Today, the dividend from $HSBC (-0,88%) / $HSBA (-1,07%) arrives today - without any QST, as it is a UK share. That tastes good, of course!

Do you also have UK shares or ETFs in your portfolio? If so, which ones?

Hi everyone, I obviously need more inspiration... somehow I'm not really warming up to these markets.

What do you hold in your portfolio or have on your watchlist?

$VALE3 (-1,06%)

$CEPU (-2,62%)

$UMC (+0,35%)

and I'm also thinking about $HSBA (-1,07%) which is very active in Asia.

BEFORE: I have completely revised my portfolio review. There are now even more in-depth figures to see and I have greatly reduced the body text. Only my introduction is a little more detailed. The visual overview on Instagram has also been completely revamped. There is also a budget review, which I am not publishing here as a post. However, I have included a few key figures from this one in the portfolio review.

I am very happy about likes here at GQ and on both IG posts, as the complete renewal has cost me a lot of nerves and time. 🙃 If you also want to know how my personal finances have developed, I'd like to refer you to my personal budget review on Instagram.

In future, I will publish my detailed assessments on individual topics that were previously part of the review (such as crypto cycles or my succession strategy for crypto) separately in individual posts on GQ. Perhaps as a kind of supplementary post.

Are you missing important key figures or do you have suggestions for optimization? Constructive suggestions are always welcome.

For me, May was characterized by calm and composure, because I kept the noise of the markets and US trade policy away from me. I can do no more than simply buy more. I like to refer here to the stoic way of thinking, which focuses on prioritizing what you can influence. And that is my personal development. So that meant doing sport (at home with YouTube cardio and strength, abs, core, running), stockpiling Instagram posts so that I have some breathing space in the summer and delving deeper into the topic of AI. And the tax return was also completed. Meanwhile, dividends have been stable with the second strongest month ever, which was April. Time for a deep dive into my figures.

Overall performance

My portfolio performed well in May. Bit by bit, we are fighting our way up from the tariff lows. The key performance indicators are

• TTWROR (month of May): +4.83 %
• TTWROR (since inception): +65.84 %
• IZF (month of May): +74.24 %
• IZF (since inception): +9.94 %
• Delta: +€3,368.39
• Absolute change: +4,486.96 €

Share allocation & performance

Which shares performed particularly well in May? Which are at the top of the chain and which at the bottom? Which were the biggest losers?

Size of individual share positions by volume

Share: Share of total portfolio in % (portfolio)

• $AVGO (+0,44%) : 2,71 % (main share portfolio)
• $NFLX (+0,7%) : 2,12 % (main share portfolio)
• $WMT (+1,45%) : 1,83 % (main share portfolio)
• $SAP (+0,86%) : 1,69 % (main share portfolio)
• $FAST (-1,57%) : 1,59 % (main share portfolio)

Smallest individual share positions by volume:

Share: Share of total portfolio in % (securities account)

• $SHEL (-1,49%) : 0,44 % (crypto follow-on portfolio)
• $HSBA (-1,07%) : 0,54 % (crypto follow-on portfolio)
• $TGT (-0,35%) : 0,62 % (main share portfolio)
• 
  $DHR (+2,69%) : 0,66 % (main share deposit)
• 
  $NKE (+0,45%) : 0,67 % (main share portfolio)

Top-performing individual shares

Share: Performance since first purchase % (securities account)

• $AVGO (+0,44%) : +245 % (main share portfolio)
• $NFLX (+0,7%) : +190 % (main share portfolio)
• $SAP (+0,86%) : +108% (main share portfolio)
• $WMT (+1,45%) : +79% % (main share portfolio)
• $RSG (+1%) : +60 % (main share portfolio)

Flop performer individual stocks

Share: Performance since first purchase % (securities account)

• $DHR (+2,69%) : -58 % (main share portfolio)
• $TGT (-0,35%) : -40 % (main share portfolio)
• $NKE (+0,45%) : -39 % (main share portfolio)
• $CPB (+0,25%) : -34 % (main share portfolio)
• $UPS (+0,58%) : -30 % (main share portfolio)

ETFs vs. shares

The breakdown of ETFs vs. shares across all portfolios is 38.8% to 61.2%. This differs slightly from the breakdown of my ETFs to equities savings plans (43% to 57%).

Investments and subsequent purchases

Here is a small overview of what I have invested via savings plans according to my fixed planning.

• Planned savings plan amount from the fixed net salary: €1,030
• Planned savings plan amount from the fixed net salary, with reinvested dividends: €1,140
• Savings ratio of the savings plans to the fixed net salary: 49.75

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

• Subsequent purchases as a cashback annuity from refunds: € 70.50
• Dividend automatically reinvested by broker: € 2.99

Additional purchases: as one-off savings plans as part of my cashback pension, reinvested discounts from previous grocery and drugstore purchases and a refund from the health insurance bonus program.

• Number of additional purchases: 2
• 30.00 € for $JEGP (-0,09%)
• 
  40.50 € for $GGRP (-0,2%)

If you want to know how my cashback pension tops up the share and ETF pension, please let me know.

Passive income from dividends

My income from dividends amounted to € 163.13 (€ 89.68 in the same month last year). This corresponds to an increase of +42.32 % compared to the same month last year. The following is further key data on the distributions:

• Number of dividend payments: 11
• Number of payment days: 21 days
• Average dividend per payment: € 14.83
• average dividend per payment day: € 7.72

The top payers are:

• $DHL (+0,8%)
• 
  $IMEU (-0,2%)
• 
  $IWDP (+0,19%)

My passive income from dividends (and some interest) mathematically covered 21.08% of my expenses in the month under review.

Crypto performance

My crypto investments also moved a little:

• Monthly performance portfolio: +0.72%
• Performance since inception: +70.90%
• Proportion of holdings for which the tax holding period has expired: 100%. This means that there have been no additional purchases for over a year.
• Crypto share of the total portfolio: 2.23%

I find the topic exciting, but it is very underrepresented in my overall portfolio due to my strategy. Profits have long since been realized, my focus here has long been elsewhere. Accumulation will take place in the coming bear market.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows:

• TTWROR (current month): +4.83%
• $VWRL (+1,33%) +6.10%
• $VUSA (+0,14%) : +6.89%

Outlook and conclusion

According to the tax estimate, I can expect a tax refund. When this arrives, part of it will be donated and the rest will of course be reinvested. May was also a no-spend month for me and, as a convinced frugalist, this went off without a hitch. I was able to reflect more closely on my spending behavior and even found further potential despite my basic low spend attitude. Now I'm preparing a Hartz IV/citizen's allowance experiment for at least 3-4 months (or more) for the second half of the year. Simply because I feel like challenging myself. My planned expenses and provisions according to the budget only just exceed my theoretical entitlement to citizen's allowance. More info coming soon on Instagram. After March and April, I was again able to record expenses of less than €1,000 per month in May. This will change in June due to a large annual insurance premium, but maybe I'll be lucky and stay at a maximum of €1,100 to €1,200. As in the previous months, I will continue to use the early summer in June for hiking, swimming and day trips.

👉 You want my review as an Instagram post?

Then follow me on Instagram:

📲 As well as the depot and budget review, there's also: @frugalfreisein

• One-pagers and carousel posts every Monday, Wednesday and Friday on topics such as wealth accumulation, frugalism and minimalism
• more story insights in the future
• Mindset, motivation & money-saving life hacks for your own journey

How was your May at the depot? Do you have any tops & flops to share? Leave your thoughts in the comments!

HSBC Holdings plc $HSBA (-1,07%) has successfully issued US$2 billion of contingent convertible securities, the company announced today. The securities, which carry an interest rate of 7.050%, were issued pursuant to the terms and conditions set out in the securities agreement dated May 29, 2025.

The issuance was completed on Thursday after all conditions precedent set forth in the agreement with the underwriters were satisfied. These securities were designed to be convertible into equity under certain conditions, creating an additional buffer to absorb losses and strengthening the bank's capital base.

Applications have been made to list the securities on the Official List and to trade them on the Global Exchange Market of Euronext Dublin. The securities with ISIN US404280FA24 are callable during any optional redemption period, providing flexibility to both the issuer and investors.

The offering was made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). The prospectus supplement and accompanying prospectus detailing the offering have been filed with the SEC and are available to the public through the SEC's EDGAR system.

HSBC emphasizes that these securities are complex financial instruments that may not be suitable for all investors, particularly retail investors. The Bank has emphasized compliance with regulatory requirements, particularly in jurisdictions such as the UK where the sale of such securities to retail clients is restricted by the Financial Conduct Authority (FCA).

The issue is part of HSBC's ongoing efforts to manage its capital efficiently and strengthen its position as one of the world's leading banking and financial services companies. As of March 31, 2025, HSBC reported total assets of USD 3.054 trillion.

This financial move by HSBC Holdings plc is based on a press release and does not constitute an offer or invitation to subscribe for or purchase the securities. Potential investors are advised to inform themselves about and observe any restrictions that may apply in their jurisdiction.

The announcement was made during the Money20/20 Europe event. The investment follows a multi-year collaboration in which Token.io's infrastructure has supported HSBC's Open Payments solution $HSBA (-1,07%) which enables users to make direct payments from their bank accounts via third-party platforms.

The move signals HSBC's intention to expand the use of Token.io's technology, particularly in the launch of applications for pay by bank services.

According to HSBC, the decision to invest in Token.io reflects its confidence in the company's underlying technology and the broader potential of open banking to modernize payments for both consumers and businesses. Token.io's platform is based on real-time payment networks and open banking frameworks that enable direct bank transfers without cards or intermediaries.

A Token.io representative noted that the investment will help accelerate the company's work to expand access to pay by bank services. These services allow users to authenticate payments through their banking apps and offer an alternative to traditional card-based transactions. Use cases include peer-to-peer payments, loan repayments and account deposits.

Token.io's platform currently supports pay by bank functionality across much of the UK and Europe. According to Token, which cites forecasts from industry analysts, around 75% of Europeans will be using this method regularly by 2029. The volume of payments via Pay by Bank is forecast to increase by 30% in 2025 alone. The use of A2A payments in e-commerce is also expected to increase significantly, ranking just behind digital wallets by 2030.

HSBC UK Private Banking $HSBA (-1,07%) is the first major UK bank to deploy Addepar's leading software platform specifically for wealth managers. This follows the launch in the US private bank, which is due to take place in the Channel Islands and Luxembourg later this year.

HSBC UK Private Banking serves domestic and international high net worth individuals and family offices. As one of the largest banking and financial services organizations in the world, HSBC is committed to delivering a superior customer experience through leading digital solutions.

The Addepar platform offers enhanced client reporting with complex aspects such as alternatives and account aggregation. Relationship managers and investment advisors can provide their clients with customized, comprehensive performance data and investment insights with just a few clicks.

In addition, the platform can also aggregate the performance of clients who hold investments with other asset managers, giving clients a complete overview of their entire investment portfolio.

Charles Boulton, Head of Private Banking, HSBC UK, said: "We are delighted to launch Addepar's wealth management software platform. Providing tailored, real-time reporting across all asset types is critical for our clients.

With Addepar's platform, our clients have the best possible insight to manage an increasingly complex financial landscape. The ability to present a client with their entire portfolio, giving them a holistic view of their assets in different currencies and with different asset managers, is a big step forward for us."

James Thomson, Head of Investment Advisory, HSBC UK Private Banking, said: "As a leader in alternative investments, and with more and more private banking clients looking to hold a proportion of their portfolio in this asset class, Addepar's advanced alternative investment reporting capabilities were a key selling point.

Thanks to our new reporting capabilities, our investment advisors can provide our clients with deeper insights and more transparency in a more efficient way. This gives them more time to focus on what really matters: providing quality advice based on sound analysis."

Eric Poirier, Managing Director of Addepar said: "Addepar is on a mission to bring greater transparency, connectivity and intelligence to the global investment ecosystem. HSBC UK Private Banking's choice of our platform reflects exactly this kind of forward-thinking leadership - a solution that provides investors, advisers and their clients with a comprehensive and timely data-driven perspective to tackle complexity with actionable insights. As our first major UK banking partner, HSBC is redefining what it means to lead with data and deliver a truly differentiated client experience."

The British HSBC $HSBA (-1,07%) is disbanding a division that caters to small and medium-sized businesses in the US. This is part of a broader strategy to focus on markets where the company has an advantage, a company spokeswoman said.

But perhaps also a tactically wise move, as bankruptcies of small to medium-sized companies in the US have risen to a historic level since Trump took office.

This week, for example, 40 employees in the "Business Banking" department were made redundant.

HSBC has also informed the approximately 4,400 customers of the Business Bank about this decision; these are companies with a turnover of up to 50 million dollars.

"We are ... supporting customers to transition to a suitable alternative provider," the spokeswoman said. The bank will retain the customers served by other teams.

Most of the clients the bank is losing as a result are American companies and not US subsidiaries of international companies.

The withdrawal from business with smaller clients follows a retreat on Wall Street.

Earlier this year, HSBC announced it would stop advising companies on deals and IPOs in the US and Europe. The bank, which is listed on the London stock exchange, is prioritizing its home markets of Hong Kong and the UK and is increasingly focusing on Asia.

HSBC already largely gave up its private client business in the USA in 2021, when the bank sold parts of this business to Citizens Bank and Cathay Bank. The following year, it agreed to sell its Canadian business to the Royal Bank of Canada.