Monthly Portfolio Update - September 2024 + Key Movements

This month has been a rollercoaster, but overall, the performance has been positive

Hello fellow investor,

In this section, I present a transparent monthly update of my portfolio. It adheres to my investment strategy, which you can find here. Additionally, I have detailed my approach to Total Shareholder Return (TSR) in this article.

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

For paid subscribers, there is also:

• An explanation of the month's movements

• A review of the month's news

• A presentation of current portfolios (small-cap and large-cap)

• My reinforcement price for potential stock purchases

• My fair price estimation

• And, of course, access to all my content, including stock deep dives, industry analyses, screeners and scoring, and real-time updates on my buy/sell movements

Please note that my portfolio is denominated in euros, making it subject to exchange rate fluctuations, particularly the euro-dollar exchange rate.

Overall performance

Decent performance. The US stocks are clearly overperforming the European stocks.

The small-cap portfolio alone continues to have a strong performance. For now, every month has seen a positive performance - this won’t last of course.

I took advantage of the price drop at the beginning of the month to reinforce some positions. However, the recovery was quick. I remain cautious and ready to buy in case of a potential bear market following my plan as I described in these 2 articles: Do's and Don'ts in a Bear Market and Watchlist and Price Target in Case of a Potential Market Consolidation.

Valuation and metrics

This month I added 3k€ in total, 1.5k€ for my small-cap portfolio and 1.5k€ for my large-cap portfolio.

My portfolio’s key metrics are:

• Past growth: 15.6% / Estimated future growth: 11.2%

• Net profit margin: 26.4%

• ROE: 40.5% / ROIC: 24.8%

• Debt leverage: -0.28x EBITDA (so average net cash position)

• PE: 29.2x / PE Y+2: 21.4x

• FCF yield: 4.08% / FCF yield Y+2: 5.64%

• Dividend yield: 1.33%

• Dividend growth: 9.9%

• Buybacks: 0.72%

• Expected TSR: 12.6%

Focusing solely on my small-cap portfolio, here are the key metrics (weighted average):

• Past growth: 21.7% / Estimated future growth: 16.5%

• Net profit margin: 23.2%

• ROE: 41.3% / ROIC: 31.0%

• Debt leverage: -0.6x EBITDA (so average net cash position)

• PE: 22.6x / PE Y+2: 15.9x

• FCF yield: 5.7% / FCF yield Y+2: 9.0%

• Dividend yield: 2.2%

• Dividend growth: 12.7%

• Dilution: -0.1%

• Expected TSR: 17.3%

PADI increased slightly and remain stable. The focus on growth in my portfolio rotation explains this.

Published articles in July

• Stock deep dives

  • Micro Systemation

  • InPost

  • Halozyme

  • Alphabet

  • Integrated Wind Solutions

• Stock market news and culture

  • Do's and Don'ts in a Bear Market

  • Watchlist and Price Targets in Case of a Potential Market Consolidation

• One Pager Thursdays

  • Week 32

  • Week 33

  • Week 34

  • Week 35

• Stock duels

  • Amazon vs MercadoLibre

• Screeners

  • US Quality Stocks

  • Europe Quality Stocks

  • Sportswear / Activewear Sector Benchmark

• Stock picking

  • First Round of Reinforcements

  • 1 New Small-Cap + Reinforcements

And now it is time to discover the 2 portfolios (stocks and news)