Portfolio Update : June 2025
Hello everyone and welcome to this months portfolio update.
As we’ve exited June, we are officially half way through the investing year. An article will be out this month on my half year review. This article will continue to be focused on my activity in the month of June including stock activity and Substack activity.
June seen the portfolio down from 17 to 16 companies after the sale of Rentokil Initial with additions to my higher conviction holdings.
Sells / Trims
Dollar General & Dollar Tree
Both have been overweight in the portfolio for some time, taking advantages of the low share price. I believe after their recent run ups it was wise to trim a small amount of weight and take some profits off the table. Looking at the portfolio in the image above, both positions still account to 17.5% of my total holdings. I do still believe there is still attractive returns here with the market still discounting both companies below their fair values although not as attractive as they where. The US consumer seem to be relying on dollar stores to help their spending dollars get that extra bit of value with positive share gains in the most recent results.
Rentokil Initial
Rentokil is an excellent business with resilient end markets and recurring revenues, however, the markets pricing of other better opportunities arose making me question and focus on opportunity cost. Rentokil was one of the more expensive companies in the portfolio and there are still some tangible headwinds within its operations in the US with regards to its integration of their large Terminix acquisition. I believe Thermo Fisher and United health both offered better opportunities and this was mainly my decision to sell. All proceeds went into these two businesses.
Buys / Adds
No new companies entered the portfolio in the month of June and instead I managed to consolidate and add more cash into my higher conviction bets where I wanted more exposure. I added to existing positions,
Thermo Fisher Scientific
United Healthcare
Ashtead Group
Greggs
All businesses continue to become a larger portion of my portfolio as the market keeps prices below to what I believe are their intrinsic values.
As I’ve said before, stocks that decline in price and are navigating through industry or company specific headwinds (under the assumption that these are fixable), bothers me not one bit. Each business I purchase I’ll always give a 5 year timeline to fix and return to a re-rating and growth. This mindset sets long term investors apart from institutional and short term minded get rich quick traders. Most or nearly all of my positions are leaders withing their industry with large competitive advantages which I believe have been purchased at very attractive entry levels. Its time to let these businesses grow and hopefully reap the rewards in future years. Unless something drastic emerges then I cant see as much activity in the near future.
Performance
June, the DInvests portfolio increased 0.84% compared to the index 4.56% ❌
YTD the portfolio is up 6.41% compared to the index 5.22% ✅
Since inception, I’m still lagging the index with total returns of 30.14% with the index returning 39.55% ❌
Substack Activity
In the month of June I managed to publish four articles for my subscribers. All can be accessed below.
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Thank you
DInvests
DRGInvests on X
Disclaimer: I have a beneficial long position in the shares mentioned in this article. My buys and sells aren’t recommendations. I can’t guarantee the accuracy of the information provided in the newsletter. All statements express personal opinions and information gathered online. Any estimates, forward looking statements and assumptions made in this newsletter are unreliable. Any information in this newsletter is for educational and entertainment use only and should not be taken as investment advice.
A busy month D invests! Thanks for the update!