Miska Repo @mick_repo: "2026 Performance YTD @mick_repo: +8.12% MSCI World..."

Italy

2026 Performance YTD @mick_repo: +8.12% MSCI World Index: +1.63% S&P 500: +0.38% Good performance continues across the portfolio. Let’s walk through some of the latest updates from our holdings. Starting with $GSK (GlaxoSmithKline plc ADR) , which is currently our largest position at just over 11% of the portfolio (up almost 70% since we invested). They released their Q4 and full-year 2025 results this week, and the company continues to make progress in areas that have historically been their weaknesses — topics I’ve covered in earlier posts. FY25 sales grew by 7%, and core operating profit increased by 11%. I’m encouraged by the ongoing improvements in their pipeline, and I still see a good balance of further upside potential with relatively limited downside risk. Moving on to $PSN.L (Persimmon) , our second-largest holding. They published their trading statement in January and continue to deliver steady results. New home completions were up 12% in 2025, while average selling prices increased by 4–5%. Their order book for 2026 looks solid, and management expects profit before tax to grow nicely this year. Persimmon is now up over 30% since we first bought it. In the same sector, we’ve recently added Vonovia to the portfolio — a German residential real estate company — with a position close to 9%. Next is $PEP (PepsiCo) , which also released Q4 and FY25 results this week. The company continues to reshape its portfolio and optimize its cost structure. In Q4, net revenue growth accelerated, and productivity improvements drove double-digit EPS growth. Looking ahead to 2026, management expects further acceleration and a record year in productivity savings. Given Pepsi’s global scale and flexibility, I believe they are well positioned to perform reasonably well even in a tougher economic environment. The position is currently up over 20% since we invested. We have also recently re-entered $PUM.DE (PUMA AG) following confirmation that Anta Sports will become its largest shareholder with a 29% stake, acquired at €35 per share — significantly above the current market price of around €22–23. Anta is the world’s third-largest sportswear company behind Nike and Adidas, and owns brands such as Anta, Fila, and Jack Wolfskin, as well as Amer Sports (which includes Salomon, Atomic, Wilson, and Peak Performance). I think Anta is well positioned to help Puma address some of its key challenges and strengthen its presence globally, particularly in China. If we look at what Anta has achieved with Amer Sports since becoming its major shareholder in 2019 — including over 40% annual growth in Greater China driven by premium store expansion and stronger direct-to-consumer channels — it’s reasonable to expect a similar playbook for Puma. Finally, a quick note on yesterday’s move: we initiated a new position in PayPal, representing about 6% of the portfolio. I’ll share more thoughts on that next time. “The mistakes we make as investors is when the market’s going up, we think it’s going to go up forever. When the market goes down, we think it’s going to go down forever.” – John Bogle Fair winds and profitable trades to all! Mick $SPX500 $NSDQ

Not investment advice. The author may have financial interests in the mentioned instruments.