Portfolio Update — April 1, 2025

Meta Platforms (14%)
In March, I doubled my position in Meta Platforms. The company, with a market capitalization of around $1.2 trillion, is currently trading at 17x its OCF -/- SBC for FY2024 ($75 billion). This metric has grown by 30.7% over the past year (up from $57 billion in FY2023). I expect Meta to continue increasing this figure over the next decade. The company is already positioning itself for this future with significant investments. In FY2023 and FY2024, Meta invested $27 billion and $37 billion in CAPEX, leading to FCF - SBC of $30 billion and $37 billion, respectively.

Christian Dior (7%)
I also purchased some additional shares of Christian Dior at the end of last month. Christian Dior is part of the LVMH-holding structure owned by the Arnault family. Bernard Arnault, the head of the family, made significant purchases of LVMH shares last quarter, acquiring over 900,000 shares in total.

Basic-Fit (8%)
The largest value-for-money fitness chain in Europe had a weak first quarter, at least in terms of its stock price. In FY2024, Basic-Fit generated €156 million in FCF (before new club CAPEX), yielding over 13% based on the current market capitalization. At present, shareholders are paying €265 per member in market capitalization. These members contribute an average of €290 in annual revenue (FY2024). I believe there is a strong likelihood that Basic-Fit will maintain its dominant position in Europe and eventually become a cash flow machine. The timing of this depends on how the company manages its CAPEX. There are numerous potential scenarios for its development, but for now, I aim to benefit from the current situation and have therefore increased my position in the company.

ASML (20%)
ASML is preparing for years of strong growth. Like all stocks, the value attributed by investors for its future prospects fluctuates. For the long-term investor in ASML, the current stock price is not a concern but rather a gift: the company has repurchased over 4.5 million of its own shares since late January. This gives ASML investors a slightly greater concentration in the value ASML will create for the future. A future, in my view, where 2025 will only be seen as the beginning of the many innovations that our world will experience in the coming decades.

Cash (33%)
A month ago, many stocks on my watchlist were labeled as ‘significantly overvalued,’ but this has since developed to ‘overvalued,’ with a number of them approaching the ‘fairly valued’ stage.

Regardless of the cause of the current decline in the stock market, I believe a correction in the upward trajectory of many stocks—some of which have surged significantly over the past period—is more than logical. At the right price, I will also invest in the companies that, until now, have only been on my watchlist.

My cash position decreased in March from 41% to 33% as a result of the transactions mentioned above. 

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