Title: Our Portfolio in 2026 — "Our Portfolio has never been this cheap" Show: Compounding Quality (Substack, compoundingquality.net) Guest: Pieter Slegers (author) Date: 2026-JAN-01 URL: https://www.compoundingquality.net/p/our-portfolio-in-2026 Length: written post (paid) — no timestamps Note: Paid-subscriber post captured via Stephen's logged-in session. Body text verbatim; UI chrome (like/share counts, subscribe CTAs) removed. Charts noted inline as [Image — ...]. The post's substance is in its spreadsheet/chart screenshots, which are transcribed below as [Table image — ...] blocks read directly from the images: the current position weights, the profit/loss per position, and the full portfolio sheet with the purchase date and standing rating of all 18 holdings.
Hi Partner
What a year 2025 has been.
Since its launch on October 1, 2023, the Portfolio made a profit of $163,054.
But always remember: investing is a long term game.
Are you ready for investing year 2026? Let's find out what you can expect.
Our Portfolio
Here are the essentials of Our Portfolio in a nutshell:
We currently own 18 amazing companies The average company should grow its intrinsic value by 13.6% in 2026 Our Portfolio generates $82,100.11 in Free Cash Flow per year (versus $11,985.0 in 2016) Valuation levels of Our Portfolio have never been cheaper than today The expected return has never been higher than today
If you read this, doesn't it make sense that I'm very enthusiastic about the new year?
We are invested in the best companies in the world.
And while the stock prices might be volatile in the short term, our companies keep increasing their value year after year.
[Image — quote card: "Investing is where you find a few great companies and then sit on your ass." — Charlie Munger]
Fundamentals
When we compare the Fundamentals of Our Portfolio with the S&P 500, we get the following:
Our companies are fundamentally way healthier than the average company.
On top of that, our companies are now also cheaper than the S&P 500.
That's exactly what we want to see.
We own fundamentally better companies and the market doesn't seem to recognize it (yet).
Here's how the Owner's Earnings of Our Portfolio evolved over the past few years:
Our companies have grown their value on average by +19.7% per year since 2015.
Not bad! The stock prices should follow too.
If you compare it with the S&P 500, you see our companies created way more shareholder value:
Please note that we look at the evolution of the Owner's Earnings here, not the stock price. Our Portfolio has only been live since October 2023
How much money are we making?
Currently, we are invested in 18 companies for a total amount of $1.47 million.
An easy way to calculate how much money each company is making for us?
What each company makes for us per year = Number of shares we own * FCF per share
As an example, we own 180 shares of Visa. Visa is expected to generate a Free Cash Flow Per Share of $11.1 in 2026.
What each company makes for us per year = Number of shares we own * FCF per share What Visa earns us = 180 * $11.1 = $1,998
This means Visa generates $1,998 in pure cash for us every single year!
When we do these calculations for the entire Portfolio, we get the following:
As you can see, Our Portfolio is making $82,100.11 in Free Cash Flow per year.
This is equal to:
$6,841.7 per month $1,578.8 per week $224.9 per day $9.4 per hour $0.16 per minute
And as Warren Buffett said: "If you don't find a way to make money while you sleep, you'll work until you die."
As I roughly sleep 7 hours per night, Our Portfolio makes $65.8 for me every single night.
Every time you wake up, you wake up richer.
What's also satisfactory?
The evolution of the Free Cash Flow Our Portfolio earns for us every single year:
[Image — "FCF the Portfolio makes for us" (Fiscal.ai): bars from about $11,000 in 2015 rising to about $82,000 in 2025, with estimates of roughly $90,000 (2026e) and $108,000 (2027e). Footer: "CAGR FCF Generation — 18.9%".]
And the best part? This number will keep going up.
I expect this number to exceed $100,000 by 2027:
The ultimate goal? Let Our Portfolio generate $1 in Free Cash Flow per minute for us.
This would result in:
$60 per hour $1,440 per day $10,080 per week $43,200 per month $525,600 per year
It's not a question IF we will achieve this.
It's a question WHEN we will achieve this.
But it will take a while...
... At a FCF Yield of 5%, we would need a Portfolio of $10.5 million to reach our goal.
How long would it take us under the following assumptions?
Our Portfolio is currently worth $1.47 million We add $50,000 every single month We achieve a return of 12% per year
In this case, it would take us a little bit more than 7 years.
This is something to look forward to. Generating $1 in Free Cash Flow per minute is a big deal (> $500,000 per year).
Owner's Earnings Per Position
In the long term, stock prices always follow the evolution of a company's Owner's Earnings.
The evolution of the Owner's Earnings per position in 2025 looks as follows:
The average value of the companies in Our Portfolio grew by 13.0% in 2025.
Visualized, this looks as follows:
Over the past 5 years, the average company within Our Portfolio has grown its Owner's Earnings at a CAGR of 20.0%:
Over the past 10 years, the average company within Our Portfolio has grown its Owner's Earnings at a CAGR of 19.7%:
Valuation
The current FCF Yield of Our Portfolio equals 5.4% versus 3.4% one year ago.
The current valuation level is the cheapest it has ever been over the past decade.
As a result, the expected return is one of the highest!
Expectations 2026
For 2026, the expectations look as follows:
Most companies are expected to report attractive growth in their Owner's Earnings.
The average expected growth of the intrinsic value is 13.6%.
When we look at the expectations over the next 2 years, we get the following:
It is expected that the Owner's Earnings should grow by 13.0% per year until 2027.
In a rational market, stock prices should follow too.
[Table image — "Current weight (%)" per position, largest first: Medpace 10.2% | LVMH 8.8% | Evolution AB 7.6% | Kelly Partners Group 7.55% | Games Workshop 7.0% | Kinsale Capital 6.15% | Ameriprise Financial 6.15% | Dino Polska 5.7% | Brown & Brown 5.3% | Topicus 4.75% | Novo Nordisk 4.6% | Visa 4.35% | HgCapital Trust 4.15% | Judges Scientific 3.6% | OTC Markets 3.6% | Brookfield 3.5% | Constellation Software 3.45% | Interparfums 3.45%]
[Table image — "Profit/loss for every position" (dollar profit since purchase, largest gain first): Medpace about +$83,000 | Kelly Partners Group about +$56,000 | Games Workshop about +$52,000 | LVMH about +$15,000 | Ameriprise Financial about +$15,000 | Visa about +$11,000 | Dino Polska about +$6,500 | Kinsale Capital about +$3,000 | Topicus about +$2,000 | Brookfield about flat | HgCapital Trust about flat | Constellation Software about flat | OTC Markets about flat | Brown & Brown about -$6,000 | Judges Scientific about -$16,000 | Interparfums about -$19,000 | Novo Nordisk about -$22,000 | Evolution AB about -$31,000]
Our Portfolio
Today, we own 18 wonderful companies in which we truly believe.
Our Portfolio looks like this:
[Table image — the full portfolio sheet (Date bought / Company / Rating): 10/14/2023 OTC Markets — HOLD 10/23/2023 Medpace — HOLD 10/29/2023 Evolution AB — BUY 11/13/2023 Kelly Partners Group — STRONG BUY 11/27/2023 Brown & Brown — STRONG BUY 1/15/2024 LVMH — HOLD 2/19/2024 Games Workshop — HOLD 3/11/2024 Dino Polska — BUY 4/30/2024 Kinsale Capital — STRONG BUY 7/1/2024 Interparfums — BUY 8/12/2024 Ameriprise Financial — BUY 10/21/2024 Visa — BUY 12/23/2024 Topicus — STRONG BUY 3/4/2025 Judges Scientific — BUY 3/31/2025 HgCapital Trust — BUY 5/26/2025 Novo Nordisk — STRONG BUY 11/10/2025 Constellation Software — STRONG BUY 12/23/2025 Brookfield — BUY]
What's funny about investing?
If 6 out of your 10 picks are good ones, you are among the best investors in the world.
In Our Portfolio, you also notice that Medpace, Kelly Partners, and Games Workshop drove the majority of returns.
All you need to be successful as an investor is a few big winners.
Currently, there are 6 strong buys:
[The six STRONG BUY ratings in the sheet above: Kelly Partners Group, Brown & Brown, Kinsale Capital, Topicus, Novo Nordisk and Constellation Software.]
That's it for today.
Let's make 2026 a crazy successful investing year together!
Everything in life compounds Pieter (Compounding Quality)
Book Order your copy of The Art of Quality Investing here
Used sources Interactive Brokers: Portfolio data and executing all transactions Fiscal.ai: Financial data
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