Annual Review 2025

Investment Performance in 2025

SINCE INCEPTION (JAN. 2019 – Feb. 2026):

Blog Model Portfolio: +223%
Vanguard Total World Index (VT): +157%
MP IRR*: +20%

FULL YEAR (2025):

Blog Model Portfolio: +26%
Vanguard Total World Index (VT): +22%

I hope you’ve all had a great 2025 !

Thank you for following my blog. It has been free, fun and educational and it was a profitable year for the ones that invested along. Since inception, my portfolio appreciated by 223%. Last year my portfolio returned 26%. The Vanguard Total Return Index gained 22%. My multi-asset passive portfolio model generated 8% annualized since 30.10.2021.

In 2025, global equity markets delivered strong double-digit returns. Here’s a summary of the performance:

Asia:The MSCI China index rose by 31%
United States: The S&P 500 surged by 18%
Europe: The Stoxx Europe 600 index achieved a 17% gain.

Advancements in technology played a significant role, particularly in artificial intelligence. Additionally, a favorable economic background in major economies contributed to these gains.

Portfolio Changes

Reopened KAZATOMPROM position at USD33/share in Mar.2025. This was an amazing idea as stock appreciated 143% mainly due to uranium price demand and price increase.

I took profit on PAX GLOBALat HKD5.3/share (+76% profit taken). Upside looks limited despite 10% dividend yield.

ILLUMINA double down the exposure at USD111/share.

Profit taken at USD24/share (+53% profit) on DQ (leading manufacturer of high-purity polysilicon for the global solar PV industry). Still keep it on my watchlist.

Georgia Capital profit taken at GBP12/share (+77% gain) as the CEO was at risk of US sanctions. It was way too early. Risk do not materialieze and the stock continued to appreciated;

Closed SUNRUN at $9.8/share at a loss due to policy risk in the US. The loss of tax credits would decrease installations by up to 40%. RUN’s debt (5.2x equity), negative free cash flow and fierce competition.

I closed the long-short strategy at a loss..

Portfolio Overview

All investments in this blog are companies from outside EU to avoid any potential conflicts of interest.

I now have 3 active names in the model portfolio and one name on the Watchlist. Portfolio is quite concentrated hence I sold many names in 2025 and I have not added any. I found the market valuations quite frothy hence limited value opportunities available.

Largest exposure is KAZATOMPROM (world largest uranium producer) with 49% of the portfolio.

ILLUMINA is an American biotechnology company. The company is known for its sequencing and array technologies. These technologies drive advances in life science research and genomics.

FOSUN, a Chinese investment holding company listed on the Hong Kong Exchange (00656.HK) operating diversified businesses. The Company manufactures steel, develops property, manufactures pharmaceuticals, holds interests in retailers, financial services providers and mining.

For more details see Model Portfolio page – Portfolio Updates.

The site registered more than 1055 views. These views came from 670 visitors, mainly from Romania, US, China, Canada, Germany, UK, Singapore, Bulgaria, Belgium and Brazil. This was achieved without any marketing. The site is not aimed to achieve large number of clicks, but investment returns for the audience.

Investment Objective, Style and Tools

In this blog I share investment ideas in order to have a more disciplined approach to my personal investments. I then consolidate personal investment ideas in a model portfolio so that anybody can benefit from it and be able to monitor performance;
My objective is to make a return of min. 15% a year from a high conviction, low turnover and concentrated portfolio of less than 15 names;
In general, I am looking for 20%+ return p. a. on each name including dividends, when initiating the position. I expect that some investments should not perform as expected;
All costs for site design, hosting and development are supported by myself.

Decision Making Process and Risk Management

I write a blog post for each investment case every time I initiate a position. Then I provide updates when I add or sell positions. I also update the target price with comments. This is a highly concentrated, long only (no shorts) portfolio of equity names. I do not use stop loss for protection. This investment strategy has a high risk – equity and concentration risk. Past performance does not necessarily equate to future results. Please read the disclaimer.

Plans for 2026

Target annual return of min. 15% a year from a concentrated portfolio of less than 15 equity names;
Internal Rate of Return (IRR) of at least 20%;
Focus on non EU stocks (mainly US and China);
Publish at least one new investment idea per semester.

Please do not forget to subscribe with your e-mail to not miss any opportunity!

All figures in USD. IRR was calculated with an amount of c. $1k invested in each name; trading fees of $2/trade included. Dividends are included.