Preface:

In the following, I would like to present how my portfolio has developed over the course of 2024.

This includes

1) my strategic orientation

2)Return on the portfolio.

The main topics are:

• Moving away from individual stocks
• Entry into gold and bitcoin
• Factor investing

Finally, I will give my own thoughts on how to proceed.

The main changes to my portfolio that have led

to my current strategy are presented below using a short timeline.

timeline:

My timeline

Beginning of 2024

At the beginning of the year, I pursued a 70/30 core satellite

strategy. The 70% ETF core again consisted of STOXX Europe.

MSCI World, Emerging Markets.

The 30% consisted of stocks such as: $CSIQ (-0,28%) , $O (+0,46%) ,$TSM (+1,24%)
$ADM (+0,98%)
$UMI (-0,44%)
$D05 (-0,65%)
$BMW (-1,15%)
$UKW (-0,33%)
$8031 (-3,32%)
$MUV2 (-2,48%)

February

Addition of gold to my portfolio. Target size 10%. Build-up in batches.

The remaining 70/30 strategy therefore only relates to the remaining

90%.

April-June:

Entry into Bitcoin via Trade Republic in several batches

at prices between 50k and 63k.

After exchange with @Epi to the fee schedule at Trade Republic

I sold them there in order to sell Bitcoin on a dedicated crypto exchange.

exchange.

June:

Thanks to @PowerWordChill I got to grips with factor investing. A Gerd Kommer book later, and after some internet research, I decided to

decided to transform my ETF strategy into a factor ETF strategy.

July-August 2024:

Sale of my shares. Concentration on the factor portfolio.

August - September 24:

Renewed build-up of Bitcoin with the aim of making Bitcoin a

a fixed component of the portfolio. Consideration is 5%-10%

of my portfolio.

The idea. Build up an initial position, then make regular

investments of €50 per week with the aim of growing to the target size

to grow to the target size. The rapid rise in October/November led me to

led me to leave it at €50 per week. And individual purchases in

larger tranches at an early stage with a portfolio size of 2.x%.

End of December 2024:

Position size of Bitcoin almost 5%.

I am not yet including Bitcoin in my gold/ETF quota. I'm still running it on the side.

I re-evaluated my factor weighting at the end of the year

and would like to fine-tune it a little. I will briefly present the result in the

following section.

In addition, I have decided to include a small

include a small proportion of real estate stocks. However, this will probably never

part of my strategy worth mentioning and contains - as of today - only

about 3% of my portfolio and only $O (+0,46%) ).

Overall breakdown of my portfolio:

As described above, I do not yet include Bitcoin in my overall strategy

part of my overall strategy so that rebalancing remains easier. This will

change when Bitcoin reaches its target size.

The rest is made up as follows:

ETFs:

$XDEM (+0,01%) 30.3% (MSCI World Momentum)

$XDEB (+0,23%) 10.1% (MSCI World Minimum Volatility)

$XDEV (-0,22%) 10.1% (MSCI World Value)

$ZPRV (+0,1%) 15% (MSCI USA Small Cap Value Weighted)

$ZPRX (-0,32%) 6.5% (MSCI Europe Small Cap Value Weighted)

$PEH (+0,15%) 4.5% (as a quality factor on emerging markets)

$5MVL (+0,13%) 4.5% (Edge MSCI EM Value)

$SPYX (-0,54%) 9% (MSCI EM Small Cap)

Gold

$EWG2 (+0,5%) 10% Gold ETC

Getquin Rewind and own data:

At the end of the post you will find my Getquin Rewind, as I was not able to embed the image in the text:

However, according to my own calculations, this cannot be correct.

My portfolio volume at the start of the year was around €103,500 with a return of €16,693. This would correspond to a total return of 19.2%. However, we are not yet talking about a time-weighted return, as my invested capital has roughly doubled over the course of the year. I therefore estimate my TTWROR to be higher.

My own thoughts and outlook:

I do not expect any major changes in strategy over the next few years. At some point, a strategy will have to be established. If necessary, I will make some adjustments to this strategy.

This includes the fact that I am dissatisfied with the costs of the emerging markets factor ETFs. So far, however, I intend to live with it. Should I

stumble across better products, I will consider switching. Especially as long as I stay within the tax allowance when switching.

I'll also have to decide how big my Bitcoin holding should ultimately be.

If you've been reading carefully, you'll notice that a lot of money has accumulated in the last year. Big profits, big investments. Due to personal circumstances, I will not maintain these rates in the same style, but will reduce them somewhat. I expect to be able to continue investing around 1.5-2k per month. This means that my financial goals are

with an expected return of 5% adjusted for inflation over many years.

I am half hoping for major setbacks in the near future and the associated favorable entries. However, in view of the impact that minor price jolts have had on society as a whole (thanks to populism), I don't really wish for them.

Do you have any suggestions, questions or comments? Is there anything that particularly interests you?

I am also happy to receive suggestions for improvement for future posts.

Best regards,

Your Smurf

PS: @DonkeyInvestor and me, that's love ❤. And now send me your coins! (So I can reward your next post appropriately).

PPS: I hope someone is interested.

Happy New Year everyone! We are starting the new year with adjustments to the Sina ETF. (The performance here below somehow no longer corresponds to the actual performance, but so be it...) After this post you'll have peace and quiet from my ETF again :D

I sold some stocks and invested the dividends I received last year. That left me with 19 euros in cash, so it's still a 40-share ETF ;)

If this were my only portfolio, I would probably have held more cash and not reinvested directly, as the entry point doesn't always seem optimal. But I also proceeded without regard to entry points.

For the question of how high the profits or losses were, please refer to the portfolio.

Out are:

$STLAM (+0,03%) (loss)

$AFX (-1,62%) (loss)

$MC (+1,33%) (loss)

$OR (+0,98%) (loss)

$7203 (-1,08%) (loss)

$D05 (-0,65%) (Profit)

$RHM (-0,48%) (Profit)

$ENR (+2,36%) (Profit; also dropped from my "real" portfolio)

Partial sale:

$WMT (+0,13%) at 50%

Increased by:

$AAPL (+0,27%)

$MSFT (+0,09%)

$ASML (-0,19%) Since the position was down over 20%, but I am convinced in the long term

$GOOGL (+0,39%)

New additions:

$BKNG (-0,43%)

$JPM (+0,25%)

$NU (+0,51%)

$COST (+0,3%)

$AFL (+0,1%)

$INTC (+0,38%)

$CRM (+0,02%)

$NOVO B (+0,67%)

How should I start? My portfolio has increased by almost 3.75 times, even though I've been struggling with a few problems since June and can hardly save any more.

My BAföG has not yet been approved, which is why I have to be financially cautious and hope that I can make ends meet with my remaining funds.

The year has been exciting - I can't guarantee you whether the figures here are accurate, and to be honest I don't think they are, because so far they've almost always been wrong. Nevertheless, it gives you a good insight into my portfolio.

And my goals for 2025? Honestly, I have no idea! I'll have to see how my studies and my life as a whole are going before I can set any concrete goals, but I'll have some fun: Here are my top and flop 5 that I still hold.

$SOFI (+0,06%)
$BTC (-2,01%)
$FWONA
$D05 (-0,65%)
$FTNT (+0,05%)

$AIXA (-0,39%)
$EVT (-1,45%)
$AFX (-1,62%)
$MRNA (+0,34%)
$CELH

I wish you all a happy new year!

year!

The year 2024 is over in stock market terms and I would also like to review the year.

I started with a portfolio value of just over €53,000.

I knew that a reallocation of around €20,000 was still to come and had therefore set my sights on the target of €100,000.

This was very ambitious, as I naturally didn't know what the year would bring. After all, there were already enough economic and political uncertainties at the start of 2024.

As I only really started investing in 2021 and 2022 was therefore my first full year on the stock market, I made a lot of mistakes at the beginning, had fluctuations in my strategy (once one was in place) and of course also made a few losses.

That's why it was important for me to stay true to my strategy in 2024 and not throw everything overboard again. Because, as I always say, going back and forth empties your pockets.

Some of you may also remember my early days, when I had a lot of savings plans in place, but they weren't particularly high and were constantly being changed. At the beginning of 2024, my portfolio contained a total of 47 individual share positions and 3 ETFs.

My goals for 2024 were therefore

• Stay true to the strategy
• No new stocks in the portfolio, rather clear out
• 100,000€ portfolio value
• 2000€ net dividend
• Investment of €17,000 (without reallocation)

2024 went as follows for me:

January: +4.0%

February: +1.3%

March: +3.0%

April: -0.4%

May: +0.5%

June: +1.7%

July: +1.7%

August: +0.9%

September: +1.0%

October: -0.4%

November: +3.4%

December: -1.7%

TTWROR 2024: +15.8%

Dividend (already in the performance): € 1956.56

Invested: €24,900

Reallocation: €21,700

Thanks to a special payment from my old employer, to which I was still entitled, I was surprisingly able to invest around €5,000 more than I had originally thought.

Did I achieve my goals?

Not all of them.

With the dividends, I'm ~€43 below my target. That's a shame, but it motivates me to step on the gas even more and crack the €2400 net dividend in 2025. That would be €200 net per month, which corresponds to an increase of 22.66%. Again, very ambitious, but you should set yourself ambitious goals.

However, I was already able to break the €100,000 barrier in September. This was of course due to the strong market. I ended the year with just over €111,500. I have remained true to my strategy, but a few new stocks have slipped into the portfolio (and a few out).

The cheering contribution to the €100,000 was here:

https://app.getquin.com/de/activity/XGtdQzCdYF

New in the depot:

$NESN (-0,14%) Nestle

$CTAS (+0,44%) Cintas (savings plan)

$RACE (+0%) Ferrari

$D05 (-0,65%) DBS

$UNH (+0,34%) United Health

$V (+0,45%) visas

$CSNDX (+0,09%) Nasdaq 100 (savings plan)

$XEON (+0%) As an overnight money substitute for fixed planned money for loan repayment in 6 years or special repayment if the interest rate on the balance falls below the loan interest rate of 0.75%. Is topped up with special payments from the employer during this period.

Left my securities account:

$AAL (+3,44%) Anglo American PLC (+37%)

$IBM (+0,31%) (+26%)

$BAC (+0,15%) Bank of America (+45%)

$UKW (-0,33%) Greencoat UK Wind (0 to 0 due to dividends)

$SBUX (-0,27%) Starbucks (+10%)

$BIGG (+3,1%) Bigg Digital Group (-95%)

Unfortunately, I sold IBM and Bank of America too early, but I am still satisfied.

What else has happened?

• I bought Bitcoin from TR to estimate the costs. Conclusion: savings plan is always around 3-4% higher. Not worth it, if at all then individual purchases
• Weingut Dürnberg: First dividend received and prospects look reasonable. Depending on how the grape harvest turns out next year, a dividend will be paid again and investments can still be made.
• The conservatory and paving the courtyard are done. The house construction is more or less finished, everything else will take time and are small things, but now I have to start saving again as I only have a small nest egg and my deposit. All other funds have been used up as the costs were twice as high as originally planned.
• Podcast with @Koenigmidas is running rather slowly this year due to personal time constraints. You can find the latest episode here: Link zur Folge (also available on Amazon)

Outlook for 2025

So what are my plans for 2025 in terms of finances?

• Investment of €15,000
• Net dividend of €2,400
• One slightly greater focus on high dividend stocks (e.g. to increase $HTGC (+0,31%) to increase the cash flow a little faster)

What are your targets for 2025? Did you reach your 2024 targets and to what extent did you change your targets after reaching (or not reaching) your 2024 targets?

Feel free to let me know in the comments, as I always find it very exciting to see how ambitiously others set/change their goals.

I wish you a good start to 2025 and every success with all your plans and goals.

As with everything, of course, if you're not interested, feel free to keep scrolling and/or use the block function. 😊

Comdirect - Birthday promotion!

Good morning dear Quinies,

I became aware of a cool Comdirect promotion through our dwarf's junior custody account.

First of all: I had a custody account with Comdirect for many years before I switched to ING and never had any problems there and always received first-class support when I needed it. I only switched at the time for cost reasons. As part of the campaign that I would like to present to you in more detail, I have now opened a second custody account with Comdirect again.

Specifically, Comdirect is offering the following when opening a custody account until 05.12.2024:

• Free custody account management (already standard for regular savings plan executions)
• Free savings plans for the entire available range of shares, funds, ETFs and certificates for 30 months
• 3.90 flat fee per trade (i.e. no additional costs in live trading, otherwise plus exchange-dependent fees)
• When opening a Tagesgeld-Plus account, there is 3.0% p.a. for 30 weeks on this account for new customers

Why have I opened a second custody account there?

As some of you may know, share savings plans at ING are subject to a fee. In addition, unlike ING, Comdirect offers the option of adding other/more shares/ETFs (a number of growth stocks, REITs and private equity, which are not possible with ING) to a savings plan. This was the decisive advantage for me. Comdirect also offers the option of taking out a securities loan and opening foreign currency accounts. Of course, I also used a payback coupon when I opened the account💰(more content from me on the subject of cashback soon😉, I received/will receive 6,000 points, which equates to €60, so some trades would already have been financed).

Since my main strategy at ING runs fully automatically without any effort on my part, but I realize that I'm getting a bit bored without a bit of playing and experimenting in the investment area, I'm using the second custody account at Comdirect as a "gamble portfolio" for the next 30 months. After that, the securities will probably be transferred to ING and I'll think about what to do with them.

So I will invest part of my Christmas money (€2,500) once on 23.11.24 as a savings plan in the following 6 individual stocks and 4 ETFs and then save €25 each month on the 1st for the next 30 months (we are really talking about gambling money here, share of the portfolio <5% of my total portfolio):

$PLTR (-2,72%)

$CPRT (+0,6%)

$SFM (+0,07%)

$D05 (-0,65%)

$RR. (+0,66%)

$SOFI (+0,06%)

$VUCP (+0,26%)

$K0MR (-0,01%)

$JEGP (+0,14%)

$FLXX (-0,16%)

From January 2025 I will share monthly updates on my "gamblefolio" here with you.

If you are interested in opening a securities account with Comdirect as part of the birthday campaign, please use the reference link in my bio😉.

I hope you find the article interesting (please leave a like).

Have a nice, relaxed Sunday🆓😎.

Greetings, Marcus

New buy in $NOVO B (+0,67%) and $1SXP (+1,91%) a little $D05 (-0,65%) out and an ETF liquidated. Novo clearly lagged behind this year$LLY (+0,69%) Y , partly because it was doing quite well before, but also for other reasons. In addition to my article on diabetes, in which I shed light on the company's capital structure, which I find extremely interesting, I am hoping for further confirmation through new strategic positioning outside the insulin and obesity business. I am of the opinion that the company is excellently positioned to divert the cash flows from the Ozempic business into innovative products and various projects. It would be desirable for the management to further strengthen this course. The team looks extremely promising and the company could potentially develop into a strong pharmaceutical investment.

DBS Group Q3 2024 $D05 (-0,65%)

Financial performance:

• Revenue and net profit: Revenue in Q3 2024 amounted to SGD 5.75 billion, an increase of 11% year-on-year. Net profit increased by 15% to SGD 3.03 billion.
• Nine-month results: For the first nine months of 2024, revenue increased by 11% to SGD 16.8 billion, while net profit increased by 11% to SGD 8.79 billion.
• Special items: A new SGD 3 billion share buyback program was launched, supporting the company's capital strategy.

Balance sheet overview:

• Assets and liabilities: Total assets amounted to SGD 789.6 billion, with customer loans accounting for SGD 418.1 billion and customer deposits SGD 545 billion.
• Liquidity and leverage: The liquidity ratio was 144% and the net stable funding ratio was 115%. The Common Equity Tier 1 (CET 1) ratio was 17.2%, indicating a strong capital base.
• Depreciation and amortization: Non-performing assets (NPL) decreased by 8% quarter-on-quarter to SGD 4.68 billion.

Income structure:

• Revenue sources: The main income drivers were net interest income of SGD 3.80 billion and net fee and commission income of SGD 1.11 billion.
• Cost development: Expenses increased by 10% year-on-year, with the acquisition of Citi Taiwan accounting for three percentage points of the increase.
• Margin: The cost-to-income ratio remained stable at 39%.

Cash flow overview:

• Investment and financing activities: The new share buyback program shows significant activity in terms of capital returned to shareholders.

Key figures and profitability metrics:

• Return on equity (ROE): 18.8% for the first nine months.
• Net interest margin (NIM): Stable net interest margin of 2.83% for the commercial portfolio.
• NPL ratio: Decrease to 1.0%, indicating improved credit quality.

Segment information:

• Segment performance: Wealth Management fee income increased 18% to SGD 609 million, while trading income reached SGD 331 million, the highest level in ten quarters.
• Highest revenue segment: Wealth Management was the main driver of fee growth.

Competitive position:

• Market position: The company achieved a record performance in the third quarter, driven by strong results in Wealth Management and Trading.
• Industry trends: Benefited from market volatility in areas such as FX, interest rates and equity derivatives.

Forecasts and management comments:

• Outlook: Net interest income is expected to remain at 2024 levels, with a slight decline in interest margin offset by loan growth.
• Strategic objectives: The share buyback program underscores the capital management strategy and focus on shareholder returns.

Risks and opportunities:

• Financial risks: Global minimum tax of 15% is expected to impact net profit.
• Opportunities: Continued growth in wealth management fees and treasury client sales.

Summary of results:

Positives:

Record net profit of SGD 3.03 billion in Q3 2024.

Strong growth in Wealth Management fees, up 18%.

Highest trading profit in ten quarters, demonstrating trading strength.

Stable cost/income ratio at 39%, indicating efficient cost management.

Introduction of SGD 3 billion share buyback program as part of capital strategy.

Negative aspects:

10% year-on-year increase in expenses, partly driven by the integration of Citi Taiwan.

Impact of global minimum tax, which is expected to reduce net profit.

Credit risk hedges on 14 basis points of loans, indicating certain risks in the loan portfolio.

Cost growth from the integration of Citi Taiwan, which is a short-term charge.

No detailed cash flow trends provided, making transparency difficult.

$D05 (-0,65%) A brief update on the DBS front.

DBS Group's net profit reached a record USD 2.27 billion (USD 3.03 billion) in the third quarter of 2024 (Q3 2024), marking a 15% increase year-on-year and an 8% increase quarter-on-quarter.

Total revenues increased 11% year-over-year and 5% sequentially to USD 4.31 billion (USD 5.75 billion), driven by balance sheet expansion, record fee income led by wealth management, increased revenue from treasury clients and the highest market revenues in ten quarters.

The cost-income ratio was 39%.

The Board declared a quarterly dividend of USD 0.41 (USD 0.54) per share, totaling USD 1.22 (USD 1.62) per share for the first nine months of 2024.

Chief Executive Officer Piyush Gupta noted the quarter's strong performance, with net interest margin supported by lower balance sheet sensitivity to interest rates, while fee income reached a new high amid favorable macroeconomic and interest rate conditions.

Source: https://sbr.com.sg/news/dbs-q3-2024-net-profit-climbs-15-yoy

Another depot update. Values are not quite correct but the reference value is. The crypto values are completely wrong but I have no idea where the entry price is (made kind of annoying at Coinbase). The best positions at the moment are $SOFI (+0,06%)
$FTNT (+0,05%)
$D05 (-0,65%) . The interesting values for me are $BNTX (+1,49%)
$FYB (+0,25%)
$SNOW (-0,62%)

$D05 (-0,65%)

DBS introduces token services with smart contracts for transaction customers

It uses DBS's permission-based blockchain compatible with the Ethereum Virtual Machine

The company has launched DBS Token Services, which integrates tokenization and smart contract capabilities for its transaction banking clients.

DBS Token Services offers instant and round-the-clock real-time payment processing via blockchain. It uses DBS's permission-based blockchain, which is compatible with Ethereum Virtual Machine.

The smart contracts enable institutions to regulate the use of funds programmably and according to predefined conditions.

Source: https://sbr.com.sg/