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I have posted the annual review of my portfolio at SA in 2 blogs.

Part 1: long term stuff versus personal benchmarks towards retirement in 2023
https://seekingalpha.com/instablog/47427...ual-review

Part 2: individual holdings in June, 4 closed and 29 opened positions since April 2017.
https://seekingalpha.com/instablog/47427...ew-part-ii

Thanks to this forum for exchanging ideas over the year.

P.S.: dont understand why the forum doesnt convert the 2nd link to clickable.
Forticus, I see it's been a busy year.

Now that it appears your portfolio is close to completion, are left to adding to positions?

Do you have a goal for how many different companies you plan to hold?
DW,
a year ago, I thought about 33 companies, an average of 3 companies per one of the 11 sectors.
There are some sectors, where I see less: 1 in materials, 2 in industrials, which gives room for more in other sectors.
Until end of this year I like to keep 3% as a full position equivalent, but certainly wil have some at 4% and several with less than 3%.

After changes in July it's 44 companies. I guess the number will be trending sideways between 30 and 50 companies for the next couple of years.
Today it's 1 year plus 4 months of watching the portfolio and collecting dividends.
If I recall correctly, there was one action since: selling VTRS in Nov'20, spin-off of Pfizer. Counting 42 companies plus 3 spin-offs.
The series of all-time highs is boosted by weakening EUR/US rates.

One reason of that inactivity is, after closing our family business in 2019, we still wait for the 2019 tax settling. Some of the cash in the portfolio is a backup for unexpected taxes. For 2020 and 2021 it looks like the tax on dividends (withheld by the US broker) accounts for a major part of our taxes. Net dividends from 2020 and 2021 may be reinvested.
Use the [ url ] tag to make links clickable.

https://seekingalpha.com/instablog/47427...ew-part-ii
Comments on the 16 transactions on Dec 17, 2021, after 1.5 years of watching.

The portfolio is between accumulation phase ( - 2019) and decumulation, currently 1-3 years ahead. Some 10% of the portfolio still need to be held in cash for coincidences (market drop, taxes, decumulation ...).

Set 1 of transactions:
Kicked spin-offs KD, OGN, ONL and closed SPG, a full position, with a loss of 10%.
Proceeds went into O, NNN, MRK, AMGN and ATO - 0.2 FPEs each [1].
O is now overweight 1.2 FPE, AMGN now 1.0 FPE, and ATO a new position.

Set 2:
About half of the dividends of 2021 reinvested into
TD, MDT, LMT, and INTC - 0.2 FPEs each.
TD now overweight, 1.2 FPE, LMT a new position.

Set 3:
In the none-to-low dividend section, GOOGL and AMZN got a boost of 0.4. FPEs each. AMZN now a full postion.

Set 4:
“Closed a position” of 22 CAD, a remnant from transactions in 2020. A fee of 10%, acceptable to get it out of sight. Yet I still see 1 CAD on the list.

Dividend income:
Set 1 was neutral, set 2 increased dividend income by some 1.8%.

Utilities:
That's 4% of the portfolio. After I sold D (dividend cut) and NEE (cash management) in 2020, I kept eyes open for a new no. 3. So that’s ATO, next to SO and DUK which reside at the lower end of quality measures. WEC and more are on watch.

REITs and cyclicals:
In 2020 I could not make my mind up about SPG and NNN. SPG’s cut and the erratic 20-years chart (my Fastgraphs interpretation) doesn’t sound “reliable, predictable and increasing” as some saying goes. I put AVB, ESS and FRT on watch. Some day, there might be a third REIT on board again, or just one survivor. REITs are 5% of the portfolio and will probably stay there. My favoured sector within cyclicals (supersector) are financials with 15.5%,  seven stocks, includes V and MA.

Healthcare:
This is our largest sector, 22%, 8 stocks, well within our circle of competence/wellness. Outside the portfolio we hold shares of a pharma cooperative worth 3 FPE, which I’d prefer to trim. [2]

Industrials, 4%:
With LMT now we hold three: MMM, GD and LMT. In general, industrials are outside the spa and holdings may turn out as longterm swingtrades.

Outlook:
No idea when withdrawals are need. Maybe within two years. Until then I might reinvest part of the dividends, switch stock to better DGI measures or just watch.

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[1] FPE = Full Position Equivalent, used to track cost. 1 FPE is about 1/33 to 1/30 of cost. During accumulation, from 2015 to 2020, the amount of Euro per 1 FPE was increased annually. It reached a factor of 5 over 2015. Meanwhile some stocks are at 1.2 FPE. Of course I run columns for market value. Whenever gains or losses are realized, proceeds will turn to FPEs.

[2] The coop’s  share price and dividends are fixed, lit(t!)eraly - until not: in 2020 they cut the dividend by 25%. Since, I try to convince my wife to fade out of the coop instead of withdrawels from the DGI portfolio.
(post copied from SA)

For my annual review I take inflation rates to track the buying power of my capital basis ( = money sent to the broker).
Yesterday, our federal institute of statistics [1]  published an inflation rate of 3.1% for 2021. 
Since I started DGI in 2015, the capital inflation correction now adds 4.9% to the capital basis.

For 2020 inflation was 0.5%. Thus, the 3.1% of 2021 may look bad.

But then, for the duration of the second half of 2020 our VAT was reduced by 3% (covid action). In November, when I heard of 5% month over year inflation rate, it was clear that this included a VAT shift.

To get a better (rose-colored glasses) view on 2021, the recent rolling 3-year averages (CAGR) of inflation rates are 1.6% for 2019, 1.2% for 2020, and 1.7% for 2021. All three are well within the range of the 3-year CAGRs of the last two decades, nothing special.  

When I use 3% for upcoming 5 years, the capital inflation correction would add  up to 22%.

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[1] destatis.de, Wiesbaden