Portfolio Update Feb. 2024 (up 7.4% YTD)
After my best January in 4 years (+7.4%), here is an update on my portfolio allocation, performance, and monthly transactions for November!
What a start to the year this was! My portfolio had its best January in four years, gaining a very sweet 7.4%. However, it wasn’t a smooth ride, with the markets throwing plenty at us during the month. Throughout January, we saw quite a bit of volatility, driven by a number of events, so there is plenty to discuss.
Let’s get to it!
Technology and European stocks lead a good start to 2025
Yes, it actually happened for the first time in a long time: European stocks outperformed. Who expected that? European heavyweights performed well, with the likes of LVMH, Hermes, and Deutsche Telekom seeing solid double-digit gains and markets recovering from worries over U.S. tariffs, in particular.
Together with technology-fueled benchmarks such as the Nasdaq, European stocks led global financial markets to new all-time highs and a good start to the year. Even as we experienced a fair amount of news-driven volatility throughout the month, with a Deepseek scare, economic worries, continued global conflicts, and a new U.S. president, we at least got off to a hot start in 2025, similar to the last two years, each ending with 20%+ gains for U.S. indices.
After a somewhat meager end of 2025, with a flattish December and no year-end rally, I think we all needed a great month, and it was.
Below, you’ll find a full overview of returns by global benchmarks.
The story is mostly the same as what I have been saying over recent months: there is not too much to complain about, especially considering global economic weakness and geopolitical tensions. Markets are hard to predict and continue to gain ground, even when I have a hard time explaining them.
Ultimately, just stay invested and don’t try to time the market. Enjoy the good times as long as they last, and always be prepared for a swift turnaround in sentiment.
Could this still be the early innings of a bull market? The numbers suggest we are in one, and considering the duration of the last three, we could say this bull market is still young. However, every market and situation is different, so remain agile and stick to your strategy.
This is not the time to FOMO or to stress out.
Alright, before getting to my portfolio performance, here is an overview of all my January posts, in case you missed any:
Mastercard, Inc. – One of the best stocks to own for the decade ahead (Deep Dive)
Thermo Fisher Scientific Inc. – Uniquely positioned for long-term success (A Deep Dive)
The Bargain Radar #1 - Here are three stocks worth buying today
Deutsche Telekom AG – Not exciting, but poised for 12% annual returns
The TSMC Q4 results – A very bullish sign for the semiconductor industry
Texas Instruments Inc. – Can current multiples still be justified?
Also, here is what I already have planned in terms of content in the weeks ahead, likely in this order:
ServiceNow (earnings)
LVMH (earnings)
Uber (earnings)
AMD (earnings)
Infineon (earnings)
Amazon (earnings)
Bargain Radar #2
Lam (earnings + investor day)
Booking Holdings (earnings)
MercadoLibre (earnings)
PayPal (Deep Dive)
Bargain Radar #3
And even more to be planned! (roughly half of this content will be paid-only; these posts are only sent out to paid subscribers but can always be found on the InvestInsights platform)
A sweet 7.4% gain in January
For my personal investment portfolio, this last month was the best in terms of returns since November 2023 and the best January since its inception in 2022.
My portfolio returned 7.4% in the first month of the year, well ahead of any benchmark and 450 bps ahead of the S&P 500, which I aim to consistently outperform. This outperformance was driven by my heavy exposure to technology and European stocks and the very good reception of some initial Q4 earnings.
Even as my heavy exposure to cloud and semiconductors hurt my end-of-month performance due to the Deepseek scare, the overall performance was great, with plenty of stocks outperforming.
These were my top performers: