1st half 2015 performance

There performance in CHF from portfolio in the first half of 2015, it stands at -4.61%. Cumulatively, this brings us to an annual profitability since launch (03.02.2010) of +12.77%. The portfolio has performed less well than the market (SPI +2.11%) during this bullish half-year, which is mainly explained by the abandonment of the floor rate by the SNB and the predominance of USD securities in the portfolio. The dollar has indeed lost more than 5% against the CHF during this period. But this is not the only explanation.

On peut aussi relever que depuis le mois de mars, les titres payeurs de growing dividends font moins bien que le marché même en USD. J'interprète cela comme le retour à une certaine normalité et peut-être même le signe annonciateur d'un nettoyage plus massif sur l'ensemble des actions. Si les investisseurs prudents commencent en effet à se retirer, cela signifie qu'il ne reste plus que les fous... Ou alors, pire, ce sont les fous qui vendent des titres jugés trop pépères pour prendre des positions plus spéculatives. Rappelons que nous sommes encore et toujours à des indecent market levels.

So I don't dwell too much on this lackluster performance. I see it more as an opportunity: if this continues, some dividend payers could become interesting again and if the whole market collapses, this will allow for more confident buying, as was the case too long ago...

The portfolio's dividend growth now stands at 10,26% per year. Thanks to this, the yield on purchase cost of my portfolio stands at 3,48%, despite recent purchases, even though the current yield is only 2,28%. A small downside is the distribution ratio The average portfolio now stands at 58%. This is not dramatic, there is still some margin of safety, but it should not go much higher.

In the first quarter, CHF 1,138 in net dividends were generated (CHF 720 in the same quarter of the previous year). In the second quarter, CHF 1,881 was received, compared to CHF 1,600 in the same period of the previous year. The second quarter is always fuller, thanks to the annual Swiss dividends. I am thus progressing slowly but surely towards financial independence, having now traveled 14% of the path that will allow me to completely retire from the professional world.