Some switches today. Took out SAP - the stock seems to lose momentum. Of course a good company but others in the digitalisation space may offer better prospects now that the SAP stock has gone up by 40% this year. SAP certainly stays on the watchlist. But we also have already good exposure to digitalisation with ServiceNow and Alteryx and IBM (which I bought back as advised post dividend date) and Cisco.
And sold 51job, replaced by Momo (chinese dating website). Momo shows strong growth and has the valuation of a value stock. And substantial net cash. 51job is still strong and remains on the watchlist but the valuation is more ambitious, the stock had a good run, and I needed the cash for Momo.
Initial position in DFV which could become a disruptor in the German insurance market, successfully offering insurance online and exhibiting strong growth.show more