Jan

buying more gold miners (HYMC, AEM, ORLA) and started a position in Lumine (LMN)

MKO would be my favourite for holding for a quick run up and sell its HYMC

adding to gold miners as trades: ORLA, HYMC, MKO, AEM betting that gold will go up again and top its ATH

Added a little prosus PRX

buying the dip in FFH again

Nice Portfolio @Luke! How do you sleep well with your strong allocation to china and china-risk? I am asking because I also built quite the allocation to china stocks and not sure how comfortable I feel...

I started a position in ADBE too, also thanks to your posts @brobro777 may we do well.

Thanks. I read about FOM here on the forum and saw an interview with the CEO on youtube, thesis: soon starting production with good free cash flow and copper prices may be rising in coming years.. AEM: quality diversified gold mining company, I am betting on gold prices keeping high or rising in coming years, its more of a gut feeling and also a hedge, but I will close out this trade at some point earlier than MKO, as it would crash hard on falling gold prices which would happen at some point. I liked this Interview to give me conviction in gold and AEM:

Portfolio 2026: In 2025 I started investing. I sold trading until now: - for gains: LDO, BABA (trimmed), Eurobank, Googl, FFH (trimmed), IBKR, RHM (trimmed and then loaded back up in the dip) - for a loss: WLN (over 50% loss, ugh, still glad I sold) Total money weighted return YTD in USD is up 22%. Leverage came down from 2.0 in september to 1.77 now. I learned so much in this year, also thanks to this board. Intention for 2026: Reduce leverage to 1.2 - 1.5 and simplify Portfolio for peace of mind by selling opportunistically: - RHM - bought only for trading - JD - low margins and reduce china exposure a bit (PDD seems a better business) - GRG and BRO - small positions in businesses I don't really know - ACGL - cat risk profile is too similar to FFH (only trimming) - general trimming as stocks appreciate Last time I shared:

Yes, it makes sense in theory, in practice the big swiss companies are operating globally and therefore also affected by currency fluctuations. Maybe less than foreign companies, that could be. I wasn't too interested in them also because they are oftentimes dividend-focused and not growth, which is not optimal tax-wise as a swiss investor. Swiss-Re and Zurich Insurance could be interesting.. Or it would be possible to just invest in the Swiss market Index SMI (large cap) or Swiss Performance Index SPI (large-mid cap) via an etf..

Yes I use IBKR and also margin loans, but in other currencies, 2/3 USD and 1/3 JPY, so I pay a bit higher rate, but its safer, as in crisis oftentimes CHF appreciates and that would mean your debt is getting higher in the worst moment.. I can get basically any stock I wish for there, yes I like canadian, us, european and HK listed stocks. I barely buy swiss stocks.

I am up 9% in CHF, which translates to 22% in USD if I take currency fluctuation into account. This is money weighted return as I started investing this year and invested more money in the course of the year.

thank you for this one, I decided silver mining goes in the "too hard" pile for me

interesting! which silver miners do you like?

No one knows, I think gold might stay high and gold miners would then produce good profits. Its also nice to have some diversification in a insurance and broad market portfolio.

Gold miners: Added to MKO, started a position in AEM

Me too

some more ffh

Thank you for the feedback @thowed and @Marco Van Basten. I also dont feel perfectly relaxed with the leverage of 2 right now to be honest and plan to deleverage to around 1.5 near term. There are several limit sell orders in place. I can post an update when I get there. I live in Switzerland. I dont know options well enough to use them as of now, but might learn more.

Portfolio started from scratch in 2025. Percentages add to over 100% together as I use leverage of around 2 in interactive brokers with portfolio margin right now. As a young investor with the possibility to inject more cash if needed/with time I am good with this leverage for now. Some stocks are more long term holds, like FFH, ACGL, GOOGL, BABA, PRX.. others I plan to sell short/mid-term when good sell-opportunities arise: NVO, RHM, LDO, WLN... Where I live, I dont have to pay capital gains taxes.

because I saw part of my baba position as more of a short term trade (i dont have to pay capital gains taxes) and to bring down my leverage a bit. Its still one of my bigger positions.

bought some more NVO, its now my 3rd largest position after FFH and a broad etf.

sold 1/3 of my baba position

bought more FFH and NVO

Bought more greggs too