The dip dribbled out perfectly! With bonus and tax refund, it's now cash flow season. 📈⚽

April showed that consistency is not a fair-weather project. While I was standing in thick fog in Saxon Switzerland and couldn't see the valley from the top of the rocks because of the fog, the depots reflected the turnaround in performance for the better. As soon as the sun broke through, the gray gave way to a lush green.

After a turbulent March, I seized the opportunity when my employer paid out my half-year bonus. I hit the low point very well and dribbled out. Broadcom did exactly what it usually does with my shares: be the engine of growth. The road to freedom is a hike through all kinds of weather. Sometimes the wind whips up, sometimes you enjoy the sunset at Leipziger Völki.

The key is to stubbornly continue investing. Intel is the best example. Anyone who wrote off the share too early missed the turnaround. Unfortunately, I was never invested in Intel. In any case, I don't know the future in five years' time, but I am securing my cash flow today. Time for a look back.

DISCLAIMER/RISK WARNING

Please remember that this article is for entertainment purposes only. At no point is it a buy or sell recommendation or professional legal, tax or investment advice. Don't just copy anything I do. I am merely describing what is happening in my portfolios, but in no way guarantee that it is up-to-date, correct or complete.

Investing in the capital market is always associated with risks such as loss of invested capital, price fluctuations, liquidation risks or market risks. In accordance with the current guidelines of ESMA and BaFin, I expressly point out that this review serves exclusively to document my personal investment strategy and does not constitute investment advice within the meaning of the WpIG. The securities presented by me are expressly not to be understood as investment advicebut are merely components of my personal portfolio at the time of reporting. Please also bear in mind that there is a conflict of interest, as I naturally hold the securities myself.

If necessary, seek professional advice and do your own research.

Overall performance

Intel shows it again. Just keep a broad base and stay tuned. Then your portfolios will turn out to be a rock in the surf.

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): + 5.29 % (previous month: -4.60 %)
• TTWROR (since inception): +88,98 %
• IZF (month under review): +87.17 % (previous month: -42.46 %)
• IZF (since inception): +11,49 %
• Delta: + € 4,935.78
• Absolute change: € +6,139.12

Data shown as "since inception" is valid since 31.05.2020

Performance & volume

After the fog lifted in April, the true strength of my allocation became apparent. My top of the class $AVGO (-2,93%) not only leads the green portfolio, but is actually marching ahead. In my top 5 $WMT (-0,08%) and $GOOGL (-0,6%) The $BAC, a stable financial anchor, moved back into the top group. Also $FAST (-1,27%) underpins my strategy of solid industrial stocks with consistency.

The highlight is the run at $TGT (-0,95%) My staying power is paying off massively, the minus has shrunk to just 8%. This is clear proof that discipline pays off in phases of weakness. Target seems to be regaining confidence through improved inventory management.

There are downsides to the current "problem children" $NKE (+0,03%) , $GIS (-0,04%) and $$CPB (-0,01%) which are feeling the headwind. But as long as the dividends flow reliably, I remain relaxed. I invest for the stable cash flow that finances my freedom.

Largest individual share positions by volume in the overall portfolio:

Share (%) of total portfolio (and associated securities account):

$AVGO (-2,93%) 3.26 % (main share portfolio)

$WMT (-0,08%) 1.87 % (main share portfolio)

$GOOGL (-0,6%) 1.67 % (main share portfolio)

$FAST (-1,27%) 1.37 % (main share portfolio)

$BAC (-0,02%) 1.35 % (main share portfolio)

$FDX (-1,41%) 1.29 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share (%) of the total portfolio (and associated securities account):

$GIS (-0,04%) : 0.40 % (main share portfolio)

$NOVO B (-1,83%) 0.41 % (main share portfolio)

$NKE (+0,03%) 0.44 % (main share portfolio)

$CPB (-0,01%) 0.44 % (main share portfolio)

$DHR (-2,02%) 0.55 % (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase (%) (and the respective portfolio):

$AVGO (-2,93%) : +380 % (main share portfolio)

$GOOGL (-0,6%) +149 % (main share portfolio)

$WMT (-0,08%) +118 % (main share portfolio)

$NFLX (+0,36%) +93 % (main share portfolio)

$OHI (-0,34%) : +82 % (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase (%) (and the respective portfolio):

$NKE (+0,03%) : -50 % (main share portfolio)

$GIS (-0,04%) -47 % (main share portfolio)

$CPB (-0,01%) : -43 % (main share portfolio)

$NOVO B (-1,83%) -32 % (main share portfolio)

$DHR (-2,02%) -27 % (main share portfolio)

Sector allocation of my individual stocks

My top 6 sectors are:

Consumer goods: 16.47% (previous month: 17.62%)

Miscellaneous: 16.40 % (previous month: 16.60 %)

Technology: 14.18 % [excluding information technology] (previous month: 12.07 %)

Financial sector: 11.55% (previous month: 11.39%)

Transportation: 9.57% (previous month: 9.13%)

Trade: 7.59% (previous month: 7.50%)

Asset allocation

Equities and ETFs currently determine my asset allocation, with ETFs growing steadily in recent months, which may be due to additional purchases.

ETFs: 42.8 % (previous month: 42.3 %)

Equities: 57.2 % (previous month: 57.7 %)

Investments and additional purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: € 1,070

Savings ratio of savings plans to fixed net salary: 50.20

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,190

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

Repurchases/one-off savings plans as cashback annuities from refunds: € 85.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 774.97

Subsequent purchases from other surpluses: € 75.00

Automatically reinvested dividends by the broker: € 3.99 (Function is only activated for an old custody account, as I otherwise prefer to manage the reinvestment myself)

Number of unscheduled additional purchases: 7

Passive income from dividends and ETF distributions

Passive income in the month under review

I received € 192.02 in distributions in the month under review (€ 152.82 in the same month of the previous year). This corresponds to a change of +25.65 % compared to the same month last year. The growth can be explained to a small extent by the new positions in the crypto successor portfolio, the majority comes from continuous investing through savings plans, reinvestment of dividends and other surplus funds.

Number of dividend payments and ETF distributions: 33

Number of payment days: 13 days

Average dividend per payment: € 5.82

average dividend per payday: € 14.77

Passive income YTD

YTD I have received dividends in the amount of € 450.34. If you put this in relation to my annual dividend target of € 2,100, the target achievement of the distribution is 21.44% (target 25.00%). This puts me just below the target, but this will be reversed in the coming months with high dividend payments.

The three calculation methods result in the following distribution yields:

YTD distribution yields: 0.70%

Distribution yields since inception: 4.87 %

Distribution yields YoY: 2.25 %

The slightly falling distribution yield since inception and YoY shows the underpinning price increase. At 0.7% YTD, it shows that my asset accumulation is still comparatively a young project.

The distribution yield fell by 0.87% YoY, while the relative fluctuation was 21.88%. This shows that the distributions are constant, but still fluctuate quite strongly.

My top payers

The top 6 payers in the month under review were:

$VWRL (-1,24%)

$VHYL (-1,1%)

$ISPA (-0,79%)

$HSBA (-1,26%)

$VUSA (-0,91%)

$GSK (-1,78%)

FIRE Number & Runway

Even though I don't want to sell shares later, I also calculate my FIRE number for comparability with investors who run an exclusively accumulating strategy.

My FIRE figure based on my 12-month spending (TTM) of €12,156.86 was €303,921.50 (previous month: €305,512.00).

This is the minimum volume my portfolio would need to reach in order to theoretically cover the expenses via a 4% withdrawal. And this figure has fallen slightly.

Of course, this figure fluctuates every month. But it's not the only metric to determine how long my assets could support me in an emergency (without taking taxes into account).

The rolling spending range (runway) expresses how long I could live off my assets.

On an annual basis, this is currently 7.92 years (previous month 7.41 years) or the equivalent of around 94.98 months (previous month: 88.86 months). Compared to the previous month, it is 0.51 years increased.

So I am effectively about half a year more "free", due to the recovery from the current global political events.

Compared to the same month last year, this is an increase of 2.80 years is available. I am still 17.08 years away from my runway target (25 years), which corresponds to the FIRE multiplier. 17.08 years away. So there is still a long way to go to financial freedom, assuming that everything continues as before.

The runway stability of 97.46% indicates that my system is in a solid position despite the market turbulence. Although the price fluctuations have advanced my theoretical range by a minimal 0.51 years, the high stability ratio proves that the core of my strategy remains unaffected.

Performance comparison: portfolio vs. benchmarks

To see where I really stand, I regularly compare my portfolio with the major market ETFs. This allows me to see immediately how well my performance (TTWROR) has done in the current month and since the start compared to the overall market.

My portfolio: -4.60 % (since I started: +88.49 %)

$VWRL (-1,24%) -5.55 % (since my start: 62.19 %)

$VUSA (-0,91%) -4.05 % (since my start: 53.23 %)

$IMEU (-1,76%) -6.87 % (since I started: 74.05 %)

Data shown as "since I started" is considered to be since 31.05.2020

Key risk figures

Here are my key risk figures for the month under review:

Maximum drawdown:

Since inception: 17.17 %

Month under review: 0.67

Maximum drawdown duration:

since inception: 702 days

Reporting month: 7+ days

Volatility:

since inception: 28.66

Month under review: 2.64 %

Sharpe Ratio:

since inception: 0.41

in the month under review: 41.68

Semi-volatility:

since inception: 21.26

Month under review: 1.59

The maximum drawdown in April of just 0.67 % clearly shows that the dust has settled. While March was still characterized by a correction, the impact in April was minimal. The Sharpe ratio of an impressive 41.68 in the month under review underlines the excellent risk-adjusted performance in this recovery phase.

With a monthly volatility of 2.64% and a semi-volatility of 1.59%, the fluctuations remain far below the historical average of over 28%. This confirms once again that my system is stable. While the long-term key figures are barely moving, I am using the calm to further consolidate my foundations. The focus remains on cash flow, while the risks remain absolutely controlled.

Outlook

After the implementation month of April, I look back with deep satisfaction. The employer bonus and the tax refund have been a real turbo boost for the market. I am extremely grateful for the opportunity to be able to fully invest such sums in order to massively broaden my passive income base.

Privately, April was the calm after the storm. A balanced month, characterized by stability and little hustle and bustle. Like hiking in Saxon Switzerland, the fog has lifted and allowed me to focus on the essentials. This calm is also reflected in my sport. My workouts and running sessions are now so ingrained, it's as if they've been automated. Without much motivational debate, I stubbornly and steadily follow my program, allowing my strength and endurance to grow almost automatically. And the words "stubborn" and "steady" are an important basic rule for us investors that we have internalized for investing. So you can see that these words dominate many areas of life.

I conclude this review with a feeling of serenity. When the foundation is right and the habits are in place, the noise on the markets loses its terror. Those who know their course will not be swayed by the wind.

Thank you for reading. Here's to May continuing to be a constant merry month! ☀️

👉 My related Instagram Carousel posts for the review will be published as follows:

08.05.2026: Portfolio review (Key performance indicators, share performance, allocation, sectors, additional purchases and performance comparisons)

09.05.2026: Budget review (Income, expenditure, cash flow, ratios, budget compliance and citizen's income check)

10.05.2026: Cash flow review (general, YTD and actual vs. target comparison of passive income, my top spenders, FIRE figure and capital reach)

📲 There you can find @frugalfreisein on Instagram and YouTube with regular videos, shorts, reels and carousel posts.

Please pay close attention to the spelling of my alias. Unfortunately, there are too many fake and phishing accounts on social media. I have already been "copied" several times.

👉 How do you personally feel the stock market year has started? (No investment advice!)

TLDR: Increasingly antifragile due to the March storm and focus on turnaround candidates. 😊

March showed me once again that consistency is not a fair-weather project. While I was out and about on the Baltic coast between sleet showers and sunshine, a storm of its own was raging on the markets. Geopolitical tensions caused red signs and a drop of 4.6% in the portfolio. A cause for concern for many, but for me an important test run for my system, which becomes a little more anti-fragile with each of these setbacks.

On the pier in Graal-Müritz, I realized that the road to freedom is long and sometimes the wind whips you in the face. But if you keep your focus and don't let short-term waves in the TTWROR or IZF get in your way, you'll get there. This month, heavyweights like Alphabet and FedEx flew out of the top 5, while Exxon moved forward as a defensive anchor and my Target position is increasingly proving to be a turnaround machine.

Are you ready to dive deep into the numbers and see how my portfolio is gaining strength in the storm? Then grab a warm cup of tea and join me on the pier. Because no matter how much it storms. Mien Kopp is clear and de Kurs steiht! Time for a look back.

DISCLAIMER/RISK WARNING

Please remember that this article is for entertainment purposes only. At no point does it constitute a recommendation to buy or sell or professional legal, tax or investment advice. Don't just copy anything I do. I am merely describing what is happening in my portfolios, but in no way guarantee that it is up-to-date, correct or complete.

Investing in the capital market is always associated with risks such as loss of invested capital, price fluctuations, liquidation risks or market risks. In accordance with the current guidelines of ESMA and BaFin, I expressly point out that this review serves exclusively to document my personal investment strategy and does not constitute investment advice within the meaning of the WpIG. The securities presented by me are expressly not to be understood as investment advicebut are merely components of my personal portfolio at the time of reporting. Please also bear in mind that there is a conflict of interest, as I naturally hold the securities myself.

If necessary, seek professional advice and do your own research.

Overall performance

Let the others panic. If you are broadly positioned, your portfolios will turn out to be a rock in the surf.

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): -4.60% (previous month: +3.47%)
• TTWROR (since inception): +79,83 %
• IZF (month under review): -42.46 % (previous month: +55.90 %)
• IZF (since inception): +9,91 %
• Delta: -4,407.47 €
• Absolute change: € +2,428.28

Data shown as "since inception" is valid since 31.05.2020

Performance & volume

My class leader $AVGO (-2,93%) is taking a breather after the rally, while a slight correction is noticeable in the tech sector as a whole. This makes room for the defensive. For the first time ever $XOM (+3,71%) made it into my top 5 by volume. The energy giant serves as an important anchor of stability in the current market environment and offsets the fluctuations of the growth stocks.

It also $FAST (-1,27%) is consistently making its way back into the top 5 and underlines my strategy of focusing on solid industrial stocks when the markets become more turbulent. Meanwhile $GOOG (-0,61%) and $FDX (-1,41%) are leaving the ranks of the highest-volume positions for the time being.

Particularly motivating is the development of $$TGT (-0,95%) . My staying power with this turnaround candidate appears to be paying off. The minus has been reduced from 35% to just 13%. This is proof that consistent buying during periods of weakness pays off in the long term. The problem children at the end of the chain such as $NOVO B (-1,83%) , $GIS (-0,04%) and $CPB (-0,01%) are currently facing a strong headwind, but as long as cash flows remain stable, I can sleep soundly, despite a minus of 40%.

Largest single stock positions by volume in the overall portfolio:

Share (%) of the total portfolio (and associated securities account):

$AVGO (-2,93%) 2.61 % (main share portfolio)

$WMT (-0,08%) 1.92 % (main share portfolio)

$FAST (-1,27%) 1.51 % (main share portfolio)

$NFLX (+0,36%) 1.40 % (main share portfolio)

$XOM (+3,71%) 1.37 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share (%) of the total portfolio (and associated securities account):

$NOVO B (-1,83%) 0.36 % (main share portfolio)

$GIS (-0,04%) 0.45 % (main share portfolio)

$CEU (-1,62%) 0.49 % (main share portfolio)

$NKE (+0,03%) 0.56 % (main share portfolio)

$HTGC (+0,3%) 0.58 % (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase (%) (and the respective portfolio):

$AVGO (-2,93%) : +264 % (main share portfolio)

$WMT (-0,08%) +110 % (main share portfolio)

$NFLX (+0,36%) +103 % (main share portfolio)

$GOOGL (-0,6%) +92 % (main share portfolio)

$FAST (-1,27%) +75 % (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase (%) (and the respective portfolio):

$DHR (-2,02%) : -23 % (main stock portfolio)

$CPB (-0,01%) -40 % (main share portfolio)

$NKE (+0,03%) -42 % (main share portfolio)

$NOVO B (-1,83%) : -42 % (main share portfolio)

$GIS (-0,04%) -44 % (main share portfolio)

Sector allocation of my individual stocks

My top 6 sectors are

Consumer goods: 17.62

Miscellaneous: 16.60

Technology: 12.07 % [excluding information technology]

Financial sector: 11.39

Transportation: 9.13

Trade: 7.50

Asset allocation

Equities and ETFs currently determine my asset allocation.

ETFs: 42.3 %

Equities: 57.7 %

Investments and additional purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: € 1,070

Savings ratio of savings plans to fixed net salary: 50.20

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,190

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

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 0.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 160.00

Subsequent purchases from other surpluses: € 29.99

Automatically reinvested dividends by the broker: € 7.09 (Function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

Number of unscheduled additional purchases: 2

Passive income from dividends and ETF distributions

Passive income in the month under review

I received € 173.27 in distributions in the month under review (€ 116.96 in the same month of the previous year). This corresponds to a change of +48.14 % compared to the same month last year. The growth can be explained to a small extent by the new positions in the crypto successor portfolio, the majority comes from continuous investing through savings plans, reinvestment of dividends and other surplus funds.

Number of dividend payments and ETF distributions: 34

Number of payment days: 16 days

Average dividend per payment: € 5.10

average dividend per payday: € 10.38

Passive income YTD

YTD I have received distributions in the amount of € 450.34. If you put this in relation to my annual dividend target of € 2,100, the target achievement of the distribution is 21.44% (target 25.00%). This puts me just below the target, but this will be reversed in the coming months with high dividend payments.

The three calculation methods result in the following distribution yields:

YTD distribution yields: 0.50 %

Distribution yields since inception: 4.96 %

Distribution yields YoY: 2.27 %

This means that my overall portfolio has already returned around 5% of my initial investment, half a percent this year and a little under 2.5% within a year. This shows the comparatively young age of my investment.

The distribution yield grew by 2.32% YoY, while the relative fluctuation was 20.86%. This reflects the sharp jump in the distribution compared to March '25.

My top payers

The top 5 payers in the month under review were:

$IMEU (-1,76%)

$ARCC (-0,12%)

$HTGC (+0,3%)

$UPS (+0,42%)

$NOVO B (-1,83%)

FIRE Number & Runway

Even though I don't want to sell shares later, I also calculate my FIRE number for comparability with investors who follow an exclusively accumulating strategy.

My FIRE figure based on my 12-month spending (TTM) of €12,220.48 was €305,512.00. That's the minimum my portfolio would need to reach to theoretically cover expenses via a 4% withdrawal.

Of course, this figure fluctuates every month. But it is not the only metric to determine how long my assets could support me in an emergency (without taking taxes into account).

The rolling spending range (runway) expresses how long I could live off my assets. On an annual basis, this is currently 7.41 years or the equivalent of around 88.86 months. Compared to the previous month, it is 0.08 years years. So I am effectively about one month less "free" due to current global political events.

Compared to the same month last year, there is an increase of 2.12 years compared to the same month last year. From my runway target (25 years), which corresponds to the FIRE multiplier, I am still 17.59 years away. So there is still a long way to go to financial freedom, assuming that everything continues as before.

The runway stability of 97.08% indicates that my system is in a solid position despite the market turbulence. Although the price fluctuations have reduced my theoretical range by a minimal 0.08 years, the high stability ratio proves that the core of my strategy remains unaffected.

Performance comparison: portfolio vs. benchmarks

To see where I really stand, I regularly compare my portfolio with the major market ETFs. This allows me to see immediately how well my performance (TTWROR) has done in the current month and since the start compared to the overall market.

My portfolio: -4.60 % (since I started: +88.49 %)

$VWRL (-1,24%) -5.55 % (since my start: 62.19 %)

$VUSA (-0,91%) -4.05 % (since my start: 53.23 %)

$IMEU (-1,76%) -6.87 % (since I started: 74.05 %)

Data shown as "since I started" is considered to be since 31.05.2020

Key risk figures

Here are my key risk figures for the month under review:

Maximum drawdown:

Since inception: 17.17 %

Month under review: 5.79

Maximum drawdown duration:

since inception: 702 days

Month under review: 29+ days

Volatility:

since inception: 28.54

Month under review: 3.10

Sharpe Ratio:

since inception: 0.36

in the month under review: -14.14

Semi-volatility:

since inception: 21.20

month under review: 2.25

The maximum drawdown in March of 5.79 % shows that the wind was blowing much rougher on the stock market this month. With a drawdown duration of over 29+ days for the whole of March, my portfolio is in a real correction phase. But this is where the wheat is separated from the chaff. While others are getting nervous, I see my system becoming a little more antifragile with each of these stress tests.

The negative Sharpe ratio of minus 14.14 in the month under review is a purely statistical result of the price setbacks. It is much more important to look at the big picture. Since the beginning, the Sharpe ratio has been a solid 0.36. This means that over time I continue to collect returns above the risk-free interest rate, while I calmly ride out the fluctuations.

The volatility of 3.10 % in March is interesting. Although it is higher than in the previous month, it is still far below the historical average of over 28 %. The semi-volatility of 2.25 % also confirms to me that the actual downside risks remain absolutely controlled despite the stormy market situation.

My conclusion for this month? The strategy is in place. A drop in the share price with simultaneous cash flow growth of 48% is no cause for concern for me, but a sign that the engine room is running at full speed. While share prices tremble briefly, I am continuing to build my foundations for the future.

Outlook

After enjoying the stormy seas in Graal-Müritz in March, April will be a month of implementation. My system is ready. The provisions and the substantial AG bonus are on the starting line and will flow directly into the market to take advantage of the current sales. If you want to know which individual stocks I'm focusing on in particular, stay tuned! 😊

In my personal life, March was dominated by my vacation in Mecklenburg. Consciously switching off at the Baltic Sea and spending time in my mother's homeland, where I indulge in so many childhood memories, recharged my batteries.

And when it comes to sport and exercise, it has once again shown how valuable fixed routines are. Even on days when my motivation was at rock bottom, my discipline ensured that I kept up my sports sessions. Whether full-body workouts with weights at home or running outside. Consistency on a small scale creates the basis for big successes.

When it comes to AI, I naturally keep my finger on the pulse. The combination of Gemini and NotebookLM has become an indispensable part of my workflow. Listening to my monthly closing as an audio deep dive or visualizing complex metrics in clickable dashboards not only saves me time, but also gives me completely new insights into my data. This forward momentum drives me to get the most out of technology to further automate my freedom.

I end this review with a feeling of deep satisfaction. The combination of frugal serenity and a growing cash flow gives me the freedom to relax and look to the horizon. No matter how much it storms on the stock markets. If you know your course, you won't be swayed by the wind.

Thank you for reading. And now off to a profitable April! ☀️

👉 My related Instagram Carousel posts for the review will be published as follows.

07.04.2026: Portfolio review (performance figures, share performance, allocation, sectors, additional purchases and performance comparisons)

08.04.2026: Budget review (income, expenditure, cash flow, ratios, budget compliance and citizens' allowance check)

09.04.2026: Cash flow review (general, YTD and actual vs. target comparison on passive income, my top spenders, FIRE number and capital reach)

📲 There are also currently three posts a week: @frugalfreisein. Instagram reels and YouTube shorts currently appear irregularly under channels of the same name, the same applies to videos.

Please pay close attention to the spelling of my alias. Unfortunately, there are too many fake and phishing accounts on social media. I have already been "copied" several times.

👉 How do you personally feel the stock market year has started? (No investment advice!)

TLDR: Long, but with even more metrics. 😊

February may be the shortest month of the year, but there are no short breaks when it comes to building wealth. While Father Frost came knocking again outside before early spring, I used the time to push ahead with my plans. After the imperfect start in January, this month was all about one thing: sticking with it! Whether it was braving the cold on an evening run, lifting weights, shooting new videos or creating new Carousel posts (even in wooden class on the train), or looking at my depot. Time and time again, it turns out that consistency is one of the keys to success. When discipline is developed, automation runs like clockwork and frees my mind for new ideas and projects related to financial freedom.

While I was enjoying my frugal vacation in MV, it rained not only water but also dividends from the sky as the thaw set in. Do you want to know what's been happening in the engine room of my portfolio and are you interested in a whole new set of metrics for my passive income?

Then it's time for a nice look back, because the bad weather is really getting on my nerves.

DISCLAIMER/RISK WARNING

Please remember that this article is for entertainment purposes only. At no point is it a buy or sell recommendation or professional legal, tax or investment advice. Don't just copy anything I do. I am merely describing what is happening in my portfolios, but in no way guarantee that it is up-to-date, correct or complete.

Investing in the capital market is always associated with risks such as loss of invested capital, price fluctuations, liquidation risks or market risks. In accordance with the current guidelines of ESMA and BaFin, I expressly point out that this review serves exclusively to document my personal investment strategy and does not constitute investment advice within the meaning of the WpIG. The securities presented by me are expressly not to be understood as investment advicebut are merely components of my personal portfolio at the time of reporting. Please also bear in mind that there is a conflict of interest, as I naturally hold the securities myself.

If necessary, seek professional advice and do your own research.

Overall performance

I would like to repeat a fact from my last review. Automation is king. When everything runs by itself, you have room in your head for the finer things in life. Or to do the right thing. More on that at the end.

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): +3.47 % (previous month: +1.64 %)
• TTWROR (since inception): +88,49 %
• IZF (month under review): +55.90 % (previous month: +21.13 %)
• IZF (since inception): +12,50 %
• Delta: +3,172.19 €
• Absolute change: € +4,396.52

Data shown as "since start" is valid since 31.05.2020

Performance & volume

My class leader $AVGO (-2,93%) loses some weight in the portfolio, but remains in first place in terms of volume and performance. The stock has been running very hot recently. Perhaps the semiconductor market is currently undergoing a rotation to $NVDA (-3,2%) taking place? The tech sector is also falling $GOOGL (-0,6%) somewhat, as they have announced high investments. On the other hand $WMT (-0,08%) continues to grow nicely.

In terms of volume, the $BAC (-0,02%) is now out of my top 5. $FAST (-1,27%) The screw manufacturer was already in my top 5 once before and doesn't need to be asked twice.

Also $FDX (-1,41%) also climbs back into my top 5. The logistics giant had a strong performance in February. Maybe it has to do with the tariff-refund issue or a sector rotation from tech to industrials? They are also spinning off their freight division, further fueling cost-cutting fantasies. That means more cash flow for the "purple ones".

If I take a look at my weakest performers, I notice that the minus at $TGT (-0,95%) continues to improve. I'm particularly pleased about this, as I always put a little more money in the savings plans for this stock in times of hunger. On the other hand $NOVO B (-1,83%) continues to fall. At -43 %, they set a new negative record in my portfolio. This shows how intense the competition with $LLY (+0,21%) has become in the meantime.

Largest individual share positions by volume in the overall portfolio:

Share ( %) of the total portfolio (and associated securities account):

$AVGO (-2,93%) 2.59 % (main share portfolio)

$WMT (-0,08%) 1.87 % (main share portfolio)

$FAST (-1,27%) 1.45 % (main share portfolio)

$GOOGL (-0,6%) 1.40 % (main share portfolio)

$FDX (-1,41%) 1.31 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share ( %) of the total portfolio (and associated securities account):

$NOVO B (-1,83%) : 0.35 % (main share portfolio)

$GIS (-0,04%) 0.51 % (main share portfolio)

$HTGC (+0,3%) 5.53 % (main share portfolio)

$BATS (-2,02%) 0.55 % (crypto follow-on deposit)

$CPB (-0,01%) 0.56 % (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase ( %) (and the respective portfolio):

$AVGO (-2,93%) : +277 % (main share portfolio)

$WMT (-0,08%) : +112 % (main share portfolio)

$GOOGL (-0,6%) +106 % (main share portfolio)

$NFLX (+0,36%) +95 % (main share portfolio)

$OHI (-0,34%) +88 % (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase ( %) (and the respective portfolio):

$TGT (-0,95%) : -20 % (main stock portfolio)

$CPB (-0,01%) : -30 % (main share portfolio)

$NKE (+0,03%) -34 % (main share portfolio)

$GIS (-0,04%) -35 % (main share portfolio)

$NOVO B (-1,83%) -43 % (main share portfolio)

Sector allocation of my individual stocks [NEW!]

My top 6 sectors are:

Consumer goods: 18.19%

Miscellaneous: 16.78 %

Technology: 11.92 % [without information technology]

Financials: 11.24

Transportation: 9.61

Trade: 7.13 %

Asset allocation

Equities and ETFs currently determine my asset allocation.

ETFs: 42.0 %

Equities: 58.0

Investments and subsequent purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: € 1,040

Savings ratio of savings plans to fixed net salary: 48.80

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,060

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

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 55.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 39.97

Subsequent purchases from other surpluses: € 0.00

Repurchases from dissolved tax reserve: € 107.98

Automatically reinvested dividends by the broker: € 2.51 (function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

In the month under review, only the fixed savings plans were executed.

Number of unscheduled additional purchases: 4

Passive income from dividends and ETF distributions

Passive income in the month under review

I received € 101.65 in distributions in the month under review (€ 97.31 in the same month of the previous year). This corresponds to a change of +4.46 % compared to the same month of the previous year. Two distributions will fall in the following month, which is reflected in the low to moderate distribution growth YoY.

Number of dividend payments and ETF distributions: 21

Number of payment days: 10 days

Average dividend per payment: € 4.84

average dividend per payday: € 10.17

Passive income YTD [NEW!]

YTD I have received distributions in the amount of € 274.37. If you put this in relation to my annual dividend target of € 2,100, the target achievement of the distribution is 13.07% (target 16.67%). This means that I am just below the target, but this will be turned around by the coming March, which has a higher payout.

The three calculation methods result in the following distribution yields:

YTD distribution yields: 0.31 %

Distribution yields since inception: 4.71 %

Distribution yields YoY: 2.25 %

This means that my overall portfolio has already paid me back around 5% of my initial investment, less than half a percent this year and over 2% within a year. This reflects the comparatively young age of the investment.

The distribution yield grew by 0.89 % YoY. Not a big jump, but a sign of calm, steady dividend growth. The money is working more efficiently than a year ago.

My top payers

The top 5 payers in the month under review were:

$OHI (-0,34%)

$ZPRG (-0,5%)

$JEPQ (-0,09%)

$BATS (-2,02%)

$ABBV (-0,39%)

FIRE number [NEW!]

I calculate my FIRE figure from the rolling 12-month expenses (TTM) multiplied by a factor of 25. Even if I don't want to sell any shares later, I use this reciprocal value of the classic 4% withdrawal rate as a conservative guide.

With my current 12-month expenditure of €12,226.88, this results in a FIRE figure of €305,672.00. This is the minimum volume that my portfolio would have to reach in order to theoretically cover my expenses with a 4% withdrawal.

Of course, this figure fluctuates with my lifestyle. But it is not the only metric to determine how long my assets would last in an emergency.

Spending range (runway) [NEW!]

Another method for determining how long I can manage to cover my expenses from my assets is the rolling spending rangealso known as runway also known as the runway. On an annual basis, this is currently 7.49 years or the equivalent of around 89.9 months. Compared to the previous month, it has increased by 0.33 years years. So I am effectively about four months longer "free".

Compared to the same month last year, the increase is even 1.92 years. Although this figure could be even higher, the setbacks caused by the economic policy uncertainties in the TTM period are dampening the trend somewhat. I am still 17.51 years away from my runway target (25 years), which corresponds to the FIRE multiplier. 17.51 years away. This makes it clear that, despite the great progress I have made, I am still at the beginning of my path to complete financial freedom.

The runway stability of -0.22 indicates that my range is currently fluctuating slightly and is not yet stable in an absolutely steady upward trend. A negative value here indicates that the volatility of capital or short-term spending spikes in the rolling period are still slowing down the continuity of growth somewhat.

Performance comparison: portfolio vs. benchmarks

To see where I really stand, I regularly compare my portfolio with the major market ETFs. This allows me to see immediately how well my performance (TTWROR) has done in the current month and since the start compared to the overall market.

My portfolio: +3.47 % (since I started: +88.49 %)

$VWRL (-1,24%) +1.79 % (since my start: 68.46 %)

$VUSA (-0,91%) -0.32 % (since my start: 56.83 %)

$IMEU (-1,76%) +3.92 % (since I started: 84.27 %)

As in the previous month, things are continuing to go up for me, while the USA is faltering. 🤗

Data marked with "since my start" is valid since 31.05.2020.

Key risk figures

Here are my key risk figures for the reporting month:

Maximum drawdown:

since inception: 17.17

Month under review: 0.87

Maximum drawdown duration:

since inception: 702 days

Month under review: 14 days

Volatility:

since inception: 28.36

Month under review: 2.02

Sharpe Ratio:

since inception: 0.41

in the month under review: 27.72

Semi-volatility:

since inception: 21.07

month under review: 1.48

The maximum drawdown of 702 days since the beginning still reminds me of the intensive phase between 2022 and 2023 before the big recovery began. In February, the drawdown was absolutely negligible at just 0.87 %. This clearly shows how stable my portfolio currently was in the icy wind.

My Sharpe ratio is particularly striking this month, having shot up to 27.72. Even if this is of course an upward statistical outlier, it reflects the extremely positive performance combined with very low volatility. Since the beginning, the Sharpe ratio has been a solid 0.41. This means that for every unit of risk, I continuously collect returns above the risk-free interest rate.

Volatility in February was extremely low at 2.02% compared to the 28.36% since the beginning. Even the semi-volatility was only 1.48 %. For me, this is a clear signal: although my portfolio fluctuates minimally, the actual risk of loss remains at a very low level.

What is the conclusion for this month? The confirmation of my strategy: think long-term, let the automation run like clockwork and use the time for new projects. February was a month of stability and growth. This is exactly how it should continue!

Outlook

After setting the course in February, March will be a month of implementation. The provisions for the advance lump sum have already been successfully transferred to the markets. I will transfer a small refund still to be expected to the markets in March, and perhaps I will also be able to look forward to another bonus, which will also be invested. If you want to know which individual stocks are particularly in focus this month, then stay tuned! 😊

When it comes to AI, I will of course keep my finger on the pulse. NotebookLM in conjunction with Gemini has become an absolute game changer for me. It's easy to create a clickable dashboard from prepaid sources that come together in a table, turn your own monthly statement into an audio DeepDive, or get to know completely new metrics that are wonderfully explained. There's still so much to discover when it comes to AI and this forward momentum drives me to make the most of the new technical possibilities and further automate my workflows.

As in the previous month, I'll end this review with a political topic that doesn't really belong here. Nevertheless, I would like to use my small reach to draw attention to an important event. In February, there was an impressive mass demonstration by Iranians in Munich. It was absolutely peaceful. The participants collected their garbage and played our anthem out of gratitude and humility. They thanked the police, not only with words but also with roses. There were no riots and no damage to property. That is absolutely impressive and I think you appreciate that as much as I do.

The word free appears in my branding. Even if it's in a different context there, this little word is my personal concern this month. We can be glad that the exiled Iranians live with us. They and the suffering of their compatriots remind us time and again how infinitely valuable our Western values of freedom, self-determination and democracy are.

In Iran, we are experiencing people who want so much to simply live in freedom like us. Free from religious oppression, free from violence and free from the indoctrination of hatred and terror. They want this so much that they even ask for intervention from the Americans and Israelis and advocate attacks on the regime's positions in their homeland. We have to understand that for them, the rocket fire and bombing is a much lesser evil than having to live in this Islamist hell for even one more day. We must understand that our Western values cannot be taken for granted and that we must take a stand now. An attitude towards our values and an attitude towards those who long for the end of this dictatorship. That is my most important learning for the past month.

I wish the people of Iran, who are still risking everything, that they will finally be freed from this criminal regime. They should finally get to know what is so commonplace for us: democracy, human rights (especially women's rights) and, quite simply, freedom. They deserve it after 47 years of oppression, violence and terror. I sincerely wish them all the best and all the happiness in the world on their path to peace and self-determination. 🍀

Thank you for reading. And now let's start the spring march! ☀️

👉 My related Carousel posts for the review will be published as follows.

08.03.2026: Portfolio review (Key performance indicators, share performance, allocation, sectors, additional purchases and performance comparisons)

09.03.2026: Budget review (income, expenditure, cash flow, ratios, budget compliance and citizen's income check)

10.03.2026: Cash flow review [NEW!] (general, YTD and actual vs. target comparison for passive income, my top spenders, FIRE figure and capital reach)

📲 There are also currently three posts a week: @frugalfreisein. Instagram reels and YouTube shorts currently appear irregularly under channels of the same name, the same applies to videos.

Please pay close attention to the spelling of my alias. Unfortunately, there are too many fake and phishing accounts on social media. I have already been "copied" several times.

👉 How do you personally feel the stock market year has started? (No investment advice!)

$MEUD (-1,88%) Rest sold,

shifted into the $IMEU (-1,76%) I had already shifted out of cash👀 (is that still called shifting? )

3xGTAA

$DE000LS9U6W1 (-1,73%) increased by 3 shares 🥂

and another additional purchase at 0815 Futzi

10% of the total volume

🙏 Just fitted in to serve the other loss pot

Hey everyone,

Over the past few cycles, I have wandered the infinite halls of the markets like a young adept. I tried out spells, played with risky formulas, let myself be seduced by flickering course lights - and paid the price that every apprentice pays at some point. But every spark of loss became a sliver of knowledge.

One night, when the markets were asleep and only the stars were watching over my portfolio, I recognized a truth that floated before me like a golden crystal:

All of my individual stocks had long been in the big FTSE All World ETF
$VWRL (-1,24%) hidden like tiny sparks in a huge starry nebula.

And so the purge began.

I dissolved old positions, untangled the chaos and a new core formed from the fog:

FTSE All World ETF
$VWRL (-1,24%) and Realty Income
$O (-0,94%) the eternal fountain of dividends.

My goal is as clear as a glowing rune:

A steadily growing stream of passive income - a river of golden drops that never runs dry.

That's why I now invest on a weekly basis:

💫 25 € in Realty Income
$O (-0,94%)

💫 5 € in the FTSE All World ETF $VWRL (-1,24%)

If the dividends from Realty Income $O (-0,94%) pulsate strongly enough together with the interest from Trade Republic, I increase the FTSE savings plan $VWRL (-1,24%) to 25 € per week.

Then, when the balance of the regions calls, another crystal enters the circle:

the iShares MSCI Europe ETF $IMEU (-1,76%) (distributing) - with hopefully also 25 € per week.

That would complete the brokerage chapter.

The runes are set.

The circle closed.

Then I turn to my dormant Bitcoin savings plan $BTC (-0,06%) - my only crypto crystal waiting in the shadows - and the interest artifacts working their own silent magic.

How the journey continues remains to be seen.

A dividend sage does not follow the noise of the markets, but the whisper of the stars.

Hello dear getquin community and dear dividend investors,

inspired by some users (@Simpson I'm looking at you!) here and have been thinking about it myself for some time, I would also like to put together a sustainable and high-quality dividend stock ETF. I used the tool from Aktienfinder.net and paid attention to growth in earnings, growth in dividends and growth in overall price performance. I also wanted to diversify a little more broadly across several countries and sectors so that it covers a lot all round.

I have put together a total of 60 shares (satellite), which I would like to invest €10 in each. I don't really want to do any reallocations, I've also focused mainly on established companies (moats etc.). It's a mix of dividend growth and share price growth together, so the dividends here range from 0.62% to 5.38%.

I realize that there are a lot of US companies here, but I think it's hard to avoid them.

My 6 ETFs serve as a core, which I would put on hold for the time being, but of course continue to generate cash flow:

$ISPA (-0,79%)

$EXX5 (-1,09%)

$FGEQ (-0,74%)

$IMEU (-1,76%)

$TDIV (-0,1%)

$VHYL (-1,1%)

My goal here is clearly to outperform a few of the ETFs mentioned above with the shares, be it in dividend yield after x years with better price growth overall.

What do you think of the selection?

@Simpson
@AlterMann
@Ayecaramba256

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 (-2,93%) : 2,71 % (main share portfolio)
• $NFLX (+0,36%) : 2,12 % (main share portfolio)
• $WMT (-0,08%) : 1,83 % (main share portfolio)
• $SAP (+3,93%) : 1,69 % (main share portfolio)
• $FAST (-1,27%) : 1,59 % (main share portfolio)

Smallest individual share positions by volume:

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

• $SHEL (+0,84%) : 0,44 % (crypto follow-on portfolio)
• $HSBA (-1,26%) : 0,54 % (crypto follow-on portfolio)
• $TGT (-0,95%) : 0,62 % (main share portfolio)
• 
  $DHR (-2,02%) : 0,66 % (main share deposit)
• 
  $NKE (+0,03%) : 0,67 % (main share portfolio)

Top-performing individual shares

Share: Performance since first purchase % (securities account)

• $AVGO (-2,93%) : +245 % (main share portfolio)
• $NFLX (+0,36%) : +190 % (main share portfolio)
• $SAP (+3,93%) : +108% (main share portfolio)
• $WMT (-0,08%) : +79% % (main share portfolio)
• $RSG (+0,56%) : +60 % (main share portfolio)

Flop performer individual stocks

Share: Performance since first purchase % (securities account)

• $DHR (-2,02%) : -58 % (main share portfolio)
• $TGT (-0,95%) : -40 % (main share portfolio)
• $NKE (+0,03%) : -39 % (main share portfolio)
• $CPB (-0,01%) : -34 % (main share portfolio)
• $UPS (+0,42%) : -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 (+0,47%)
• 
  40.50 € for $GGRP (-0,88%)

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 (-2,07%)
• 
  $IMEU (-1,76%)
• 
  $IWDP (-0,95%)

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 (-1,24%) +6.10%
• $VUSA (-0,91%) : +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!