Following an annual custom since 2013, by the tip of the 12 months, I evaluate my portfolio by writing/updating very quick summaries for every particular person place. 17 of the 23 positions from final 12 months are nonetheless within the portfolio and I’ve added 6 new positions. That turnover has been largely pushed by opinions and/or disappointing elementary developments.
I offered Fuchs, Amadeus Hearth, Hermle, Royal Unibrew, Sto and Energiekontor.
A extra complete Efficiency evaluate will observe in early January 2025.
A brief consumer information:
My most popular type of investing is a backside up strategy, specializing in 20-30 “Regular Eddy” small/midcap shares that for my part have a great return/threat profile over the following 3-5 (or extra) years. Many of those shares usually are not family names and are unlikely to make spectacular beneficial properties in any single 12 months. A lot of them look fascinating solely after the second or third look and are moderately boring, which is strictly what I’m searching for. So if you’re searching for a “Sizzling inventory for 2025”, this put up gained’t provide help to a lot.
On the finish of every “quick pitch” I summarize my present evaluation for the approaching 12 months(s).
And all the time bear in mind: THIS IS NOT INVESTMENT ADVICE. PLEASE DO YOUR OWN RESEARCH.
The summaries of the earlier years could be discovered right here:
My 23(+1) Investments for 2025
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 15,0 years)
TFF is the “Final inventory standing” from the preliminary portfolio 15 years in the past. It’s the world main, household owned & run oak barrel producer. Their official motto is “Time is in your facet”. Has grown effectively over a few years resulting from Asian demand for aged French wines and opportunistic acquisitions. Whisky barrels have added to progress for a while. After a few years of organically constructing US operations (Bourbon) from scratch, which required vital capital outlay and no gross sales. Nevertheless, the continued weak spot of each, the aged wine and Whisky market, is taking its toll. The corporate is comparatively extremely levered to the US capability construct up which makes it extra weak for a continued droop. In 2026 I might want to make up my thoughts if I need to maintain this for one more 5 years or not. “Watch”
2. G. Perrier (12,8 years)
French, household owned & run small cap, specialist for electrical installations with a powerful 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 big a number of compression. In 2025 there was a short lived droop in Nuclear upkeep however they used the chance to amass a couple of fascinating firms, amongst different with Information Heart upkeep publicity. After I checked final time, they’d greater than 200 open positions (complete workers 2000).. 2026 might look loads higher imo. “Long run Maintain”.
3. Thermador (12,5 years)
Thermador is a French based mostly, specialist building provide distribution firm with a concentrate on pumps and something linked with water circulation. Distinct “outsider type” company tradition with an emphasis on decentralized determination making and common M&A exercise. 2025 once more has been powerful for Thermador, with the French economic system not recovering. The persistently excessive rates of interest will make a full restoration in 2026 much less possible. They nonetheless handle to earn first rate margins which speaks to the standard of their enterprise mannequin. “Long run maintain”.
4. Bouvet (11,4 years)
IT consulting firm from Norway. After I purchased the inventory eleven years in the past, the inventory worth beforehand had been hit arduous by the oil worth decline, Statoil was the biggest shopper. The enterprise and the inventory confirmed a powerful restoration since 2016. I used to be uncertain concerning the inventory in some years however the firm stored rising. In early 2020, I offered half of the place (a lot too early in fact). 2025 has not been so nice from an natural progress standpoint following a really robust 2025. In comparison with the standard of the enterprise, the inventory isn’t too costly, however one must see what and if the affect of AI will probably be on their enterprise mannequin. “Maintain”.
5. Companions Fund -MSA Capital (10,3 years)
An funding right into a fund run by an excellent good friend. Mathias is a “Munger type” investor with a concentrated portfolio of “moaty” firms, lots of them from the US. I believe it’s a good complimentary publicity for my funding type and he has been outperforming my portfolio by some share factors per 12 months till 2022 and as soon as once more in 2025. The fund has discovered a brand new dwelling at the start of the 12 months and for me is clearly a “Long run maintain”.
6. Sixt AG Pref & Widespread shares (5,9 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, throughout the darkish days of Covid-19, I managed to construct up a place within the cheaper pref shares. In 2025, the inventory did comparatively little regardless of a 25% improve in EPS. Which leaves the shares tremendous low-cost in comparison with the standard of the enterprise.
“Long run maintain, probably add”.
7. Chapters Group (5,8 years)
Chapters is “Germany’s reply” to Constellation Software program and/or “Mini Danaher” and has established a couple of platforms by way of which they purchase small companies. The corporate once more managed to promote shares to new buyers at excessive share costs. The inventory is clearly a wager on the Jokey Jan, whom I do know since a few years. In 2025 I as soon as once more had the pleasure to go to their investor day and annual shareholder assembly in Hamburg. After +50% in 2025, the present inventory worth 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 fairly concentrated long run strategy and actively work with/in firm boards. Apart from the actually nice long run efficiency, a purpose can also be to observe and making an attempt to be taught from them. After a really robust 2022, 2025 was the third, actually weak 12 months in a row. They made some investments which actually raised my eyebrows similar to Hi there Contemporary, Amadeus Hearth and Gerresheimer the place each, the inventory choice and the timing have been questionable.
Sadly, the Luxemburg construction may be very disadvantageous from a Tax perspective as effectively. Positive aspects get taxed at fund degree and it takes ages to get the required paperwork which I have to file my very own tax return. “Below particular evaluate”.
9. Alimentation Couche-Tard (3,9 years)
ACT entered the portfolio in 2021 as one in every of my only a few massive cap investments. It was the uncommon likelihood to get into a top quality compounder at an affordable valuation (13-14x trailing PE) virtually 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. 202/2025 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. On the optimistic facet, particularly within the US, EVs will take loads longer to achieve market share. “Maintain/Evaluate”.
10. DCC Plc (3,1 years)
At its core, DCC is a really unglamorous, mid-cap distribution firm headquartered in Eire and was working by way of 3 totally different platforms (Power, “Expertise” and healthcare) across the globe and might be characterised as “serial acquirer”. Regardless of a particularly robust 20 12 months+ monitor report, the inventory fell out of favour and traded at very engaging valuation ranges. The primary enterprise, (fossile) Power clearly has challenges, however DCC is addressing this actively of their technique. As in 2023, Power was the primary driver of DCC’s enterprise in 2024. They now have been executing their transformation technique in 2025 together with a serious inventory repurchase tender however with little optimistic affect on the share worth. Relatively the other. “Maintain & Watch”.
11. SFS Group (1,9 years)
SFS Group was one of many first new additions in 2023. Swiss based mostly SFS produces steel precision elements and in addition distributes instruments for the equipment trade. They managed to amass Hoffmann, a well-known German device distributor. I additionally just like the tradition with a giant concentrate on the apprenticeship system. The CEO has began his profession as an apprentice and labored his method to the highest. The corporate did fairly effectively regardless of a troublesome surroundings in 2024. A International presence with native manufacturing in all massive markets is a plus. On the detrimental facet, the Hoffmann acquisition has elevated the publicity to the troubled European equipment sector. “Maintain”.
12. Italmobiliare (2,4 years)
Italmobiliare doesn’t deal in actual property or furnishings, as a nasty translation would possibly point out, however is a Personal Fairness type 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 excellent progress prospects. They held a really fascinating capital markets day in 2025 which I used to be fortunate to attend. . “Maintain, probably add”.
13. Laurent Perrier (2,4 years)
Laurent Perrier can also be an 2023 addition, a small place that I see moderately 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. 2025 as soon as once more was a tricky 12 months for Champagne and different alcoholic drinks, however Champagne is one thing that has been round for a very long time and would possibly keep related for an equally very long time. The inventory held up higher than its bigger “Alcohol friends” however nonetheless didn’t do nice. Capital depth can also be a problem. “Maintain”.
14. SAMSE Group (2 years)
SAMSE was my ultimate 2023 addition. A french distributor of constructing supplies that has been rising properly for a very long time and is majority owned by the founding households and the workers. Trying again, the timing was clearly very unhealthy, though they made an fascinating acquisition in France which ought to assist them loads, if and when the economic system turns round. Nevertheless, that flip round appears to be fairly distant lately. “Maintain & Reviewe”.
15. Eurokai (1,9 years)
Eurokai, the German, household owned operator of assorted Container terminals was principally a substitute commerce as Logistec, my Canadian Port operator received taken over. It was additionally my greatest buy in 2024. Regardless of an advanced construction and low liquidity, Eurokai for my part continues to be a really engaging share because the valuation is extraordinarily low and enterprise has been doing very effectively. After a really first rate 2025, 2026 might as soon as ageon be even higher plus there’s a first rate likelihood of a good larger dividend. I continued to purchase extra throughout the 12 months, making it my largest place. “Maintain”.
16. EVS Broadcast (1,5 years)
EVS Broadcast, the primary “fruit” of my all Belgian Shares collection did barely higher than the primary two 2024 purchases. EVS, a market chief in gear required to supply reside sports activities tv/streaming has been gaining market shares in its market over the previous years and has made some good acquisitions. Administration executes effectively and has elevated the forecast 2 instances in 2024. “uneven” years are normally a little bit bit weaker, however I’m fairly assured that they may proceed to carry out effectively. I made EVS over the 12 months to one in every of my largest positions. “Long run maintain”.
17. STEF SA (1,5 years)
STEF is one other 2024 buy, that regardless of being a French firm, was not a complete catastrophe. The corporate is the French chief in Chilly chain warehouses and transportation and is increasing strategically throughout Europe. The corporate is owned largely by household and worker shareholders and has a really defendable enterprise mannequin based mostly on a powerful “bodily moat” of their community. 2025 was once more not nice with the weak economic system, however STEF managed to amass additional adjoining enterprise and for my part, will do effectively over time. For an “infrastructure like” firm, the valuation may be very reasonable. “Long run maintain”.
18. Jensen Group (1,0 years)
Jensen was my first new write-up in 2025. Listed in Belgium however initially from Denmark, Jensen is the World chief in absolutely automated “moist cleansing” laundry factories.
Regardless of a good growth within the share worth, the inventory has gotten cheaper as earnings have elevated quicker than the share worth went up. In addition they did two fascinating acquisitions in 2025, one in Germany and one within the US on the finish of the 12 months..
My second largest place and hopefully one for a few years to return. “Long run maintain”.
19. Robertet (0,9 years)
Robertet was my second buy in 2025. Robertet is without doubt one of the smaller gamers within the Taste & Fragrances market that’s excessive oligolopolistic. Nevertheless, they’re targeted on pure elements solely which places them extra within the luxurious house.
The inventory worth held up higher than the massive friends (Givaudan, Symrise, DSM Firmenich, IFF) in 2025 which means that its relative underneath valuation has been equalized.
Total an excellent firm the place I hope so as to add a little bit right here and there sooner or later. “Long run maintain, probably add”
20. Bombardier (0,8 years)
Bombardier was an opportunistic funding when the Trump Administration declared their new tariffs on “Liberation day”. Impressed by my good friend Govro I began a small place and fortunately elevated it after the worst case (massive tariffs on aerospace) didn’t materialize.
The corporate as such was in a turn-around state of affairs and because it seems now, issues have certainly circled. After a spectacular run-up in 2025, the inventory isn’t low-cost anymore. In 2026 I might want to determine if I need to take some earnings. “Maintain, Below evaluate”.
21. Fraport (0,6 years)
Fraport was a extra “opportunistic” funding. The primary asset of Fraport, Frankfurt Airport is clearly not performing effectively however might enhance considerably over the following few years when the brand new Terminal 3 will probably be in full operation.
Particularly the Greek and Turkish vacation airports run very effectively. Total the expectation is that Capex has peaked and within the coming years, Free Money stream will improve considerably and permit dividend funds and probably purchase backs which may result in additional share worth will increase.. “Mid time period maintain”.
22. Smart (0,2 years)
Smart was one in every of my latest editions. It’s a UK based mostly Fintech that revolutionizes FX transactions. I referred to as it the “Costco of FX” as they’re intentionally decreasing their gross margins on an ongoing foundation to be able to let their rivals no house to breathe.
After gaining a number of retail and small enterprise shoppers, their present massive progress driver is to strike partnerships with massive banks similar to Unicredit.
The inventory isn’t low-cost, however for my part they do have a protracted runway of progress and are managed very effectively. As well as, they plan an US itemizing in 2026 which might make the inventory extra fashionable. “Long run maintain”.
23. Compagnie Du Bois Sauvage
Compagnie Du Bois Sauvage is a Belgian HoldCo that I owned a few years in the past and acquired as a “particular state of affairs” shortly earlier than the tip of the 12 months as the corporate introduced that they may refocus their actions with extra info to return in March.
The primary property of Bois Sauvage are “excessive finish” Chocolate manufacturers, primarily Nauhaus and Jeff de Brugges in addition to actual property and a group of Belgian shares and a few Personal Fairness like investments.
It is going to be fascinating to see what they announce in mArch however I believe there’s a good likelihood that the roughly 50% low cost to the NAV might be diminished. “Brief time period Particular state of affairs”