VZ Holding released its half-year results on August 14:
- Operating revenue: CHF 316.5 million (+13.9%)
- Net income: CHF 131.9 million (+17.7%)
- Net new money: CHF 3.3 billion in fresh capital in just 6 months
- Assets under management (AuM): CHF 67.7 billion (+19.8% y/y)
Anyone who understands the demographics of the over-50 generation in Switzerland knows this: The demand for retirement, tax, and succession planning advice is not cyclical—it’s a steady stream of money. Expansion in Germany and the UK is also going smoothly.
$PGHN (-0,55%) for the upper crust and $VZN (+1,51%) for the affluent middle class. This duo could still be a lot of fun in the portfolio. I’ll continue to buy more VZ Holding; it’s still a small position and I’ve only held it since the start of the year, but with Friday’s numbers, it’s already up 16%.
