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$MNDY (+0,28%)
$KER (-0,45%)
$BARC (+1,74%)
$OSCR (+2,84%)
$CVS (-0,17%)
$SPOT (-0,03%)
$DDOG (+0,5%)
$BP. (-1,11%)
$SPGI (+0,49%)
$HAS (+0,37%)
$KO (-0,07%)
$JMIA (-0,12%)
$MAR (+0,08%)
$RACE (+1,33%)
$UPST (+1,48%)
$NET (+1,15%)
$LYFT (+0,43%)
$981
$NCH2 (+1,55%)
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$SHOP (+1,38%)
$KHC (-0,93%)
$FSLY (+6,89%)
$HUBS (+6,84%)
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The second article on the refund of withholding tax on Norwegian shares. You can find the first part with instructions and preparations for registering with the Norwegian authorities here: , Quellensteuerrückerstattung Norwegen Teil 1 . Once again, please note that this application is only possible for tax residents in Germany.

As a placeholder $EQNR (-0,5%) , $HAUTO (+2,97%) , $VAR (-0,38%) , $MOWI (-0,39%) , $MPCC (+2,38%) , $TEL (+0,16%) , $AKRBP (-0,7%) , $TOM (+2,15%)

Open the start page Altinn – Start - the language to English and if you have activated the automatic Google translator you can even go to German - log in, go to International, then log in without social security number/D-number, enter user name and password and log in. To find the right form, enter RF_1534 in the search, then the form Request for refund of withholding tax on dividends will open. You have a kind of "menu field" on the left-hand side which you can use to switch to the individual pages of the form.

Fill in the two pages for the applicant. Don't forget the tax ID ( Tax Identification Number ), but this is a mandatory field anyway. In the large field Registered address in country of residence, enter only the street and house number.

You will now need the dividend vouchers showing the withholding tax deduction.

Then open the Dividends form. There you will see three lines for your entries, which can be expanded as required.

In principle, you must enter Yes in the first field for the question of stock exchange listing in Oslo. This is the case if the ISIN of your share begins with NO... . In the second field, enter the VPS number of the depositary of your shares. This is clearstream, the currently valid number is 153300000145. In some forums you can still find the old number beginning with 05. In the third field you enter the year for which you are applying for the refund, up to 5 years retroactively are possible. Then enter the ISIN of your share as you can see it on the dividend voucher and the name of the company according to the voucher. In the sixth field, enter the dividend payment in Norwegian kroner according to the receipt. The number formatting requires the decimal point to be entered as a period! Then enter the percentage tax deduction, in this case 25%. You can choose different percentages for the refund claim. Take 10% here! Even if it is tempting to enter the full 25%, it works but will be displayed as an error when the form is checked at the latest. Repeat the whole process until you have entered every single dividend statement. So do not add up the dividends from one year, each payment must be entered individually.

This is actually the main task if you have several shares from Norway in your custody account. Once this is done, continue to the payment details page. Under Account Type, click on Other account and enter Euro as the currency, unless you have a corresponding foreign currency account with your bank. Then enter the IBAN and, to be on the safe side, the BIC and the name of the bank.

If there is anything else you would like to say about the application, you have the opportunity to make a note at the bottom of the page.

That's almost it. At the top left above the form name, go to the menu item List - Forms and attachments. You can now upload all dividend statements here. Once again the important note: You can a maximum of 10 PDFs of 50 MB each attached. One PDF is the certificate of residence. If you still have more than 9 individual receipts, combine them into one PDF by company and attach it.

Done, click on check and if everything is ok the document will be sent and you will receive a confirmation in your account.

Finally, a few comments:

Pay attention to the time limit in the form, so that it doesn't end and you have to type in all the entries again from the beginning.

There are a few brokers in Germany who will do this work for you for a fee. There you would have to apply for advance exemption from withholding tax. According to my research, and also confirmed in writing, DKB definitely does this. However, this is only a partial exemption, i.e. this 10%. The remaining 15% must be reclaimed via the tax return.

You can apply directly to the Norwegian tax authorities free of charge.

If you would like to take the route I have described, then quickly obtain your certificate from the tax office and submit the application at the beginning of the new year. Experience has shown that the decision and the refund are possible within a short time. Later in the year, waiting times of at least 6 to 9 months are common. Fortunately, there is even interest on the amount to be refunded if the authorities take longer to process the application. The transfer of the refund may be subject to a fee at some banks, ask your broker how much this is.

I hope this has made you a little less afraid of the refund and if you have any questions, please use the comments function. Greetings from your grandpa 😉😇

After a stable October (+6.2%), there was a clear countermovement in November.

My portfolio fell to 39.328€ and was thus -3,9% compared to the previous month.

The main drivers were the strong sell-offs in AI software, uranium, mining and defense - precisely those areas that are overweighted in my allocation.

Despite the setback, the year as a whole remains strong:

👉 Year-to-date I am still at +20.4% - solidly in the green.

1st performance & comparison 🚀

November was clearly characterized by risk-off mode. While broader indices remained stable, highly volatile future themes corrected much more strongly.

My portfolio:
-3,9%

NASDAQ 100:
-2,56%

S&P 500:
-0,49%

DAX:
-0,55%

FTSE All-World:
-0,48%

The underperformance is fully explainable:

Uranium, AI software, bitcoin mining and defense were under pressure - all segments that my portfolio partly tracks. But we remain calm and use attractive setbacks to buy.

Positive:

The long-term trend structure remains intact, YTD +20,4% clearly show: The overall path is right.

2. my savings plans & allocation 💶

The focus remains unchanged on strategic liquidity and consistent allocation.

Important in November:

👉 I bought Bitcoin for the first time.

This expands my structure specifically in the direction of digital assets - a building block that has shown relative strength despite market volatility. We entered at €74665 and are trying to use the 30% drop since the ATH to build up a small anti-cyclical position.

My savings plans are continuing as usual and remain the tactical tool for exploiting market opportunities in a disciplined and unemotional manner.

3rd top mover in November 🟢

The month was led by Nubank ($NU (+0,33%)), which was up +8,06 % benefited from strong user numbers and continued high demand for credit in Latin America. Berkshire Hathaway ($BRK.B (+0,05%)) gained +7,40 % driven by solid insurance profits and defensive positioning in the current market environment.

American Lithium (+4.44 %) showed a technical recovery, while the Bitcoin purchase ($BTC (+0,77%)) in my portfolio with +3,39 % had a direct positive effect. Also small caps (MSCI World Small Cap ($WSML (+0,12%)) +1.31 %) also performed stably. Tomra Systems ($TOM (+2,15%)) rounded off the list of winners with a slight gain of +0,28 % driven by an incipient recovery in demand in the recycling segment.

4th flop mover in November 🔴

The month was much weaker for my highly volatile AI and energy segments.

IREN ($IREN (+1,07%)) fell by -21,27 % the strongest - burdened by pressure in the mining sector and falling BTC margins. Also Cloudflare ($NET (+1,15%)) also fell -21,19 % triggered by risk-off in the entire software/infrastructure tech sector.

The VanEck Uranium ETF ($NUKL (+0,04%)) slipped -17,48% after falling spot prices and geopolitical uncertainties led to widespread profit-taking.

Tempus AI ($TEM (+0,44%)) (-13,24%) and Rheinmetall ($RHM (+0,39%)) (-12,99%) suffered from a general revaluation of growth and defense stocks. Mercado Libre ($MELI (+3,01%)) closed the month with -10,00 % also significantly weaker, weighed down by consumer data from Latin America.

5. conclusion 💡

November was a classic rotation month: risk-off in speculative future themes, stability in value, fintech and more defensive positions.

❓Question for the community

Which position surprised you the most in November - positive or negative?

👇 Write it in the comments!

After a volatile October with +6,2% the stabilization continued in October. My portfolio rose to 40.233 € and increased by +2,80 % slightly weaker than the NASDAQ 100 (+6.95 %)but still solidly in the green. While the major indices were driven by big tech, my portfolio once again showed strength in niche and future themes. ⚙️

1. performance & comparison 🚀

There was a moderate recovery over the course of the month: while the markets initially fluctuated, momentum returned towards the end.

With +2,8 % my portfolio remained below the NASDAQ 100, but performed better than broader indices such as the FTSE All World (+4.45 %) and DAX (+4.11 %) stable.

Particularly positive: the continued consolidation following the tech rallies of the previous months.

2. my savings plans & allocation 💶

My focus remains clear: managing liquidity and making targeted use of opportunities.

Since October, my new savings plan has been running on the Euro Overnight Rate Swap ETF (€ 500 per month) - as a flexible, interest-bearing "cash parking space" with daily liquidity and currently over 3.9 % return p.a. This allows me to keep capital ready to invest in quality shares in the event of setbacks.

3rd top mover in October 🟢

The month was led by IREN $IREN (+1,07%)
(+25,8 %)which once again benefited from the massive demand for computing power for AI. Also Snowflake $SNOW (-0,04%)
(+22,8 %) also made strong gains as investors increasingly focused on data-driven platforms again. The VanEck Uranium & Nuclear Energy ETF (+18.5 %) $NUKL (+0,04%) rose significantly, driven by the ongoing global reassessment of nuclear energy as a stable and low-carbon energy source. Geopolitical tensions and supply bottlenecks provided an additional boost. While American Lithium (+15.4 %) was supported by positive industry news. Also CrowdStrike $CRWD (+1,22%)
(+14 %) also impressed with strong demand in the cybersecurity segment and Datadog $DDOG (+0,5%)
(+12,2 %) benefited from robust cloud spending by large companies.

4th flop mover in October 🔴

On the losing side was Ferrari $RACE (+1,33%)
(-17,1 %)which was burdened by profit-taking and a more cautious outlook after a strong summer quarter. Tomra Systems $TOM (+2,15%)
(-15 %) corrected after weaker volume growth, while Rheinmetall $RHM (+0,39%)
(-14,1 %) suffered from geopolitical uncertainty despite a high order situation. Also Novo Nordisk $NOVO B (-0,03%)
(-6,8 %) also fell further as regulatory risks surrounding GLP-1 once again came into focus. BYD $1211 (-0,72%)
(-5,9 %) was volatile, weighed down by price pressure in China, while even Berkshire Hathaway $BRK.B (+0,05%)
(-2,7 %) closed slightly in the red.

5. conclusion 💡

October showed: Rotation instead of rally. Techs with real profitability are gaining momentum again, while overheated stocks are consolidating.

With the overnight ETF, I am deliberately building up a strategic "interest rate anchor" in order to remain flexible in the coming months.

My focus remains clear: Quality, liquidity and long-term scaling.

❓ Question for the community:

Which stock surprised you the most in October - positive or negative?

👇 Write it in the comments!

$ERIC A (-1,72%)
$DPZ (+0,48%)
$JNJ (-0,23%)
$JPM (+0,28%)
$WFC (+0,25%)
$BLK (+0,55%)
$GS (+0,39%)
$C (+0,51%)
$MC (+0,04%)
$ASML (+0,32%)
$BAC (+0,24%)
$MS (+0,28%)
$JBHT (-0,14%)
$EQT (+0,65%)
$SRT (-0,06%)
$NESNE
$TSM (+1,67%)
$ABBN (+0,66%)
$UAL (+0,41%)
$TOM (+2,15%)
$VOLV B (+1,07%)
$AXP (+0,23%)
$SLBG34
$STT (+0,52%)

Hello community,

I would like to present my revised portfolio strategy to you today and am looking forward to your opinions and constructive feedback. I am pursuing a core-satellite approach.

The core (approx. 40%):

My foundation for long-term and stable asset accumulation. Here I rely on the MSCI World and the Nasdaq 100 in order to participate in global economic growth in a broadly diversified manner. Simple, cost-effective and proven.

The satellites (approx. 60%):

Here I pursue clear, thesis-based investments in individual stocks. These can be divided into six thematic clusters:

1. the AI infrastructure (cloud, data & security):

My biggest bet. I believe that the real winners of the AI revolution are the companies that provide the foundation.

Positions:

Cloudflare, CrowdStrike, Snowflake, Datadog.

2. the fintech revolution in emerging markets:

The disruption of traditional banking in populous and digitally savvy regions.

Positions:

MercadoLibre, Nu Holdings.

3. global champions & turnarounds:

Here I bundle global market leaders that I consider undervalued or that are on the verge of a comeback.

Positions:

Alibaba, BYD. For me, these are not speculative gambles, but counter-cyclical bets on dominance in their respective markets.

4. industrial excellence & luxury brands:

A bet on undisputed market leaders in highly profitable niches with strong moats - from armor to high-tech automation to luxury sports cars and one of the best investors of all time.

Positions: Rheinmetall, Ferrari, Berkshire Hathaway, Keyence.

5. future technologies & energy:

The thesis here is clear: more AI and more data centers require massively more energy.

Positions:

The Uranium ETF, Iris Energy, American Lithium.

6. megatrends: health & sustainability:

Investments in global market leaders that benefit from two unstoppable social developments: demographic change and the need for a circular economy.

PositionsNovo Nordisk, Tomra Systems.

My question to the Getquin community:

What is your opinion on this strategy and allocation?

#DepotCheck #PortfolioReview #Feedback #CoreSatellite #Strategy

$NET (+1,15%)
$CRWD (+1,22%)
$NOVO B (-0,03%)
$1211 (-0,72%)
$BABA (-0,94%)
$IREN (+1,07%)
$NLR (-0,55%)
$ACWI
$WSML (+0,12%)
$RACE (+1,33%)
$BRK.B (+0,05%)
$RHM (+0,39%)
$6861 (-1,38%)
$DDOG (+0,5%)
$MELI (+3,01%)
$SNOW (-0,04%)
$NU (+0,33%)
$TOM (+2,15%)

to $TOM (+2,15%) which at least I was not previously aware of.

https://www.deraktionaer.de/artikel/medien-ittk-technologie/australien-im-lithium-rausch-wie-tomra-den-unterschied-macht-20384926.html

Hello Community,

July is history and here is my usual transparent monthly review directly from the portfolio, which has now reached a value of €34,485. It was a month that perfectly demonstrated the importance of a clear strategy and a steady hand.

📈 1. the performance: solid in a turbulent environment

I am satisfied with a monthly performance of +1.54%. As the chart shows, I was able to outperform the DAX (+0.57%), but was slightly behind the S&P 500 (+2.20%) and the strong NASDAQ100 (+6,35%). The result reflects my portfolio: a high tech component, which benefited from the strength of the US indices, but also positions in Europe and China, which held back in some cases.

2. my purchases: anti-cyclical & quality focus

💸 I made three targeted purchases in July:

• Keyence (501 €) & Novo-Nordisk (526 €): Here I built up my positions in two absolute quality champions at the beginning/middle of the month.

• Ferrari (101 €): Following the exaggerated share price fall of over 11% after the quarterly figures, I took the opportunity to buy a small, disciplined tranche. For me as a long-term investor, such irrational market movements are clear buying opportunities in excellent companies.

3. my savings plans & dividends

🏦 The basis of my asset accumulation continued as usual:

• Alibaba (404 €): I continue to use the savings plan to consistently expand my anti-cyclical bet on the Chinese e-commerce giant.

• BYD (19 €): Here, the dividend received was reinvested directly back into new shares. This is how the compound interest effect works optimally.

4. tops & flops: a reflection of the market

🟢 Top movers:

The list was topped by my speculative stocks American Lithium (+25.00%) and Iris Energy (+12.32%) and the Uranium & Nuclear Technology ETF (+11,36%). This shows that risk appetite in niches is increasing again in an uncertain market environment. My tech stocks such as Cloudflare and Datadog also performed strongly.

🔴 Flop mover:

Here were the losers of the month Novo-Nordisk (-29.94%) and Ferrari (-6,56%). These defensive stocks underwent a strong correction in July, which I, as with Ferrari as shown in the case of Ferrari.

🧠 Conclusion:

July was a month of contrasts. While the overall market performed solidly, there were strong rotations beneath the surface. My strategy of focusing on a mix of a solid ETF core, quality stocks and targeted speculative bets proved successful.

How did your July go? Did you also use the correction in some stocks to buy more? I look forward to hearing from you!

$NOVO B (-0,03%)
$1211 (-0,72%)
$RACE (+1,33%)
$IREN (+1,07%)
$NET (+1,15%)
$BABA (-0,94%)
$DDOG (+0,5%)
$NUKL (+0,04%)
$TOM (+2,15%)
$NU (+0,33%)
$MELI (+3,01%)

$TOM (+2,15%)

After the introduction of the one-way bottle deposit in Austria, I did some research into the circular economy. I came across Tomra Systems ASA, a Norwegian company that is the world leader in reverse vending machines.

Tomra develops collection and sorting systems for recycling (especially beverage packaging) as well as for the food industry, for example for camera-supported sorting of fruit, vegetables or nuts.

Why might Tomra be an interesting investment?

Tomra is the global market leader in reverse vending machines.

With over 80,000 systems installed in more than 60 countries, the company benefits directly from global environmental regulations.

According to an EU regulation, all member states must achieve a recycling rate of 90% for plastic bottles by 2029. In my opinion, this target cannot be achieved without deposit systems. I therefore expect more EU countries to introduce deposit systems, which should benefit Tomra considerably due to its leading market position.

From a fundamental perspective, the company looks good and solid.

The only thing I am critical of is the steadily increasing debt ratio of around 150%, although the company has also been able to increase its cash reserves.

The share reached its all-time high of around €32 in Jan. 2022 and has fallen sharply since then. Today the share is at € 11.87, i.e. > 60 % lower. The low was € 6.80 in October 2023, followed by a recovery and a stable sideways movement.

The reasons for the share price decline could have been the following: A very high valuation without corresponding growth. Falling margins and slower sales growth.

Conclusion:

In my view, Tomra Systems is an interesting company in the long term, which is getting a tailwind for the marketing of its deposit machines due to regulatory requirements such as the EU directive.

Nevertheless, I am critical of the debt and, above all, the share price performance in recent years. Even if the business model itself is solid and they are well positioned for the coming years, not only with the recycling division but also with the food division.

Source:

https://www.tomra.com/-/media/project/tomra/tomra/investor-relations/annual-reports/annual-report-2024.pdf

I have been invested in Tomra Systems $TOM (+2,15%) (Edit: no longer), the market leader in take-back systems. Recently, they have been moving into more and more new areas, such as the recycling of metals (in my opinion essential for a continent as poor in raw materials as ours) or food sorting.

Tomra Systems:

Country/Region: Norway, Europe

Market capitalization: € 4.1 billion

Turnover: € 1.3 billion (2024)

Profit: € 93 million (2024)

P/E RATIO: ~43

P/E ratio 2029 (forecast): ~14

Debt: ~€ 350 million

The growth prospects are excellent and EU regulation ("In addition, at least 90% of all disposable plastic and metal beverage containers with a volume of up to three liters must be collected separately by 2029") plays into their hands.

I have now also added the company Envipco Holding $ENVI (-2,5%) which is also active in the take-back systems business. Their systems are cheaper than those of Tomra Systems, which allows them to score particularly well in Eastern European countries. They are growing very strongly, are expected to become profitable this year and the forecast P/E ratio for 2027 is below 10. The algorithm of my favorite analysis tool Simply Wall Street determines that the share is currently around 93% undervalued based on future forecast cash flows, which is rare.

Envipco Holding:

Country/Region: Netherlands, Europe

Market capitalization: ~€400m

Turnover: ~€120m (2024)

Profit: -643k € (2024)

P/E RATIO: /

P/E ratio 2027 (forecast): ~9

Debt: ~20m €

I think a lot of the green tech stuff that is being propagated, especially in Germany, is nonsense, but recycling or the circular economy is not only necessary, but in my opinion also the future standard. Not only for environmental reasons, but also for economic and geopolitical reasons. That's why I think both Tomra Systems (all-rounder) and Envipco Holding (strongly niche) are opportunities to benefit from this trend.

Hope you can get something out of this short article :)