[Jean@Louis]

Indeed, opportunities are rare. I find that PM, MO, BTI, DEO and BUD are all too expensive at the moment… I am waiting even if all these stocks are interesting in terms of their dividends. VCO seems to be at a correct valuation, with a PE around 15 and expected revenue growth.

[Jean@Louis]

Hello everyone,

Below is the status of my portfolio. All dividend payers (except Halyard which has never paid one and VW which has cut its dividend). Comments? Do you have any companies to suggest that could be a good addition to the portfolio?

Jean-Louis

 

[Jean@Louis]

Hi Jerome,

I am also with Postfinance e-trading. The new interface is a bit prettier but it does not bring anything interesting. A few gadgets such as short-term trend predictions and a map of the gains/losses of the various markets ("market overview"). They are trying to increase the number of transactions and are thus targeting traders and not investors like us. That is why they added these "fees" of 90 chf per year that we recover from the transaction fees. Previously, we could access a stock analysis comparing various companies in the same sector. Do you know if this is still possible?

In short, from my side I do not see any improvement for the investor. The new condition of "fees" is acceptable, so I am not moving.

[Jean@Louis]

Jerome said

So: everything is played out during the annual taxation. There are one or two forms to fill out to request a refund of the flat-rate imputation (other countries) or the additional USA withholding.
For Valais: http://www.vs.ch/Data/formule/DS_10/fml_0000001963.pdf (US+other countries)
For the canton of Vaud:
http://www.vd.ch/fileadmin/user_upload/organisation/dfin/aci/fichiers_pdf/DA-1_2013.pdf (other countries)
http://www.vd.ch/fileadmin/user_upload/organisation/dfin/aci/fichiers_pdf/R-US_164_2013.pdf (USA)
I haven't found any for Geneva.

This is heavy and complex. To avoid racking your brains, it is best to use the software provided by the cantonal administrations; the forms for refunding withholding tax, additional USA withholding tax and flat-rate imputation are done automatically.

I completed my tax return (Geneva) today by indicating the additional US withholding tax and the flat-rate tax imputation for US securities. It takes a little time (the "price to pay" when you have shares in many US companies), but ultimately it is not that complicated. Note that you can do it only on condition that you must recover at least a total of CHF 50 of flat-rate tax imputation (i.e. you must have received at least USD 334 in dividends during the year). I did not request a tax statement from Postfinance, I simply attached all the dividend receipts as well as the document indicating the status of the portfolio as of 31.12. If I learn anything from this experience, I will share it on this forum...

[Jean@Louis]

Thank you for your answers. I will therefore set about recovering the non-recoverable part.

[Jean@Louis]

Jerome said

for Swiss securities it is 35% of withholding tax, recoverable when declared on the income part of the tax return
for foreign securities such as US it is 15% of non-recoverable foreign tax + 15% of recoverable Swiss tax when declared on the income part of the tax return

I came across the following passage on the tax website for the canton of Geneva (see in particular the ***):

"Switzerland has concluded conventions with certain third countries for the avoidance of double taxation, in the matter of dividends, interest and royalties from licenses. These avoid double taxation by offering the beneficiary domiciled in Switzerland ***the possibility of requesting a reduction in Swiss taxes in compensation for foreign taxes which are not likely to be recovered***. The reduction in question consists of a flat-rate imputation of tax."

Then on the page:

http://www.estv.admin.ch/verrechnungssteuer/dokumentation/00207/00431/index.html?lang=fr&download=NHzLpZig7t,lnp6I0NTU042l2Z6ln1ae2IZn4Z2qZpnO2Yuq2Z6gpJCDdIR9gWym162dpYbUzd,Gpd6emK2Oz9aGodetmqaN19XI2IdvoaCUZ,s-

We find the following passage:

The conventions concluded or revised since 1965 avoid double taxation by offering beneficiaries domiciled in Switzerland the possibility of requesting a reduction in Swiss taxes to offset the taxes levied by these States on dividends, interest and license fees and which are not recoverable. The reduction in question consists of a flat-rate imputation of tax, under the terms of the Federal Council Ordinance of 22 August 1967 on the flat-rate imputation of tax. On 9 March 2001, this Ordinance was adapted to the system of annual postnumerando taxation of direct taxes of the Confederation, cantons and communes. Taxes actually levied during a year in the Contracting States listed in Annex II, which the said States are not obliged to relieve under the applicable convention, are, under certain conditions, *** reimbursed by Switzerland in whole or in part to the recipient of the income who is domiciled there; this relief is carried out in a manner comparable to that of the federal withholding tax***. As its name indicates, the imputation of tax is a flat rate, that is to say that it is carried out globally for all income originating in the Contracting States, in a single amount, without there being any need for distribution on each particular Swiss tax.
(…)
10. Payment of the amount of the fixed tax deduction
The amount of the flat-rate tax deduction is paid according to cantonal practice, either by ***imputation on taxes (deduction on the tax slip), or in cash***.

–> If I understand correctly, the “non-recoverable” 15% on US dividends could constitute a discount, is that correct?

[Jean@Louis]

guyem said

I'm posting here after having skimmed through all the previous topics and having found nothing similar, has anyone compared the company valuations obtained with fast graphs on the one hand and xls valuation on the other? 

what do you think?

I watched the video presenting XLS enhancement as I was not familiar with this tool. XLS seems much more detailed (and less automated) than Fastgraphs. It would be interesting to make some comparisons if you wish.

[Jean@Louis]

Je partage le point de vue de Jérôme quant à l’adéquation de PostFinance (la BCV est derrière en fait) pour des investissements à long terme: aucun frais caché et par téléphone ils sont toujours très serviables et donnent des informations précieuses.

Concernant l’achat de MLPs, je viens d’essayer via PostFinance pour trois titres de la stratégie REITs/MLPs (ARLP, SUX et un autre) et je peux les acheter: j’arrive jusqu’à l’écran de confirmation de l’achat.

Je n’ai pas d’expérience concernant le point 3, mais il fout un peu les boules…!

[Jean@Louis]

Hello DSwissK and Jérôme,

 

Always interesting to see other people's portfolios and how they're built!

 

I recently bought modest amounts of CVX and T shares. These are, according to FastGraphs, two stocks that are fairly priced, if not below intrinsic value (as determined by earnings). I have pasted the charts from today's FastGraphs below.

A major difference is the dividend yield and growth. For CVX the yield is lower than that of T, but the growth of the former is much stronger than that of the latter.

 

 

 

[Jean@Louis]

Pat Jac a déclaré

Une autre petite question, dont certains auront je crois une réponse facile a me donner : quand on a un compte en suisse, y a t il un prélèvement a la source pour les actions françaises ?

Good morning,

Les retenues à la sources des dividendes étrangers pour les investisseurs suisses sont consultables ici: http://www.estv.admin.ch/verrechnungssteuer/dienstleistungen/00253/00627/index.html?lang=fr

Pour les sociétés françaises c’est 15% de retenue à la source. Pour information, les dividendes versés par les sociétés établies en Grande-Bretagne ne souffrent d’aucune retenu à la source.

Jean-Louis

[Author]

Posts