$ERIC A (+0,4%)
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$C (+0,97%)
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$EQT (+1,87%)
$SRT (+0,42%)
$NESNE
$TSM (-1,52%)
$ABBN (-0,8%)
$UAL (+0,42%)
$TOM (-2,04%)
$VOLV B (-0,27%)
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$SLBG34
$STT (+0,13%)

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 (+5,98%)
$CRWD (+0,58%)
$NOVO B (-1,28%)
$1211 (-0,86%)
$BABA (-2,58%)
$IREN (+1,17%)
$NLR (-2,04%)
$ACWI
$WSML (+0,01%)
$RACE (+0,87%)
$BRK.B (-0,39%)
$RHM (+0,06%)
$6861 (-5,26%)
$DDOG (+2,52%)
$MELI (-1,23%)
$SNOW (-0,53%)
$NU (+0,43%)
$TOM (-2,04%)

to $TOM (-2,04%) 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 (-1,28%)
$1211 (-0,86%)
$RACE (+0,87%)
$IREN (+1,17%)
$NET (+5,98%)
$BABA (-2,58%)
$DDOG (+2,52%)
$NUKL (-0,72%)
$TOM (-2,04%)
$NU (+0,43%)
$MELI (-1,23%)

$TOM (-2,04%)

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 (-2,04%) 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 (+1,55%) which is also active in the take-back systems business. Their systems are cheaper than those of Tomra Systems, which makes them particularly attractive 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 and 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 :)

Here is the promised article on the refund of withholding tax on Norwegian shares. The first part deals with the preparations and the registration with the Norwegian tax authorities, the second part contains the completion of the online form.

As a placeholder times $EQNR (+0,07%) , $HAUTO (-0,06%) , $VAR (+0,99%) , $MPCC (+1,76%) , $TEL (-0,69%) , $AKRBP (-0,31%) , $TOM (-2,04%) exemplary.

Edit: This only applies to tax residents in Germany. Please enquire in Switzerland, Austria or elsewhere in Europe about the regulations that apply there. Many thanks to @GeldGenie who has created a corresponding article for Switzerland, which I am linking here: Quellentsteuer Schweiz

Norway has strong companies with some extremely attractive dividend payouts. However, some people are not aware that these dividends are subject to Norwegian withholding tax without any offsetting. This means that in addition to the 25% Norwegian withholding tax, the custodian bank also pays the capital gains tax plus solidarity surcharge and, if applicable, church tax, which means that less than half of the dividend is credited.

Don't worry, the money is not gone, it just belongs to someone else for the time being. Norway refunds 10% withholding tax on application. This can be done easily and online and can also be done retroactively for several years, for a maximum of 5 years. You can get the remaining 15% from the German tax authorities via your income tax return. A few more tips at the end.

First collect all dividend vouchers showing the withholding tax deduction. Most companies pay out quarterly, so there should be 4 receipts per calendar year. You will need these in pdf format. If you are applying for a refund for several years and have more than one share in your portfolio, here is an important note: You can submit a maximum of 10 PDFs of 50 MB each attached. I will then combine the individual receipts per share into one PDF.

Apply for the tax residence certificate at your local tax office. You can find the form at: https://www.formulare-bfinv.de/ffw

Enter form 034450 in the search. You can fill out the form in your browser and then save it as a PDF and print it out. Important! Send it signed in duplicate to the office. A short cover letter with the subject "Application for a tax residence certificate for the purpose of reimbursement of overpaid withholding tax in Norway" and a short two-liner are helpful. I usually receive a confirmation copy back after 1 to max. 2 weeks. Scan and save as PDF.

Then you can already register in Norway. Under the following link Bei Altinn anmelden you can create a new user. The site is only available in the national language or in English. I use English and have activated the automatic website translation via Google, then it even works in German ;-) For the first registration, logically create a new user. Username, email, password and the security question and continue.

When you receive confirmation that a new account has been created for you, click on done and that's it with the preparations.

You will receive a 10% withholding tax refund via this process. More is not possible, even if it is described differently in various forums. You can tick the maximum refund in the form, but an error message always appears before you submit the form. So simply get 10% tax back quickly and easily and then the rest via the German tax office. If you have submitted the application in Norway quite early in the year, the refund amount should be certified by the submission deadline in Germany. Otherwise, simply take the difference (25% - 10% potential refund = 15% withholding tax on your total dividends) and enter this amount, or add it to any other amounts applied for. In the first step, tax declarations are made paperless anyway, so you can relax and have the receipt from Norway until any queries arise. However, I see difficulties with the German FA recognizing this retroactively. I therefore handle it a little more elaborately and actually have the withholding tax refunded annually and the rest via the income tax return at the same time.

If you have never done the refund in Norway before, then at least get the 10% back for the last few years and the 15% for 2024 via the KAP annex. Depending on the amount, you decide which way you want to go.

If you have any questions, please leave them in the comments and I will try to answer them as soon as possible.

Part 2 will follow in a few days with details on the form and further tips.

Tomra Systems recovers by double digits due to speculation in Spain | $TOM (-2,04%)

Shares in the Norwegian company Tomra, which manufactures deposit systems, rose by a maximum of 11.4 percent on Monday. The rally was driven by speculation in the Spanish press about the country's deposit system.

"They have realized that they have not reached their collection targets for plastic bottles. Then, by law, they have to introduce a deposit system," Nordea analyst Andreas Nibe Nygård told Norwegian broadcaster E24.

The data was also commented on by Carnegie, which described it as "very positive", as Bloomberg News reports.

Spain is expected to introduce the system by the end of 2026. But even with delays, 2027 "will be a very strong year for Tomra, with machine sales to the UK and Spain providing the biggest boost," writes Carnegie.

Estimated earnings per share will rise to EUR 0.74 in 2027, corresponding to a P/E ratio of 16 for the year.

In addition to Tomra, shares in Dutch company Envipco (listed on the Oslo Stock Exchange) also rose by 9.3 percent.

The Swedish investment company Latour is Tomra's largest shareholder with 21.1 percent of the capital and votes.

"Would have, ifs and buts." Bombastic figures and good prospects. Long from now on.

Recently opened a first position. I've had it on my watchlist for a long time.

After a recent vacation in Sweden and Denmark, where it felt like every snack bar had its own TOMRA vending machine, I decided to take a small position. I also believe in the future of deposits and recycling.

Otherwise, it's purely a gut decision