I received three dividend payments today!

Lockheed, HSBC, and Waste Management 🚀

Let's see where the money goes… probably into one of my ETFs!

$LMT (+0,04%)
$HSBA (+0,61%)
$WM (+0,33%)

SanDisk $SNDK (-3,79%) up 28 percent, Western Digital $WDC (-9,91%) down 18 percent. Both in the same sector, in the same month. My model didn’t react to either of these movements, yet at the end of the month it was still up 3.03 percent.

August had two sides. At the beginning of the month, mild inflation data was released, and the S&P 500 hit an all-time high of 7,816 points on August 13. After that, sentiment on the bond markets shifted. The 30-year U.S. yield rose to its highest level in nearly twenty years, and U.S. gross debt exceeded forty trillion dollars. At the end of the month, Nvidia reported $NVDA (+1,09%) quarterly revenue of 96.2 billion, an increase of 106 percent. The next day, Fed Chairman Warsh signaled a pause in Jackson Hole, and the market priced in an interest rate hike in September.

📊 Monthly performance: +3.03%

📊 Max. Performance: 16.1%

📊 Price as of Aug. 31: €116.85

📊 Next Rebalancing: October 1, 2026

Performance & Comparison 🚀

August was a positive month for all major indices. The Nasdaq led the way, driven by Nvidia. The model performed in the middle of the pack and outperformed the broad indices.

Performance Comparison (August 1–August 31, 2026, end of day):

Global Quant 6-Factor: +3.03%

NASDAQ 100: +3.57%

S&P 500: +2.74%

FTSE All-World: +2.27%

DAX: +2.03%

Purchases & Sales 💶

None. The model trades only quarterly; the last rebalancing took place on July 1. Nothing happens between those dates, even if individual positions diverge significantly. That is precisely the point of the rules. The next rebalancing is scheduled for October 1, when a larger portion of the portfolio will be replaced.

Top Movers in August 🟢

The month belonged to gold mining stocks. Over the course of the month, gold rose at times to nearly $4,700, reaching its highest level since May. By the end of the month, it had given back some of those gains. The move was driven by a weaker dollar combined with ongoing central bank purchases. Mining stocks react to this with leverage because their margins rise disproportionately. Coeur Mining $CDE (+0,32%) topped the list with +35.68%, followed by Newmont $NEM (+0,62%) at +33.60% and Endeavour Mining at +28.33%. Fresnillo $FRES (+2,18%) rose +26.63%. All four have been in the portfolio since the spring. In addition, the storage stocks performed well. SanDisk $SNDK (-3,79%) rose by +28.07%, and Micron $MU (-1,76%) by +12.50%.

August’s Biggest Losers 🔴

AppLovin $APP (-4,76%) suffered the biggest loss at -20.78%. Western Digital $WDC (-9,91%) fell -18.77%, while SanDisk gained nearly thirty percent over the same period. Comfort Systems $FIX (+2,8%) fell by -13.00%, and Merlin Properties $MRL (+1,76%)
-9.79%. Among financial stocks, the decline was limited; HSBC $HSBA (+0,61%) lost -5.05%. Alphabet $GOOG (+1,22%) fell -4.18%.

Conclusion 💡

August demonstrated the value of a diversified portfolio. While technology stocks diverged and AppLovin fell 20 percent, gold mines carried the month. None of these positions are in the portfolio based on personal opinion; they’re there because the ranking placed them at the top. October 1 will be interesting because a large portion of the commodity stocks are on the sell list.

❓ Question for the Community

Did the volatility in August make you get cold feet, or did you stubbornly hold onto your positions? And how much gold do you currently have in your portfolio?

👇 Let us know in the comments!

➡️ Every month, you’ll find the full Wikifolio update here, along with research from the model in between.

🗞️ Newsletter: codeandcapitalquant.beehiiv.com

📈 Wikifolio: https://www.wikifolio.com/de/de/w/wf0gquant6

$DE000LS9V052 (-0,21%)

...another month has come and gone, and nothing has really changed—except that the milestone isn’t a stock market event, but rather my passing the DATEV certification exam (law firm accounting/financial accounting) 🥳

"But investing in yourself often pays off much more than just stubbornly clinging to the past."

Otherwise, there wasn’t much spectacular going on, except for more gradual growth...

...so things continue to look good month-over-month and are also steadily on track for the year...

...the same trend can be seen in the overall view...

...so even though this isn’t a high-flyer portfolio, I’m still looking to the future with confidence, despite all the ups and downs.

And of the last 10% to reach the halfway point, another solid 1.5% has now been achieved (maybe there’s still room for more @Solitair )

》DIVIDENDS《

Unfortunately, this month’s net total was only €91.53 (-13.77% YOY), but this is due to the fact that one stock won’t pay out until next month and another is paying out less.

Looking at the year as a whole, the YOC stands at 6.78%, which is still close to the 7% target, despite investments in growth stocks.

》TOP 3《

$AII (+2,83%) +53.08% (+61.44%)

$DTE (+1,9%) +5.70% (+3.76%)

$YYYY (+0,46%) +5.82% (+1.01%)

》FLOP 3《

$BATS (-0,05%) -8.92% (+98.49%)

$3750 (-0,6%) -4.83% (+117.94%)

$HSBA (+0,61%) -4.60% (+84.70%)

》NEW POSITIONS《

44.14 x $WINC (+0,79%)

65 x x $FTWG (+0,85%)

》DISPOSALS《

------

》CONCLUSION《

Everything remains the same, and personal education and professional development continue to be key to success...

With that in mind, here’s to continued success for all of us here in the community 💪🏻

Morningstar published its list, and 14 of the 16 companies are British. I ran the 13 I’ve already analyzed through my tool:

🟢 EXCELLENT (4)

• $NWG (+0,49%) NatWest - 5.06%, P/E ratio 8.68x, quality 75/100

• $RKT (+0,78%) Reckitt - 4.16%, P/E ratio 11.6x

• $HSBA (+0,61%) HSBC - 3.70%, P/E ratio 10.36x

• $LLOY (+0,93%) Lloyds - 3.58%, P/E ratio 15.6x

🟣 WATCH (3)

• Relx, AstraZeneca, and Unilever ($REL (+0,24%) , $AZN (-0,71%) , $ULVR (+0,42%) ). Quality businesses, but valuations no longer offer room to run

🟠 CAUTION (4)

• BP (4.87%), Shell (3.39%), Rio Tinto (4.52%), and Barclays ($BP. (+0,19%)
$SHEL (+0,43%) , $RIO (+1,03%) , $BARC (+0,25%) ). High returns that mask cyclicality. The 78% marginal tax rate on oil in the UK doesn’t help

🔴 LOW THRESHOLD (2)

• Rolls-Royce $RR. (+0,48%) : It’s on Morningstar’s list, but pays 0.39%. Quality 35, Opportunity 5

• Glencore $GLEN (+2,86%) : Quality 10/100. A high yield can also mask a declining business

Hey there, fellow investors! 🚀

Last night, I once again had an in-depth discussion with my trusty AI companion about our stocks, and together we did a bit of market research.

(It’s a new version of Mr. Prompt—more on the Prompt update, including the automatic market screener, coming in early September.)

We were specifically looking for a few very special stocks to add a crisis-proof, rock-solid cash generator to our portfolio.

As we pored over the key metrics and looked beyond the big tech hype, we stumbled upon a British stock that nearly made our eyes pop out of our heads.

The crazy thing is:

This absolute dividend gem is still flying completely under the radar here in the forum—and, in fact, among almost all retail investors!

I think for our dividend collectors like @Dividendenopi
@PoorDad or @Keineui this is a great stock.

But @Multibagger I promise you, there’s a great stock coming your way later this week that fits your investment style :)

Only 5 analysts have even rated this stock so far.

Grab a coffee and sit back. Here’s our comprehensive 15-point overview of one of the most exciting and consistent cash generators—one that no income portfolio should be without. Curtain up for Chesnara!🔥

$CSN (-0,62%)

1. What does the company do?

Chesnara plc is a highly profitable acquirer and manager of life insurance and pension portfolios.

The business model is ingeniously simple: The company purchases so-called “closed books” (insurance portfolios that no longer accept new customers) from other insurers and manages them extremely cost-effectively until maturity. This enables Chesnara to generate highly predictable and steady cash flows.

2. Geographic Presence & Brand Portfolio

Chesnara operates primarily in three core markets:

the United Kingdom, the Netherlands, and Sweden. The company has recently expanded its footprint significantly: In January 2026, it completed the acquisition of HSBC Life (UK) for £260 million (approx. €304 million).

In addition, the acquisition of the Luxembourg-based Scottish Widows Europe SA for €110 million was announced in February 2026, marking the company’s entry into the Luxembourg market.

3. Key Figures, Data & Facts (as of August 2026)

• Current share price: 340.00 GBX (pence) or £3.40 (approx. 3.98 €).
• Market capitalization: £787 million (approx. €921 million) – A true mid-cap.
• P/E Ratio (Trailing): 15.15x.
• Dividend yield: 6.62%.
• Tax Highlight: In the United Kingdom, dividends are subject to 0% withholding tax! This means that the gross dividend is paid out to us in full (aside from the domestic flat-rate withholding tax) without any annoying foreign withholding taxes.
• Solvency II Ratio: 257%—a staggering figure that far exceeds the target range of 140% to 160%.
• Assets under Administration (AuA): £15 billion (approx. €17.5 billion). On a pro forma basis following the latest acquisitions, this figure is even on track to reach £20 billion (approx. €23.4 billion).

4. Check against our established formulas

• Core Quality Formula: For an insurance consolidator, the classic industry margin doesn’t apply perfectly. Nevertheless, adjusted operating profit (AOP) recently rose by a whopping 42% to £56 million (approx. €65.5 million).

• Cash Flow Quality Formula (The Cash Engine): Insurers measure their “free cash flow” as “Operating Capital Generation” (OCG). Chesnara generated £94 million (approx. €110 million) here. When viewed in relation to the market capitalization of £787 million (approx. €921 million), this results in an sensational OCG yield of 11.9%! This blows our >8% threshold out of the water.

• Dividend Filter: At 6.62%, the yield is well above our 3.5% minimum. The absolute highlight: Chesnara has increased its dividend in 2025 for the 21st consecutive time ! The payout is absolutely secure, backed by £94 million (approx. €110 million) in OCG and £58 million (approx. €68 million) in operating cash flows. No pseudo-payout funded by debt!

5. Chart Analysis of Recent Months

• Price trend: The stock has posted an extremely strong performance over the past 12 months, rising by over +22%.
• Moving averages: The stock is currently trading about +10.45% above the key 200-day moving average.
• Momentum: Chesnara is currently significantly outperforming the broad UK FTSE All-Share Index. The trend remains intact, and the stock is being steadily accumulated.

6. Special Entry Zones (“Bargain Hunter’s List”)

• Bargain Zone (Absolute Bargain): £2.80 – £3.00 (approx. €3.28 – €3.51). This is where the stock was trading prior to the announcement of the major acquisitions.

• Fair-Value Entry: £3.25 – £3.40 (approx. €3.80 – €3.98). Current level, ideal for building a long-term dividend position.

• Sell/Take partial profits: From £3.80 – £4.00 (approx. €4.45 – €4.68).

7. Risk Deep Dive 1: Acquisition & Integration Risks

With the acquisition of HSBC Life (UK), Chesnara has pulled off the biggest deal in the company’s history. This brings in £5 billion (approx. 5.85 billion €) in new assets and 450,000 new policies.

The risk here lies in IT and administrative migration. When such mega-integrations hit a snag, they eat into margins and management capacity in the short term.

8. Risk Deep Dive 2: The Interest Rate and Capital Markets Environment

As a manager of £15 billion (approx. €17.5 billion) in assets, Chesnara is dependent on global equity and bond markets. Significant volatility in the financial markets or extreme changes in interest rates can cause fluctuations in the “own funds” (equity capital under Solvency II).

For us as euro investors, currency risk (GBP to EUR) is also a factor here.

9. Future Outlook & Growth Drivers

The company operates in a high-growth market.

Many major insurers (such as $HSBA (+0,61%) or $LLOY (+0,93%) ) want to offload their old, unprofitable legacy portfolios. Chesnara $CSN (-0,62%) stands ready with deep pockets.

Thanks to the successful placement of a £150 million (approx. €175 million) RT1 bond last year, management has tremendous financial firepower to acquire additional lucrative portfolios at favorable prices.

10. Competition & Alternative Candidates

• Phoenix Group ($PHNX): The British market leader in this segment. Phoenix is significantly larger but also has higher debt.

• M&G plc ($MNG): Also a strong British dividend stock in the financial sector. By comparison, however, Chesnara is the more agile, specialized player with the more solid balance sheet coverage.

11. Margin & Profitability Analysis

Chesnara’s solvency ratio (Solvency II) rose last year from 203% to a staggering 257% . Eligible capital (“Own Funds”) rose by 34% to £859 million (approx. €1.00 billion).

The company is literally awash in excess capital, which provides massive security for future dividends and M&A activities.

12. Analyst Opinions & Fair Value

• Consensus: The majority of analysts recommend buying Chesnara.
• Price Target: The average analyst price target is 362.80 GBX (£3.63 / approx. €4.25).
• Upside: Based on the current price, this corresponds to a purely theoretical price potential of just under +6.7%— plus the hefty dividend yield!

13. Upcoming Catalysts

The most important milestone in the near future is the so-called “Part VII Transfer” of the newly acquired HSBC Life (UK) portfolios, which is expected in 2027. If this goes smoothly, massive administrative synergies will be realized. In addition, the official completion of the Scottish Widows Europe acquisition is scheduled for late 2026.

14. SEO & Market Sentiment

As a British mid-cap, Chesnara flies completely under the radar among retail investors. There is hardly any media hype or retail focus on the stock.

It is precisely this information asymmetry that works in our favor as patient investors: While the masses chase after expensive tech stocks, Chesnara is quietly acquiring highly profitable insurance portfolios.

15. Long-Term Viability & My Personal Conclusion

Dear Community, if you’re looking for a fundamentally extremely strong, crisis-resistant anchor for your portfolio, Chesnara $CSN (-0,62%) .

The company delivers a OCG yield of just under 12%, an unshakable solvency ratio of 257% and boasts 21 years of uninterrupted dividend growth .

All of this is sweetened by 0% withholding tax , in my opinion, currently makes Chesnara one of the best and most fairly valued cash generators.

A real gem for reducing volatility in your portfolio and keeping the cash flow steadily flowing!

Greetings from Denmark

Raketentoni

@Keineui

@Aktienhauptmeister

@Multibagger

@Tenbagger2024

@Get_Rich_or_Die_Tryin

@Stocktective

@Simpson

@WarrenamBuffet

@SAUgut777

@TradingHase

@PikaPika0105

@Derspekulant1

@NichtRelevant

@Klein-Anleger

@Dividendenopi

and, of course, everyone else :)

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$OKLO

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 (+2,77%) not only leads the green portfolio, but is actually marching ahead. In my top 5 $WMT (-0,11%) and $GOOGL (+1,16%) The $BAC, a stable financial anchor, moved back into the top group. Also $FAST (+1,67%) underpins my strategy of solid industrial stocks with consistency.

The highlight is the run at $TGT (-0,57%) 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 (-0,5%) , $GIS (+1,12%) and $$CPB (+0,11%) 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 (+2,77%) 3.26 % (main share portfolio)

$WMT (-0,11%) 1.87 % (main share portfolio)

$GOOGL (+1,16%) 1.67 % (main share portfolio)

$FAST (+1,67%) 1.37 % (main share portfolio)

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

$FDX (+1,1%) 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 (+1,12%) : 0.40 % (main share portfolio)

$NOVO B (-0,6%) 0.41 % (main share portfolio)

$NKE (-0,5%) 0.44 % (main share portfolio)

$CPB (+0,11%) 0.44 % (main share portfolio)

$DHR (+0,74%) 0.55 % (main share portfolio)

Top-performing individual stocks

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

$AVGO (+2,77%) : +380 % (main share portfolio)

$GOOGL (+1,16%) +149 % (main share portfolio)

$WMT (-0,11%) +118 % (main share portfolio)

$NFLX (-1,26%) +93 % (main share portfolio)

$OHI (+0,69%) : +82 % (main share portfolio)

Flop performer individual stocks

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

$NKE (-0,5%) : -50 % (main share portfolio)

$GIS (+1,12%) -47 % (main share portfolio)

$CPB (+0,11%) : -43 % (main share portfolio)

$NOVO B (-0,6%) -32 % (main share portfolio)

$DHR (+0,74%) -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 (+0,77%)

$VHYL (+0,55%)

$ISPA (+0,04%)

$HSBA (+0,61%)

$VUSA (+0,54%)

$GSK (-0,69%)

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 (+0,77%) -5.55 % (since my start: 62.19 %)

$VUSA (+0,54%) -4.05 % (since my start: 53.23 %)

$IMEU (+0,8%) -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!)

$NCLH (+3,31%)
$PINS (-0,29%)
$SONO (-0,38%)
$PARA (-0,01%)
$PLTR (-0,39%)
$DUOL
$HSBA (+0,61%)
$UCG (-1,44%)
$BOSS (-0,09%)
$UNI (-1,76%)
$CCO (-0,47%)
$PYPL (-0,87%)
$BNTX (-0,06%)
$DOCN (+0,44%)
$SHOP (+1,83%)
$ROK (+2,62%)
$RACE (+0,17%)
$PFE (-1,24%)
$ANET (+0,55%)
$TEM (-0,13%)
$AMD (+2,73%)
$EA
$LITE (+3,79%)
$MSTR (+0,28%)
$SMCI (+4,22%)
$CPNG (+0,22%)
$IFX (+5,11%)
$DTG (-1,98%)
$KOG (-1,26%)
$HFG (-1,04%)
$BMW (-0,84%)
$ZAL (-0,04%)
$CVS (+1,31%)
$UBER (+0,06%)
$OSCR (+3,15%)
$DIS (+0,64%)
$ADYEN (+0,96%)
$DASH (+3,68%)
$FTNT (+0,68%)
$FSLY (-1,8%)
$IONQ (-0,36%)
$SNAP (-0,8%)
$APP (-4,76%)
$ARM (+4,59%)
$ALB (-0,76%)
$DDOG (+0%)
$RHM (+1,07%)
$PTON (-0,9%)
$MCD (+0,02%)
$SHEL (+0,43%)
$WULF (+3,84%)

I thought on such a beautiful day I could tease our @Simpson a little annoying again (just kidding of course, I'm a big fan of your portfolio 👍)

HSBC really is one of the best stocks in my portfolio! Unfortunately I didn't buy enough back then! But I'm still happy about the dividend!

Best regards to the community