https://www.valued.com/blog Two articles a month for investors in funds, start-ups, real estate and securities: what moved, how the rules work, and how a portfolio stays legible. en Sun, 18 Oct 2026 09:15:27 GMT https://www.valued.com/blog/valued-datev-documents-to-tax-adviser https://www.valued.com/blog/valued-datev-documents-to-tax-adviser Sun, 18 Oct 2026 09:15:27 GMT Valued sends your documents to your adviser's DATEV mandate, first by DATEV Upload Mail, then by API, and logs each transmission. The tax assessment stays with the adviser. https://www.valued.com/blog/third-quarter-2026-what-moved https://www.valued.com/blog/third-quarter-2026-what-moved Thu, 01 Oct 2026 07:00:00 GMT Shares ended the quarter about where they began. Yields did not: the ten-year Bund rose from 2.93 to 3.64 per cent, and the ECB and the Fed both raised rates. https://www.valued.com/blog/ask-your-portfolio-valued-connector https://www.valued.com/blog/ask-your-portfolio-valued-connector Thu, 17 Sep 2026 07:00:00 GMT From today ChatGPT can read the workspace you choose in Valued and cite the page behind each answer. It cannot change, upload, delete or send anything. https://www.valued.com/blog/tax-year-per-depot-reading-the-bank-statement https://www.valued.com/blog/tax-year-per-depot-reading-the-bank-statement Thu, 03 Sep 2026 07:00:00 GMT Each German bank withholds tax as if it were your only bank. With several depots that costs money until Anlage KAP and a loss certificate put it right. https://www.valued.com/blog/fund-admin-portals-vs-your-own-record https://www.valued.com/blog/fund-admin-portals-vs-your-own-record Thu, 20 Aug 2026 07:00:00 GMT A fund portal shows one fund as its manager sees it. Total unfunded commitment, your own euro cash flows and your returns exist only in a record you keep. https://www.valued.com/blog/rental-yield-gross-net-and-what-is-left https://www.valued.com/blog/rental-yield-gross-net-and-what-is-left Thu, 06 Aug 2026 07:00:00 GMT A flat listed at 4.1 per cent gross yields about 3.0 per cent net on the full purchase cost and, with a loan at 3.8 per cent, about 2.5 per cent on equity. https://www.valued.com/blog/commitment-pacing-how-many-funds https://www.valued.com/blog/commitment-pacing-how-many-funds Thu, 16 Jul 2026 07:00:00 GMT To hold EUR 1 million in private funds you commit roughly EUR 200,000 every year, not EUR 1 million once. A simple model shows why and what it costs in cash. https://www.valued.com/blog/first-half-2026-in-review https://www.valued.com/blog/first-half-2026-in-review Thu, 02 Jul 2026 07:00:00 GMT An oil shock, the first ECB rate rise since 2023 and a stronger dollar. US shares gained 9.6 per cent in dollars, about 13 in euros; the DAX about 2. https://www.valued.com/blog/ai-assistants-and-your-financial-data https://www.valued.com/blog/ai-assistants-and-your-financial-data Thu, 18 Jun 2026 07:00:00 GMT What happens to a document in a chatbot depends on the plan, not the model: consumer terms may keep and train on it, commercial terms usually exclude that. https://www.valued.com/blog/club-deals-and-spvs-what-you-own https://www.valued.com/blog/club-deals-and-spvs-what-you-own Thu, 04 Jun 2026 07:00:00 GMT In an SPV you own a share of the vehicle, not of the company. Information rights, votes, fees, carry and tax papers sit there. Record both layers. https://www.valued.com/blog/succession-making-a-portfolio-legible https://www.valued.com/blog/succession-making-a-portfolio-legible Thu, 21 May 2026 07:00:00 GMT Heirs have six weeks to decide and three months to notify the tax office. Without a record of commitments, stakes, loans and documents they decide blind. https://www.valued.com/blog/currency-effects-usd-funds-euro-investor https://www.valued.com/blog/currency-effects-usd-funds-euro-investor Thu, 07 May 2026 07:00:00 GMT Each call and distribution converts at the rate of its value date, so your euro IRR differs from the fund's. Hedging is not realistic; holding dollars is. https://www.valued.com/blog/irr-tvpi-dpi-which-number-to-trust https://www.valued.com/blog/irr-tvpi-dpi-which-number-to-trust Thu, 16 Apr 2026 07:00:00 GMT DPI is cash, TVPI adds the manager's estimate, IRR adds timing and can be moved by a credit line. Which of the three leads depends on the fund's age. https://www.valued.com/blog/one-year-after-liberation-day https://www.valued.com/blog/one-year-after-liberation-day Thu, 02 Apr 2026 07:00:00 GMT A year on, the S&P 500 is up 16 per cent in dollars and 8 per cent in euros. The lasting cost of the tariff shock for euro investors was the currency. https://www.valued.com/blog/private-and-public-markets-one-portfolio https://www.valued.com/blog/private-and-public-markets-one-portfolio Thu, 19 Mar 2026 07:00:00 GMT Private holdings are equity risk reported with a delay. Their share should follow from the liquidity you need, not from a promised illiquidity premium. https://www.valued.com/blog/j-curve-and-vintage-diversification https://www.valued.com/blog/j-curve-and-vintage-diversification Thu, 05 Mar 2026 07:00:00 GMT A fund's first three years show fees and cost, not quality. A private LP gains more from committing steadily across vintages than from picking funds. https://www.valued.com/blog/down-rounds-liquidation-preferences https://www.valued.com/blog/down-rounds-liquidation-preferences Thu, 19 Feb 2026 07:00:00 GMT In a modest exit, a 1x non-participating preference moves money from ordinary shareholders to later investors. A worked example with the waterfall. https://www.valued.com/blog/what-ai-can-read-in-a-capital-call https://www.valued.com/blog/what-ai-can-read-in-a-capital-call Thu, 05 Feb 2026 07:00:00 GMT Language models read clean capital calls well. They fail on scans, netted amounts, recallable distributions and fees outside the commitment. https://www.valued.com/blog/rebalancing-with-illiquid-assets https://www.valued.com/blog/rebalancing-with-illiquid-assets Thu, 22 Jan 2026 07:00:00 GMT With illiquid holdings you rebalance with flows, not sales: wide target ranges, new commitments and distributions as levers, the liquid part last. https://www.valued.com/blog/vorabpauschale-2026 https://www.valued.com/blog/vorabpauschale-2026 Thu, 08 Jan 2026 07:00:00 GMT For 2025 the Vorabpauschale is 1.771% of a fund's value at the start of 2025. On EUR 100,000 in an equity ETF that is up to EUR 327 in tax. https://www.valued.com/blog/2025-in-review-private-investors https://www.valued.com/blog/2025-in-review-private-investors Thu, 18 Dec 2025 07:00:00 GMT For a euro investor the dollar's 12% fall outweighed the April tariff crash. The S&P 500 gained about 16% in dollars and about 2% in euros. https://www.valued.com/blog/fixed-rate-period-ends-refinancing-plan https://www.valued.com/blog/fixed-rate-period-ends-refinancing-plan Thu, 04 Dec 2025 07:00:00 GMT When a 2016 loan at 1.9% rolls over at about 3.6%, the instalment can stay the same while repayment halves. Run four numbers before you sign. https://www.valued.com/blog/how-to-read-a-quarterly-fund-report https://www.valued.com/blog/how-to-read-a-quarterly-fund-report Thu, 20 Nov 2025 07:00:00 GMT Start with the capital account statement, not the letter. Reconcile paid-in, distributions and NAV with your own record, then read the rest. https://www.valued.com/blog/year-end-tax-checklist-germany-2025 https://www.valued.com/blog/year-end-tax-checklist-germany-2025 Thu, 06 Nov 2025 07:00:00 GMT The only hard deadline is 15 December 2025 for the loss certificate. The rest is checking loss pots, exemption orders and the papers for funds and stakes. https://www.valued.com/blog/portfolio-software-compared https://www.valued.com/blog/portfolio-software-compared Thu, 23 Oct 2025 07:00:00 GMT Trackers suit a depot, institutional platforms suit an office with staff, cap-table tools serve the company. What decides is where your data comes from. https://www.valued.com/blog/ai-concentration-how-much-ai-do-you-own https://www.valued.com/blog/ai-concentration-how-much-ai-do-you-own Thu, 09 Oct 2025 07:00:00 GMT Count AI across the world ETF, the venture funds and the angel stakes and it can be four times what you thought. The sum matters more than a bubble call. https://www.valued.com/blog/family-office-wealth-manager-or-diy https://www.valued.com/blog/family-office-wealth-manager-or-diy Thu, 18 Sep 2025 07:00:00 GMT An own family office costs about 0.4 per cent of assets a year and pays from nine figures up. Below that, buy services and keep the overview yourself. https://www.valued.com/blog/gold-record-high-role-in-portfolio https://www.valued.com/blog/gold-record-high-role-in-portfolio Thu, 04 Sep 2025 07:00:00 GMT Gold hit USD 3,526 on 2 September 2025. Beside funds and stakes it is a small liquid reserve, and in Germany the wrapper decides the tax. https://www.valued.com/blog/convertible-loans-what-you-own-before-conversion https://www.valued.com/blog/convertible-loans-what-you-own-before-conversion Thu, 21 Aug 2025 07:00:00 GMT Before conversion a convertible loan is a subordinated claim, not a stake. How cap and discount set the number of shares, with the German form and tax points. https://www.valued.com/blog/secondaries-selling-a-fund-stake https://www.valued.com/blog/secondaries-selling-a-fund-stake Thu, 07 Aug 2025 07:00:00 GMT Secondaries hit a record USD 103 billion in H1 2025 at 90% of NAV on average. A small private LP can sell too, but with GP consent and at a steeper discount. https://www.valued.com/blog/eltif-2-private-markets-for-private-investors https://www.valued.com/blog/eltif-2-private-markets-for-private-investors Thu, 17 Jul 2025 07:00:00 GMT ELTIF 2.0 removed the EUR 10,000 minimum and allows redemptions. It differs from a fund commitment in calls, liquidity and cost, and suits smaller sums. https://www.valued.com/blog/first-half-2025-weak-dollar-euro-investors https://www.valued.com/blog/first-half-2025-weak-dollar-euro-investors Thu, 03 Jul 2025 07:00:00 GMT The S&P 500 rose 5.5% in dollars in the first half of 2025 and fell 6.5% in euros, because the dollar lost 11%. What that means for depots and USD funds. https://www.valued.com/blog/ecb-rate-cut-follow-on-financing https://www.valued.com/blog/ecb-rate-cut-follow-on-financing Thu, 19 Jun 2025 07:00:00 GMT Mortgage rates follow ten-year Bund yields, not the ECB. What owners whose fixed rate ends in 2026 or 2027 can do now, with a worked example. https://www.valued.com/blog/dpi-distribution-drought https://www.valued.com/blog/dpi-distribution-drought Thu, 05 Jun 2025 07:00:00 GMT Buyout funds distribute about 11 per cent of NAV a year, down from 29. DPI shows what came back in cash, and a private LP should plan with the lower rate. https://www.valued.com/blog/planning-liquidity-for-capital-calls https://www.valued.com/blog/planning-liquidity-for-capital-calls Thu, 22 May 2025 07:00:00 GMT Hold a stressed twelve months of expected calls in cash, the following year in short maturities, and cover the rest with listed assets counted at a discount. https://www.valued.com/blog/german-coalition-agreement-investors https://www.valued.com/blog/german-coalition-agreement-investors Thu, 08 May 2025 07:00:00 GMT Corporate tax falls from 2028, venture programmes grow, a child pension depot is planned for 2026. Capital gains tax is not mentioned. Nothing is law yet. https://www.valued.com/blog/when-the-spreadsheet-stops-working https://www.valued.com/blog/when-the-spreadsheet-stops-working Thu, 24 Apr 2025 07:00:00 GMT A spreadsheet is enough for a few funds in one currency. It has stopped working when nobody can state the unfunded commitment or trace a figure to its document. https://www.valued.com/blog/tariff-shock-denominator-effect https://www.valued.com/blog/tariff-shock-denominator-effect Thu, 10 Apr 2025 07:00:00 GMT When shares fall 12 per cent in four days, the private share of a portfolio rises without a purchase. The ratio matters less than the cash for the next calls.