Defense stocks benefit

The decisive factor remains whether the situation eases diplomatically - or escalates further.

_________________________

Source:

Reuters: Anleger greifen bei Bitcoin als "Fluchtvehikel" zu (Via TradingView)

$DPZ (+1,76 %)
$HIMS (+3,03 %)
$KTOS (+5,63 %)
$DOCN (-0,49 %)
$FME (+1,34 %)
$KDP (+1,95 %)
$AMT (+2,06 %)
$HD (+1,56 %)
$WDAY (+4,35 %)
$FSLR (+5,4 %)
$TEM (+10,66 %)
$O (+0,69 %)
$MELI (+0,92 %)
$HPQ (+2,6 %)
$LCID (+8,72 %)
$DRO (+1,24 %)
$HSBA (+1,84 %)
$FRE (-0,01 %)
$AG1 (-0,41 %)
$CRCL (-4,65 %)
$UTHR (-0,39 %)
$LDO (+2,12 %)
$IDR (-0,32 %)
$NTNX (-1,89 %)
$PARA (+1,01 %)
$NVDA (-4,24 %)
$TTD (-2,56 %)
$AI (-0,53 %)
$CRM (+0,33 %)
$SNPS (+0,73 %)
$SNOW (-1,58 %)
$PSTG (+1,11 %)
$ZIP (+1,63 %)
$ZM (+1,78 %)
$NU (+1,99 %)
$RR. (+7,33 %)
$MUV2 (-3,1 %)
$BIDU (+4,05 %)
$CELH
$DTE (+1,32 %)
$STLAM (-5,88 %)
$WBD (+0,04 %)
$HAG (+2,93 %)
$QBTS (+9,72 %)
$LKNCY (-3,24 %)
$BABA (+0,72 %)
$G24 (-0,98 %)
$HTZ (+12,22 %)
$PUM (+5,65 %)
$AIXA (+4,94 %)
$RUN (+6,27 %)
$INTU (+0,62 %)
$WULF (+7,91 %)
$MNST (+0,44 %)
$SQ (+1,01 %)
$ADSK (+1,8 %)
$MP (+6,66 %)
$RKLB (+7,59 %)
$SOUN
$SMR
$CRWV (-1,48 %)
$CPNG (-2,01 %)
$DUOL

The UK Treasury has decided to launch a trial program for digital government bonds, the country's first tokenized government bonds, using HSBC's Orion blockchain technology $HSBA (+1,84 %).

Officials see the trial as a way to modernize the government bond market by using blockchain technology to reduce costs and speed up settlement.

》How the pilot project for digital government bonds will work《

Under the pilot, the UK will issue a digital government bond instrument called DIGIT on HSBC's approved Orion platform. The UK will issue, distribute and settle the bond on a blockchain within a regulatory sandbox overseen by the Financial Conduct Authority.

The Treasury wants to test shorter settlement times than in the regular government bond market, where transactions are usually settled within one or two days. By tokenizing government bonds, officials hope to reduce operational risk, improve transparency for investors and simplify the transfer of bonds between market participants.

》Why the UK chose HSBC's Orion platform《

HSBC's Orion platform already supports the digital issuance of bonds for governments, central banks and large corporates around the world. According to HSBC, Orion has processed over $3.5 billion worth of digital bonds, including the European Investment Bank's first sterling digital bond and a $1.3 billion green bond for Hong Kong.

UK officials selected Orion as the technology foundation for DIGIT following a tender process that followed earlier public consultations on digital government bonds in 2023 and 2024. The decision aims to build on HSBC's previous work in tokenization while running the pilot in a controlled, permissioned environment that complies with UK debt management rules.

Chancellor of the Exchequer Rachel Reeves originally unveiled plans for a trial run of digital government bonds in a speech at Mansion House in 2024, with a two-year timeframe in mind for the launch. Since then, the UK has fallen behind countries such as Hong Kong and Luxembourg, which have already completed the sale of digital government bonds.

With the HSBC deal, the UK now joins the top markets exploring blockchain for public debt, and if the test project is successful, some analysts predict it will overtake other G7 countries. Market organizations welcome the test, but warn that lawmakers need to update legislation, tax laws and settlement procedures before digital government bonds become a normal issue.

I got hold of the $HSBA (+1,84 %) Bank at over 7.3% dividend yield. Realized ~90% gross (without dividends) profit.

The proceeds were spread across my portfolio. Good Q's of my companies were published the other day. The HSBC proceeds are now in the shares.

Annual dividends were increased by more than €200. New balance: €6,950 (2026)☑️

As part of HSBC UK's comprehensive support for small businesses $HSBA (+1,84 %) the bank is launching a new tool to help business owners and sole traders prepare for the government's Making Tax Digital for Income Tax (MTD) changes coming into force in April.

Using Sage2's integrated technology, HSBC UK's My Business Finances allows eligible customers to manage their accounts and submit tax returns digitally directly from their HSBC UK business account, reducing the complexity that many small business owners are facing with the introduction of MTD.

A study by Sage $SGE (+0,98 %) shows that seven in ten (70%) sole traders are not prepared for Making Tax Digital. A third continue to record income and expenses using pen and paper, and two thirds rely on spreadsheets to prepare their tax returns.3

This partnership aims to bridge that gap ahead of MTD, providing practical support for clients to help them stay compliant, save time and stay in control of their finances as the tax system goes fully digital. Through My Business Finances, clients can manage their accounting and invoicing through their HSBC UK business account without having to switch between apps or platforms.

Tom Wood, Head of SME Business Banking at HSBC UK, said: "Small businesses are often incredibly ambitious but typically short on time. As a leading and trusted banking partner for SMEs, we're always looking for ways to help entrepreneurs work more efficiently so they can focus on growing their business.

Tax compliance can be both time consuming and costly - HSBC My Business Finances takes care of a company's invoicing, bookkeeping and tax compliance all in one place. This is particularly useful in light of the new tax reporting requirements in April."

Gordon Stuart, SVP, Fintech & Embedded Services, Sage, said: "Small businesses and sole traders want to focus on what they do best without having to deal with complex administrative tasks.

By integrating Sage's proven accounting and tax capabilities directly into HSBC UK's business account, we're making financial management effortless and accessible.

Our integrated accounting technology allows HSBC UK to deliver reliable accounting and tax functionality in a unified environment, within the tools business owners already use every day."

This is the latest in a series of support measures for small businesses banking with HSBC UK.

In July 2025, the bank introduced a monthly account fee for its Small Business Banking Account to complement free digital banking in the UK and free access to Business Specialists.

About a handful of countries have no withholding tax at all or levy one so low that it is almost unnoticeable.

"These countries in which private investors in Germany are not subject to withholding tax include Ireland, Liechtenstein, Hong Kong and Singapore," says Stefanie Dyballa, Portfolio Manager at KSW Vermögensverwaltung in Nuremberg.

However, the Irish withholding tax is only low if the company is based in the country. Other countries with investor-friendly regulations are Bermuda, Brazil, Canada and Thailand.

However, the most important economy that leaves German shareholders untouched is the United Kingdom. "The UK has many attractive dividend payers to offer, especially in the energy and financial sectors," says the asset manager, naming the likes of $SHEL (+1,82 %) Shell, $BP. (+1,2 %) BP and $HSBA (+1,84 %) HSBC.

Hermann Ecker, authorized signatory and portfolio manager at Bayerische Vermögen in Bad Reichenhall, also immediately thinks of reliable dividend payers from the island, including $DGE (+3,09 %) Diageo, $RKT (+1,66 %) Reckitt Benckiser, $RIO (+3,02 %) Rio Tinto, $IMB (+1,84 %) Imperial Brands, $SGE (+0,98 %) Sage Group and $ULVR (+3,16 %) Unilever. The selection shows just how diverse the withholding tax-friendly UK capital market is.

However, it is worthwhile for investors to consider other companies in addition to the well-known names: Sometimes they offer even higher dividend yields. WELT has compiled a list of 19 shares that are listed in countries with zero or low taxes and have also shown a stable performance over the past twelve months.

The last criterion is intended to protect investors from falling into a value trap, i.e. investing in a company with an eroding business model. The British drinks group Diageo, for example, is regarded as a solid dividend payer, but its share price has fallen by a third over the past year. The Diageo dividend yield of just under five percent is little consolation.

By contrast, the British insurance giant $AV. (+1,48 %) Aviva. The London-based company has roots dating back to 1696 and is one of the leading providers of pensions and insurance in its core markets of the UK, Ireland and Canada. Thanks to a focus on cash generation, Aviva is considered a solid basic investment that currently offers its shareholders a dividend yield of around 5.5%, which is only reduced by the German capital gains tax plus solidarity surcharge.

The financial services provider Legal & General, founded in 1836, can also look back on a long tradition. $LGEN (-0,03 %) Legal & General can also look back on a long tradition. As a heavyweight in the areas of asset management and pension insurance, the London-based group has a comparatively cyclically resistant business model that benefits from long-term demographic trends. Shareholders receive a current yield of 8.5 percent, making Legal & General one of the highest-yielding stocks in the UK index. The same can be said of the $PHNX (+1,17 %) Phoenix Group, whose yield is an impressive 7.8 percent.

The mining group $RIO (+3,02 %) Rio Tinto. However, the company is benefiting from the global appetite for raw materials. Rio Tinto is one of the world's largest producers of iron ore, aluminum and copper. Investors are betting on the indispensable role of metals in the global energy transition. The dividend payout is four percent.

The yield is more than twice as high for the Brazilian competitor $VALE3 (+2,95 %) Vale. Founded in 1942, the Rio de Janeiro-based mining group is the largest nickel and iron ore producer in the world. Experience shows that the size of the dividend depends on the ups and downs of commodity prices. As these are currently pointing upwards, shareholders have a good chance of achieving a dividend yield of almost ten percent on their capital investment this year. There is no withholding tax.

More speculative are investments in Greek financial institutions such as $TELL (+0,17 %) National Bank of Greece. The bank was on the brink of collapse during the euro debt crisis and had to be rescued with state aid. However, business is now flourishing again. Thanks to this economic comeback and the adjusted balance sheet, shareholders of National Bank of Greece should be hoping for a dividend yield in the region of four to five percent.

Financial institutions are also among the most interesting investments in Asia. The city state of Singapore, which does not levy withholding tax and is considered one of the most stable financial centers in the world, is home to the $D05 (+3,69 %) DBS Group. Founded in 1968, the institution is considered one of the best banks in the world and has already been described as the "Fort Knox" of the Asian banking world. Investors appreciate the quarterly distribution, which amounts to four percent per year, and the conservative balance sheet management of the DBS Group.

The Oversea-Chinese Banking Corporation, founded in 1932, also offers a return of around four percent. $OVCHY Oversea-Chinese Banking Corporation, founded in 1932. It is the longest established bank in Singapore and offers a mix of banking, asset management and insurance, which speaks for diversified earnings. However, the Oversea-Chinese Banking Corporation is not quite as dynamic as the DBS Group.

The conglomerate $J36 (-1,4 %) Jardine Matheson has its roots in Hong Kong, but the shares are now listed in Bermuda. Founded in 1832, the company is a legend in Asian economic history with a broadly diversified portfolio ranging from real estate to retail. Little known: The financial services provider $IVZ (+1,73 %) Invesco, which stands for the most popular Nasdaq ETF QQQ. The investment company's shares have risen by almost half over the past twelve months and also offer a dividend yield of three percent.

If you want to invest specifically in Hong Kong, you can stick with the infrastructure group $1038 (-0,62 %) CK Infrastructure. Founded in 1996, the company belongs to the empire of tycoon Li Ka-shing. It invests globally in energy suppliers, waterworks and transportation infrastructure, which ensures stability. Investors receive a return of around four percent.

As far as the former British crown colony is concerned, Dyballa has other ideas: "Financial and telecommunications stocks listed in Hong Kong, such as the $3988 (-1,94 %) Bank of China and $941 China Mobile often offer stable and attractive dividends." And she also has a tip for Singapore: "Real estate stocks or REITs that are less well-known in this country also offer stable cash flows and high dividend yields," says the portfolio manager.

Source: Text (excerpt) WELT, 24.01.26