The last few weeks have shown me that my portfolio is too cash flow-heavy and that I should focus more on dividend growth and growth stocks again. I have therefore spent the last few days looking at several of my stocks and scrutinizing overlaps, performance and cash flow. The result is a shift of around 10% of the portfolio towards more stability and growth with less risk.

Good and poor underperformers have been removed from the portfolio,

• $SBUX (+3,74%) Starbucks
• $GLAD (+1,37%) Gladstone Capital
• $KMB (+5,43%) Kimberly-Clark
• $KO (+2,95%) Coca-Cola

Reduced, the super run,

• $CAT (-4,9%) Caterpillar (insert completely pulled out)

New additions to the portfolio are the stocks that are currently very attractively valued in my opinion,

• $REL (+4,7%) Relx
• $SPGI (+2,27%) S&P Global

Stable stocks with potential for outperformance were added,

• $MCD (+2,72%) McDonalds
• $PEP (+4,19%) PepsiCo
• $AMGN (+2,51%) Amgen
• $ARCC (+1,96%) Ares Capital

Overall, I have reduced the number of positions somewhat, eliminated underperformers and at the same time shifted into stability and growth.

I feel very comfortable with this adjustment and will keep a close eye on what further adjustment potential I find in my portfolio.

In addition, I'm keeping around 10k dry in case things go downhill again if peace between the USA and Iran doesn't materialize after all... I have serious doubts that this will work out.

In volatile stock market times/war times, it is never wrong to add to your consumer stocks to get at least some cash flow.

First purchase in 2026📈

Do you currently see a stronger rotation back into value stocks?

You often read that value is doing better again recently and has outperformed growth in some cases. I would be interested to know whether you think that now could be a good time to get into value.

Do you currently have any favorites that you think have an attractive valuation and a good risk/reward ratio?

I currently have $KMB (+5,43%) and $NKE (+1,65%) on the watchlist.

mfg

Edit: Since I was asked to explain my reasons. Then I will edit this bit by bit.

The following are leaving completely (in percentage points of the core portfolio)

$ADBE (+5,71%) (-4%): The AI implementation in their core business is not convincing. Even as a user, I strongly doubt their future competitiveness.

$NESTE (-0,5%) (-6%): A comparatively high level of debt, a more mindful customer base due to loss of wealth and the currency effects. I expect only very small leaps, if any at all.

$KMB (+5,43%) (-4%):

$UNH (+2,02%) (-6%, I would have cleaned up a week ago...): the market is currently too risky for me for political reasons. There has been no improvement in recent months. I am therefore taking the chips off the table.

But they have been expanded:

$AMZN (-4,39%) (+7%): The growth and the margin with the market power of AWS speak for themselves in my opinion.

$PG (+5,82%) (5%): This is a position I hold for emotional reasons. I love baby and toddler products and am regularly delighted that I get diapers, wet wipes, etc. virtually for free. The current course has simply invited.

New arrivals:

$V (+1,53%) (+4%): I currently have a very low weighting in the financial sector. And the profitability, especially the return on equity, speaks for itself. In addition, volatility is comparatively low, which is very flattering for my large tech allocation.

$CARR (+0,16%) (+4%, welcome back): I am convinced that we are still facing major upheavals in building air conditioning. The debate about sustainable heating systems is currently being conducted primarily in affluent societies, not to mention cooling systems.