While the world outside was drifting into the Christmas hustle and bustle and I was consciously spending more time with my parents, little dramas were unfolding at the markets. My class leader $AVGO (-0,03%) lost value, as did the main share portfolio. But honestly? I only really noticed this at the end of the year. The second half of December had long since cast its spell over me, especially Christmas and the time between the years when everything slows down a little. Instead of rushing around, I reflected and did some soul-searching. Meanwhile, the automated systems continued to do their job. Savings plans were running and dividends were flowing.

At the end of the year $LTC (+0,92%) Properties was the last buy of the year. Alongside $O (-0,04%) and $MAIN (-2,49%) this monthly payer should continue to grow. The business model has a future and I am building something here step by step.

And now enough of the quiet, time for a review.

Overall performance

It was business as usual as I enjoyed the end of the year. Negative effects passed me by, that's just part of it.

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): -0.46% (previous month: +1.40%)
• TTWROR (since inception): +79,52%
• IZF (month under review): -5.23% (previous month: +18.54%)
• IZF (since inception): +10,81%
• Delta: -401.91€
• Absolute change: +616.54€

Performance & volume

$AVGO (-0,03%) gives up 15% and also pulls ahead of other tech stocks such as $NFLX (-0,09%) and $GOOGL (+2,57%) my main stock portfolio down. The other portfolios rise, but cannot compensate for this. That's part of investing. When I look at the top 5, I notice that defensive stocks such as $BAC (-2,83%) and $WMT (-1,33%) are rising slightly again. I like that, it's a stinking boring business model, which isn't sexy at all, but provides me with steady share price growth and a nice cash flow.

The five red lanterns naturally go to the same weakening candidates (by performance). Well, if something is going well, something must be going badly.

Size of individual stock positions by volume in the overall portfolio:

Share of equities (%) in the total portfolio (and associated securities account):

$AVGO (-0,03%) 3.06% (main share portfolio)

$WMT (-1,33%) 1.76% (main share portfolio)

$GOOGL (+2,57%) 1.51% (main share portfolio)

$BAC (-2,83%) 1.50% (main share portfolio)

$NFLX (-0,09%) 1.38% (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share (%) of the total portfolio (and associated securities account):

$NOVO B (+0,25%) 0.48% (main share portfolio)

$BATS (-1,51%) 0.54% (main share portfolio)

$GIS (-1,89%) 0.55% (crypto follow-on deposit)

$MDLZ (-2,28%) 0.56% (main share portfolio)

$CPB (-2,49%) 0.58% (main share portfolio)

Top-performing individual stocks

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

$AVGO (-0,03%) : +328% (main stock portfolio)

$NFLX (-0,09%) +101% (main share portfolio)

$GOOGL (+2,57%) +115% (main share portfolio)

$WMT (-1,33%) +91% (main share portfolio)

$BAC (-2,83%) + 81% (main share portfolio)

Flop performer individual stocks

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

$NKE (-2,86%) : -35% (main stock portfolio)

$GIS (-1,89%) -34% (main share portfolio)

$TGT (-0,63%) : -33% (main share portfolio)

$CPB (-2,49%) : -30% (main share portfolio)

$NOVO B (+0,25%) -24% (main share portfolio)

Asset allocation

Equities and ETFs currently determine my asset allocation.

ETFs: 41.7%

Equities: 58.2%

Crypto: 0.0%

P2P: less than 0.01%

Investments and subsequent purchases

In December, I slightly increased the savings plans from my net salary and reinvestment. I invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: €1,040 [previously: €1,030]

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: €1,060 [previously: € 1,040]

Savings ratio of the savings plans to the fixed net salary: 50.24% [49,75%]

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

Subsequent purchases/one-off savings plans as cashback annuities from refunds: €40.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 0.00

Subsequent purchases from other surpluses: € 108.23

Automatically reinvested dividends by the broker: €7.03 (function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

Unscheduled purchases were made on various securities accounts outside the regular savings plans:

Number of unscheduled purchases: 9

40.00€ for $FGEQ (-0,62%)

56.94€ for $ULVR (-1,95%)

88.72€ for $LTC (+0,92%)

After the Magnum spinoff at Unilever, I sold the booked position a few days too late in order to shift it into Unilever with some cash. It was sold:

37,43€ from $MICC (-0,15%)

Magnum Ice Cream is neither in my freezer nor in my portfolio.

Passive income from dividends

I received € 132.75 in dividends (€ 152.20 in the same month last year). This corresponds to a change of -12.78% compared to the same month last year. The reason for the decline is that distributions from my three large Vanguard ETFs no longer arrived on time. Further key figures:

Number of dividend payments: 32

Number of payment days: 16 days

Average dividend per payment: €4.15

average dividend per payday: €8.30

The top three payers in the month under review were:

$ARCC (-1,75%)

$UPS (+0,28%)

$ULVR (-1,95%)

My passive income from dividends (and some interest) mathematically covered 7.94% of my expenses for the month under review. Acceptable for a weak month with medium-high expenses (by my standards).

Crypto performance

I am currently completely on the sidelines here. It will be a while before I get back in.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows the TTWROR in the current month (and since the beginning):

My portfolio: -0.46% (since I started: +79.52%)

$VWRL (-0,34%) +0.06% (since my start: 66.12%)

$VUSA (-0,21%) +1.00% (since my start: 63.76%)

After outperforming the ETFs last month, I am underperforming this time. 2026 will catch up. 🤗

Key risk figures

Here are my risk figures for the month under review:

Maximum drawdown: YTD: 17.17% (month under review: 1.56%)

Maximum drawdown duration: 702 days [since inception] (reporting month: 26 days)

Volatility: YTD: 12.00% (in the month under review: 1.33%)

Sharpe Ratio: YTD: 0.48 (in the month under review: -3.92)

Semi-volatility: YTD: 9.35% (in the month under review: 0.98%)

The maximum drawdown of 702 days since the beginning is still reminiscent of the tough phase 2022-2023, before the year-end rally started at the end of 2023. In December itself, the decline of 1.56% was marginal and a sign that the major turbulence of the year was over.

My Sharpe Ratio has improved to 0.48 YTD, showing that for every unit of risk, I get almost half a unit of return above the risk-free rate. Volatility has fallen from a wild 28% over the course of the year to a reassuring 12% YTD, while semi-volatility is down to just 9.35%. That shows: My portfolio does fluctuate, but the risk of loss is lower than the overall volatility would suggest. December was particularly quiet with a semivolatility of 0.98%.

What remains? Confirmation of my strategy: think long-term, keep calm and buy when things get cheap. 2025 ends solidly despite weakness.

Outlook

Back in the November review, I announced my investment of the Christmas bonus. Of course, I wasn't talking about money from my employer, but simply what I received for Christmas plus a few pennies I had lying around at home. I posted the reinvestment on the same day in the week between the years.

I also donated a few dividends, the fourth and final donation was made in December. You can read more about this in the Instagram Story. I think donations are important, because those who have should also give something.

I'll end this review with another personal point, which I already covered in the August and November reviews.

Loyal readers of my reviews will know that in the summer I was diagnosed with an aneurysm of the ascending aorta near my heart as a result of a bicuspid and insufficient aortic valve. It was an accidental finding that took some of the danger out of this ticking time bomb thanks to close monitoring, but it is still ticking. When I look back on the year 2025, I realize how this thing has permanently changed my thinking and my approach. Of course, it's an ongoing process, but I'm less likely to fall back into old patterns. Even though the cardiology appointment in December found that the thing hasn't grown any further, which will give me a little more time before surgery, I know the day will come. It's unclear when, but like a meteoroid hurtling towards the earth, there is something on the horizon. You just don't know when it's going to hit. The fact that the 43-44mm has remained stable (and no more) is a gain of time for me that I want to use. I have a lot of plans to develop new sources of income, significantly expand my social media presence, implement new habits, continue to work on my fitness and focus on life and the positive. Despite the diagnosis, 2025 will be a great year for me. And I'm going to go one better in 2026.

Thank you for reading. I wish you all the best for 2026!

👉 You can also read my portfolio review for December on Instagram from January 8, 2026 (and budget review from 9.1.26).

📲 In addition to the portfolio and budget review, there are currently three posts a week: @frugalfreisein

!!! 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 was your month in the portfolio? Do you have any tops & flops to report? Leave your thoughts in the comments!

A little later, but not too late, I'll also have my say at the end of the year, together with an insight into the goings-on of the Opi before @Tenbagger2024 , @SAUgut777 and some others get impatient, as you know, old people are a bit slower. I would also like to take this opportunity to thank and appreciate all those who contribute here on GQ with great analyses and strong contributions, critical comments and a wonderful exchange. I'm deliberately not naming any individuals now, otherwise I won't be able to finish. All of you together are great, whether you're a veteran or a newcomer. The community is alive and I am happy to be a part of it. Thanks also to @christian and the Getquin team, who make this possible by maintaining the platform, even if things sometimes don't run smoothly. The Bavarian says: Basst scho

The year 2025 was exciting and, from my point of view, successful in terms of my expectations. If you don't feel like evaluating a boring dividend strategy, don't want to read about overnight and fixed-term deposits, aren't interested in certificates and don't like the Sparkasse, you are welcome to leave here after Rewind 2025. Many thanks to everyone else for reading and, if necessary, commenting.

At least as far as the majority of shares are concerned, I am known to be invested in dividend stocks in order to generate the highest possible cash flow. I am now almost 62 years old and do not value excessive performance but would like to make a living from the income from my assets and decided to stop working at the beginning of the year when the company where I was employed was dissolved. I see myself as a buy and hold a while. Nothing lasts forever, especially with high-dividend shares. There are regular reallocations without getting into an operational frenzy. In 2025, for example $TRMD A (+6,23%) and a large position $HAUTO (+1,94%) had to leave the portfolio, the high dividend expectations were significantly reduced. The $QYLE (+0,58%) has not recovered from April, $EQNR (-1,52%) and $VICI (-0,55%) led to the brink of capital loss despite respectable dividends and had to give way, as did $MUX (+5,26%) with its inconsistencies. New additions were $NN (-2,39%) , $PFE (-0,46%) , $DTE (-1,18%) and a first position at the end of the year $ARCC (-1,75%) You can see the composition in my profile. I generally try to limit myself to +/- 20 positions and weight them according to purchase. A maximum of 20k per position is invested. This results in the calculation of my dividends and expected income. In its current composition, the portfolio shown here has a value of just over € 340,000 as at 31.12.2025 and has generated gross dividends of just under € 23,000 this year. This corresponds to a dividend yield of 6.73%

The time-weighted yield was 18.63% and therefore well above average, at least better than 67% of the getquin community. I wasn't able to beat the DAX, but at least I outperformed the S&P500 and beat the relevant MSCI World index by some distance. Even on a 5-year view I am on a par. Tobacco stocks did very well $BATS (-1,51%) , $IMB (-1,69%) and $MO (-0,74%) , $HSBA (-1,57%) , and $RIO (-0,6%) and of course $965515 (-0,75%) that I physically hold and the $EWG2 (-0,73%) .

That's all there is to the part of my investments shown here in GQ. What follows is a piece of my life story and the first part inside Dividendenopi.

As I said, I now live off my assets. This amounts to just under € 1.2 million in all the forms of investment I hold. Is that enough for a carefree life? For me in any case. Because on top of that, I have a debt-free, owner-occupied property (a single-family home with a large garden in a quiet rural location near a city of 600,000 inhabitants) and a rented two-family home, appropriately enough, as a neighboring property. Partly financed, rent surplus after installment to the bank a good € 700 per month, flows completely into the maintenance reserve. Claims from BAV, life insurance, building society savings contracts will be added on top in the next few years, but are not taken into account here. There's even a savings account with €18,000..... half of which belongs to my wife and she doesn't want to close it.

My wife (still) works and has a decent income despite working part-time and has other liquid assets in the lower six-figure range. She does it herself, the stock market is the devil's work. Her story is not included here either.

So I / we are doing pretty well after all. It wasn't always like that, anyone who is or was self-employed knows that. But consistent financial planning is important, no matter what the situation, as is sticking to your savings rate. I started investing in real estate at the beginning of the 1990s and have been liquidating it over the last few years. In conjunction with my own wealth accumulation and an inheritance, I am now in a comfortable situation for me.

What do I do with the rest of the money outside the getquin portfolio? A good € 500,000 is (still) in call money and fixed-term deposit accounts. Interest rate hopping on call money and fixed-term deposits from 2 years ago yields around 3% on call money and over 4% on fixed-term deposits. The remaining capital is invested in certificates. Mainly in fixed-coupon express certificates with quarterly payout and partly in bonus certificates with CAP and barrier.

My investments currently generate a net monthly cash flow of € 4000, which is enough for me to live on. Plus € 800 ALG on top until the beginning of 2027.... But before the company closed, I only worked 16.5 hours a week. With my wife's income, that's a good €6500, which is bearable. You can certainly do more with your assets, depending on your needs. We live rather modestly, don't have any children and aren't the consumer type.

How am I invested outside of dividends, why certificates and which broker, where and how overnight and fixed-term deposits? I thought that would go beyond the scope of this article, so I'll come back to it in a second part. Thanks for your participation so far and see you soon

I just want to use the first day of the year to set out my financial cornerstones for 2026. In a way, it's a little public self-talk so that I don't lose focus and have a guideline to follow throughout the year.

Initial situation: Due to my professional background, I have always been very real estate-oriented in my investments. This was no different in 2025, with over 90% of my assets being real estate and less than 10% "other" - including my regular securities portfolio. In principle, I feel quite comfortable with an overweighting in "stones", but I would like to shift the ratio slightly in order to have a larger proportion of assets that can be liquidated quickly. It is also desirable to have less exposure due to possible additional government regulations in the area of tenancy and real estate law (energy-related renovation obligations, rent regulations, etc.).

My portfolio is clearly geared towards distributions, as I am already over 50 years old and no longer fully employed. So I need something I can live from. My portfolio therefore mainly contains 'boring dividend stocks and ETFs'. It would be nice to generate an average of 2tsd euros net per month in dividends by the end of 2026.

Measure 1: A small apartment is for sale - the notary appointment is in the second week of January. Proceeds after deduction of brokerage and transaction costs approx. 200tsd, which will flow directly into the portfolio. I will sell my existing positions $TDIV (-1%) and $WINC (-0,38%) as well as my individual shares $BATS (-1,51%) , $RIO (-0,6%) and $PETR4 (-1,26%) increase them.

Measure 2: Sale of a small building plot - it is not yet possible to predict when this will be completed, as the plot is somewhat special. However, I think a sale in 2026 is realistic - proceeds approx. 160,000 euros. I would like to use the money to add a few more individual shares to the portfolio. Depending on how the prices have gone by then, I'm thinking of $PZU (+4,14%) , $PFE (-0,46%) and $CA (+1,84%). Maybe I will also $JEGP (+0,21%) further.

Measure 3: In February/March I will probably get my money back, which I spent on various building materials for a joint project. About 12tsd Euro. This will also go into the depot. There may also be the first returns from my first house subdivision project. But how much will come out of it is speculation, and the money will be returned at GmbH level, so that doesn't "count" for the time being.

Measure 4: This is the biggest board. I don't know yet whether it will work - at the moment I give it a realistic 25-50% chance of being implemented. I would like to take over a package of three houses with two business partners. We have a provisional commitment from the seller, but we have to manage to arrange financing. We need around EUR 3.5 million from the bank, so it won't be easy, especially as we only have until the end of February and the houses have a significant commercial component, which is generally viewed negatively by banks. If anything comes of it, I'll report back. It would be my last big deal in this area. We would split up and sell two houses and keep the third.

(Image generated with Lovart.ai, modified in Photoshop)

...and so I would also like to look back in conclusion...

...after many personal ups and downs this year, everything turned out well after all.

In addition to the idea of getting married, as many people already know, I was torn out of life by cancer in the middle of the year. A long operation, since then a constant fight back to life, always at the limit, but at the end of the year the certainty that things will continue to improve and that I will remain free of cancer.

It's just a shame that the surgery was exactly 2 weeks before my final IHK exam (tax law) on the way to becoming a financial accountant, but postponed is not canceled and so I will tackle this project again in 2026.

But I would like to thank you again for the kind wishes for recovery and encouragement before and after the surgery, you are just meeegggaaa 🫶

But let's move on to the final figures for 2025:

The 28 was then also cracked on the last meters of this year and so overall I am almost in the middle of my 2nd forecast increase 💪🏻

Even if the path to the first 100k still seems a long one, it is the right path and, as we all know, that is the constantly growing goal.

In terms of dividends, I was also right on target and it's hard to believe that these also help to generate further sustainable growth 🤫😅

Now most people will be beating their hands over their heads and singing the performance song, but well, as you know, I approach things a little differently.

That's why I'm looking forward to breaking at least the 2k net dividend in 2026, despite my low volume 🥳

And despite this fact, I don't think the performance is bad at all 🤷🏻‍♂️🤗

》Top 5 of 14《

$3750 (-0,53%) +51,37% (+51,56%)

$HSBA (-1,57%) +35,01% (+39,07%)

$BATS (-1,51%) +34,53% (+91,90%)

$RIO (-0,6%) +20,55% (+28,69%)

$HAUTO (+1,94%) +15,83% (+26,19%)

》Flop 5 of 14《

$1211 (-3,61%) -11,51% (-11,49%)

$YYYY (-0,05%) -5,23% (+1,45%)

$ASWM (-0,71%) -2,36% (-2,36%)

$DTE (-1,18%) -1,70% (-1,70%)

$VAR (-4,05%) -0,80% (+2,65%)

All in all, the long-term view also looks quite reasonable in my opinion...

...so I will continue to stick to my targets and strategy in 2026.

And so there's really nothing left for me to do but thank the entire Getquin team @kundenservice @christian and the entire community...you are simply MEGA 🫶

Wishing everyone a happy new year and everything priceless for 2026 💫🥳

Let's just pick up together in 2026 where we left off in 2025 👋🏻

#gemeinsammehrerreichen

✅ The highlights

- High-flyer: Alphabet $GOOGL (+2,57%)
(+84%) and Rocket Lab $RKLB (+0%)
(+80%) have carried the portfolio.

- Cash machine: An impressive € 2,800 in dividends were paid out! 🥂 BAT $BATS (-1,51%)
(+61%) and Rio Tinto $RIO (+2,06%)
(+35%) deliver massive returns.

- Anchors: Microsoft and Real Estate , ETFs provide the necessary calm.

⚠️ The problem children

- Crypto crash: The Graph $GRT (+2,62%)
(-79%) is my biggest drawdown.

- Bottom formation: Nike $NKE (-2,86%)
(-28%) and Novo Nordisk $NOVO B (+0,25%)
(-31%) are still looking for direction.

🛠️ Your opinion on optimization?

British American Tobacco $BATS (-1,51%) has specified its annual targets for 2025.

The cigarette company announced in London today that sales are set to increase by two percent in constant currencies in the current year.

The Group is therefore still aiming for growth at the upper end of the one to two percent forecast recently.

Adjusted operating profit is also expected to grow by two percent in constant currencies.

Previously, the management had planned an increase of 1.5 to 2.5 percent.

In addition, BAT increased its share buyback program for 2026 to 1.3 billion British pounds (just under 1.5 billion euros) 👍🏻

"The annual targets are still on track," said CEO Tadeu Marroco according to the statement.

The positive development in the USA, the world's largest market for nicotine products, is particularly pleasing.

Sales volumes and turnover of the disposable e-cigarette Vuse have also improved overseas, although Vapour products continue to be affected by illegal distribution.

Revenue from the Group's new category accelerated to double-digit percentage growth in the second half of the year.

BAT has long been focusing on expanding its business with alternatives to traditional cigarettes. These include e-cigarettes, tobacco heaters and tobacco-free nicotine pouches.

Meanwhile, the management is confident about its medium-term goals. Accordingly, turnover is expected to increase by three to five percent and adjusted earnings per share by five to eight percent from next year. In 2026, however, only the lower end of the forecast ranges is likely to be achieved, it said

While I wandered through Rostock and Schwerin, spent a frugal night and found a moment of peace in Schwerin Cathedral, my depots simply carried on doing their thing. No hectic rush, no manual interventions, no nervous glances at my smartphone. The automation of my reinvestments, savings plans and standing orders is simply worth its weight in gold!

And then, right in that moment of silence in the cathedral, a message demanded my attention. It was the moment when the biggest dividend of the month arrived. A sign from the very top, or timing straight out of a picture book? Back home at the end of the month, a new player became apparent in the portfolio, which advanced into the top 5. But catching up with my strongest stock is still a long way off for the new challenger. Time for a review.

Overall performance

For me, November in general was the same as always: steady and boring. I didn't even really notice that the US budget shutdown had ended. Just as well, because business as usual can continue.

My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): +1.40 % (previous month: +1.39 %)
• TTWROR (since inception): +79,75 %
• IZF (month under review): +18.54 % (previous month: +9.65 %)
• IZF (since inception): +11,22 %
• Delta: +1,211.47 €
• Absolute change: +€2,398.46

Performance & volume

$AVGO (-0,03%) remains the heavyweight in the portfolio, but as mentioned in the introduction, there is a new challenger that made significant gains in November and has now moved into the top 5. $GOOGL (+2,57%) pulls past $BAC (-2,83%) . They have just delivered. New Gemini and Nano Banana version. The constant new advances in AI are the clear driver here. But watch out! The question in the future will be who will earn money with AI. Will it be those who have integrated it into their products or those who create the basic prerequisites for its use via data centers and hardware? I am curious.

And even if this competition is super exciting, these values are not in my sights, more on that later in the outlook.

Size of individual stock positions by volume in the overall portfolio:

Share ( %) of total portfolio (and associated portfolio):

$AVGO (-0,03%) 3.57 % (main share portfolio)

$WMT (-1,33%) 1.75 % (main share portfolio)

$GOOGL (+2,57%) 1.56 % (main share portfolio)

$NFLX (-0,09%) 1.60 % (main share portfolio)

$BAC (-2,83%) 1.46 % (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share ( %) of the total portfolio (and associated securities account):

$NOVO B (+0,25%) : 0.45 % (main share portfolio)

$GIS (-1,89%) : 0.56 % (crypto follow-on portfolio)

$BATS (-1,51%) 0.57 % (main share portfolio)

$TGT (-0,63%) 0.57 % (main share portfolio)

$MDLZ (-2,28%) 0.59 % (main share portfolio)

Top-performing individual stocks

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

$AVGO (-0,03%) : +369 % (main share portfolio)

$NFLX (-0,09%) +120 % (main share portfolio)

$GOOGL (+2,57%) +119 % (main share portfolio)

$WMT (-1,33%) +95 % (main share portfolio)

$OHI (+2,34%) + 90 % (main share portfolio)

Flop performer individual stocks

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

$TGT (-0,63%) : -35 % (main share portfolio)

$GIS (-1,89%) : -35 % (main share portfolio)

$NKE (-2,86%) -31 % (main share portfolio)

$NOVO B (+0,25%) -29 % (main share portfolio)

$CPB (-2,49%) -26 % (main share portfolio)

Asset allocation

Equities and ETFs currently determine my asset allocation.

ETFs: 41.3 %

Equities: 58.6 %

Crypto: 0.0 %

P2P: less than 0.01 %

Investments and subsequent purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: € 1,030

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: € 1,140

Savings ratio of the savings plans to the fixed net salary: 49.75

In addition, the following additional investments were made from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 75.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 21.98

Subsequent purchases from other surpluses: € 0.00* (additional purchases are only made in December)

Automatically reinvested dividends by the broker: € 2.08 (function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

Unscheduled purchases were made on various securities accounts outside the regular savings plans:

Number of unscheduled purchases: 9

21.98 € for $SPYW (+0,46%)

35.00 € for $SPYW (+0,46%)

40.00 € for $GGRP (-0,36%)

35.00 € for $GGRP (-0,36%)

Passive income from dividends

I received € 113.15 in dividends (€ 82.45 in the same month last year). This corresponds to a change of +37.36 % compared to the same month last year. For a rather weak month, this is a great sum, which I am grateful for and from which I made a small donation in addition to reinvesting, as I did in September and October. Other key figures:

Number of dividend payments: 22

Number of payment days: 10 days

Average dividend per payment: € 5.60

average dividend per payday: € 12.32

The top three payers in the month under review were:

$IWDP (+0,04%)

$ZPRG (-0,38%)

$HTGC (-1,88%)

My passive income from dividends (and some interest) mathematically covered 12.59% of my expenses for the month under review. Acceptable for a weak month with medium-high expenses (by my standards).

Crypto performance

As I play by the cycle theory, I got out of crypto completely in October. The share was previously insignificant in my portfolio anyway, but the harvest has nevertheless been reaped. Only the Oracle of Delphi knows whether I am right with my approach. There was more in an earlier getquin post from me, in which I explained my assumptions and strategy in detail.

So there are no key figures to report. Now it's time to learn and understand.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows the TTWROR in the current month (and since the beginning):

My portfolio: +1.40 % (since I started: +79.75 %)

$VWRL (-0,34%) -0.50 % (since my start: 62.52 %)

$VUSA (-0,21%) -0.48 % (since my start: 58.04 %)

Finally performed better than my chosen benchmark ETFs.☺️

Risk figures

Here are my risk figures for the month under review:

Maximum drawdown: YTD: 17.17% (month under review: 2.34%)

Maximum drawdown duration: 702 days since inception (reporting month: 14 days)

Volatility: YTD: 28.15 % (in the month under review: 2.44 %)

Sharpe Ratio: YTD: 0.39 (in the month under review: 7.63)

Semi-volatility: YTD: 20.91 % (in the month under review: 1.75 %)

The maximum drawdown of 702 days since the beginning is a long period 2022-2023 before the year-end rally began at the end of 2023. Otherwise the figures suit me well.

My Sharpe ratio of 0.39 YTD shows that I have achieved a return of 0.39 units above the risk-free rate per unit of risk.

My vola of 28.15% YTD is the direct footprint of the loud roar and then small cave-in of Trump's tariff policy. It has proven itself again: For me as a long-term investor, what counts is simply staying calm and buying the dip when another dip comes.

Outlook

I still have some money left over from my food and drugstore budget, but I won't be (re)investing it until December with the surpluses I hope to have by then. I've chosen a boring REIT that won't be $O, but still pays out monthly dividends and has long been a position in my portfolio. Strictly speaking, I've seen little or no mention of this stock among the financial tycoons recently. You'll see which one in the next review.

The last point will be a little more personal again. Loyal readers of my reviews will know from the August review that this summer I was diagnosed with aortic ectasia of the ascending aorta near the heart as a result of the bicuspid and insufficient aortic valve. An incidental finding that will be treated with the necessary seriousness through close monitoring and an upcoming operation. And precisely because of this, it is no longer the ticking time bomb that it would be if it were still undetected and possibly larger. The knowledge of this and now my own adjustment to day X is gradually changing my way of thinking. Before the discovery, when I was just a patient with a leaky aortic valve who regained a lot after changing my lifestyle for the better, e.g. exercise, I was influenced by the idea that I had a lot of time to implement what was on my mind. Now I know that I want to get a few things done before the day of the procedure and the lengthy recovery. I am now aware of the issue of time in a whole new way. Why am I writing this publicly? Because I want to show that finances are certainly important, but only one piece of the puzzle of life.

So, that's enough writing. With that in mind, have a wonderful Christmas.

Thank you for reading. Stay healthy and happy!

👉 You can also see my review on Instagram from next week (portfolio review from 8.12.25 and budget review from 9.12.25).

📲 In addition to the portfolio and budget review, there are currently three posts a week: @frugalfreisein

!!! 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 was your month at the depot? Do you have any tops and flops to report? Leave your thoughts in the comments!

The sensible use of saved capital in retirement requires good planning. Especially if you want money to flow out of it regularly to secure or sweeten the third stage of your life.

Financial brokers then like to offer pension insurance based on a single payment, often called an immediate annuity.

With a normal life expectancy, the return is usually not generous because insurers usually invest very conservatively. In addition, the costs and profit margins of the insurance company further reduce the return. Consumer advocates point out that you usually have to live to be 94 years or older before you receive the investment sum back via guaranteed pensions.

It is often more profitable to park the money in a call money account.

Investments with regular distributions are an alternative. Investors are spoiled for choice between several thousand dividend-paying equity funds.

What are the relevant selection criteria? Quality and cost structure.

For some, the level of distributions may also be an important criterion in the selection process. But caution is advised here: For example, the payout ratio of the Global X Super Dividend ETF $SDIP (-0,51%) is currently over nine percent. With an investment sum of 100,000 euros, this results in a monthly inflow of around 750 euros before tax.

This is possible because the ETF invests stubbornly in the 100 companies with the highest dividends worldwide, but without any consideration of the sustainability of these distributions and the quality of the companies.

This in turn means that, without the dividends, the ETF generated a return of zero over one year and even minus 14% over three years. Investors therefore received high regular payouts, but the investment capital decreased significantly at the same time.

Savers should therefore always pay attention to how the ETF invests. There are various positive counter-examples, such as the Invesco Euro Stoxx High Dividend Low Volatility ETF $EUHD (+0,25%). Although this also focuses on high-dividend companies, it also selects according to qualitative criteria. Result: Although the payout ratio is currently "only" 5.1% per year, this amounts to around EUR 425 per month before tax for an investment sum of EUR 100,000.

However, the ETF has also achieved growth of almost 36% over the past three years, and including distributions, the gain was even over 60%. There are similarly good ETFs for various other investment regions or sectors.

Bond ETFs, on the other hand, are rarely a real alternative for private investors. Although distribution rates of four or five percent can be achieved, this is ultimately only possible with high-risk bonds or US securities with a corresponding currency risk. In addition, a positive return can rarely be achieved over and above the distribution.

A (possibly riskier) alternative is to invest in individual shares with high dividends. However, quality is even more important here. "We value companies with a strong balance sheet that are characterized by a high equity ratio and above-average returns on capital and sales," says Franz Kaim from Kidron Vermögensverwaltung in Stuttgart.

Continuity is also important. "The so-called dividend aristocrats are the gold standard for income-oriented investors," says Rainer Laborenz, Managing Partner of Azemos Vermögensverwaltung in Offenburg. "Companies that have increased their dividends for at least 25 consecutive years are included in this select group."

There are currently around 150 dividend aristocrats worldwide, 117 of which are from the USA and 33 from the rest of the world. The best-known names include Coca-Cola $KO (-0,43%)Procter & Gamble $PG (-1,41%) and Johnson & Johnson $JNJ (+0,69%) from the USA, Fresenius from Germany $FRE (+0,71%) and Unilever $ULVR (-1,95%) from Great Britain.

Other attractive dividend stocks recommended in a WELT survey of ten leading asset managers in Germany include Allianz $ALV (-1,79%)BASF $BAS (-1,1%)Beiersdorf $BEI (-3,34%)Deutsche Post $DHL (-0,43%) and Munich Re $MUV2 (-0,94%).

In other European countries, they rely on BAT $BATS (-1,51%), BP $BP. (-1,8%), Nestlé $NESN (-2,47%), NN Group $NN (-2,39%)Shell $SHEL (-2,77%) and Swiss Life $SLHN (-2,91%).

In the USA, names such as Altria $MO (-0,74%), Chevron $CVX (-0,78%)Cisco $CSCO (-0,08%), Coca-Cola, Kimberly-Clark $KMB (+0,01%) , McDonald's $MCD (+0,15%) or Pepsi $PEP (-0,02%).

Source: Text (excerpt) & table: Welt, 05.12.25

British American Tobacco $BATS (-1,51%) has completed the sale of 187,500,000 ordinary shares in ITC Hotels Limited, representing 9% of the company's issued share capital, the tobacco group has announced.

The block trade, which was conducted through an accelerated bookbuilding process, raised net proceeds of INR 38.2 billion (equivalent to approximately £315 million at current exchange rates). Following the transaction, BAT continues to hold a 6.3% stake in ITC Hotels.

According to the company's announcement, the proceeds will be used to advance BAT's goal of achieving a debt corridor of 2 to 2.5 times adjusted net debt to adjusted EBITDA (adjusted for Canada) by the end of 2026.

The transaction follows an initial announcement by BAT on Thursday regarding the planned block trade.

The company did not disclose the investors who acquired the shares.

BAT employs more than 48,000 people worldwide and reported sales of £25.9 billion and adjusted operating profit of £11.9 billion for 2024. The company has set itself the goal of attracting 50 million adult consumers to its smoke-free products by 2030 and generating 50% of its revenue from them by 2035.

The securities traded in this transaction have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements, according to the press release.