value and opportunity

As this review became a little bit longer (too much time on my hands ?), I decided to publish is as a PDF version. Have fun.

Summary:

There is no way around it: 2025 was another bad year in relative terms (the third in the row). The Value & Opportunity portfolio gained +9,4 % (including dividends, no taxes, AOC fund as of 30.09.2025) against +21,5% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all performance indices including Dividends). Links to previous Performance reviews can be found on the Performance Page of the blog.

Over the 15 years from 12/31/2010 to 12/31/2025, the portfolio gained +429% against +225% for the Benchmark (before taxes). In CAGR numbers this translates into 11,7% p.a. for the portfolio vs. 8,2% p.a. for the Benchmark.  

The full monty: