Our Portfolio
>12% IRR
What do we expect from our portfolio? Time is the friend of a great business that can compound its invested capital at a fast clip, whilst keeping financial risks low. Still, we should always monitor changes in their capital allocation strategy.
The key question is whether our quality growth companies will experience mean reversion, and if so, on which metrics? In other words, how will changes in these variables ultimately impact their valuation? It’s too easy to state that company X with a 25% ROIIC, 35% reported ROIC and industry-leading margins and revenue growth will mean-revert, and hence, it should be trading at market-average multiples.
Rolling Return
Below you can see our live fully-invested portfolio return (time-weighted) incl. dividends, and after transaction costs (in EUR) as of September 30, 2024. As a reminder, we don’t hold any Mag7 or “pure” AI plays, nor do we intend to compare ourselves to an index over a short period of time (<5 years). So far this year, FX translation has been a headwind to our performance (at +/- 0.8%).
Interactive Brokers
Country & Sector Mix
Live Portfolio Allocations & Transactions
Here is our live portfolio as of October 22, 2024 in terms of allocation. It reflects our real individual stock weightings in our public stock investment portfolio.
Our goal is to show the performance excluding the effects of our personal cash additions or withdrawals. The returns reflect those of a fully invested high-quality stock portfolio. The returns are not money-weighted and thus our personal cash injections won’t interfere with our shared performance metrics during stock market corrections or rallies. We present a transparent portfolio that’s easy to follow.
To summarize our buys/sells and thus reallocations, the below Excel file shows what’s happened to the position sizings since January 2, 2024. You can click on the date to read the related alerts/articles.