My Portfolio

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 Reviews.

This is not investment advice. Do your own research. I own shares (or economic interest) of (in) below mentioned companies. Pleas read the disclaimer.

(NOT UP TO DATE)

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)

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)

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)

Oriental Watch Group, Ldt. (398 HK) is a luxury watch retailer in the greater China region. (analysis)

Shinoken (8909 JP) performs services around real estate, increasing its higher-quality businesses.

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. I also own some ODET shares. (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.

Tick TS (TBX GR) provides trading systems and related solutions and currently benefits from a new investment/trading boom in Germany (analysis).

Qualitás Controladora (Q* MM) is a well capitalized, efficient and profitable Mexican auto insurance company using its dominant domestic market position for international expansion and new business lines.

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.

L’occitane (973 HK) sells higher-priced cosmetics, has a sound balance sheet, growing slowly and steady. (analysis)

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.

Mo-BRUK (MBR PW) is a polish waste management company.

Inpex (1605 JP) is a Japanese energy company mostly active in gas, oil and LNG activities in Middle East, Asia Pacific.

Nintendo (7974 JP) sells console games and hardware and own a tremendous IP catalogue.

I own shares of several companies without performing (extensive) research on them

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.

Talanx AG (TLX GR) is a German insurance holding company (60% Hannover Re, HDI…). I bought into TLX a few months after its IPO, pays rather high dividends and is cheap on a SOTP base.

Former investments

  • Barrick Gold, I sold my (legacy) position in March 2021 (missing the peak earlier).
  • Bed Bath & Beyond (BBBY), a retailing turnaround, sold Jan 11th, 2021.
  • BMW preferreds (BMW3 GR) sold my very small legacy position in Feb 2021. Never did research, thought it is hard to get a firm view and was not allowed to buy more shares for compliance reasons
  • 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.
  • Deutsche Telekom, sold in June 2021.
  • 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 a leading British pub operator (modeld but not published). I sold my shares with a good profit after a Cash Offer from CK Noble for Greene King Shareholders.
  • Grenke AG, I bought some shares in Sept 2020 (post) after the short report, and sold in April.
  • K+S AG, bought small position without really analysing the business and sold with a loss.
  • Kazatomprom (KAP LI). I bought an sold within Sept 2021.
  • Koshidaka (2157 JP). I sold in Aug 2021 and redeployed capital to Shinoken with likely higher IRRs and less Covid-risk. Maybe, I should have sold in March or early June with such a quick run-up after my buy ( and pandemic still ongoing).
  • Kraft Heinz (KHC US) sold my very small legacy position in Feb 2021, before earnings report, even if chances were good for some gain. Time used following was a drag outweighing potential gain.
  • NTT (9432 JP) acquired Docomo and faced higher pricing pressure from competition and politics. I sold my legacy position in Dec 2020.
  • Pandora A/S (PNDORA DC) succeeded in its (mildly) successful turnaround (helped by the pandemic?) and I finally sold my last shares in March 2020. (review)
  • 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.
  • Silverlake Axis Ltd (SILV SP, 5CP), sold in Aug 2021. I did not know of the short report when doing my analysis. Might still have been a good bet (exp. return) based on likely low probability of (full) fraud.
  • 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
Advertisement