After my first post on humanoid robots received a lot of positive feedback, I went into more detail. I have subsequently added my favorites in each sector.

Extended analysis of the value chain including shovel manufacturers and potential hidden champions

New categorySecondary key sectors (sales, marketing, financing)

In additionTop 25 companies worldwide, as well as Top 10 Europe and Top 10 Asia

I have also added a video link for beginners. This will give you an idea of how far the development of humanoid robotics has already progressed.

https://www.stern.de/panorama/wissen/humanoider-roboter---wie-reagiert-er-auf-beleidigungen--35996156.html

Thank you for your attention and your support 🙏

🌐 1. value chain of humanoid robots (with hidden champions)

1. research & chip design

$ARM (+0,54%) ARM (UK) - CPU-IP, energy-efficient processors

$SNPS (-0,92%) Synopsys (US) - EDA software, chip design

$CDNS (+0,2%) Cadence (US) - EDA & Simulation

$PTC PTC (US) - Engineering Software, CAD/PLM

$DSY (-0,95%) Dassault Systèmes (FR) - 3D Design & Digital Twin

$SIE (-0,19%) Siemens (DE) - Industrial Software & Lifecycle Mgmt

$ADBE (-1,59%) Adobe (US) - Design, AR/UX

ANSYS (US) - multiphysical simulation - acquisition by Synopsis

Altair (US) - CAE, simulation, digital twin - acquisition by Siemens

$HXGBY (+0,96%)
Hexagon (SE) - Metrology & Simulation

$AWE (+0,11%) Alphawave IP Group (UK) - High-speed chip IP for AI/robotics

1.Synopsis, 2.Siemens and 3.Adobe are my top 3 in this sector

2. manufacturing technology & equipment

$ASML (-0,29%) ASML (NL) - Lithography (EUV)

$AMAT (+0,85%) Applied Materials (US) - Semiconductor equipment

$8035 (+2,97%) Tokyo Electron (JP) - wafer fabrication

$KEYS (-1,27%) Keysight Technologies (US) - Metrology

$6857 (+4,42%) Advantest (JP) - Chip test systems

$TER (+0,7%) Teradyne (US) - test systems + cobots

$6954 (+3,57%) Fanuc (JP) - Industrial robots, CNC

$CAT (+1,55%) Caterpillar (US) - autonomous machines

$KU2G KUKA (DE) - industrial robots

Comau (IT) - automation - not listed on the stock exchange

$ROK Rockwell Automation (US) - industrial automation

$JBL (-6,61%) Jabil (US) - contract manufacturing (EMS/ODM)

$KIT (-1,03%) Kitron (NO) - European EMS/ODM manufacturer

$AIXA (-0,76%) Aixtron (DE) - deposition equipment for compound semiconductors

$LRCX (+1,26%)
Lam Research (US) - Etch/deposition systems

$MKSI (+0,73%)
MKS Instruments (US) - Plasma/vacuum technology

$ASM (-0,44%)
ASM International (NL) - Deposition systems

1.ASML, 2.Keysight Technologies, 3.Fanuc are my top 3 in this sector

3. chip manufacturing (foundries)

$TSM (+1,22%) TSMC (TW) - leading foundry

$005930 Samsung Electronics (KR) - foundry + memory

$GFS (+0,63%) GlobalFoundries (US) - specialty chips

$INTC (-1,72%)
Intel Foundry Services (US) - new western foundry player

$981
SMIC (CN) - largest Chinese foundry

$UMC
UMC (TW) - Power/RF/Embedded chips

1.TSMC, 2.Intel, 3.Samsung Electronics are my top 3 in this sector

4. computing & control unit ("brain")

$NVDA (-0,83%) Nvidia (US) - GPUs, AI chips

$INTC (-1,72%) Intel (US) - CPUs, FPGAs

$AMD (-3,57%) AMD (US) - CPUs, GPUs

$MRVL (-0,46%) Marvell (US) - network chips

$MU (+2,11%) Micron (US) - Memory

$DELL (-4,63%) Dell Technologies (US) - Edge & Infrastructure

Graphcore (UK) - AI chips (IPU) - not a listed company

Cerebras (US) - Wafer-scale engine - not a listed company

SiPearl (FR) - European HPC chip - not a listed company

1.Nvidia, 2.Marvell, 3.Micron are my top 3 in this sector

5. sensors ("senses")

$6758 (+2,08%) Sony (JP) - image sensors

$6861 (+1,69%) Keyence (JP) - Industrial sensors

$STM (-1,21%) STMicroelectronics (FR/IT) - Sensors, MCUs

$TDY Teledyne (US) - optical/infrared sensors

$CGNX (+1,21%) Cognex (US) - Machine Vision

$HON (-1,63%) Honeywell (US) - sensor technology, security

ANYbotics (CH) - autonomous sensor fusion - not a listed company

$AMBA (-2,08%) Ambarella (US) - video & computer vision SoCs for real-time image recognition

$OUST
Velodyne Lidar (US) - Lidar sensors - acquisition by Ouster

$AMS (+1,15%)
-OSRAM (AT/DE) - optical sensors

1.Teledyne, 2.Keyence, 3.Ouster are my top 3 in this sector

6. actuators & power electronics ("muscles")

$IFX (-0,83%) Infineon (DE) - Power Electronics

$ON (+0,87%) onsemi (US) - Power & Sensors

$TXN (-0,97%) Texas Instruments (US) - Mixed-Signal Chips

$ADI (+0,13%) Analog Devices (US) - Signal Processing

$PH (+0,48%) Parker-Hannifin (US) - Hydraulics/Pneumatics

$MP (+0,83%) MP Materials (US) - Magnets

$APH (-0,78%) Amphenol (US) - Connectors

$6481 (+0%) THK (JP) - Linear guides & actuators

$6324 (+3,96%)
Harmonic Drive (JP) - Precision gears & servo drives for robotics

$6594 (+0,32%)
Nidec (JP) - Electric motors

$6506 (+10,65%)
Yaskawa (JP) - Drives & Robotics

$SU (-0,22%)
Schneider Electric (FR) - Energy & control solutions

$ZIL2 (+0,17%)
ElringKlinger (DE) - Battery & fuel cell technology, lightweight construction

1.Parker-Hannifin, 2.MP Materials, 3.Infinion are my top 3 in this sector

7. communication & networking ("nerves")

$QCOM (-0,25%) Qualcomm (US) - mobile communications, edge AI

$ANET (+0,91%) Arista Networks (US) - Networks

$CSCO (-0,65%) Cisco (US) - Networks, Security

$EQIX (+1,27%) Equinix (US) - Data centers

NTT Docomo (JP) - 5G/6G carrier - not a listed company

$VZ Verizon (US) - Telecommunications

$SFTBY SoftBank (JP) - Carrier + Robotics

$ERIC B (-0,1%)
Ericsson (SE) - 5G/IoT infrastructure

$NOKIA (+0,84%)
Nokia (FI) - 5G/6G for industry

$HPE (-0,77%)
Juniper Networks (US) - Network technology - acquisition by HP

1.Arista Networks, 2.SoftBank, 3.Cisco are my top 3 in this sector

8. energy supply

$3750 (-0,74%) CATL (CN) - Batteries

$6752 (+6,41%) Panasonic (JP) - Batteries

$373220 LG Energy (KR) - Batteries

$ALB (-0,43%) Albemarle (US) - Lithium

$LYC (+6,67%) Lynas (AU) - Rare earths

$UMICY (-2,15%) Umicore (BE) - Recycling

WiTricity (US) - inductive charging - not a listed company

$ABBN (+0,42%) Charging (CH) - charging infrastructure

$SLDP
Solid Power (US) - Solid-state batteries

Northvolt (SE) - European batteries - not a listed company

$PLUG
Plug Power (US) - fuel cells

$KULR (+13,76%)
KULR Technology (US) - Thermal management & battery safety for mobile systems

1.Albemarle, 2.CATL, 3.Panasonic are my top 3 in this sector

9. cloud & infrastructure

$AMZN (-1,29%) Amazon AWS (US) - Cloud, AI

$MSFT (-0,07%) Microsoft Azure (US) - Cloud, AI

$GOOG (-0,51%) Alphabet Google Cloud (US) - Cloud, ML

$VRT
Vertiv Holdings (US) - Data center infrastructure (UPS, cooling, edge)

$ORCL (-1,42%)
Oracle Cloud (US) - ERP + Cloud

$IBM (+0,26%)
IBM Cloud (US) - Hybrid cloud + AI

$OVH (+0,78%)
OVHcloud (FR) - European cloud

1.Alphabet, 2.Microsoft, 3.Oracle are my top 3 in this sector

10. software & data platforms

$PLTR (-7,38%) Palantir (US) - Data integration

$DDOG (+0,21%) Datadog (US) - Monitoring

$SNOW (-2,42%) Snowflake (US) - Data Cloud

$ORCL (-1,42%) Oracle (US) - Databases, ERP

$SAP (-0,74%) SAP (DE) - ERP systems

$SPGI S&P Global (US) - financial/market data

ROS2 Foundation - robotics middleware - not listed on the stock exchange

$NVDA (-0,83%) NVIDIA Isaac (US) - robotics development - part of Nvidia

$INOD (-4,08%) Innodata (US) - data annotation & AI training data

$PATH (+0,61%)
UiPath (RO/US) - Robotic process automation

$AI (+4,74%)
C3.ai (US) - AI platform

$ESTC (-3,12%)
(NL/US) - Search & data analysis

1.S&P Global, 2.Palantir, 3.Datadog are my top 3 in this sector

11. end applications / robots

$ABBN (+0,42%) ABB (CH/SE) - Industrial Robots

$6954 (+3,57%) Fanuc (JP) - Industrial robots

$TSLA (-1,99%) Tesla Optimus (US) - humanoid robot

$9618 (-0,27%) JD.com (CN) - logistics robot

$AAPL (-0,06%) Apple (US) - Platform & UX

$700 (-0,01%) Tencent (CN) - Platform & AI

$9988 (-0,91%) Alibaba (CN) - logistics & platform

PAL Robotics (ES) - humanoid robots - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

$TER (+0,7%) Universal Robots (DK) - cobots - belongs to the Teradyne Corporation

Engineered Arts (UK) - humanoid robots - not a listed company

$ISRG (+2,42%) Intuitive Surgical (US) - surgical robotics

$GMED (+4,33%)
Globus Medical (US) - surgical robotics (ExcelsiusGPS platform)

$7012 (-4,69%) Kawasaki Heavy Industries (JP) - industrial robots, automation

$CPNG (-0,82%) Coupang (KR) - Logistics end user

$IRBT (+5,85%)
iRobot (US) - consumer robotics (e.g. Roomba), non-humanoid, but navigation/sensor fusion

Boston Dynamics (US) - humanoid & mobile robots-no listed company

Hanson Robotics (HK) - humanoid robots (Sophia) - not a listed company

Agility Robotics (US) - humanoid robot "Digit" - not a listed company

1.Apple, 2.Tencent, 3.Alibaba are my top 3 in this sector

🛠 2. cross enablers (shovel manufacturers) - with hidden champions

Raw materials & battery materials

Albemarle - Lynas - Umicore

$SQM
SQM (CL) - Lithium

$ILU (+6,24%)
Iluka Resources (AU) - Rare earths

$ARR (+0%)
American Rare Earths (US/AU) - New supply chains

my number 1 in the sector is Albemarle

manufacturing technology

ASML - Applied Materials - Tokyo Electron

$LRCX (+1,26%)
Lam Research (US) - Plasma/etching processes

$ASM (-0,44%)
ASM International (NL) - ALD equipment

$MKSI (+0,73%)
MKS Instruments (US) - Plasma/vacuum technology

my number 1 in the sector is ASML

Quality assurance

Keysight - Advantest - Teradyne

$EMR (+1,09%)
National Instruments (US) - Measurement technology - from Emerson Electric adopted

$300567
ATE Test Systems (CN) - test systems

$FORM (+0,3%)
FormFactor (US) - Wafer probing

my number 1 in the sector is Keysight

Motion & Drive

Parker-Hannifin

Festo (DE) - Pneumatics, Soft Robotics - not a listed company

Bosch Rexroth (DE) - Drives, Controls - not a listed company

$6481 (+0%)
THK (JP) - Linear guides

my number 1 in the sector is Parker-Hannifin

Sensors/Imaging

$TDY Teledyne

$BSL (-5,3%) Basler (DE) - Industrial cameras

FLIR (US) - Thermal imaging sensors - acquisition by Teledyne

ISRA Vision (DE) - Machine Vision - not a listed company

my number 1 in the sector is Teledyne

Magnets & Materials

MP Materials

$6501 (+6,03%)
Hitachi Metals (JP) - Magnetic materials

VacuumSchmelze (DE) - Magnetic materials - not a listed company

$4063 (+3,22%)
Shin-Etsu Chemical (JP) - Specialty materials

my number 1 in the sector is MP Materials

Chip Design & Simulation

Synopsys - Cadence - ARM

$SIE (-0,19%)
Siemens EDA (DE/US)-Mentor Graphics-strategic business unit of Siemens AG

Imagination Tech (UK) - GPU-IP - not a listed company

$CEVA (-0,42%)
CEVA (IL) - Signal Processor IP

my number 1 in the sector is Synopsys

Engineering & Lifecycle

PTC - Dassault - Siemens

Altair (US) - Simulation - no longer a listed company

$HXGBY (+0,96%)
Hexagon (SE) - Metrology

$SNPS (-0,92%)
ANSYS (US) - Simulation - takeover by Synopsys

my number 1 in the sector is Siemens

Networks & Data Centers

Arista - Cisco - Equinix

$HPE (-0,77%)
Juniper (US) - Networks - Acquisition of HPE

$DTE (-0,22%)
T-Systems (DE) - Industry cloud

$OVH (+0,78%)
OVHcloud (FR) - European cloud

my number 1 in the sector is Arista

Cloud infrastructure

AWS - Azure - Google Cloud

$ORCL (-1,42%)
Oracle Cloud (US) - ERP & databases

$IBM (+0,26%)
IBM Cloud (US) - Hybrid Cloud

$9988 (-0,91%)
Alibaba Cloud (CN) - Asian Cloud

$VRT
Vertiv Holdings (US) - Cloud/Infra

my number 1 in the sector is Alphabet (Google)

finance/information infra

S&P Global

$MCO (+0,41%)
Moody's (US) - Ratings

$MSCI (-0,23%)
MSCI (US) - Indices

$MORN
Morningstar (US) - Investment Research

my number 1 in the sector is S&P Global

Creative/Experience Infra

Adobe

$ADSK (-0,84%)
Autodesk (US) - CAD & Design

$U
Unity (US) - 3D/AR simulation

Epic Games (US) - Unreal Engine - not a listed company

my number 1 in the sector is Adobe

Platform & Ecosystem

Apple - Tencent - Alibaba

$META (-2,32%)
Meta (US) - AR/VR, Social Robotics

ByteDance (CN) - AI & platforms - not a listed company

$9888 (+0,77%)
Baidu (CN) - AI & Cloud

my number 1 in the sector is Tencent

Infrastructure/Edge

Dell

$HPE (-0,77%)
HPE (US) - Edge Computing

$SMCI
Supermicro (US) - AI servers

$6702 (+4,49%)
Fujitsu (JP) - Edge & HPC

my number 1 in the sector is Dell

storage solutions

Micron

$HY9H
SK Hynix (KR) - Memory

$285A (+11,59%)
Kioxia (JP) - NAND

$WDC
Western Digital (US) - Storage solutions

my number 1 in the sector is Micron

🏛 3. secondary key sectors with hidden champions

Financing & Capital

$GS (+0,96%) Goldman Sachs (US) - investment bank; ECM/DCM, M&A, growth financing

$MS Morgan Stanley (US) - investment bank; tech banking, capital markets

$BLK (-0,47%) BlackRock (US) - asset manager; capital allocation, ETFs/index funds

$9984 (+2,83%) SoftBank Vision Fund (JP) - mega VC; growth equity in robotics/AI

Sequoia Capital (US) - venture capital; early/growth in AI/robotics - this is a classic venture capital fund

DARPA (US) - government R&D funding (robotics/defense) - independent research and development agency

EU Horizon (EU) - research funding/grants for DeepTech - Innovative Europe pillar

China State Funds (CN) - state industry/technology fund

Lux Capital (US) - VC for DeepTech - Uptake (US) - AI-based predictive maintenance

DCVC (US) - Robotics & AI focus - investing exclusively via VC fund investments

Speedinvest (AT) - EU VC for robotics - access to investment only via fund investments

my number 1 in the sector is Softbank

Maintenance & Service

$SIE (-0,19%) Siemens (DE) - Industrial Service, Lifecycle & Retrofit

$ABBN (+0,42%) ABB (CH/SE) - Robotics Service, Spare Parts, Field Support

$GEHC (-0,55%) GE Healthcare (US) - Medtech service incl. robotic systems

Uptake (US) - AI-based predictive maintenance - not a listed company

Augury (US/IL) - condition monitoring, condition diagnostics - not a listed company

$KU2 KUKA Service (DE) - Robotics maintenance

$6954 (+3,57%) Fanuc Service (JP) - global service network

Boston Dynamics AI Institute (US) - Robotics longevity - funded by Hyundai Motor Group

my number 1 in the sector is Siemens

Marketing & Advertising

$WPP (+1,92%) WPP (UK) - global advertising group; branding/communications

$OMC Omnicom (US) - marketing/PR network

$PUB (+0,62%) Publicis (FR) - communications/advertising group

$META (-2,32%) Meta (US) - Digital Ads (Facebook/Instagram)

$GOOG (-0,51%) Google Ads (US) - search & display advertising

TikTok / ByteDance (CN) - social ads & distribution - not a listed company

$AAPL (-0,06%) Apple (US) - Branding/UX; Acceptance & Platform Marketing

$WPP (+1,92%)
AKQA (UK/US) - Tech branding - Since 2012 majority owned by the WPP Groupbut continues to operate as an autonomous operating unit

R/GA (US) - Innovation marketing - not a listed company

Serviceplan (DE) - largest independent EU agency - not a listed company

my number 1 in the sector is Meta

Law, Regulation & Ethics

ISO (CH) - international standards, robotics standards

TÜV (DE) - certification & safety tests

UL (US) - safety/conformity testing

EU AI Act (EU) - legal framework for AI & robotics

UNESCO AI Ethics (UN) - global ethics guidelines

Fraunhofer IPA (DE) - Robotics safety standards

ANSI (US) - standards

IEC (CH) - Electrical engineering standards

Training & Talent

MIT (US) - Robotics/AI Research & Education

ETH Zurich (CH) - autonomous systems & robotics

Stanford (US) - AI/Robotics labs & spin-offs

Tsinghua University (CN) - Robotics/AI in Asia

CMU (US) - Robotics Institute

EPFL (CH) - Robotics research

TU Munich (DE) - humanoid robot "Roboy"

🌍 Top 25 companies for humanoid robotics

These companies are central to the development & production of humanoid robotsbecause without them, crucial parts of the chain would be missing:

Chips & computing power (brain of the robots)

$NVDA (-0,83%) Nvidia (US) - AI GPUs & Isaac platform, foundation for robotic AI

$2330 TSMC (TW) - world's most important foundry, produces the AI chips

$ASML (-0,29%) ASML (NL) - EUV lithography, indispensable for chip production

$005930 Samsung Electronics (KR) - memory, logic, foundry

$HY9H SK Hynix (KR) - DRAM & NAND memory for AI

$MU (+2,11%) Micron (US) - Memory solutions for AI workloads

my number 1 in the sector is ASML

Sensors & perception (senses of robots)

$SONY Sony (JP) - image sensors, market leader

$6861 (+1,69%) Keyence (JP) - Industrial sensors & vision systems

$CGNX (+1,21%) Cognex (US) - Machine Vision, precise image processing

my number 1 in the sector is Keyence

Actuators & motion (muscles of robots)

$IFX (-0,83%) Infineon (DE) - power electronics, motor control

$6594 (+0,32%) Nidec (JP) - World market leader for electric motors

$PH (+0,48%) Parker-Hannifin (US) - hydraulics/pneumatics, motion technology

$6481 (+0%) THK (JP) - Linear guides & actuators

my number 1 in the sector is Parker-Hannifin

Communication, cloud & infrastructure (nerves & data flow)

$QCOM (-0,25%) Qualcomm (US) - Mobile & Edge Chips

$AMZN (-1,29%) Amazon AWS (US) - Cloud & AI infrastructure

$MSFT (-0,07%) Microsoft Azure (US) - Cloud, AI services

$CSCO (-0,65%) Cisco (US) - Networks & Security

$VRT Vertiv Holdings (US) - Data Center Infrastructure

my number 1 in the sector is Microsoft

End Applications & Platforms (robots themselves)

$TSLA (-1,99%) Tesla (US) - humanoid robot Optimus

$ABBN (+0,42%) ABB (CH/SE) - Robotics & Automation

$6954 (+3,57%) Fanuc (JP) - industrial robots & CNC systems

$7012 (-4,69%) Kawasaki Heavy Industries (JP) - industrial robots

PAL Robotics (ES) - humanoid robots (TALOS, ARI, TIAGo) - not a listed company

Neura Robotics (DE) - cognitive humanoid robots - not a listed company

Universal Robots (DK) - cobots

my number 1 in the sector is Tesla

🇪🇺 Top 10 European key companies for humanoid robotics

$ASML (-0,29%)
ASML (NL)

World market leader in EUV lithography - no modern chips for AI & robotics without ASML.

$IFX (-0,83%) Infineon (DE)

Leading in power electronics & motor control - crucial for actuators of humanoid robots.

$STM (-1,21%)
STMicroelectronics (FR/IT)

Sensors, microcontrollers & power chips - the basis for control & perception.

$SAP (-0,74%)
SAP (DE)

ERP & data platforms, important for integrating humanoid robots into industrial processes.

$SIE (-0,19%)
Siemens (DE)

Industrial software, automation, digital twin - key for engineering & lifecycle management.

$KU2 KUKA (EN)

Robotics pioneer, industrial robots & automation - know-how for humanoid motion mechanics.

PAL Robotics (ES) - not a listed company

Specialist for humanoid robots (TALOS, ARI, TIAGo), internationally used in research & service.

Neura Robotics (DE) - Not a listed company

Young high-tech company, develops cognitive humanoid robots with advanced AI (4NE-1).

Universal Robots (DK) - Not a listed company

Market leader for cobots - platform for safe human-robot collaboration.

Engineered Arts (UK) - not a listed company

Develops humanoid robots such as Amecaknown for realistic facial expressions & gestures - important for HRI (Human-Robot Interaction)

🌏 Top 10 Asian key companies for humanoid robotics

$2330
TSMC (Taiwan)

World's largest semiconductor foundry, produces high-end chips (e.g. Nvidia, AMD, Apple) - no AI hardware without TSMC.

$005930
Samsung Electronics (South Korea)

Foundry, memory, logic chips, image sensors - extremely broadly positioned in robotics components.

$HY9H
SK Hynix (KR) - Memory

$SONY
Sony (Japan)

Market leader in CMOS image sensors, essential for robotic vision & perception.

$6861 (+1,69%)
Keyence (Japan)

Sensor technology & machine vision for industrial automation, widely used in robotics.

$6954 (+3,57%)
Fanuc (Japan)

Industrial robots & CNC systems, one of the most important manufacturers of robotics hardware worldwide.

$6506 (+10,65%)
Yaskawa Electric (Japan)

Drives, motion control & robot arms - relevant for humanoid motion control.

$6594 (+0,32%)
Nidec (Japan)

World market leader for electric motors (from mini motors to high-performance drives).

$7012 (-4,69%)
Kawasaki Heavy Industries (JP) - Industrial robots

$9618 (-0,27%)
JD.com (China)

Driver for robotics in e-commerce & logistics, invests in humanoid robotics applications

$PH (+0,48%) +13%

I took a closer look at Parker Hannifin shares over the last few hours and found almost no good reasons to sell. Except of course for the ubiquitous overvaluation of US stocks...

I started with this share because it is the smallest position in my portfolio and therefore doesn't make sense simply because of its size.

In the chart, my smallest stock positions in ascending order of position size:

Now I have found out the following:

The stock is currently trading at around $723.

As of Q1, Parker has $9,370 million in debt and about $408 million in cash and cash equivalents.

If you now subtract the have from the should and divide it by the number of shares, around 128.44 million, I arrive at a net debt per share of around $69.8.

Worse than in the previous year.

In combination with the high valuation, I think I should take my approx. 13% quick book profit and reallocate.

First purchase and additional savings plan started with €100.

$PH (+0,48%)

$DHR (+2,14%)
$AJG (+0,38%)
$FICO (+3,69%)
$TPL
$TYL (+0,72%)
$CSU (+3,25%)
$PH (+0,48%)
$ROP (+0,73%)
$HEI (+0,66%)
$TDG (+0,27%) have now published all their earnings, so a little update. Some could be summarized better than others, I hope the formatting is still bearable.

The Wikifolio https://www.wikifolio.com/de/de/w/wf000natxc has so far reached the necessary capital reservations and the general reservations are already 7/10. If one of you is one of them, I would like to thank you very much for the trust you have placed in me.

The next major update will probably come at the end of the next earnings season.

Danaher Q1 2025

• Sales: $5.74 billion -1%
• GAAP net income: $1.0 billion
• Operating Profit Margin: 29.6% -50bps
• GAAP EPS: $1,32 -2,1%
• Segment sales: Biotechnology: +7%, Life Sciences: -4%, Diagnostics: -1.5%

Only the year-end report will probably be really interesting

Constellation Software Q1 2025

• Turnover: USD 2.65 bn, +13 %
• Earnings per share: USD 5.44 (previous year: USD 4.95) - Net profit: USD 115 million
• Free cash flow (FCFA2S): USD 510 million, +14 %
• Operating cash flow: USD 827 million, +12%
• Acquisitions: USD 94 million invested, plus USD 39 million in outstanding payments
• Strategic investment: 9.99 % in Asseco Poland acquired for USD 174 million
• Outlook: Continued moderate, profitable growth expected

TransDigm Q2 2025

• Turnover: USD 2.15 billion, +12% year-on-year
• Net profit: USD 479 million, +19%
• Adjusted earnings per share (EPS): USD 9.11, +14 %
• EBITDA (adjusted): USD 1.16 billion, +14%, margin: 54.0%
• Operating cash flow: USD 900 million, +4 %
• Share buy-backs: USD 184 million in the quarter

HEICO Q1 2025

• Net sales: USD 1.03 billion, +15% year-on-year
• Net result: USD 168 million, +46% - Earnings per share: USD 1.20
• Operating result: USD 226.8 million, +26% - operating margin: 22.0
• EBITDA: USD 273.9 million, +22 %
• Flight Support Group (FSG): Sales: USD 713.2 million +15 %, operating result: USD 166.1 million +22 %
• Electronic Technologies Group (ETG): Sales: USD 330.3 million +16 %, operating result: USD 76.5 million +38 %
• Three acquisitions completed, including 90% of Millennium International (avionics repairs)
• Exclusive license and assets acquired from Honeywell for Boeing 777 and 737NG product lines

Parker-Hannifin Q3 2025

• Sales: USD 5.0 billion, organic growth of 1% year-on-year
• Net profit: USD 961 million, +32%
• Adjusted net profit: USD 904 million, +6%
• Earnings per share (EPS): USD 7.37, +33 %
• Adjusted EPS: USD 6.94, +7%
• Segment operating margin: 23.2 %, +170 basis points
• Adjusted segment operating margin: 26.3%, +160 basis points
• Operating cash flow (YTD): USD 2.3 billion, +8%
• Share buybacks: USD 650 million in the quarter

FICO Q2 2025

• Revenue: $498.7m. +15 % compared to previous year
• GAAP net result: $162.6m +25%
• GAAP EPS: $6,59 +27%
• Operating cash flow: $74.9m +5.5%
• Free cash flow (non-GAAP): $65.5m +6.3%
• Scores segment (B2B + B2C): Revenue: $297.0m +25%
• Software segment: Sales: $201.7m +2%

Arthur J. Gallagher Q1 2025

• Turnover (before reimbursements)3.68 billion USD +14.6 %
• Net income (GAAP)708.9 million USD +5.7 %
• Adjusted net resultUSD 1.08 billion +28.7 %
• Brokerage segmentSales: USD 3.31 billion +17.5%, net result: USD 816.1 million +25%
• Risk Management segmentSales: USD 373.4 million +5.8%, net result: USD 41.1 million +4.6%
• Corporate segmentUSD -148.3 million
• Acquisitions11 acquisitions in Q1 2025 with estimated annual sales of around USD 100 million.

Tyler Technologies Q1 2025

• Revenue: $565.2 million +10%
• GAAP operating profit: $89.2m +33,1 %
• GAAP net income: $81.1m +49,6 %
• GAAP EPS: $1,84 → +49,6 %
• Free cash flow: $48.3m -15,6 %
• Subscription revenue: $375.0m +19,7 %
• SaaS revenue: $180.1m +21 %
• Annual Recurring Revenue (ARR): $1.5 bn +20 %
• SaaS share of new software contract value: 96 %

Roper Technologies Q1 2025

• Revenue: $1.88 billion +12 %
• Adjusted EBITDA: $521 million +12 %
• Adjusted earnings per share: $4.74 USD +11%
• Software & Information Services: +14 %
• Industry & Medical Technology: +10 %
• Share of recurring revenue: >70%
• CentralReach acquisition

Texas Pacific Land Q1 2025

• Revenue: $196.0m +12%
• Net profit: $120.7m +5%
• Earnings per share: $5,24 +5,5%
• EBITDA: $169.4m +11%
• Free cash flow: $126.6m +10.5%
• Oil and gas production: 31,100 barrels of oil equivalent per day - company record
• Water segment revenue: $69.4m - also a record

All companies except Danaher, which is still undergoing restructuring, delivered solid quarterly results. I was particularly impressed by $TYL (+0,72%)
$FICO (+3,69%)
$HEI (+0,66%)
$PH (+0,48%) and $TDG (+0,27%) particularly liked. The dear @Tenbagger2024 also shared a great article on Transdigm, which you can find in the comments. $CSU (+3,25%) and $TPL (-2,6%) are expected to show stronger growth towards the end of Q3, which is related to the acquisition speed, especially I hope the $TPL (-2,6%) acquires new flats.

If you are interested in a detailed earnings review on $TPL (-2,6%) just write a comment.

Enjoy the nice weather <3

Disclaimer: the portfolio here is only for visualization on Getquin, after the hint of @Epi
I decided to create the whole thing as a wikifolio. Since I am planning to invest in the whole thing myself, I am of course happy about every reservation <3.

Wikifolio: https://www.wikifolio.com/de/de/w/wf000natxc

First of all, this is a short presentation of the companies, I will post more detailed articles in the coming days/weeks, otherwise this would go beyond the scope of this article. I look forward to your questions :)

I hope the formatting is ok so far.

The portfolio focuses on:

• Companies with strong economic moats (market leadership, high switching costs, unique assets and mission-critical products).
• Scalable business models with high/stable margins and strong free cash flow that can be efficiently reinvested (without innovation).
• Management teams with proven capital allocation skills and long-term incentives.
• long-term shareholder value

The Holdings:

Texas Pacific Land Corporation $TPL (-2,6%)

Texas Pacific Land Corporation, based in Texas, is one of the largest private landowners in Texas with approximately 880,000 acres in the Permian Basin. Founded in 1888 from the bankruptcy of the Texas and Pacific Railway, TPL generates revenue from oil and gas royalties, water rights, land leases and infrastructure services without being directly involved in exploration or production.

• Passive, high-margin modelTPL earns royalties from oil and gas production, land leases (solar, wind, pipelines, data centers, Bitcoin mining and many others) and water management (sales and purification), often with operating margins of over 70% as there are virtually no operating costs.
• Scalable growthIncreasing energy production in the Permian Basin drives royalty income without major reinvestment; water rights and infrastructure provide additional prime sources of growth.
• Capital-light modelLow investment requirements enable high payouts (dividends, share buybacks) while participating in rising commodity prices. In addition, land continues to be purchased which contributes to long-term value creation. TPL also has no debt.
• Historical performanceTPL has achieved annualized returns of ~20% over the last 10 years, driven by increasing energy demand and diversification.
• Unique "Moat": Owning non-replicable land in the Permian Basin creates an unassailable competitive advantage.
• Robust cash flowsRoyalty-based revenues are largely protected from operational risks and provide stability.
• Disciplined managementManagement has diversified the business model through water and infrastructure services and remains lean and efficient. Future focus on data centers (the Permian Basin is considered the ultimate hotspot for data centers in the US)
• Shareholder returnsUse of high free cash flows for dividends, special dividends and share buybacks to increase value per share.

Constellation Software $CSU (+3,25%)

Constellation Software, based in Canada, acquires, manages and develops vertical market software (VMS) serving niches such as local government, healthcare and financial services. With a decentralized model, it has acquired hundreds of small software companies worldwide and is considered the perfect compounder.

• Serial acquisitionsConstellation acquires small, cash-flowing VMS companies (typically USD 5-10m revenue) at attractive valuations, which enables consistent growth (~15-20% annualized returns since IPO in 2006).
• High returns on capitalAcquired companies generate stable, high-margin cash flows, which are reinvested in further acquisitions, creating a compounding effect.
• Stable revenuesVMS products have high switching costs and recurring revenues, which ensures predictability.
• Economic "moat"High switching costs and fragmented competitors in VMS markets protect against competition.
• Decentralized managementAutonomy for acquired companies promotes agility and efficiency.
• Outstanding leadershipFounder Mark Leonard is recognized as a master of capital allocation, with a focus on high ROIC acquisitions:
• Organic growthImprovement of acquired companies through cross-selling, price adjustments and product development.
• Capital efficiencyLow debt and reinvestment of cash flows in acquisitions rather than dividends to maximize long-term growth.

Heico Corporation $HEI (+0,66%)

Heico, based in Florida, is a leading manufacturer of aerospace and defense components, especially spare parts and repair services. It also serves niches in electronics and medical technology and is growing through acquisitions and organic expansion.

• Consistent outperformanceHeico has delivered ~18% annualized returns since 1987, driven by high-margin aerospace parts and strategic acquisitions.
• Acquisition-driven growthAcquisition of complementary companies to expand product offering and geographic reach. Over 70 acquisitions since 1995 have expanded market share in niche aerospace and defense markets.
• Stable demandGlobal growth and modernization in aviation, defense spending as well as the absolute necessity for repairs ensure long-term demand.
• Regulatory "Moat"Strict certifications (e.g. FAA) create high barriers to entry.
• Cost advantage and niche dominanceFocus on high-margin, mission-critical aviation components with limited competition. Heico's spare parts are often cheaper than OEM parts, which secures market share with high margins.
• Family-led management: The Mendelson family ensures long-term focus and discipline.

TransDigm Group $TDG (+0,27%)

TransDigm, based in Ohio, designs and manufactures specialized components for commercial and military aircraft, focusing on proprietary products with high margins and low competition. It is growing through acquisitions and pricing power.

• Excellent returnsTransDigm has generated ~24% annualized returns since 2007, driven by acquisitions, margin expansion and share buybacks.
• High-margin business: Mission critical products (e.g. actuators, sensors) enable pricing power and operating margins of over 40%.
• Capital allocationFree cash flow is used for acquisitions, debt reduction and shareholder returns, which increases the value per share.
• Value-enhancing M&AAcquisition of niche manufacturers, margin improvement through cost reduction and integration.
• Strong "Moat"High switching costs and regulatory barriers (e.g. FAA certifications) protect the market position.
• Pricing powerProprietary products with few competitors allow consistent price increases.
• Proven managementCEO Nick Howley has a disciplined acquisition strategy and is focused on shareholder value.

Parker-Hannifin Corporation $PH (+0,48%)

Parker-Hannifin, based in Ohio, is a global leader in motion and control technologies, including hydraulics, pneumatics and filtration systems for industries such as aerospace, automotive and manufacturing.

• Steady growthParker-Hannifin has achieved ~12% annualized returns over the past two decades, driven by diversification and acquisitions.
• High margins: Focus on high-quality, technical products ensures strong profitability.
• Capital allocationFree cash flow supports acquisitions, dividends (over 50 years of growth) and buybacks.
• Strategic acquisitions: Expansion of product lines and geographic presence through bolt-on acquisitions (e.g. Meggitt 2022).
• Market leadershipParker dominates niche markets in drive technology with a broad product portfolio.
• Diversified end markets: Exposure in aerospace, industry and energy reduces cyclical risks.
• Innovative strength: Investments in IoT, electrification and sustainable technologies ensure future growth.
• Operational efficiency: Use of lean manufacturing and cost discipline to secure high margins and finance growth.

Fair Isaac Corporation $FICO (+3,69%)

Fair Isaac, based in California, is known for the FICO score, the leading credit scoring system in the US. It also provides analytics software and decision-making tools for industries such as banking, insurance and healthcare.

• Stable growthFICO Score generates predictable, recurring revenue while the software segment is growing at double-digit rates (~15% annualized returns over the last 10 years).
• High marginsSoftware and scoring services have low variable costs, enabling operating margins of over 30%.
• Long-term relevance: Credit risk assessment and analytics are essential for the financial industry.
• Dominant "Moat"FICO score has a quasi-monopoly position in the US with high switching costs for lenders.
• Innovation leadership: Investments in AI, machine learning and cloud analytics ensure future growth:
• Software expansion: Expansion of decision management software (e.g. fraud detection, customer analytics) to diversify revenues.
• Global reach: Expansion of scoring and analytics solutions into international markets.

Danaher Corporation $DHR (+2,14%)

Danaher, headquartered in Washington, D.C., is a diversified conglomerate focused on life sciences, diagnostics and environmental solutions. It utilizes the Danaher Business System (DBS), a lean-based management framework, to drive efficiency and growth.

• Outstanding track recordDanaher has achieved ~26% annualized returns since 1978, driven by acquisitions and operational excellence.
• High returns on capitalDBS optimizes acquired businesses, increasing margins and cash flows for reinvestment.
• Resilient markets: Exposure to life sciences and diagnostics ensures stable, long-term demand.
• Market leadershipDanaher is a leader in niches such as laboratory equipment (e.g. Beckman Coulter) and diagnostics (e.g. Cepheid).
• Diversified portfolioBroad exposure reduces dependence on individual markets. Continuous reinvention and further development of the company, positioning Danaher for long-term growth:
• Strategic acquisitionsAcquisition of high-quality life sciences and diagnostics companies, integration with DBS to enhance performance.
• Operational excellence: Use of DBS to increase margins, reduce costs and accelerate growth.
• Innovation focus: Investing in research and development for cutting-edge technologies in genomics, diagnostics and environmental technologies.

Roper Technologies $ROP (+0,73%)

Roper Technologies, based in Florida, is a diversified technology company that provides software and hardware solutions for niche markets such as healthcare, energy and education. It is growing through acquisitions and organic expansion.

• Consistent growthRoper has delivered ~15% annualized returns over the last two decades through disciplined acquisitions and stable cash flows.
• High-margin businesses: Software and services generate recurring revenues with margins in excess of 30%.
• Capital efficiencyStrong cash flows finance acquisitions and dividends with high ROIC.
• Niche leadershipRoper dominates fragmented markets with high switching costs (e.g. healthcare software, water management systems).
• Strong management: Management excels at identifying and integrating high value acquisitions.
• Recurring revenuesSubscription-based software models ensure predictable cash flows.
• M&AAcquisition of market-leading companies in high-margin niche markets with stable demand.
• Organic growth: Improvement of acquired companies through product innovation and market expansion.
• Shareholder focus: Balance between acquisitions, consistent dividend growth and opportunistic buybacks.

Tyler Technologies $TYL (+0,72%)

Tyler Technologies, based in Texas, is the leading provider of software solutions for the US public sector, serving municipalities, courts, schools and other government agencies. Its platforms digitize administrative processes.

• Stable growthTyler has achieved ~15% annualized returns over the last 10 years, driven by the digitization of the public sector.
• Recurring revenueSubscription-based software contracts provide stable, high-margin cash flows.
• Scalable model: New solutions can be rolled out to the large customer base with minimal additional costs:
• Market dominanceTyler is a leader in the public sector software market, with high switching costs for customers.
• Economic "Moat"Long-term government contracts and regulatory complexity keep competitors at bay. Deep integration into customer processes minimizes churn.
• Focus on the public sector: Expansion of software offering (e.g. court management, tax systems) to meet growing digitization needs.
• SaaS transformation: Conversion of customers to cloud-based, subscription-based models for higher recurring revenues and margins.
• Strategic acquisitions: Acquisition of complementary software providers to expand the offering and customer base.

Arthur J. Gallagher & Co. $AJG (+0,38%)

Arthur J. Gallagher, based in Illinois, is a global insurance broker and risk management services provider offering customized insurance solutions and advice to businesses and individuals.

• Stable growthGallagher has achieved ~14% annualized returns over the past 10 years, driven by acquisitions and organic growth in the stable insurance sector.
• Recurring revenues: Commission-based income from insurance renewals ensures predictable cash flows.
• Acquisition-driven expansion: Acquisition of small and mid-sized brokers to expand geographic and product reach.
• High return on investmentAcquisitions of small brokers generate immediate cash flows that are reinvested with attractive returns.
• Organic growthDeepen customer relationships through cross-selling and specialized risk management services.
• Scalable modelGallagher's platform enables efficient integration of acquired brokers, expanding client base and capabilities.
• Regulatory "Moat"Complex insurance regulations and client relationships create barriers to entry.
• Strong managementLeadership has a proven track record of disciplined acquisitions and organic growth.
• Operational efficiency: Optimizing operations to maintain high margins and finance further acquisitions.

The portfolio achieves the broadest possible diversification with targeted exposure to first-class compounders. Through acquisition strategies, the companies increasingly cover more and more niches within a sector, which simultaneously promotes diversification and growth.

I know that there are a few companies that would also fit in here, but I particularly wanted to include some that are less well known and not represented in most portfolios. For example, most people here already have Berkshire, Mastercard, Visa or other tech companies in their portfolios anyway.

The portfolio is not a standalone, or rather I see it as an addition to specifically bring compounders (which are also partly uninteresting for "beginners" due to the high share price) into the portfolio and thus directly overweight them, since as far as I know they are also underweighted in every ETF and therefore cannot provide any real added value.

If you want to invest in the Wikifolio, a share should have a weighting of >30% and will be rebalanced.

I am curious about the new ETF from @lawinvest let's see if we have a chance against the Ultimate Homer @Simpson have a chance against the Ultimate Homer.

After my basic framework (after buying the house in September) with $AVGO (-0,54%) , $COST (-0,5%) , $APH (-0,78%) , $PH (+0,48%) , $CVX (-0,09%) , $EXENS (-2,23%) & $NOC (+0,66%) stands again,

Now go buy something in the almighty $HMWO (+0,06%)

Atlas Copco $ATCO B (+1,34%)

BAE Systems $BA. (+0,04%)

Rollins $ROL (+0,53%)

Cintas $CTAS (-0,39%)

Waste Management $WM (+1,05%)

Parker Han$PH (+0,48%)

Which companies do you see as particularly promising for a long-term investment?

Dividend growth ahoy

Further increased otherwise only savings plan but the purchase amount does not fit... a difference of 5 Euro🤔 the price 659,80€ at purchase but Trade Republic settles 664,60 €. I wrote to the support to see if I get an answer😂

How would you get started with $PH (+0,48%) ?

Worth buying despite high valuation?