Saturday, October 1, 2022
HomeValue InvestingMy 28 Shares for 2022

My 28 Shares for 2022

Following an annual custom yearly I’ll attempt to evaluation my present portfolio by writing quick summaries/replace for every particular person place. Sadly, I didn’t handle to do that earlier than yr finish in 2021, however higher late than by no means.

This yr, 17 of the 27 corporations from final yr are nonetheless within the portfolio and I’ve 11 new positions which once more seems like fairly excessive turnover. Once more, a part of that prime turnover is pushed by “killing” the journey basket and creating a brand new “Vitality Transition /Electrification” basket.

General, the variety of positions is on the higher finish of my most popular vary of 20-30 titles. So any new investments will should be financed via a sale of present positions.

The summaries of the earlier years might be discovered right here:

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

1. TFF Group (6,0%)

The “Final inventory standing” of the preliminary investments from 11 years in the past. Household owned oak barrel producer. Has grown properly over a few years as a result of Asian demand for oak aged French wines and opportunistic acquisitions. Whisky barrels have added to  development.  Presently numbers are bumpy as a result of they’ve been organically constructing US operations from scratch which required vital capital outlay and no gross sales. When (and if) gross sales are coming thorough, gross sales development and margins may improve considerably over the subsequent years. This could possibly be a inventory who might carry out higher in 2022. “Maintain”

2. G. Perrier (5,5%)

French small cap, specialist for electrical installations with a powerful place in Nuclear upkeep. Good development regardless of financial headwinds. Has recovered properly from the Covid-19 shock with a share value ending 2021 at an ATH. High line within the first 9M rebounded considerably and so they managed to enter a brand new business with Defence and Aviation. Again in 2013 I purchased it as an inexpensive inventory, it turned out to be a properly run, decently rising firm. “Long run Maintain”.

3. Thermador (4,9%)
Thermador is a French based mostly building provide distribution firm. Distinct “outsider fashion” company tradition. After a really resilient 2020, they might maintain the momentum with vital development in 9M 2021. A really resilient enterprise and a really resilient firm which is mirrored in a share value near ATHs. “Long run maintain”.

4. Admiral (7,3%)


“Outsider fashion” direct web insurance coverage firm. UK based mostly, massive price benefits, administration/founders personal vital share positions. A number of development tasks on the way in which. Particularly the European subsidiaries appear to make good progress with a protracted development runway in entrance of them, though the primary 6M in 221, UK did higher than Europe. 2020 and 2021 confirmed the energy and resilience of the enterprise mannequin.  “Long run maintain”.

5. Bouvet (4,8%)

IT consulting firm from Norway. After I purchased the inventory 7 years in the past, the inventory value beforehand had been hit exhausting by oil decline, Statoil was the most important consumer. 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). The corporate surprises me very yr and has been rising double digits 9M 2021. “Maintain”

6. Companions Fund (5,9%)

An funding right into a fund run by an in depth buddy. Mathias is a “Munger fashion” investor with a relative concentrated portfolio of “moat” corporations, a lot of them from the US. I feel it’s a good complimentary publicity for my funding fashion and he has been ouperforming my portfolio by some share factors per yr.. On the time of writing, 2021 seems like one other excellent yr with ~+34% YTD, And I’m positive he’ll do tremendous over the subsequent 10-20 years. “Long run maintain”.

7. Bare Wines (5,8%)


UK-based on-line wine retailing firm. This is was a “guess” on the  CEO which got here on board when Majestic acquired on-line wine firm Bare Wine. The corporate reworked in 2019 by promoting all the normal retail enterprise which was a daring however turned out to be a blessing with regard to Covid-19 . Nevertheless, additionally the CEO determined to retire early which was not so good. They actually executed properly in 2020 and appear to do very well within the US market. Nevertheless the inventory appears to change into a “hedge fund lodge” with excessive volatility round earnings. I diminished the place by round 0% at 7,60 GBP/share. “Maintain”.

8. VEF (previously Vostok Rising Finance (3,2%)


That is the sister firm of Vostok New Ventures (that I offered in 2020), however specializing on Rising Markets Fintech. The fund has a big weighting in Brazil which I discover very attention-grabbing. The administration runs the portfolio extraordinarily affected person and solely invests once they see an actual alternative. The share value has recovered properly from the Covid-19 shock and is once more at ATH, nevertheless I missed so as to add as I had initially meant. The most important place, Braziolian Fintech Creditas appears to do very well. “Long run maintain”. 

9. Zur Rose AG (3,2%)


Swiss Firm Zur Rose AG is one in every of two consolidators in Europe’s on-line pharmacy market. They’ve been rising quick via acquisitions however now have to show that they will make cash. Structurally there may be loads of future potential particularly with regard to tele-medicine and on-line prescriptions,  The Covid-19 disaster has destroyed loads of the “crimson tape” particularly within the German Well being sector and made Zur Rose one of many winners within the “covid-19 inventory lottery”. Zur Rose turned a “Scorching inventory” this yr with vital volatility and a big drop in the direction of the tip of the yr because the launch of E-Prescriptions in Germany have been delayed. Nonetheless I wish to maintain the place for a while as I do assume E-prescriptions might be a long run development driver. “Maintain”.

10. Netfonds AG (2.5%)


Netfonds AG is possibly crucial results of my “All German Shares” collection. It’s a little, beneath the radar German monetary companies firm that’s energetic in a number of enterprise strains, amongst others, fund administration and companies for monetary advisors.  The corporate is rising persistently and has a really “entrepreneurial” method, somewhat bit just like Mutui On-line from Italy. They now appear to have the ability to scale income. They exited one in every of their enterprise strains towards shares in one other listed firm (VMR). “Maintain”.

11. Sixt AG Desire shares (4.1%)


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. Clearly, the Sixt enterprise, which depends to a big extent on airports, has been hit exhausting. Nevertheless I feel they’re one of many gamers who will come out stronger than the competitors. They already secured some attention-grabbing US areas throughout the disaster and by chance offered their stake in Sixt Leasing at a very good value earlier than the disaster. On high, they’re very energetic with regard to new types of shared mobility and automotive possession. The largest danger is that legendary founder and majority proprietor Erich Sixt must move on administration to the second era. 2021 appears to change into a document ear as as a result of present scarcity of recent automobiles, Sixt advantages each, with excessive rental charges and excessive costs for used automobiles. “Long run maintain” and even “add” if the sons grow to be alright. What I nonetheless discover exhausting to grasp is the unfold between pref shares and customary shares. “Long run maintain”.

12. Group Financier Richemont (4,1%)


Richemont, the Swiss Luxurious Group is most well-known for its “Tremendous Model” Cartier. This was one other Covid-19 “discount”. I had seemed on the firm earlier than, however Covid-19 supplied an attention-grabbing entry level additionally based mostly on their “fortress” steadiness sheet. Richemont has some publicity to tremendous watches which could possibly be in some type of secular stagnation/decline, nevertheless only recently they made an attention-grabbing transfer in China with Alibaba. As with Sixt, legendary Chairman Johan Rupert is already in his 70ies and succession could be a difficulty. 2021 seems like an awesome yr, as Chinese language shoppers appear to go completely loopy for luxurious gadgets. Richemont additionally noticed some activist stress and is considering to promote/spinn-off the Yoox division. “Maintain”.

13. Washtec AG (1.9%)


One other Covid-19 “discount” which didn’t get better as a lot as I hoped. The corporate is likely one of the market leaders for constructing automotive washes. That is in precept a good enterprise with a pleasant “aftermarket gross sales” portion. The corporate was already in some type of reorganization earlier than Covid-19 hit. 2021 noticed a stable rebound, Q3 2021 was a brand new EBIT document general. Nonetheless, the shares underperformed once more. “Maintain”.

14. Mediqon AG (0,8%)


Mediqon is likely one of the  remainders of my “German Basket” try. The tiny firm that tries one thing like a “Constellation Group” roll up of small software program suppliers in Germany after promoting its core enterprise. For some causes, the share value went up like loopy in 2021 and so they managed to safe a giant capital improve from the US. This was good nevertheless it alos implies that expectations are excessive. “Maintain”.

15. AOC Fund (4,2%)

active owner logo

My second fund funding. This time into an “activist fund”, most well-known due to its profitable marketing campaign on Stada. They take a reasonably concentrated long run method and actively work with/in firm boards. Regardless of the implausible historic efficiency I’m additionally making an attempt to study from them. 2021 seems like a “meh” yr however long run they need to proceed to outperform. “Maintain”.

16. FBD Holdings Plc (2,9%)


One other “Covid-19 discount” buy which has clearly dissatisfied. I had checked out FBD earlier than, however solely after Covdi-19 the inventory seemed so low cost that I couldn’t resist. It’s the main home P&C insurer in eire with typically a very good profitability. Primarily based on their “regular” profitability the inventory is grime low cost, though the enterprise mannequin is clearly not so good as the one from Admiral. Sadly, the CEO who turned the corporate round left and they’re nonetheless preventing on Covid-19 payouts with Pub house owners. One of many further matters to consider is the present inflation which frequently is an issue for Automotive insurers as claims inflate sooner than premiums. “Watch”.

17. Play Magnus (1,3%)

Play Magnus logo

A extra opportunistic funding right into a not too long ago IPOed Norwegian on-line chess firm with World Champion Magnus Carlsen as primary shareholder and “official face”. The corporate has an attention-grabbing technique by making chess each extra accessible and selling a sooner fashion of chess. They wish to monetize it by way of paid content material and subscription programs. With Covid-19, curiosity in on-line chess elevated so much, helped by the shocking success of Netflix’s “The Queens Gambit” collection a few feminine chess “Wunderkind”. Additionally the brand new sooner codecs make chess extra accessible by way of platforms like Twitch. The corporate additionally launched 1,000,000 greenback event collection with the subsequent one beginning on December twenty sixth. I used to be fortunate having the ability to promote out 1/3 of the share near the highest at 28,5 NOK per share. I purchased a number of again later within the yr as I feel it’s a actually attention-grabbing story. “Maintain & Watch”

18. Siemens Vitality AG (1,5%)


Once more, an opportunistic “Spin-off” funding. Siemens Vitality was spun off from Siemens not too long ago and consists of the precious Siemens-Gamesa participation. In my view, the remaining enterprise (Fuel generators, grid know-how and many others.) is priced a lot too low cost and the portfolio of the corporate prevents many ESG funds to take a position regardless of the attention-grabbing underlying know-how (Hydrogen, grid, offshore wind mills). As with a number of different circumstances, I used to be fortunate to promote ~25% of the place near the highs at EUR 33 per share.

current developments (e.g EU contemplating NatGas as “inexperienced”), I feel the corporate has potential if (and that’s a giant if) they execute properly. “Maintain”. 

19. Alimentation Couche-Tard (3,8%)


ACT entered the portfolio in 2021. It was the uncommon likelihood to get into a top quality compounder at an affordable valuation (13-14x trailing PE). The corporate is legendary for its decentralized, entrepreneurial tradition and wonderful capital allocation. After a failed bid for Carrefour, ACT appears to have fallen out of favor with some buyers which opened this chance. In fact there are some points akin to the problem how EV charging will develop and sure ESG matters (Tobacco gross sales), however general that is one for the long term though it wants cautious watching (EV charging). “Long run maintain”.

20. Meier & Tobler AG (3,6%)


Meier & Tobler is one in every of three shares I found via my “All Swiss Shares” collection. The corporate itself runs a comparatively boring service & distribution enterprise in Switzerland, offering heating and cooling gear and companies to households. The inventory turned low cost as a result of they bungled a merger with one in every of their largest rivals.  Nevertheless plainly the largest issues are behind them and the inventory seemed fairly low cost regardless of providing a comparatively stable mid to long run outlook. “Long run maintain”.

21. Schaffner AG (3,1%)


Schaffner is one other Swiss discovery. It’s a small firm that has undergone a big transition during the last months/years as a way to focus on the present pattern in the direction of Electrification. The inventory seems comparatively low cost in comparison with the underlying high quality and reported development charges. If the corporate could be valued like different comparable Swiss shares, they need to have vital potential. “Maintain”.

22. BioNTech AG (2,8%)


BioNTech was an “inspiration” from the start of 2021. It was meant to be a “guess” each on the founders and the know-how in addition to a hedge towards a chronic Covid-19 pandemic. I offered round 1/3 of the place near peak costs, however I plan to carry BioNTech for the mid-to-long time period as I feel that there’s a respectable likelihood that BioNTech can develop the mRNA platform additionally right into a pipeline towards different ailments, particularly most cancers which was the unique goal of the corporate. The billions in money they made on the Covid vaccine might pace up the method. “Maintain”.

23. ABB Group (2,0%)


ABB is the third results of my All Swiss Shares collection. After years of stagnation, ABB has been and continues to be present process a reasonably vital transformation course of an making an attempt to focus on excessive margin companies. 2022 could possibly be very attention-grabbing because the plan to IPO/Spin-off their EV charging division. General, I do assume the corporate may gain advantage from the pattern in the direction of electrification, however is is a extra opportunistic funding. “Maintain”.

24. Euronext NV (1,9%)

Euronext logo

Euronext is the corporate working the Euronext inventory alternate the explanation to take a position was a comparatively low cost valuation in comparison with rivals, almost definitely pushed by the acquisition of Borsa Italiano from LSE which required a slightly massive capital improve. I participated within the capital improve however the offered the extra shares at round 88 EUR. General, that is clearly a extra opportunistic funding and may have to go if I discover higher alternate options. “Maintain & watch”.

25. Aker Horizons (1,1%).


Aker Horizons is an organization that’s clearly on the extra dangerous facet of what I usually do. It has been IPOed as a majority owned subsidiary of the Aker Group and undles all their “inexperienced actions” such asl Renewable Improvement, Carbon Seize, Offshore Wind and Clear Hydrogen via subsidiaries of which 3 are once more listed.

The extra I examine them, the extra I like the overall method of the Aker Group, which is owned by the self made billionaire Kjell Inge Rokke, who’s the richest man in Norway. His son is the CEO of Aker Horizon. My impression is that regardless of its dimension, Aker is “tremendous entrepreneurial” and has no issues to draw high expertise in Norway. It must b seen how the completely different actions develop, however it is a scenario the place I’d add and make it a “actual” place over time. “Maintain & Add”.

26. Nexans SA (1,1%)

Nexans_Logo (1)

Nexans is a French firm that focuses on manufacturing and deploying massive electrical energy cables, on-shore and off-shore. The inventory is a part of my “electrification basket”. Nexans is at the moment present process a change to completely deal with probably the most promising areas and can also be keen to roll up rivals. the business is capital intensive however I do see the prospect for a multi yr up-cycle. “Maintain”

27. NKT (1,1%)

NKT logo

NKT is mainly the Danish model of Nexans, nevertheless already with  greater deal with electrification. At some pint in time I might want to selected between Nexans and NKT, however in the interim, it’s a “maintain”.

28. Orsted (1,9%)

Orsted logo

Orsted, the previous Danish Oil firm known as Dong, is one other member of my Vitality Transition/Electrification basket. Orsted fully went out of fossil upstream during the last years and now solely concentrates on creating and working renewable energy crops with a deal with offshore. Orsted is taken into account one of many main builders and operators globally on this discipline and has a protracted pipeline of tasks around the globe. The P&L of Orsted is difficult to learn as growth prices are vital and one off income promenade minority gross sales are fairly frequent. Nonetheless I do assume that Orsted is a “long run maintain” the place I might add on weak point.



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