Portfolio overview: A lot happened in the stock market since the last update. There has been a downturn in software companies, due to fear of AI especially the Claude AI Agent by Anthropic. Comparing PE´s of software companies they are trading at 10year lows. Impacting quality names like Constellation Software (being down 23.74% YTD) or Microsoft (being down 12.52% YTD). Microsoft is now ranking as the fourth most valuable company in the world. Ranking behind NVIDIA, Apple and Alphabet.
As xpert.digital points out there is more behind the Service as a Software Apocalypse, mentioning monetary policy and high valuation in software companies generally. For further information https://xpert.digital/en/the-saas-stock-market-crash/
What happened in insurance?
Well, a lot. First of all, I build up a bigger position in Fairfax Financial Holdings increasing my stake, due to a cooling down Insurance market, which doesn´t bother me that much, because I am focusing on the best insurance firms I can find.
In short insurance is getting into a cycle of premium growth decline, and heightened competition. Uncertainty is ahead.
I am not worried about it, why should I be? Fairfax has a top float investing strategy and even better management. Being able to compound capital at high rates during the last 40 years. The management has seen a lot of cycles coming and going.
My other Insurance company Protector Forsikring is expanding right now. Growth is ahead, even if we see some time without it. The stock market is not like the titanic, when it sinks, its rather like the phoenix standing up from ashes, when you own the right companies.
Kinsale Capital is getting hit the most, but with their underwriting skills, worry seems far away for me at the moment.
Well, I don´t want you to wait longer so here is the portfolio composition at the moment:
I have been building up new positions in AMZN, MSFT, VISA and ACP.WA.
Amazon and Microsoft had declined because of AI spending, the market thinks that their Capital Expenditures for AI are to high. Which can mean that the stocks will not appreciate in the short term because of more spending. As I am a long term investor, it means an opportunity for buying a good business at a fair price.
VISA is struggling with Trumps announcement to cap rates on creditcards for a year. Same pattern as the above. The company is facing near term earnings decimation, but I see a long term opportunity.
Asseco Poland is a polish software business I am betting on the polish economy and on their collaboration with Constellation Software.
I also added up un MCO, FFH.TO and CHG.DE.
How did the stocks do since buying time?
The biggest gain was made by NBN representing 19.58% and now being the second position in the portfolio. MCO has lost -16.69%.
Overall I am glad with the results, being 1.98% vs. 1.55% by the S&P500 on closing date of 02/09/2026.
Thank you for reading this portfolio overview. If you want to see the portfolio at inception, follow this link.
Disclaimer: The information provided is NOT financial advice. I am not a financial adviser, accountant or the like. This information is purely from my own due diligence and an expression of my thoughts, my opinions based on my personal experiences, and the way I transact.