3Sem.·

Portfolio update: Semi-ETF re-balancing -5%

Today I reduced my semi-ETF by 20% to bring the weighting from 15% to 10%.


No single position has a total weighting (ETF+single stock) above 5%, which is also my threshold. I always want to stay below 5% exposure.


My forward P/E of the portfolio has also fallen to 23, which is below my target of <25, despite the high tech allocation.


This means that my tech sector weighting is now in line with my world ETF $QDEV (+0,39 %)which contains around 40-49% tech. I'm happy with that. I'm just still tech-bullish.


I have also reduced the USA region to 63%, almost identical to my world ETF (61%), and thus within my target range of 60-69%.


My favorites in the semi area remain anyway $TSM (+1,08 %) and $HY9H (+3,45 %) which I bought cheaply and undervalued as individual positions.


$NVDA (+0,44 %) is and remains king, but I do not believe that the annual return will remain above 10% in the next few years, for this the market cap would have to grow by 400 billion every year, which I think would be difficult. $AVGO (+3,25 %) currently has a P/E 5x greater than forward P/E, which shows that analysts are extremely bullish on future earnings. I am also bullish, but not as strongly, so the stock has already run very hot.


My top 10 holdings with 32% total weighting are currently:


4.95% $TSM (+1,08 %) Taiwan Semi

4.65% $NVDA (+0,44 %) NVIDIA

4.55% $GOOG (-0,77 %) Google

4.47% $AVGO (+3,25 %) Broadcom

2.85% $MSFT (+0,19 %) Microsoft

2.63% $META (-0,26 %) Meta

2.37% $AAPL (-0,98 %) Apple

2.04% $ASML (+1,33 %) Asml

1.95% $MA (+0,35 %) Mastercard

1.91% $JPM (-0,87 %) JPMorgan

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