I last did a portfolio review in early November, and there have been enough changes since then that I thought I’d go through my holdings again.
The composition of my portfolio feels quite good at the moment, and I haven’t felt the need to reduce or sell anything. On the other hand, there aren’t any specific holdings I’d want to add to more than others. I have a decent amount of all the stocks in my portfolio—meaning no “mini-slices”—and no single holding represents an especially large portion.
Last time there were fifteen rows, and now there are thirteen.
- Marimekko left my portfolio; a great company with great management, but at the time of sale, I thought the stock was expensive and didn’t see much upside. Then Konecranes left my portfolio, which also gave me good returns, but I felt the stock was expensive and didn’t see more upside… rather downside risk, though after I sold, the stock actually rose quite well. I also sold my shares in the highly risky Optomed because I saw significantly more risks than opportunities—even though if everything goes perfectly and ideally, there is plenty of upside.
- LeadDesk entered my portfolio, now making up over five percent of it. I’ve owned it before, so it’s a familiar company. I see upside in the stock, driven by good products in a growing market and the groundwork previously laid. My detailed investment thesis can be found here.
EQUITY ACCOUNT
Fortum is a bit of a bedrock. A company that has a knack for surprising negatively, but I find the company itself and its foundations to be quite credible.
PayPal is easy in one way and difficult in another. Cheap or “cheap”. I’ve heard many good arguments for why it won’t succeed in the future. Others say that all the horror scenarios are already priced into the stock and the company is quite good + the stock is cheap.
Lindex, because Lindex. It’s not as attractive as it was before, but on the other hand, it’s lower risk than before, and I can’t find a good justification to sell it yet.
Nordea has constantly surprised me positively, and the pieces are in place. Safe and steady progress, one of the strongest in its sector, as long as they don’t mess up or some unexpected banking crisis occurs.
KH Group is still cheap. The company’s sectors have possibly bottomed out, and overall the stock was beaten down way too low… well, it’s still too low. New developments and new strategies bring extra momentum for growth.
Boreo… the numbers have been disappointments, but the company is being built on a very strong foundation for the long term. The management is convincing, as are their own holdings in the company. The CEO is very impressive; it’s worth watching the CEO ROAST and this interview I did.
Siili has caused disappointments with its numbers and performance. As an IT services company, it belongs to the group whose customers and “sectors” aren’t so hot (=cool). I see the company as fundamentally good, and with the significant price drop, the valuation is moderate. I assume that Siili’s customers’ business has also bottomed out and the direction is more likely upwards.
Scanfil is a company I have immense trust in, and thus also in its operations. The company takes stylish and moderate steps. The management and their holdings are convincing; I interviewed the company’s CEO. A plus is the excellent Director of Investor Relations and Communications, @Pasi_Hiedanpaa. 
Gofore is a joy to own for many reasons, but the employees there are satisfied and competent. The company’s performance is staggering, and I admire the company’s communication and openness regarding things like risks. The much-praised IR lead @Emmi_Berlin1 has received accolades for good reason, and I’ve interviewed her too.
Valmet ex-Neles, i.e., the Flow Control business, brings security. The company is open to development, and I’ve heard many good things from the company’s employees; additionally, students have been hyping this firm, which is a good sign.
Neste is a Hyzon substitute. Well, maybe not; I probably bought it at a high price, but the stock feels cheap now—on the other hand, it might just be “cheap,” and the company’s main operations might be perceived as a sunset industry in the near future. Either way, the company has performed strongly and is seen as one that can identify risks and look to the future, just like… Hyzon. 
EQUITY SAVINGS ACCOUNT
Otherwise the same as the Equity Account, with these exceptions:
Qt Group Plc is a good investment, especially if you want to reward the management. There is still enormous growth potential here and there, e.g., in profitability and the “multi-product company” model. The company and its products and services just need to remain attractive in the future—nothing more than that. 
LeadDesk and the reasoning are up above, where I mentioned the new additions.
CRYPTO PORTFOLIO
Cryptos represent less than one percent of my debt-free assets.
PYN ELITE
I’ve put in 14,000 euros, and the value is currently hovering around 13,000 euros.
APARTMENT
About 70 percent tied up in debt-free assets.
OTHER RAMBLINGS
I am a beginner-level investor, meaning there is a lot to learn in the basics taught in places like Inderes’ Investment and Analysis Schools.
I’ve had more good luck than bad. In recent months, my portfolio has risen a lot, and I am no longer in the red for my entire investment history.
I have two jobs that I work as much as possible; additionally, I’ve always had a very high savings rate relative to my income throughout my life, and I’m engaged in the investment world in various ways for several hours a day, especially on my days off. 
I also shared some of my thoughts in the FIRE thread.
I think that as an old man, I’ll have a few million in wealth, and I don’t think I’ll regret having done a lot of what I like and lived the way I wanted. If I start a family, priorities will change, and then there will be a few million less.
I’m not a great investor, and if I were only after returns, certain low-cost index funds and ETFs would very likely be the best solution.
One can be ahead of the index for five or ten years, but how things go over decades—that’s a whole different story.
Thanks to everyone for the encouragement and for your high-quality, content-rich, and value-adding investment posts!
