Hello,
Portfolio companies are done reporting for Q4 and H2 2024.
Following satisfactory performance in 2023 and 2024, my portfolio of global micro-caps continued its positive momentum in Q1 2025, rising 3% compared to a -7% drop for the MSCI World (EUR) ETF—my opportunity cost if I weren't actively stock picking.
It also outperformed the MSCI World Small Cap ETF in EUR, which fell by -4.5% in the quarter, and serves as a check to see if I’m a good stock picker or if my current strategy is only working because I am “going smaller.”
I think turbulent times like these are where my strategy of focusing on downside protection and typically picking lower beta companies should shine. These illiquid stocks tend to be more driven by actual results than by market flows, making them well-suited for this type of environment. Of course, with a small cash position and a long-only portfolio, no one is fully shielded from a drawdown in a bear market. However, if the volatility we've seen in April persists, I believe the outperformance will widen.
That said, I’ve made a lot of changes since my last portfolio update in December, so now feels like a good time to recap the most important news and developments across my holdings. And while I’ve already been sharing updates and all buy/sell decisions in real time through the subscribers’ chat (download the app not to miss it), having everything in one place can be much more helpful for processing it all—especially with the current tariff turmoil potentially creating opportunities to buy, sell, or reshuffle.
So, without further rambling, here are the key fundamental developments worth highlighting, along with a snapshot of my current position sizing as of April 14th, 2025.