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 (+1,62%)
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 (+1,12%)
Verizon $VZ (+1,23%)
Novo Nordisk $NVO (+1,67%)
Solaria $SLR (-0,12%)
TeamViewer $TMV (+4,12%)
Comcast $CMCSA (+1,22%)
Merck & Co. $MRK (-0,15%)
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 (-0,5%)
Interpump $IP (+2,07%)
Alphabet $GOOG (+2,28%)
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.
