GRVY - Portfolio Performance Q1 2025

2025-04-21 13:11:24 ET

Summary

• The portfolio outperformed major indices in Q1 2025, gaining 6.31% due to low US exposure, European strength, and stocks unaffected by tariffs.
• Top performers were Société Générale (+53.5%), Freenet (+29.3%), and Deutsche Post (+17.0%), while Foot Locker, Guillemot, and Siltronic lagged.
• Portfolio fundamentals are strong with an average P/E of 8.7, P/B of 1.16, and dividend yield of 5.8%, expecting a 9.1% YoY rise in annual dividends.
• In April I added Nordea Bank and increased holdings in Petrobras, LyondellBasell, Himax, Gravity, and Sixt, confident in their long-term outlooks and strong balance sheets.

1. Performance Q1 2025

The portfolio was up 6.31% in the first quarter 2025 which results in a total performance of 227.72% (= 10.397% p.a.) since inception in 2013. The Dow Jones lost -1.28%, the S&P 500 was down -4.53%, the German Dax gained 11.32% and the Nikkei 225 lost -10.72%. The portfolio outperformed many indices, partly because of low US exposure, European strength and some stocks that are not really affected by tariffs....

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