This page is about my invesmtent portfolio. You can find my current portfolio which I hope to update in real-time for transparency reasons and (most) former investments below. For more information look at my Portfolio Review.
This is not investment advice. Do your own research. I own shares (or economic interest) of (in) below mentioned companies. Pleas read the disclaimer.
I am currently (re)thinking about introducing some personal rules for position sizing and trade execution …
Main equity investments
Check Point Software Technologies Ltd. (CHKP US) is a cyber security company, based in Israel. Growing slower than highflying peers but rather steady and very profitable. CHKP has net cash of about $ 4 bn on its balance sheet (~25% of its market capitalization). Perceived to be a very high quality business. One of my biggest positions where I invested the most money into so far. (company analysis)
Pandora A/S (PNDORA DC) produces and sells B2C and B2B mid-priced jewelry as a Danish corporation. It had a huge success with their charms concept. Right now, Pandora is turning around their sales trends. One of my biggest positions where I invested a lot of money so far. (analysis)
SES SA (SESG LX), domiciled in Luxembourg, operates satellites providing its services to tv companies, governments, cruise ships, airlines. Long-term contracts, providing data services to cruise ships and airlines is growing, TV has its structural long-term headwinds, though. FCC advandced spectrum relocation payments could provide a windfall. One of my bigger positions. (analysis)
Progressive Corporation, The (PGR US) is one of the major US auto insurance companies. It’s customer-focused and uses smart technology and capital allocation driving efficiency on various fronts. It pursues a bundle strategy and has a very profitable insurance business. I initiated a position after my initial analysis and increased it later. (analysis)
Silverlake Axis Ltd (SILV SP, 5CP) provides software solutions and services to the banking, insurance, retail, government, payment and logistics industries. The company (SAL, the group) has more than 380 enterprise customers in over 80 countries. Its origins and its foundation is a very strong position in the banking sector in South East Asia. (analysis)
Flow Traders NV (FLOW NA) is an Amsterdam, Netherlands based technology driven ETF liquidity provider, mostly hedging its market exposure and earning spreads on its trading flow. It hugely profits from higher market volatility (margins) and trading volumes and is the market leader in the EMEA reagion (analysis)
SoftBank Group (9984 JP) is a Japanese holding company with its roots in telecomminucation businesses. Masayoshi Son (CEO) is reducing this slow-growth businesses and invests in future growth businesses. I invested based on my SOTP Valuation(s) and the estimated high discount. I liked to get some exposure to these high-flying, innovative,
sometimes often cash-burning-companies (unicorns). Main listed assets are Alibaba, Softbank Corp. (Japanese TelCo), Srint (S US) T-Mobile (TMUS US) and YahooJapan providing a high NAV. (analysis)
Bollore SA (BOL FP) is a french holding company. The trophy asset is Universal Music Group or UMG as part of Vivendi (VIV FP), in which Bollore holds a controlling stake. Other major operating assets are transport and logistics in Africa and Europe as well as operations build around battery technology. I invested based on my SOTP valuation and have a small position. (analysis)
Krka (KRKG SV) is a profitable and growing Slovenian generics producer that trades surprisingly cheap. The thesis is that international investors did not dicover /enter the Slovenian stock market yet.
Gilead Science (GILD US), had a huge success selling its blockbuster drug… maybe the drug was just too good in a commercial sense, since patients were cured and one-time sales are falling since a few quarters ago, I do believe in their R&D capabilities and future successes. Partially researched (via a quicky in Oct 2020), but never truly valued and not enough domain knowledge for an outsized portfolio position (analysis)
Gazprom PJSC ADR (GAZ GY) as a huge Russian energy company, it produces, transports, sells, and exports mostly natural gas and some other products. Hughe investment phase (PoS, NS2, TS) is coming to an end, setting the stage for dramatically higher free cashflow. Shareholders partizipate via high dividends. (researched some years ago but never published, on my to-do-list)
Sberbank of Russia PJSC (SBER RU, SBER LI) is another Russian company, very profitable bank, technology focused, buids an ecosystem (high option value). Besides Gazprom one of the most valuable Russian companies.
Quadient (QDT FP, fka Neopost) provides digital communications, logistics and mail solutions. Currently in an ongoing turnaround shifting focus from paper based traditional mail (decreasing) to digital and more modern corporate solutions.
I own shares of several companies without performing (extensive) research on them
Grenke AG is a German leasing company and got attacked from a short-seller in 2020. The company is deemed a high-quality company, which traded on elevated multiples, I bought shares and bonds in Sept 2020 (see post).
Barrick Gold (GOLD US) mines gold and other metals, invested years ago,
should did perform well when financial markets get more stressed again. Lower debt levels significantly, more active in strategic M&A activities/reviews.
Tencent (700 HK) is a Chinese facebook-whatsapp-youtube-email-and-mobile-games-combination. It is basically the internet in China for private and professional contacts. Most profits still generated from digital games, had some struggles related to government action (wants to reduce time spent on mobile phones for younger people, slowing down the process of games getting released). But is performing very well. I invested primarily based on Sabercapital’s presentation.
BMW AG is a well known German premium car producer, big in China. I own a small position of the preferreds (BMW VZ).
Deutsche Telekom AG (DTE GR), I do not think it’s an investment into a high-quality-company, maybe they do not allocate capital very efficient, high ineffiencies in general, etc… But DT is very defensive and better than cash at the bank with zero interest. Bought cheap in Feb 2013 and Feb 2018 (and missed March 2020). TMUS is a lucky jewel (they wanted to sell earlier) and nowadays contributes an outsized share of DT Group’s Ebitda, earnings and (brand?) value. Minimum dividend is € 0.60 per share.
Kraf Heinz Company, The (KHC US) was seen as a food company with strong brands, but it is struggling as the industry as a whole. Trends go to healthier food, maybe even instagrammable food, and supermarkets are selling their own brands attacking KHCs margins. Management changed, after reporting huge write-offs.
I own(ed) some very small legacy positions without deeper research performed
Talanx AG (TLX GR) is a German insurance holding company (Hannover Re, HDI…). I bought into TLX a few months after its IPO, pays high dividends.
- Bed Bath & Beyond (BBBY), a retailing turnaround, sold Jan 11th, 2021.
- Capita Plc ran into problems like other highly levered UK outsourcing/contractors.
- Commerzbank AG, bought small position w/o analysis, sold with a loss.
- Deutsche Bank AG, bought small position w/o analysis, sold with a loss.
- E.On sold in July 2020
- Gerry Weber AG bought Hallhuber to attract younger clients but it did not stop the demise of the company, not enough customers, not enough revenues.
- Greece ETF bought a small position during the Greek crisis, sold in Nov 2020.
- Greene King Plc is/was a leading British pub operator. I sold my shares with a good profit after a Cash Offer from CK Noble for Greene King Shareholders.
- K+S AG, bought small position without really analysing the business and sold with a loss.
- NTT (9432 JP) acquired Docomo and faced higher pricing pressure from competition and politics. I sold my legacy position in Dec 2020.
- Royal Dutch Shell (RDS), well known oil and gas producer, invested a lot into LNG production, (and used to pay) high dividends. Sold Nov 16th, 2020.
- Suezucker AG, bought small position without really analysing the business and sold with a loss.
- Teva (TEVA US), the world’s largest generics producer, Israel based and debt laden after paying to much for a too big acquisition whereafter the market for drugs turned a bit sour. Sold in Jan 2021.
- Uniper, sold in July 2020