Portfolio Update September 2025

Sep 30, 2025

Hello everyone and welcome to this months update. September on a performance up 1.3% bringing the total performance for 2025 at 15.3%. The index however grew 3.2% narrowing the gap between the DInvests portfolio and the benchmark $VOO.

Quick Summary

Added to Greggs once again.
New buy / re-entry for Kraft Heinz.
Trimmed Thermo Fisher.

Buys

It’s not the most loved business out there and I’ll probably get some criticism as the business doesn’t suit the “quality business” narrative, but Kraft Heinz was re added. I wrote an article at the start of the month on the thesis behind my investment. Those who haven’t read can access it here.

Contrarian thesis on Kraft Heinz

In short, I believe there’s an opportunity to capture hidden value in the split up of Kraft Heinz. I believe this value is hidden in the proposed new entity Global Taste Elevation Co. This business will hold all Kraft Heinz sauces, spreads and shelf stable meals under the Heinz and Philadelphia brands. The similarities between this new business and “which will be a direct competitor” McCormick Co looks like there could be material upside if the market rates this business similar to $MKC.

There are Factors that come into play on whether it should be considered and rated like MKC 0.00%↑ which are margins, scale and organic growth. Two of the three mentioned are superior, being margins and size. The company will have to execute on its growth. Whilst I’m fully aware this might not materialise, and if it does, there could be a long wait before the market notices its value. Whist I wait, KHC 0.00%↑ offers a dividend yield of 6.2% plus the recommencement of share buybacks after strengthening its balance sheet I feel is more than adequate for the risk taken.

Adds

This name needs no introduction. Greggs was added again this month as the shares reached new lows for the year. Looking into my portfolio and seeing where the best opportunities lie, Greggs seems to be the best option. As a business that I’m fairly familiar with and seeing first hand the brand power within the UK its a compelling investment at these prices IMO. Access to my Greggs article click here. A trading update is due tomorrow so it will be interesting to see any new developments within the business and its near term prospects. For now, I’ll keep adding at these prices.

Trim

After a successful start to my Thermo Fisher investment, shares currently up 22% from my initial cost basis I trimmed the position slightly to obtain funds for the Greggs trade. $TMO, a superior business by far, but as an investor I need to act on the opportunities that get presented. For now, the funds transferred into the Greggs position look like the better short term bet. Still bullish on TMO 0.00%↑ and still 4th largest position behind $UNH, $GRG.L, $ERF.PA.

Substack activity

Two articles were published during the month with links below.

Performance

As I mentioned above, the DInvests portfolio increased 1.3% during September compared to the market increasing 3.57% making my performance for the year at 15.3% compared to the markets 13.5%. Performance since inception is 52.9% against 50.6% against benchmark. Out of the four years I’ve been keeping track of performance I’ve beaten the index 2 of 3 years and am currently beating the index this year by 4% even though the index is at all time highs. The DInvests portfolio is well positioned with excellent businesses with large moats I believe are reasonably valued.

See you in the next update 👌

Thankyou for taking the time to read this latest months update and I hope you enjoyed.

DInvests

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