My 23 (+1) shares for 2025


Following an annual custom since 2013, by the tip of the yr, I evaluate my portfolio by writing/updating very quick 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 principally pushed by critiques (Admiral, ABO Power), or the worth goal had been reached (DEME) and by discovering new concepts. A extra complete Efficiency evaluate will comply with in early January 2025.

A brief person information:
My most well-liked model of investing is a backside up method, specializing in 20-30 small/midcap shares that in my view have a superb return/threat profile over the following 3-5 (or extra) years. Many of those shares should not family names and are unlikely to make spectacular positive factors in any single yr. A lot of them look fascinating solely after the second or third look and are relatively boring, which is precisely what I’m in search of. So if you’re in search of a “Scorching inventory for 2025”, this submit gained’t assist you to a lot.

And at all times keep in mind: THIS IS NOT INVESTMENT ADVICE. PLEASE DO YOUR OWN RESEARCH.

As final yr, I’ve created a portfolio overview chart primarily based on holding durations which I proudly current right here:

The summaries of the earlier years may 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)

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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 facet”. Has grown nicely over a few years as a consequence of Asian demand for aged French wines and opportunistic acquisitions. Whisky barrels have added to  development. 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 somewhat bit weeker which is most probably the results of an total harder 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 powerful place in Nuclear upkeep. Continued development 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. Possibly they’ll use the atmosphere to amass some extra firms. “Long run Maintain”.

3. Thermador (11,5 years)
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Thermador is a French primarily based, specialist building provide distribution firm with a concentrate on pumps and something related with water circulation. Distinct “outsider model” company tradition with an emphasis on decentralized determination making and common M&A exercise. 2024 has been powerful for Thermador, with the French economic 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 arduous by the oil value decline, Statoil was the most important consumer. The enterprise and the inventory confirmed a powerful restoration since 2016. I used to be not sure in regards to the inventory in some years however the firm saved rising. In early 2020, I bought half of the place (a lot too early after all). The corporate surprises me yearly, once more with double digit (organc) development 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 underneath a brand new “authorized umbrella” however every little thing else stays the identical. Aside from many “Cathy Woods model” development buyers, I’m 100% certain that the Companions Fund will proceed to do nicely over the following 10-20 Years “Long run maintain”.

6. Sixt AG Pref & Widespread shares (4,9 years)

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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, through 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, development, particularly within the US was spectacular and 2025 may become rather a lot higher with out the losses on the used automobile gross sales. “Long run maintain, probably add”.

7. Chapters Group (4,8 years)

Chapters is “Germanies reply” to Constellation Software program and/or “Mini Danaher” and has established a number of platforms by 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 wager 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 development priced in, however nonetheless a “Long run maintain”.

8. AOC Fund (4,4 years)

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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 method and actively work with/in firm boards. Moreover te actually nice ong time period efficiency, a aim can be to comply with and attempting to be taught from them. After a really sturdy 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 observe document remains to be excellent. “Long run Maintain”.

10. Alimentation Couche-Tard (3,9 years)

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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 affordable valuation (13-14x trailing PE) nearly 5 years in the past. The corporate is legendary for its decentralized, entrepreneurial tradition and glorious 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 might need to “re-underwrite” as additionally they have a brand new CEO. “Maintain/Overview”.

11. DCC Plc (2,1 years)

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At its core, DCC is a really unglamorous, mid-cap distribution firm headquartered in Eire and working through 3 totally different platforms (Power, “Expertise” and healthcare) across the globe and may very well be characterised as “serial acquirer”. Regardless of an especially sturdy 20 yr+ observe document, the inventory fell out of favour and traded at very engaging valuation ranges. The principle enterprise, (fossile) Power clearly has challenges, however DCC is adressing this actively of their technique. As in 2023, Power was the principle driver of DCC’s enterprise in 2024. Fairly as a shock, DCC introduced that after a strategic evaluate, they are going to disinvest evrything besides the Power enterprise within the coming years. This led to a brief time period share value improve, nevertheless the inventory light again down these days. 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 logo

Royal Unibrew is the second Danish addition ensuing from my “all Danish shares” sequence. What I appreciated in regards to the firm is the very fact, that on prime of a really sturdy observe document, they appear to have a really fascinating decentralized tradition and actually good capital allocation abilities plus prime notch reporting. The enterprise as such appears to be a vey steady on and really engaging in comparison with different beverage classes.

As the remainder of the alcoholic beverage trade, that they had 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)

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Sto SE, the German insulation firm, is the remaining member of the “freedom Insulation” basket”.Sto is financially actually strong and the valuation is average. Nevertheless, as different building associated shares, Sto suffered from the decline and in addition regulatory uncertainty esp. in Germany. I had added to the place by 2023 with excessive hopes of a restoration in 2024. Nevertheless, the corporate appears to haven’t managed the cycle nicely and issed a giant 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 primarily based SFS produces metallic precision elements and in addition distributes instruments for the equipment trade. They managed to amass Hoffmann, a well-known German instrument distributor. I additionally just like the tradition with a giant concentrate on the apprenticeship system. The CEO has began his carreer as an apprentice and labored his method 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 present my solely renewable vitality firm. The principle distinction to ABO Wind is that additionally they personal and run renewable energy vegetation and do have an honest capital allocation. They don’t function as internationally as ABO Wind. As many different gamers, they needed to concern a revenue warning as a consequence of mission delays. To this point it appears that 2025 may very well be an excellent yr. Mid time period, there may be clearly uncertainty for the politcal facet. “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 Non-public 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 most of the portfolio firms, particularly the bigger ones like Espresso model Borbone and excessive finish fragrance maker Santa Marie Novella have excellent development prospects. They paid a large 3 EUR didivdend in 2024, underlying companies on common developed fairly nicely. “Maintain, probably add”.

17. Laurent Perrier (1,4 years)

Laurent Perrier can be an 2023 addition, a small place that I see relatively as a part of a “inventory assortment”. Laurent Perrier is a pure play Champagne firm with a protracted historical past, an excellent model and primarily based on “submit 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 ultimate 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 workers. Trying again, the timing was clearly very dangerous, though they made an fascinating acquistion in France which ought to assist them rather a lot, if and when the economic system turns round. “Maintain”.

19. Eurokai (0,9 years)

Eurokai, the German, household owned operator of assorted Container terminals was mainly a substitute commerce as Logistec, my Canadian Port operator obtained taken over. It was additionally my greatest buy in 2024. Regardless of a sophisticated construction and low liquidity, Eurokai in my view is a really engaging share because the valuation is extraordinarily low and enterprise has been doing very nicely. There are good probabilities, that 2025 can be even higher plus there’s a respectable likelihood of a fair greater dividend. I purchased extra through the yr, making it one in all my bigger positions. “Maintain”.

20. Amadeus Hearth (0,8 years)

Speaking a bout dangerous timing, Amadeus Hearth, my second buy in 2024 once more was expertely dangerous timed. Amadeus operates each as a recruiter/temp staffing agnecy and as an expert coaching firm energetic solely in Germany. As they have been anticipating a restoration in 2024, the invested in new workplaces which clearly didn’t assist them a lot. Though outcomes have been nonetheless fairly OK, multiples compressed rather a lot 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, nevertheless a German machine maker small cap has few associates nowadays. Hermle retains investing by the cycle which ought to repay if and when the cycle turns. Valuation clever, the inventory trades at “Euro disaster” stage, however who cares about valuations nowadays anyway ? “Maintain”.

21. EVS Broadcast (0,5 years)

EVS Broadcast, the principle “fruit” of my all Belgian Shares sequence did barely higher than the primary two 2024 purchases. EVS, a market chief in tools required to supply reside sports activities tv/streaming has been gaining market shares in its market over the previous years and has made some sensible acquitisions. Managment executes nicely and has elevated the forecast 2 occasions in 2024. “uneven” years a often somewhat bit weaker, however I’m fairly assured that they are going to 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 principally by household and worker shareholders and has a really defendable enterprise mannequin primarily based on a powerful “bodily moat” of their community. After all 2024 was not nice with the weak economic 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 primarily based in Germany however performing globally. Regardless of not being “tremendous low-cost”, contemplating the top quality of the enterprise and managment I nonetheless assume that Fuchs affords a really decen threat/return profile. The corporate is rather a lot much less reliant on the OEM passenger market than many buyers assume and in my view is a possible top quality, long run compounder at an honest 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.

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