Portfolio update September 2020

Portfolio update P2P investments Bulkestate Reinvest24 Viventor FastInvest Swaper Robo.cash Mintos Bondora Crowdestor Crowdestate Grupeer PeerBerry Wisefund review



Dear fellow investors, friends, family and future self.

September was a busy and eventful month for me and my family.

Unexpectedly, I’m no longer involved in the restaurant business. Long story short, the founder and I didn’t agree on the execution plan.

So we decided to move to a new city, where most of my family lives. At the moment we live in 2 rooms at my dads house, which is not optimal, but it’s nice to have the option while we search for something else. If we find a good house or apartment here, we’ll stay in this area. If not, we’ll move back to Portugal. The kids already started in the new school and they’re enjoying it so far.

The P2P industry is going through tough times. A few platforms like Swaper*, Robocash* and PeerBerry* are doing exceptionally well, with no delayed payments and no withdrawal issues.

Here’s my account statement from September: 


Monthly Income Statement: September 2020

Crowdlending Income XIRR Invested Value
Bondora* -491.93€ -0.55% 9 902€ 9 832€
Bulkestate* 0€ 6.98% 10 000€ 10 989€
Crowdestate* 2.57€ 5.31% 5 305€ 6 389€
Crowdestor* 472.17€ 12.37% 82 912€ 94 814€
FastInvest* 0.12€ 3.27% 864€ 1 130€
Grupeer 0.00€ 10.12% 20 474€ 24 047€
Mintos* 175.66€ 17.31% 20 000€ 27 032€
PeerBerry* 85.81€ 14.98% 6 000€ 6 846€
ReInvest24* 42.03€ 5.55% 1 000€ 1 037€
Robocash* 186.34€ 13.05% 10 000€ 13 135€
Swaper* 171.52€ 14.43% 10 000€ 14 437€
Viventor* -40.74€ 14.78% 5 000€ 5 888€
Wisefund 0.00€ 12.73% 17 853€ 20 626€
Scams XIRR Invested Value
Envestio -100% 20 000€ 0€
Kuetzal -100% 24 700€ 0€
Subtotal 603.55€ -1.96% 244 012€ 236 796€
Real Estate Income Invested Value
Property #1 380€ 38.97% 18 080€ 43 471€
Property #2 1 167€ 3.89% 61 200€ 64 223€
1 547€ 79 280€ 107 694€
Total 2 150.55€ 3.05% 323 292€ 344 491€

Note: I marked Grupeer as orange for now because I’m questioning future repayments.

Portfolio performance: Historical view

Income from Crowdlending & Real Estate combined was 2 150.55€
(1 544.17€ less than last month).

That means I’m 71.69% Financially Free (-51.47 percentage points down from last month).

Stocks / trading

I added 1 new stock to my portfolio since last update:

  • Aurora Cannabis (ACB)

Cannabis stocks surged in 2018 due to expectation of legalization of marihuana in US and Canada. That never happened and ACB is now trading at the same level as in 2016.

This is a high risk stock pick which can easily lose 30% of it’s value in 6 months. On the other hand, it’s also a stock that could surge to back to 25$ on the right news. So to me, it has a fair risk/reward ratio.

This is my current equity portfolio:

Company nameTickerPurchase priceCurrent price
AT&TT26.78$27.43$
Aurora Cannabis Inc.ACB4.69$9.79$
Boeing CompanyBA135.68$157.83$
Delta AirlinesDAL21.70$31.43$
Enterprise Products Partners LPEDP13.50$16.64$
Gilead SciencesGILD66.50$59.06$
The Hershey CompanyHSY132.90$149.38$
Nikola CorpNKLA30.80$19.58$
Occidental Petroleum CorpOXY10.50$10.01$
STORE Capital CorpSTORE19.50$27.29$
Schlumberger LimitedSLB16.95$15.22$
Spirit AirlinesSAVE9.79$17.70$
WisdomTree Platinum 2x Daily LeveragedLPLA2.41€1.98€

I buy my stocks and trade on DeGiro, which I consider the best and cheapest no-bullshit broker in Europe. If you use this link to sign up we will both receive a 20€ in transaction reimbursement (fee deduction). I don’t receive any commission besides the fee deduction.

Bondora

I stopped reinvesting in Bondora* a long time ago and I’ve started the slow withdrawal process.

126.79€ was recovered in September but I still have 24 480€ in defaulted loans.

I invested in loans through Bondora’s “Portfolio Manager”. I advise you not to make the same mistake.

If you want to use Bondora’s Go&Grow as a savings account and earn 6.75% interest rate, use this link* to get 5€ free when you sign up.

See more info and screenshot from my Bondora account

Bulkestate

Bulkestate* has not had any failed projects since it was founded in December 2016. New projects are funded quickly and everything seems to be business as usual.

I’m invested in 2 projects and the next payout is scheduled for 21.12.2020.

All new investors will receive a 5 EUR cash-back bonus upon their first investment if you use this link*.

See more info and screenshot from my Bulkestate account

Crowdestate

I’m still withdrawing from Crowdestate*. While there’s no doubt in my mind that the platform is legit, I have not been convinced about their ability to pick the right borrowers. In my opinion, too many projects have experienced payback issues.

See more info and screenshot from my Crowdestate account

Crowdestor

Crowdestor* updated their website to show better statistics and give a better overview. There’s still plenty of room for improvement but it’s nice to see they follow suit and listen to investors.

Covid-19 has been rough for small companies and many projects are delayed. Up until February 2020 I didn’t have a delayed project on Crowdestor for nearly 2 years! Now 14 of my 47 investments are delayed, which is not great but also not terrible.

It’s nice to see that Crowdestor looks for opportunities in stressed marked situations, where we might be able to buy troubled companies or properties for 20-25% of market value. Such projects might look like extremely high risk at the moment but, on the other hand, the virus is not going to impact travel and tourism forever. Eventually, the world will go on. Always has, always will.

See more info and screenshot from my Crowdestor account

FastInvest

My latest successful withdrawal from FastInvest* was requested in late April and processed on 12.05.2020. I still have 2 pending withdrawals from May and June.

I received several messages from readers in September that they finally got their money, which they requested in late April and early May. I’m pleased to hear that they’re paying as promised, even though it’s delayed.

See more info and screenshot from my FastInvest account

Grupeer

Grupeer continues to communicate to investors through their blog. Not much else has happened since last update though.

See more info and screenshot from my Grupeer account

Mintos

While my monthly Mintos* earnings looks quite stable, the amount of funds in recovery now adds up to more than I’ve earned. Hopefully they’ll recover some of the funds.

Mintos does a good job giving updates on their blog.

See more info and screenshot from my Mintos account

PeerBerry

I use PeerBerry* as my children’s savings account. Everything is running smooth here. Even interest rates jumped from 10 to 12%.

See more info and screenshot from my PeerBerry account

Reinvest24

I only have a small position at ReInvest24* but I’m starting to like it more and more. The income has been small but reliable.

ReInvest24 successfully sold the property “Duplex apartment development in Tallinn’s tech hub – unit 2.” and I received my investment back plus capital gains.

I reinvested everything into the project “Modern office in the business center of Tallinn” which has monthly repayments.

If you want to try ReInvest24 you will get 10€ instantly credited to your account if you sign up with my ReInvest24 referral link*.

See more info and screenshot from my ReInvest24 account

Robocash

Another solid month on Robocash*.

Robocash published their audited financial statements for FY2017-2019. You can find the audited report here. The management report is available here.

See more info and screenshot from my Robocash account

Swaper

Swaper* is one of my favorite P2P lenders.

To me, Swaper has been a stable a predictable platform without any issues (other than the occasional lack of loans available for investment, but that’s currently not an issue).

See more info and screenshot from my Swaper account

Viventor

If you remember from last month’s update, I pointed out that half of my earnings on Viventor* came from late fees. It turned out being too good to be true – Viventor had mistakenly charged a higher fee due to a calculation bug.

For this reason, my account was deducted 55.25€ in September, which was money I should not have earned in the first place. The deduction ended up being more than interest received, which caused my monthly income to be negative for the first (and probably last) time.

See more info and screenshot from my Viventor account

Wisefund

Wisefund… I don’t even know where to start with this company. I had so much faith in Ingus and saw huge potential  when I researched them last year.

Lately however, the lack of communication to investors is just ridiculous. No wonder new projects are not getting funded. It seems like the website is only up to delay legal action from investors. No words can describe my disappointment.

See more info and screenshot from my Wisefund account

Real Estate

I received rent from 4 tenants in September. One apartment is currently vacant while it’s being renovated. The renovation is taking longer than expected do to a high level of moist.

See more info about my First property and Second property

Savings rate / expenses overview

My total expenses for the month were 600€. Living with friends and family reduces the cost of living significantly but it’s only for a very limited time.

See more info about my Savings rate

Blog statistics

Visitors: 5 504 (-16.02% compared to last month)
Page views: 14 645 (-16.63% compared to last month)

3 174 Subscribers (+23 compared to last month)
1 603 Facebook followers (+13 compared to last month)

Quote of the month

Start your own blog

Have you been thinking about starting your own WordPress blog?

FinanciallyFree.eu is hosted on SiteGround* – probably the best WordPress host in Europe!

SiteGround - Cheap Web Hosting for WordPress

Free EUR bank account with no fees

I use N26* to transfer to and from my investments. It even comes with a free debit MasterCard!

If you live in Denmark, Poland or Sweden, having an N26 bank account will save you from currency exchange fees when dealing with euros.

N26 bank account

That’s it for this month!

If you enjoyed this post, maybe your friends will like it too? Hit the like button below and/or share it with your friends!

P.S. When you comment, please use your real name (first name is enough). Blog names are not accepted and will be renamed to Anonymous.

25 Replies to “Portfolio update September 2020”

  1. Hi Jorgen,

    same question as last month: Are you concerned about Mintos? So far not much is happening with my funds in recovery.

    When do you start withdrawing? One third of your assets are in “current”, one third is “late” and one third is “in recovery”. Looks a bit worrying to me.

    Best,
    Thomas

    1. Hi Thomas,

      I’m not concerned about Mintos but some defaults are expected. Not planning to withdraw any time soon unless we see A and B+ rated Loan Originators in trouble.

    1. No one likes to be scammed. I’m sure Crowdestor are annoyed as well. I hope they’ll be able to recover as much as possible from the fraudulent borrower.

    1. Bosch and General Motors are backing up Nikola big time, so maybe you should warn them as well. They might have missed an important fact that you found on reddit.

      The Hindenburg report was written by big time shorters, who published it with the only intention to make money by spreading fear.

      Trevor is a visionary who sometimes can’t tell vision from reality. That doesn’t make Nikola a total scam. Now that Trevor is gone and GM takes over, the project lives on.

      1. Jorgen,

        Why, in your opinion, is the fact that the mentioned report was written by a short seller making in less relevant? This is how short sellers work. They look for scams, research it, short it and publicise their findings. This particular report was well researched and none of its findings were factually disputed.

        If you believe that when something is being backed by a big company it is a proof of its legitimacy, you are ripe for a surprise. Look back in the past 20 years or so and you will find that many of the biggest frauds were backed by a big organisations. (WeWork & SoftBank, Theranos & Wallgreens just to name two).

        But it is your money and good luck with your investments. 🙂

  2. I am happy for you that you got out of restaurant business. It’s a horrible time to start a new restaurant.

    P2P platforms have been folding one by one and they can just disappear leaving the investors with nothing. You have invested in 15 platforms of which 5 are have already been exposed as frauds. Already over 30% of your loans are unrecoverable. I expect that your P2P portfolio will lose significant amount of its capital in coming years. I notice that you have been withdrawing money from P2P which is exactly what I would recommend.

    Your equity strategy seems to be to pick the stocks whose price has recently dropped the most. I didn’t find a thesis to back up the claim of cheapness nor calculations to show it. This scares me. If you are doing this with small amounts of money as a hobby it is nice and fine, otherwise I recommend a more structured and calculated strategy.

    Your rental business seems most solid by far of your investments. Over 70% of the cash flow already comes from this source. If I was you I might focus there. For obvious reasons landlords that I know prefer to stay close to their real estate either living near or visiting often. I recommend that you do the same if rents are to be a main income stream for you. In this case living in Portugal may not be possible and you should study real estate maintenance, law and such.

    Your strategy of high risks for high returns appears not to match your life situation as a family man with kids. I believe that you hold decent cash reserves for living and schools if you have to wait long for the high returns.

    Good luck

      1. David, almost all affiliate income disappeared after Kuetzal and Envestio turned out to be scams. People lost trust in the sector, myself included.

          1. I am withdrawing from some platforms. On others I reinvest. You can see all my transactions on the investment history page.

  3. Hey Jørgen,

    Interesting to see you invested in Aurora Cannabis. Recent news doesn’t look to good on the company. You still think they will bounce back? Got some shares in them as well, but it looks bad.

    1. I think there’s a good chance that it will bounce into the upcoming election. Maybe not a lot but hopefully enough to make it a profitable swing trade.

    1. If something is free, you are the product. While it’s free to trade, Trading212 has a built in mark-up on EUR/USD conversions, which is considerably higher than DeGiro’s. So for me, Trading212 is not any cheaper than DeGiro.

  4. Hello Jorgen,

    I have been following your journey since September 2019.
    This was one of the first blogs I have read regarding p2p investments and I was amazed with all the information you are providing. You are doing a good
    jod keeping us up to date every month. I decided to write this because I keep feeling frustrated about some things:
    I see that you have tried to diversify a lot with p2p platforms (which is a good thing) but to me it feels that you keep making decisions based on high reward and keep forgetting about safety. I believe the greater the reward the greater the risk and that’s why you have lost so much capital. Basically you have invested a total of 244k of which 65k (Envestio, Kuetzal and Grupeer) is completely lost (thats a loss of 26.7%), if you add Wisefund that goes up to a loss of 34% (!). Of your other investments you have Crowdestor (a platform I would never deposit any money) with 83k (!) thats almost 50% of your remaining p2p capital. Add to that Mintos in which you have loans of 17% which are very very high risk, basically you have 161k left of capital of which 83k (Crowdestor) and 20k (Mintos) 103k out of 161k that is 64% invested in extremely risky loans.
    I just can’t understand why do you keep investing in such risky p2p positions after losing all this huge huge amount of capital in the first place? With high risk comes high rewards or high loses.
    In my mind p2p investments seem riskier than other forms of investments (municipal bonds, safe-large companies corporate bonds, ETFs, mutual funds, real estate as the two properties you own, S&P 500 dividend stocks) and I consider a 10-12% return from p2p a more secure and healthier return rate. Anything above that and certainly anything above 15% feels junk to me.
    If I were you I would start immediately withdrawing funds from Crowdestor and start investing them in other platforms (why do you have only 10k invested in Robocash for instance?). Also I would try to keep my expectations – interest rates lower in order to have safer/stronger positions (as much as this is possible with p2p).
    Sorry if I am making you unconfortable but I couldn’t restrain myself from writing all this to you. I hope you take all these matters I mentioned into consideration.

    Good luck,

    Steve

    1. Hi Steve,

      Thanks for your observations, I appreciate your input! When shit hits the fan it’s always too late to act. That goes for all investments, stocks and crowdlending alike. In such cases, withdrawing options are very limited.

      I wouldn’t say that I keep investing in risky P2P positions. If you look at my investment history you’ll see that I haven’t made any deposits to P2P platforms in 2020, except for a small amount to PeerBerry, which is my children’s savings account. I’ve made adjustments in 2020 to make my P2P portfolio a bit more safe. On Mintos for example, I only reinvest in A-B rated loan originators. In 2019 I had a lot of exposure to B- rated loan originators, I don’t invest in those anymore. Some A rated loan originators offered more than 17% in April/May. Those loans are now listed at 12-13%, even though they are the same loans with the same risk. So you cannot evaluate risk from interest rate alone.

      I only have 10k in Robocash because that was the maximum amount allowed until recently.

  5. Hi Jørgen!

    I’ve been following your journey for a while now and has been very helpful. I’m venturing on p2p myself and your experience has been very enlightening to me, thanks!

    I have one ask: Is it possible for you to share the spreadsheet you use to create those charts? Just the template of course, no need for all values. I’m looking for a way to record my investments and returns and yours seem very complete and comprehensible in that aspect!

    1. Hi Marcelo,
      Thanks for following my journey! I will email you a tool you can use for your portfolio. It’s not the exact spreadsheet I use myself, but I believe the version I’m sending you is a better template than my own.

  6. Hi Jørgen,

    Thanks for all the data shared from your portfolio and your monthly updates. Much appreciated!

    What’s your main reasons for a relatively lower share of stocks compared to your overall total funds in crowdlending? What is it that you specifically like THAT much more about crowdlending compared to individual stocks? (or a 100% stock index for instance)

    Joachim Max
    Copenhagen, Denmark

    1. Hi Joachim,
      I started with crowdlending platforms in 2015. At that time I thought the markets were too high and I decided to wait for a major correction. That correction came in the spring which is why I’m also exposed to stocks now.

      What I like about crowdlending is the monthly cash flow which, under normal market conditions, is quite predictable. No speculation is needed to figure out whether it’s a good time to buy or sell. Crowdlending platforms like Mintos, PeerBerry, Swaper and Robocash are just easier and a more passive approach than stock picking. World Index ETF’s are also an option but the cash flow generated from them is much smaller, while of course, it’s a safer option.

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