REVISITING End of 2024 Portfolio

Summary of the individual contribution of the top 22 holdings of the portfolio for the start of 2025

I decided to follow a more classic performance review tracking the individual performance contribution of each holding in 2024. The following shows the performance contribution in absolute terms for each holdings of the top 22 positions:

Amazon, Google and Monarch cement combined contributed in generating 9.9%, 5.2%, 4.4% returns in absolute terms. In other words, If I had invested only in Amazon, Google and Monarch cement which represents about 50% of the portfolio and leave the rest in zero yield cash, the portfolio would have return close to 20%. A 50% cash, 50% ultra concentrated equity might be an interesting alternative in uncertain times.

The article constitutes my personal views and is for entertainment purposes only. The main goal of this article is to log my personal views. Nothing in this article or these posts in this blog should constitute an investment advice. The projections and estimates provided here should be considered as purely speculative. Do your own model and projections. Please refer to the disclaimer at the end of this article for more details.

Closed-out position - i.e. positions held at the start of the year that I no longer hold or positions that I traded in and out during the year plus dividends contributed to 3.0%. All this trading effort for just 2.5%…. Dividends represents about 0.5%.

Other strong contributors were Adyen (3%), Dollarama (2.1%), Netflix, Tradedesk, ISRG all above the 1% contribution threshold.

Interesting entry of 2 Japanese name, Okano Valve and Nintendo were also important contributor, both raised significantly during the year and are my largest Japanese positions.

Mistakes#1: Keeping Celsius Holding an extra year has cost us 2.3% - we are no longer holding Celsius. Understanding why I kept this stock an extra year even though growth had stalled (and I was aware of this!) is something I have to fix. One of the reason is the capital gain impact, this was a 10 bagger, but still I have to go over this mental blockage and pay the tax.

Mistake#2: I went a bit too far too early in building a large position in TFF. I am still very comfortable with this stock but I should have taken a more methodical approach buying small position every 10% drop instead of going all in at 31-32 range.

Our largest sector is the E-Commerce sector, followed by Consumer tech (Google, Netflix) and infrastructure. Our oldest holding is Google purchased at the day of IPO in 2004. We initiated 4 new significant positions in 2024, Monarch Cement(USA), TFF group (France), Okano Valve (Japan) and Eurokai (German). We wrote extensively on TFF group and Monarch Cement. Okano Valve is a pure play on the revival of BWR nuclear plant in Japan. Eurokai is a port operator benefiting from the new Gemini consortium plan to use Eurogate major German ports as a hub in a Hub and Spoke approach.

Our cumulative holding time for the top 16 positions is 92 years. Our average holding time of the top 16 positions is 6.2 years.

Disclaimer: The above article constitutes my or the authors’ personal views and is for entertainment purposes only. It is not to be construed as financial advice in any shape or form. Please do your own research and seek your own advice from a qualified financial advisor. I / The authors may from time to time hold positions in the aforementioned stocks consistent with the views and opinions expressed in this article. The information provided in this article is not making promises, or guarantees regarding the accuracy of information supplied, nor that you guarantee for the completeness of the information here. The information in this article is opinion-based and that these opinions do not reflect the ideas, ideologies, or points of view of any organization the authors may be potentially affiliated with. The authors reserve the right to change the content of this blog or the above article. The performance represented is historical" and that "past performance is not a reliable indicator of future results and investors may not recover the full amount invested.