Monthly Portfolio Update - February 2025
A strong start to the year, with a clear outperformance compared to the Nasdaq and S&P 500
Following a strong 2024, 2025 is off to a great start! My small-cap portfolio is up 5.02%, and my large-cap portfolio has gained 4.57%, outperforming the S&P 500's 2.70% and the Nasdaq's 2.22%.
If you are curious or missed out, you can find my method here and how to react in case anything bad happens here.
In this section, I present a transparent monthly update of my portfolio. It adheres to my investment strategy. This presentation is divided into several parts:
Global view of the portfolio’s valuation and metrics
For dividend enthusiasts, a presentation of the Projected Annual Dividend Income (PADI) and a monthly calendar
Sector and geographical breakdown
My positions, fair price, price targets and moves
Overall performance
Large-cap portfolio
My large-cap portfolio hit an all-time high this month with a 4.5% gain. Two key advantages stood out: a diversified approach that kept volatility in check and strong earnings from major holdings. On the brutal trading day (when Nvidia plunged nearly 17% and the Nasdaq dropped 3%) my portfolio dipped just 0.2%. This reinforces a crucial lesson: deep understanding of business models and competitive advantages provides a real edge in the market.
Small-cap portfolio
After delivering a 27% return in 2024 (despite starting only at the end of February) my small-cap portfolio is already up 5% in January. I also made a strategic move, selling one stock from the portfolio. If you are curious, I reviewed my whole portfolio to reassess my investment theses and the potential of each stock. Now, I am now ready for 2025.
Valuation and metrics
My portfolio’s key metrics continued to evolve this month (weighted average)
Past growth: 18.4% —> 18.8% / Estimated future growth: 13.1% —> 12.8%
Estimated EPS growth: 16.0% —> 15.6%
Net profit margin: 28.5% —> 28.5%
ROE: 40.6% —> 40.1% / ROIC: 24.4% —> 24.0%
Debt leverage: -0.64x —> -0.69x EBITDA (so average net cash position)
PE: 29.9x —> 29.9x / PE Y+2: 21.5x —> 21.5x
FCF yield: 3.97% —> 3.92% / FCF yield Y+2: 5.89% —> 5.84%
Dividend yield: 1.19% —> 1.13%
Dividend growth: 8.7% —> 8.8%
Buybacks: 0.69% —> 0.73%
Expected TSR: 13.5% —> 13.5%
Key metrics remain very strong, reflecting my commitment to quality.
Published articles in January
I have revamped the newsletter at the beginning of the year for a clearer, more structured format. You can now explore new categories right on my homepage.
Here are the different articles I have published:
Stock market news
Research and analysis
Investment knowledge
Stock spotlights
New stock ideas
My portfolio
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