Following an annual custom since 2013, by the top of the yr, I overview my portfolio by writing/updating very brief summaries for every particular person place. 17 of the 23 positions from final yr are nonetheless within the portfolio and I’ve added 6 new positions. That turnover has been largely pushed by critiques (Admiral, ABO Vitality), or the value goal had been reached (DEME) and by discovering new concepts. A extra complete Efficiency overview will comply with in early January 2025.
A brief consumer information:
My most well-liked model of investing is a backside up strategy, specializing in 20-30 small/midcap shares that in my view have an excellent return/danger profile over the subsequent 3-5 (or extra) years. Many of those shares aren’t family names and are unlikely to make spectacular positive factors in any single yr. Lots of them look attention-grabbing solely after the second or third look and are slightly boring, which is strictly what I’m searching for. So in case you are searching for a “Scorching inventory for 2025”, this put up received’t aid you a lot.
And all the time keep in mind: THIS IS NOT INVESTMENT ADVICE. PLEASE DO YOUR OWN RESEARCH.
As final yr, I’ve created a portfolio overview chart based mostly on holding durations which I proudly current right here:
The summaries of the earlier years will be discovered right here:
My 22 (+1) Investments for 2024
My 23 Investments for 2023
My 28 Investments for 2022
My 21 (+6) Investments for 2021
My 20 investments for 2020
My 22(+1) Investments for 2019
My 21 investments for 2018
My 27 investments for 2017
My 27 investments for 2016
My 28 investments for 2015
My 24 investments for 2014
My 22 investments for 2013
Let’s go:
1. TFF Group (Holding interval 14,0 years)
TFF is the “Final inventory standing” from the preliminary portfolio 13 years in the past. It’s the world main, household owned & run oak barrel producer. Their official motto is “Time is in your aspect”. Has grown nicely over a few years attributable to Asian demand for aged French wines and opportunistic acquisitions. Whisky barrels have added to progress. After a few years of organically constructing US operations (Bourbon) from scratch, which required vital capital outlay and no gross sales. 2024, after a while seemed just a little bit weeker which is most definitely the results of an total tougher atmosphere for premium wine, whisky and different alcohol. This led to a major a number of compression, on a trailing 12 month foundation, the inventory is as low-cost as after the GFC. For me, no purpose to promote. “Long run Maintain”
2. G. Perrier (11,8 years)
French, household owned & run small cap, specialist for electrical installations with a robust place in Nuclear upkeep. Continued progress regardless of financial headwinds. They added a brand new phase in 2021 (aerospace and defence) which is now contributing considerably. As many French small caps, 2024 led to a major mutliple compression. Perhaps they’ll use the atmosphere to amass some extra firms. “Long run Maintain”.
3. Thermador (11,5 years)
Thermador is a French based mostly, specialist development provide distribution firm with a give attention to pumps and something linked with water circulation. Distinct “outsider model” company tradition with an emphasis on decentralized choice making and common M&A exercise. 2024 has been powerful for Thermador, with the French financial system not recovering. They nonetheless handle to earn respectable margins which speaks to the standard of theire enterprise mannequin. “Long run maintain”.
4. Bouvet (10,4 years)
IT consulting firm from Norway. Once I purchased the inventory ten years in the past, the inventory value beforehand had been hit onerous by the oil value decline, Statoil was the most important shopper. The enterprise and the inventory confirmed a robust restoration since 2016. I used to be uncertain concerning the inventory in some years however the firm saved rising. In early 2020, I bought half of the place (a lot too early in fact). The corporate surprises me yearly, once more with double digit (organc) progress in 2024. In comparison with the standard of the enterprise, the inventory isn’t too costly. “Maintain”.
5. Companions Fund -MSA Capital (9,3 years)
An funding right into a fund run by an excellent buddy. Mathias is a “Munger model” investor with a concentrated portfolio of “moaty” firms, a lot of them from the US. I believe it’s a good complimentary publicity for my funding model and he has been ouperforming my portfolio by some share factors per yr till 2022. On the finish of 2024, the fund will transfer below a brand new “authorized umbrella” however the whole lot else stays the identical. Apart from many “Cathy Woods model” progress buyers, I’m 100% positive that the Companions Fund will proceed to do nicely over the subsequent 10-20 Years “Long run maintain”.
6. Sixt AG Pref & Widespread shares (4,9 years)
Sixt is an organization I’ve been admiring for a very long time however by no means managed to “pull the set off” to purchase. Lastly, in the course of the darkish days of Covid-19, I managed to construct up a place within the cheaper pref shares.
2024 was not such a terrific yr due to market worth losses of the automobile stock particularly within the US. Nevertheless, progress, particularly within the US was spectacular and 2025 may become quite a bit higher with out the losses on the used automobile gross sales. “Long run maintain, doubtlessly add”.
7. Chapters Group (4,8 years)
Chapters is “Germanies reply” to Constellation Software program and/or “Mini Danaher” and has established just a few platforms by means of which they purchase small enterprise. The corporate once more managed to promote shares to new buyers at excessive share costs. The inventory is clearly a guess on the Jokey Jan, whom I do know since a few years. in 2024 I had the pleasure to go to their investor day and annual shareholder assembly in Hamburg. The present inventory value clearly has future progress priced in, however nonetheless a “Long run maintain”.
8. AOC Fund (4,4 years)
The second fund funding. This time into an “activist fund”, most well-known due to its profitable marketing campaign on Stada some years in the past. They take a reasonably concentrated long run strategy and actively work with/in firm boards. Apart from te actually nice ong time period efficiency, a aim can also be to comply with and making an attempt to study from them. After a really robust 2022, 2023 and 2024 have been clearly weaker years in absolute and relative phrases as a few the positions (AGFA, PNE Wind) are struggling. The long run monitor report remains to be excellent. “Long run Maintain”.
10. Alimentation Couche-Tard (3,9 years)
ACT entered the portfolio in 2021 as one in all my only a few giant cap investments. It was the uncommon likelihood to get into a top quality compounder at an inexpensive valuation (13-14x trailing PE) nearly 5 years in the past. The corporate is known for its decentralized, entrepreneurial tradition and wonderful capital allocation. After a failed bid for Carrefour, ACT had fallen out of favor with some buyers which opened this chance. 2024 as soon as once more noticed a failed bid for “Seven &I”, the Japanese Group proudly owning the 7-11 model. Sooner or later in time I may need to “re-underwrite” as additionally they have a brand new CEO. “Maintain/Evaluate”.
11. DCC Plc (2,1 years)
At its core, DCC is a really unglamorous, mid-cap distribution firm headquartered in Eire and working through 3 totally different platforms (Vitality, “Know-how” and healthcare) across the globe and might be characterised as “serial acquirer”. Regardless of an especially robust 20 yr+ monitor report, the inventory fell out of favour and traded at very enticing valuation ranges. The primary enterprise, (fossile) Vitality clearly has challenges, however DCC is adressing this actively of their technique. As in 2023, Vitality was the principle driver of DCC’s enterprise in 2024. Fairly as a shock, DCC introduced that after a strategic overview, they may disinvest evrything besides the Vitality enterprise within the coming years. This led to a brief time period share value enhance, nonetheless the inventory light again down currently. Though I just like the change in principal, I might want to watch how they execute this startegy change. “Maintain & Watch”.
12. Royal Unibrew (2,2 years)
Royal Unibrew is the second Danish addition ensuing from my “all Danish shares” collection. What I preferred concerning the firm is the very fact, that on high of a really robust monitor report, they appear to have a really attention-grabbing decentralized tradition and actually good capital allocation expertise plus high notch reporting. The enterprise as such appears to be a vey secure on and really enticing in comparison with different beverage classes.
As the remainder of the alcoholic beverage trade, they’d issues in passing value inflation to clients in 2022/2023. In 2024, margins recovered, though they’re nonetheless considerably under “pre Covid” ranges. For me, the long run case remains to be intact,“Maintain”.
13. Sto SE (2,3 years)
Sto SE, the German insulation firm, is the remaining member of the “freedom Insulation” basket”.Sto is financially actually stable and the valuation is average. Nevertheless, as different development associated shares, Sto suffered from the decline and likewise regulatory uncertainty esp. in Germany. I had added to the place by means of 2023 with excessive hopes of a restoration in 2024. Nevertheless, the corporate appears to haven’t managed the cycle nicely and issed an enormous revenue warning for 2024 and cancelled their mid-term goal with out giving a brand new one. I’ve to confess that this actually disturbed me. That is clearly a place to “Watch”.
14. SFS Group (1,9 years)
SFS Group was one of many first new addition in 2023. Swiss based mostly SFS produces steel precision components and likewise distributes instruments for the equipment trade. They managed to amass Hoffmann, a well-known German instrument distributor. I additionally just like the tradition with an enormous give attention to the apprenticeship system. The CEO has began his carreer as an apprentice and labored his approach to the highest. The corporate did fairly nicely regardless of a tough atmosphere in 2024. A International presence with native manufacturing in all giant markets is a plus. “Maintain”.
15. Energiekontor (1,5 years)
Energiekontor is at the moment my solely renewable vitality firm. The primary distinction to ABO Wind is that additionally they personal and run renewable energy vegetation and do have a good capital allocation. They don’t function as internationally as ABO Wind. As many different gamers, they needed to difficulty a revenue warning attributable to undertaking delays. To this point it appears that 2025 might be an excellent yr. Mid time period, there may be clearly uncertainty for the politcal aspect. “Maintain/Watch”.
16. Italmobiliare (1,3 years)
. Italmobiliare doesn’t deal in actual property or furnishings, as a nasty translation may point out, however is a Personal Fairness model investor into Italian “High quality” firms, run by the present head of the founding household. On the time of buy, the inventory traded at round 50% of intrinsic worth and lots of the portfolio firms, particularly the bigger ones like Espresso model Borbone and excessive finish fragrance maker Santa Marie Novella have superb progress prospects. They paid a large 3 EUR didivdend in 2024, underlying companies on common developed fairly nicely. “Maintain, doubtlessly add”.
17. Laurent Perrier (1,4 years)
Laurent Perrier can also be an 2023 addition, a small place that I see slightly as a part of a “inventory assortment”. Laurent Perrier is a pure play Champagne firm with a protracted historical past, an excellent model and based mostly on “put up Covid” numbers seemed fairly low-cost. 2024 was a troublesome yr for Champagne and different alcoholic drinks, however Champagne is one thing that has been round for a very long time and may keep related for an equally very long time. “Maintain”.
18. SAMSE Group (1 yr)
SAMSE was my remaining 2023 addition. A french distributor of constructing supplies that has been rising properly for a protracted timeand is majority owned by the founding households and the staff. Wanting again, the timing was clearly very unhealthy, though they made an attention-grabbing acquistion in France which ought to assist them quite a bit, if and when the financial system turns round. “Maintain”.
19. Eurokai (0,9 years)
Eurokai, the German, household owned operator of varied Container terminals was principally a substitute commerce as Logistec, my Canadian Port operator acquired taken over. It was additionally my finest buy in 2024. Regardless of a sophisticated construction and low liquidity, Eurokai in my view is a really enticing share because the valuation is extraordinarily low and enterprise has been doing very nicely. There are good possibilities, that 2025 will likely be even higher plus there’s a respectable likelihood of a good increased dividend. I purchased extra in the course of the yr, making it one in all my bigger positions. “Maintain”.
20. Amadeus Fireplace (0,8 years)
Speaking a bout unhealthy timing, Amadeus Fireplace, my second buy in 2024 once more was expertely unhealthy timed. Amadeus operates each as a recruiter/temp staffing agnecy and as an expert coaching firm lively solely in Germany. As they have been anticipating a restoration in 2024, the invested in new places of work which clearly didn’t assist them a lot. Though outcomes have been nonetheless fairly OK, multiples compressed quite a bit in 2024. Not even activist AOC (the place I’m a fund investor) may change a lot regardless of shopping for a major stake. 2025 needs to be defintely higher, however who is aware of what occurs. “Watch”.
21. Hermle (0,7 years)
Additionally my third buy in 2024, Hermle, turned out to be badly timed. Hermle, a “Hidden Champion” producer of Excessive Tech 5-Axis multi objective milling machines did clearly higher than rivals in 2024, nonetheless a German machine maker small cap has few pals lately. Hermle retains investing by means of the cycle which ought to repay if and when the cycle turns. Valuation smart, the inventory trades at “Euro disaster” degree, however who cares about valuations lately anyway ? “Maintain”.
21. EVS Broadcast (0,5 years)
EVS Broadcast, the principle “fruit” of my all Belgian Shares collection did barely higher than the primary two 2024 purchases. EVS, a market chief in gear required to provide stay sports activities tv/streaming has been gaining market shares in its market over the previous years and has made some good acquitisions. Managment executes nicely and has elevated the forecast 2 instances in 2024. “uneven” years a normally just a little bit weaker, however I’m fairly assured that they may proceed to carry out nicely. I made EVS over the yr to one in all my largest positions. “Long run maintain”.
22. STEF SA (0,5 years)
STEF is one other 2024 buy, that regardless of being a French firm, was not a complete desaster. The corporate is the French chief in Chilly chain wharehouses and transportation and is expaning strategically throughout Europe. The corporate is owned largely by household and worker shareholders and has a really defendable enterprise mannequin based mostly on a robust “bodily moat” of their community. In fact 2024 was not nice with the weak financial system, however STEF managed to amass additional adjoining enterprise and in my view, will do nicely over time. For an “infrastructure like” firm, the valuation may be very average. “Long run maintain”.
23. Fuchs SE (0,2 years)
The final write-up and buy in 2024 was Fuchs, a household owned and run Lubrication enterprise based mostly in Germany however performing globally. Regardless of not being “tremendous low-cost”, contemplating the top quality of the enterprise and managment I nonetheless suppose that Fuchs affords a really decen danger/return profile. The corporate is quite a bit much less reliant on the OEM passenger market than many buyers suppose and in my view is a possible top quality, long run compounder at a good valuation. “Long run maintain”.
+1 Thriller Inventory
Sadly, I didn’t have the time to complete the write-up for this one, however I already included it as a starter place within the portfolio. Extra on this one in early 2025.
