| YTD Performance, Time Weighted | +33.3% |
| YTD Performance, Money Weighted | +17.4% |
| 5 Top Performers this month | Gain/Loss EUR this month |
|---|---|
| Ariston Holding NV | +748 |
| Koninklijke Heijmans NV | +292 |
| Parrot SA | +243 |
| Irish Continental Group plc | +109 |
| Mersen SA | +54 |
| 5 Top Losers this month | Gain/Loss EUR this month |
|---|---|
| Societe LDC SA | -238 |
| Maire SpA | -205 |
| Voltalia SA | -180 |
| Vusiongroup SA | -156 |
| LISI SA | -92 |
New holdings
Added some new industrials were added this month
Koninklijke BAM Groep NV (construction):
Strong order book and improving EBITDA
Adjusted EBITDA for the first half of 2025 was up 40%, with the Net Result up 85%. A share buyback programme has pushed up the price in 2025, let’s see if this can keep going in 2026.
Exosens SAS (France, technology/industrial)
Exosens develops night vision gear. NATO budgets are rising considerably across Europe, and the German army in particular is investing heavily and signed a big contract (100’000 binoculars!) with Exosens. Margins are excellent (EBITDA ~30%) and Exosens is working to scale up its production. Now, the stock price has more than doubled this year, but the geopolitical context tells me the Defense industry growth will keep growing.
LISI SA (France, aerospace):
They manufacture bolts, joints, links and such to the aerospace industry. Airbus A350 and A320 are fitted with their products, and the increased production rates for Airbus aircrafts may bode well for LISI SA. The operating margin is still sub 10% but growing fast and that is exciting.
Took Profit
Parrot SA has had an excellent year, validating its technology (reconnaissance and surveillance drones) through usage in US Army exercises. Despite the clear long-term tailwind from drone warfare and civil applications, the lack of consistent profits remains a core concern. With the higher stock price, and I am choosing to lock in some gains now.
This page is solely a record of how I manage my own personal account and is shared for informational and curiosity purposes only. It is not investment advice, a recommendation, or an invitation to copy my portfolio or make any financial decisions. I am not an investment professional. If you are considering investing, please consult a qualified financial professional before making any decisions.
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