Weekly: Doubler Portfolio overview March
Weekly 14 2025
This Week
Last Saturday, at the VFB conference, I shared three tips. I picked them from our top five of last month: Focusrite, X-Fab, and Bonava.
This week, the following updates were published:
On Tuesday, we released the lesson in our introduction to value investing: It’s all about intrinsic value.
Aside from that, it was mostly a case of watching the drama surrounding Trump with amazement. The way the new import tariffs came about once again defies all logic. I’ll refrain from commenting on the Trump phenomenon itself, but I do want to say something below about the impact on our companies.
First though, here’s the portfolio overview for March, where Trump’s influence on stock prices was already clearly visible.
Doubler Portfolio Overview March 2025
For those not yet familiar with our Doubler Portfolio, read more about it here.
Because we keep fluctuating within roughly the same range, the ups and downs seem bigger than they are. But if you look at the chart, it’s clear on which days our American friend made headlines again.
March was another negative month, with a decline of -0.6%. Still, that’s all fairly manageable; the quarter even ended just barely in the green at +0.6%.
Since the introduction of the Trump tariffs, we’ve dipped a bit lower again, as is already visible in the chart.
The upside of such erratic movements is that they make it easier to refocus on what truly matters: how the companies are doing. The wilder the market swings, the easier it becomes to see through the noise and concentrate on what really counts, the results of our companies and their outlook.
In that sense, I’m quite happy with the current composition of our portfolio, and with the 29% cash we still have on hand for investments — this after the two most recent purchases made last week.
Just to show how quickly things can move on the market, one of those two new additions dropped by 10% in just the few days since we bought it. Has the company really lost 10% of its value in that time? Or have Trump’s tariffs hit the company hard? Of course not.
The company earns over 80% of its revenue in the United Kingdom, with a significant chunk coming from Europe as well. Their factory in China remains important, but the Trump tariffs have no effect there. Still, the stock dropped, despite once again strong results. The sentiment is negative, and often, that’s all it takes.
March Recap
As I’ve already mentioned twice this year, volatility is shaping up to be the theme of the year. The month ended, as noted earlier, with a loss of 0.6%. Beneath the surface, though, we saw some major swings.
The extremes: