Q3 Wrapped
portfolio update
Hello,
As you’ve probably noticed, I don’t publish portfolio updates right at quarter-end. I wait until every holding has reported its quarterly results. So now it’s time for another one.
In Q3 2025, the portfolio was up 34% for the year, and as of December 1st it’s up 47% YTD. Both figures are measured in EUR and reflect pre-tax performance.
I’ll be writing a more detailed reflection on performance and strategy in early January, since it will mark the third anniversary of me sharing my analyses and real-time portfolio moves publicly. For now, I can say that after quitting my job last year, I’m pretty happy with how my first full year of doing micro-caps full time is shaping up.
And I’m glad I managed to outperform the indices without getting caught up in the AI speculation and other distractions. The portfolio also stayed resilient during the April drawdown — it was only 2.7 percent in the red on the worst day of the year.
In the future, I’ll continue focusing on illiquid global micro-caps. Mostly the ones with lower beta than the market that don’t really care about passive flows or whether the MAG7 and SPY are up or down for the year.
Instead, what I hope will continue to matter most for my performance is whether the fundamental thesis is moving in the right direction — and that’s what we’ll cover today for each position today.
Also, a lot has changed since my last portfolio update in August. I sold three holdings, bought three new ones, increased the size of four positions, and reduced one larger position. So this article will also be my way of showing exactly how I’m positioned heading into 2026.
I expect my portfolio to continue having higher turnover than you’d see from a typical value investor. After all, I’m not in the “buy and pray” or “buy and never sell” camp. Instead, I’m trying to maximize IRR while taking as little risk as possible and owning whatever gives me the most comfort at any given time.
Let’s dig in.