[Jerome]

I recently bought MSFT shares because I think it's a good investment for growing dividends: 10+ years of paying, yield around 3% and the company has enough to keep paying. For Apple, I wonder if this company will become a dividend culture in the future...

 

[Jerome]

Roche, ABB, Novartis, Zurich and Phillip Morris (each 7-8% in the portfolio). My US positions are twice as numerous as the CH positions, but half as large.

 

[Jerome]

In any case, it is certainly less crazy to sell than to buy at the moment, especially a tracker!

[Jerome]

All the lines of my portfolio are more or less equivalent in terms of weight.

[Jerome]

I'm not a big fan of either, but I'd obviously choose MSFT because it's becoming a mature company, a real cash cow, which has been distributing and increasing its dividend for several years.

But I have more and more trouble with the Windows monopoly that is seriously starting to annoy me with these updates where you have to relearn everything every time, like with Windows 8 which I find really bad. By trying to copy Apple, Microsoft is burning its wings. And then we are also fed up with a PC that runs very well on an operating system at the beginning invariably slowing down over time. It is as if Microsoft and PC manufacturers had made an alliance so that we change machines and systems every three years. And in the end we are always using the same programs...

[Jerome]

The growth is not too bad indeed, but it is not extraordinary either (5.58%). Other growing dividends do much better. On the other hand, I think that this growth will increase somewhat in the future. And it is true that the yield is interesting. 

What bothers me most about PM is the volatility (28.94%).

[Jerome]

VStax for example manages a good part of US stocks. On the other hand, there is no Templeton or Vanguard.

 

[Jerome]

At the time I had a UBS fund like that, with reinvestment of income. But I sold it because it no longer corresponded to my strategy… and then I find it quite opaque.

Tax software, sometimes even government-provided software, automatically calculates the taxable return for you, even if the money is reinvested in the fund. 

 

[Jerome]

PFE doesn't seem so bad to me, the profit is progressing well and covers the dividend quite well. It's true that the PER is a bit high on the other hand. You have already sold Sanofi and Merck, perhaps you can postpone your decision for PFE a little, in order to spread the "risk" of selling. Regarding ABT, I am also holding on.

For GE it's a nice value, not expensive at the moment. It doesn't really fit my risk style though.

[Jerome]

Good morning

bien que plutôt partisan de conserver des titres de dividendes généralement, je peux comprendre votre décision d’avoir vendu SAN et MRK. C’est une jolie plus-value, le marché est bien haut en ce moment et les titres n’ont plus un potentiel de progression du dividende énorme.

Pour ce qui est des nouvelles liquidités disponibles je suis dans le même cas que vous en ce moment. J’ai pas mal de cash et je reste en embuscade, attendant une correction qui devient vraiment nécessaire. J’ai quelques titres aussi dans le collimateur qui restent à des valorisations attractives, comme DWX (ETF US), Casino à Paris et sur le marché suisse Swisscom et Zurich Insurance. 

[Jerome]

As for your 3rd pillar life insurance, I would keep it. For me it is something different than dividends, especially useful from a tax point of view and also an additional security.

[Jerome]

Thank you for your answers.

For the 3rd pillar life insurance, I can a) stop the payments, which obviously drastically reduces the insured amount or b) terminate the contract (but then I lose the payments for the first three years...).

I have been gradually building up the portfolio over the past six months. I am now short on cash and plan to set aside my future savings to supplement my portfolio during significant corrections.

For diversification in currencies, it seems that dividends from UK stocks such as Diageo or AZN are not taxed at source (I will still check), which could be more profitable than French stocks.

 

[Jerome]

Hi Jean-Louis

like you I also have a pillar 3a and 3b, especially for tax reasons. As for the funds, we'll see, but I think you don't have much choice if they are linked to life insurance?

The titles you present are all worthy of interest. Personally I find ABB a little too volatile for my taste.

Did you build this portfolio gradually or did you do a batch shot?

There are two Swiss stocks you mention, Syngenta and Zurich, which I will analyze in more detail and possibly add to my Ex-US strategy because they may be interesting.

For euro securities it is indeed always useful to bring a little diversification in currencies, especially for portfolios very oriented towards USD.

[Jerome]

The games are over! Thank you for your participation.

See you at the closing of May 31 for the results 😉

[Jerome]

I know FOC which I had been eyeing for some time.

Finally I decided on CS REF Interswiss (CS REF) which is of the same style.

This provides good diversification to stocks.

[Author]

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