Another quarter is behind us, and after this past 🦘 month, I find it amusing to note that this year, it seems the last month of every quarter always ends up in the red...

But that doesn’t really bother me right now, because when viewed on a quarterly basis, everything still fits well into the overall picture...

...and from an annual perspective, things aren’t looking too bad so far either...

...for a relatively conservative, dividend-focused portfolio that isn’t heavily weighted toward tech, so everything’s still within reason...

...and from a long-term perspective, everything continues to fit into the overall strategy.

Sure, things can always go better, faster, higher, and further, but considering the resources and the overall conditions, everything is perfectly within the target range 🫠

》DIVIDENDS《

Despite the pesky taxes, this month still yielded €215.63 in net dividends, corresponding to a YOC of 6.28 (target range between 6–7%).

》TOP 3《

$HAUTO (+3,5%) + 9.89% (+147.82%)

$ASWM (-3,05%) +4.31% (+24.81%)

$VAR (+3,22%) +0.86% (+70.93%)

》FLOP 3《

$AII (-4,06%) -19.10% (+19.85%)

$3750 (-2,28%) -16.85% (+87.16%)

$DTE (-1,24%) -8.15% (-4.61%)

》 NEW ADDITIONS 《

43.95 x $WINC (-0,08%)

24 x $AII (-4,06%)

10 x $MUX (-1,89%)

1 x $MUV2 (+1,36%)

》DISPOSALS《

----

》CONCLUSION《

Everything remains the same, except that the final certification (DATEV LuG) is still pending this month, and with the change of the month, we’ll also have to complete the move into our new apartment.

With that in mind, things continue to be exciting, so I wish you and your portfolios all the best 👍🏻

$MUV2 (+1,36%)

@Koenigmidas Will you come along and add some much-needed glamour, my king?

What are your hottest tips for Erfurt if you've got the cash to spare 🤑🤑🤑?

Monday:

Unsurprisingly, both June and July were the hottest months ever recorded in Europe. This is having an increasingly significant impact on the economy. Both shipping routes and electricity production are being restricted. Low water levels in the Rhine, Danube, and Po rivers, in particular, are causing problems. Wildfires are also affecting tourism.

https://www.handelsblatt.com/politik/deutschland/klima-juni-und-juli-waren-in-westeuropa-so-warm-wie-noch-nie/100246102.html

Wednesday:

Unlike $MUV2 (+1,36%) Munich Re, $HNR1 (+1,42%) Hannover Re increased its profit to 1.4 billion euros in the first half of the year. Overall, prices in the reinsurance business fell by about 4%. Despite this, revenue still rose by 0.2%.

https://www.handelsblatt.com/finanzen/banken-versicherungen/versicherer/versicherer-hannover-rueck-steigert-gewinn-und-haelt-jahresziel/100245193.html

Germany has approved an early retirement pension for all children born in 2020 or later. Parents can either have the money deposited into an account they open themselves, or the Bundesbank will invest it directly in the stock market on the children’s behalf. Parents and grandparents can contribute additional funds to the 10 euros per month.

https://www.tagesschau.de/inland/innenpolitik/kabinettsbeschluss-fruehstartrente-100.html

Thursday:

Record revenue for car rental company $SIX2 (-0,18%) Sixt in the first half of the year. Overall, revenue increased by 9% to 2.1 billion euros. Profit rose by more than 28% to 84.5 million euros.

https://www.welt.de/newsticker/dpa_nt/infoline_nt/wirtschaft_nt/article6a7d56bea87e8142c31ce6f0/sixt-erzielt-im-ersten-halbjahr-rekordumsatz.html

Friday:

One day after the quarterly results and the confirmed forecast, $EKT (-2,39%) Energiekontor revised its forecast because wind farms in Scotland will be connected to the grid later than expected. This is, of course, a major misstep in capital market communication. The information from Scotland must have come in yesterday; otherwise, it’s also legally questionable.

https://www.finanzen.net/nachricht/aktien/kurswechsel-energiekontor-aktie-stuerzt-ab-gewinnziel-fuer-2026-drastisch-gesenkt-15874042

Here's the in-depth breakdown of the recently announced Munich Re (Munich Re) $MUV2 (+1,36%)
(ETR: MUV2) H1 / Q2 2026 results:

🚀 Record profits & reinsurance boost

Munich Re is surging in the second quarter and first half of 2026, shattering analysts’ estimates:

Net Income (Q2 & H1): In Q2 2026, net profit soared to 2.21 billion EUR (the analyst consensus was only 1.79 billion EUR). For the entire first half of the year, the company posted an all-time record profit of 3.93 billion EUR (compared to 3.18 billion EUR in the prior year).

Reinsurance Division: The Group’s core business contributed a solid EUR 1.89 billion to net income (H1: EUR 3.37 billion).

ERGO Primary Insurance: The ERGO segment also delivered a net income of approximately 321 million EUR in Q2, strongly supported by investment income.

🔮 Extremely disciplined combined ratio & lull in major losses

While discipline in underwriting new risks is a top priority, Munich Re is benefiting from minimal major losses:

Minimal impact from major losses: Major losses in Q2 amounted to a mere EUR 191 million (just 4.9% of net insurance premium income vs. an expected ~18%).

Rock-solid combined ratio: In P&C reinsurance, the combined ratio in Q2 stood at an excellent 68.9%.

Pricing power at renewals: During the July renewals, Munich Re consistently declined business with insufficient prices (-9.1% in volume) and demonstrated strict “margin-before-volume” discipline.

🤖 62% of the annual target already achieved & annual forecast

Forecast rock-solid: The annual profit forecast of 6.3 billion EUR for the full year 2026 is unequivocally confirmed.

Target within reach: With already EUR 3.93 billion in net income after 6 months, over 62% of the annual target has already been achieved by mid-year!

Capital Return & Solvency: With a solvency ratio well above the target range (>280%), dividends and the ongoing 2.25-billion-euro share buyback program are in full swing.

⚡ 💡 Jack’s take

Munich Re has once again coldly outdone Allianz in terms of profitability! A half-year profit of just under 4 billion EUR amid a shrinking major-loss burden underscores Munich Re’s truly exceptional position. The fact that the group would rather turn down business than accept poor prices highlights its rock-solid pricing power. Over 62% of the annual target has already been achieved at the halfway point—unless the hurricane season escalates dramatically this fall, reaching the 6.3 billion EUR mark is practically a formality!

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$FI (+0,62%)
$DDOG (+0,82%)
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$QBTS (-4,19%)
$G24 (+3,27%)
$AKAM (-3,39%)
$MUV2 (+1,36%)
$UA (+0,96%)
$OKLO

Another month has passed, and it’s time once again to take a quick look into the engine room...

...actually, not much has changed in the big picture, except that after 38 months of consistent performance, the 40k mark has been broken, and so the final sprint of the first half has now begun...

...it’s not a high-flyer portfolio, but so far it’s been a solid growth story, and as the saying goes, every little bit helps...

...which is why YTD hasn’t changed much either...

...nor has it since the very beginning...

...the structure, however, is a different story, and so there were a few changes to the portfolio this month...

》New Additions《

$WINC (-0,08%) 244.01x

$MUV2 (+1,36%) 1x

$AII (-4,06%) 101x

》Exits《

$EVD (+2,28%) 25x

$3750 (-2,28%) 8x

》Top 3《

$HAUTO (+3,5%) +24.42% (+122.67%)

$VAR (+3,22%) +19.82% (+60.72%)

$DTE (-1,24%) +10.61% (-1.53%)

》Flop 3《

$3750 (-2,28%) -10.58% (+128.32%)

$ASWM (-3,05%) -9.86% (+17.84%)

$YYYY (-0,84%) -7.01% (-4.80%)

》Dividends《

This month, there were €252.24 in net dividends, representing a 12.24% increase year-over-year.

》CONCLUSION《

Everything’s business as usual, so we can relax and prepare for next Friday’s upcoming DATEV certification 👍🏻

I wish everyone continued success, and may dividends and growth be on our side 🫡

I had bought the stock back then during the Trump tariff dip. I didn't foresee how things would turn out now either, but I certainly thought the bashing of Dell at the time was completely over the top.

Half of it has $MUV2 (+1,36%) gone