Hello getquin community,
Over the past three months, I’ve continued to actively adjust my portfolio, focusing on long-term fundamentals, valuation discipline, and capital reallocation once targets were reached. Below is a summary of the key changes and the rationale behind them.
New Position
Adobe $ADBE (-5,28 %)
I initiated a new position in Adobe based on several converging factors. The company continues to deliver strong annual growth in results, adding roughly $1 billion in revenue per year. The stock recently corrected sharply, reaching a key technical support level and now trades at a lower P/E multiple compared to previous years.
While debt levels have increased, they remain manageable and well covered by consistently positive cash flows. Adobe also maintains a disciplined capital return strategy, buying back around 10 million shares per year out of a total of ~400 million outstanding, supporting shareholder value over time.
Increased Positions
I increased my exposure to the following companies, either due to improved valuation, stronger conviction in their long-term outlook, or portfolio rebalancing considerations:
- PayPal $PYPL (-1,03 %)
Verizon $VZ (-2,6 %)
Novo Nordisk $NVO (-0,39 %)
Solaria $SLR (+1,96 %)
TeamViewer $TMV (-1,26 %)
Comcast $CMCSA (-1,74 %)
Merck & Co. $MRK (-0,75 %)
These additions reflect a mix of defensive positioning, long-term growth opportunities, and businesses with resilient cash generation.
Sold After Reaching Targets
I exited the following positions after they achieved my predefined objectives:
- LVMH $MC (-1,14 %)
Interpump $IP (-0,92 %)
Alphabet $GOOG (+1,12 %)
These sales were not driven by a deterioration in fundamentals, but rather by valuation and portfolio discipline—freeing up capital to deploy into opportunities with a more attractive risk-reward profile.
Final Thoughts
The portfolio evolution over the last quarter reflects a balance between fundamental strength, valuation awareness, and active risk management. I remain focused on businesses with durable competitive advantages, solid cash flows, and long-term growth potential.