Portfolio overview and new purchases

September 2024

With 42.5% invested and 57.5% in cash, our Doubler Portfolio is struggling to recover after the drop in early August. Currently, we are at a loss of 0.9% since May, with more than a third of this caused by transaction costs.

When I compare this to the entire selection, I see that the stocks that traded above our purchase limit, and thus have not yet been bought, often performed better.

Of course, this is all still short-term.

Smartphoto dropped after announcing its half-year results. Investors are wondering where the growth is, especially given the large investments in recent years and the acquisitions of naYan and TopFanZ.

The rest of the decline comes from our auto-related companies. X-Fab, whose majority of revenue comes from chips for the automotive sector, continued to decline last month. Today, the stock is up 9% after Rik Dhoest from Bank Nagelmackers called X-Fab almost a "free lunch" in the podcast De Beursvoyeurs by De Tijd. I agree with him that X-Fab is far too cheap.

We’ve only bought half of our position and will wait for this euphoria to subside before buying more.

Kamux, our used car seller, whose position we completed last month, also dropped further. Sentiment in the auto sector is very negative, partly for good reason.  Customers don’t appreciate the heavy push for electrification, so the sector needs to adapt again.

We will add more to our car manufacturer this month. The price is now low enough to purchase the second portion.

This gives us the following overview: