Positions sold Q2 ’17

Hey everyone, time for some portfolio changes!

I’ve been quite active last quarter on the stock market. Normally I don’t tend to be so active, however circumstances and thoughts pushed me towards it.

First of all, I was finally able to sell my Peugeot shares for a small profit of 8% after keeping them for 1,5 years (€135). They were a ‘heritage’ from my first investment days and I was looking forward to put this money elsewhere, more predictable. I don’t like their cars either. The smaller ones really have no comfort for the passengers. I thought I needed new kneecaps after carpooling.

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Secundo, I sold my position of 20 shares in food giant Nestlé SA for a profit of almost 20% in less than 8 months (€230). I sold them shortly after the activist news for 2 reasons. The multiples are getting pretty high and the dividend tax is killing me. 35% Swiss withholding tax and 30% Belgian withholding tax is just too much. These taxes take away more than 1,8% in annual return. Too bad, I liked the company. However, I like money more.

Color-of-the-Nestle-Logo

Next I sold Allergan PLC. I bought them with the prospect of the merger with Pfizer which unfortunately was cancelled. Fundamentals weren’t too clear in my opinion so I decided to sell my small stake and cut losses (luckily enough). This resulted in a loss of €297. Lessons learned.

Fourth and last position I sold was Wal-Mart. I bought them almost 2 years ago when they were on the slaughter bank. I got a 30% profit, being $725 (dividends not included). In my opinion they are slightly overvalued and I do not like the current retail businesses anymore. They are way too competitive and margins are very thin. Almost all retailers are investing big-time in their business and Amazon is another threat to be taken care of. It’s a solid company, but the business is not my cup of tea anymore.

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So far my sold positions... This freed up some cash of course, which was put to work in the weeks/months after.

In a next post I will discuss the rather long buy list with a net worth update!

Note: Normally I do not like to sell stocks of good companies, however this felt justified due to a changed tax regime or business challenges.

Have you ever been forced to sell a company you like because of changing market conditions?

 

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