Portfolio Review H1 2026

My portfolio gained around 10.5% throughout the first half of 2026. The following table shows the current composition.

Besides starting three new positions I sold LS Invest. Besides that I did not interact much with the market besides recieving dividends.

I decided to buy some shares Deutsche Rohstoff AG and Vermillion Energy shortly after the outbreak of the Iran war. Deutsche Rohstoff is a German company operating shell wells in the USA. Vermillion Energy is a Canadian natural gas company with production sites in Canada and Germany. The later was the main reason I bought some shares.

After reading the latest annual reports of centrotherm International AG I bought some shares of the company. The company is currently undergoing a squeeze-out by private equity. Centrotec is an supplier to solar and semiconductors factories. More specifically, it builds furnaces which are used in the chipmaking process. As semiconductors is a very hot topic at the moment, I suspect the private equity fund wants to snap up the company while there is a chance. The planing data of the company, which serve as the economic input for the price in the squeeze-out evaluation, shows strong cyclical effects and forecasts losses in the coming years. I bought in at around 11 EUR which is around 2 EUR (or close to 20%) above the squeeze-out price.

Unfortunately, I sold LS Invest AG only some weeks before the announcement of the (long-awaited) squeeze-out announcement. Here I lost patience which was punished on the spot.

Sell

• LS Invest (close)

Buy

• Deutsche Rohstoff AG (open)
• centrotherm International AG (open)
• Vermillion Energy (open)