What do you have in your portfolio?

[Sukulaku]

There are great listings and informative breakdowns of people’s portfolios here! I could try to make a similar one - especially since I’ve managed to advance the portfolio to be more in line with the “strategy”.

Roughly, I have stocks - funds 60-40%, and I continuously save into funds, but I put extra money into an OST, and for Nordnet’s AOT, I buy small batches of US stocks on Black Fridays. Let’s see if I even bother to highlight funds and small slices of US stocks in the portfolio.

Currently in the main portfolio on OST:
Scanfil
Lapwall
Noho Partners
Capman
Gofore
UPM
Neste
QT
Sampo
Cibus (Sweden)
Nilörngruppen (Sweden)
Evolution (Sweden)
Novo Nordisk (Denmark)

I’m happy that I’ve managed to trim some of the excess. The number of foreign holdings is too high, especially Cibus, which pays a lot of dividends, so I aim to divest it from the OST at some point.

[Seuraaja1]

A couple of years since the last update. In good times, offshoots and peculiar plays emerge, and then in turbulence, the portfolio looks as it should. Right now, it looks good to my eye. Mandatum has been heavily leveraged towards a record dividend; with its base weighting, it then settles into 2nd place.

[antti314]

Here is a pie chart of my actual stock portfolio (at today’s prices):

In the long run, the goal is to streamline the portfolio so that the smallest positions are not quite so small. I started investing in direct stocks late last year (except for PDX, which I bought semi-seriously soon after its IPO, and Nordea shares, some of which I received as a gift as a child).

In addition to these, at least ten other securities have easily appeared in the portfolio during the last 6 months, but we are in profit.

However, this picture is not the whole truth. The stock portfolio has been built mostly with money I obtained by selling bank funds, into which I had previously saved monthly for over 10 years. In addition, I have ETFs, into which I started investing more regularly over a year ago (however, into a DAX-ETF for almost 10 years already), as well as various Nordnet and Seligson fund holdings from the past 10-20 years. The whole truth in all its stark reality looks like this (something might still be missing from this too):

Regarding these bank funds, I’m a bit trapped; I don’t want to sell more because I don’t want to unnecessarily pay tax on the profits, but the returns aren’t optimal due to the fees. However, due to tax implications, a vastly better place should be found for the money. DB’s ESG equity fund has, however, invested in sensible securities (MSFT, Amazon, Adyen, Mercado Libre etc.), and I have happily kept my hands off those same stocks in terms of direct investments that I already own through the funds. So even though my actively managed portfolio is Finland-weighted, my entire investment wealth is truly diversified.

I don’t quite remember why I started monthly saving specifically into the DAX-ETF and Spiltan’s Investmentbolag fund back then. I opened an account with Nordnet specifically to buy Paradox, and although Paradox’s return has been quite modest in absolute terms, opening the Nordnet account and monthly saving into these two has, however, been profitable.

[Ellu1]

With a portfolio like this to face the disappointments brought by Trump.
I have tried to increase cash by selling off Mandatum last week, as I no longer believed I would get a greater return from them even though the dividend was good, Rheinmetall, bought at the beginning of the year, for the same reason, and today I lightened my position in Renk as it had risen 30% in the portfolio. I don’t know if it was a bad decision, as it’s rising immensely, but I’m trying to learn to realize profits more appropriately, and I see great hype in the defense industry, along with risks in stock price fluctuations.
However, I believe defense industry stocks will be “winners” in the next 10 years, so I’m looking for other European companies in the sector when buying opportunities arise.
I managed to sell all USA-weighted funds early in the year before larger declines, but the purchase of Investor was poorly timed just before tariff decisions. It’s going to be a long-term hold, so it doesn’t matter how poorly it was timed.

I bought Fortum during the discounts from Russia’s war of aggression and have enjoyed a good dividend, and I believe the dividend will continue to be at least reasonable.
I bought Tieto at the same time and also enjoyed dividends from it, but the stock price has taken a severe hit.
I added to it a few times but it’s still heavily in the red (-26%).
Nvidia and Berkshire are new in the portfolio, which I picked when their prices were “attractive”. Nvidia is perhaps more of a lottery ticket, but Berkshire is for a longer hold.
I bought Outokumpu after Germany’s announcement of a new defense package, hoping that infrastructure would be invested in. It’s a small position, so we’ll see how the conclusions play out.
Everyone can probably guess what happened to the last two stocks…

Next, I’m trying to find buying opportunities in the biggest US tech giants. Most likely Microsoft.
And I’m also interested in oil companies, which could be “winners” as a result of a potential larger conflict, although who can even be a winner in such a situation.

I have about five years of investment “career” behind me, so there’s still plenty to learn. After the first couple of years, I swore I’d switch to indexes, but the last couple of years have gone very well, so I’ll just let it roll.
I thought about investing my student loan in the S&P 500, but Trump’s policies make me wonder if it’s worth it…

[xlat]

Harvia’s strong daily rise increased its weight somewhat (and at the same time decreased the weight of cash, even though the amount of cash did not change). I sold Vaisala, and the portfolio is still very concentrated. In the future, the intention is to clearly improve diversification from this point.

[Kaapo1]

The portfolio went through a small change during Nordnet’s crazy days when orders could be placed for a couple of euros per piece on the Helsinki Stock Exchange.

eQ and UPM left the portfolio, and Sampo, Manta, Evli, Puuilo, and Nordea received small additions. The intention is to slightly reduce the number of stocks in the portfolio, and there has already been a change from 15 to 11. At some point, I think I will divest from Texas Instruments, and after that, I will focus on adding to current holdings.

[Osinkobodari]

The portfolio has undergone some changes again. The portfolio is still six-figure. Dividends are also pouring in, which is good.

Sampo 16.4%
Elisa 12.5%
Siili 10.3%
Talenom 7.9%
Enento 7.1%
Pepsico 5.8%
Huhtamäki 5.6%
Tieto 5.5%
Fortum 5.4%
Revenio 5.0%
Mandatum 4.9%
Orion 4.4%
Nike 4.2%
Nokian Tyres 3.9%

Removed from the portfolio: Detection, UPM, QT. Talenom has been added as a new one.

[kesseli]

This kind of cheeky student portfolio, cash now almost 0%. However, on Monday, I’m starting summer work for the whole summer, from which almost everything is intended to be put into the portfolio. Alibaba and Harvia are on my mind as additions. In the autumn, also the maximum student loan, of course, into the portfolio.

[Torniojaws]

There’s been a little life again with Trump’s surprises (too). The biggest difference is the removal of Runway Growth and Arbor Realty from the portfolio, in exchange for different alternatives in the form of Capital Southwest and EPR Properties. Of course, both were a relatively small percentage of the portfolio, so no huge change in the big picture. The diamond is constantly being polished

	Stock	Distribution		Comments
	PennantPark Investment	14.97 %		Steady, reliable monthly dividends for a long time
	FS KKR Capital	13.86 %		Still the portfolio’s highest absolute sum of dividend yields, quarterly dividends
	Fortum	12.80 %		The electricity hedge has paid off. Amusingly, among all the US stocks, Fortum has generated the most money :o
	Hercules Capital	12.46 %		Muscles shine and money rolls in every quarter at a fast pace
	Realty Income	9.82 %		Boring is good, and there’s a lot of good here every month!
	CION Investment	7.83 %		At one point even among the largest in the portfolio, but purchases have been slightly slowed down so that the risk doesn’t grow too much
	Neonode	6.93 %		The legal case against Samsung is brewing nicely and the news is still good. Waiting for October!
	Altria Group	6.43 %		ESG pays off, no just kidding. Everyone has their vices, but for me, it rains quarterly
	Ares Capital	5.44 %		Very reliable returns, waiting for future planned additional purchases to reach the target distribution. Quarterly dividends
	EPR Properties	3.68 %		Newcomer from the resort side. Highly praised and at least the start has been good. Monthly dividends from ski slopes uh, I mean real ones
	Capital Southwest	3.50 %		Another new opening a bit in advance, also a strong start right away. Quarterly dividends.
	Mandatum	2.27 %		A bit like diversification, but I’m still thinking a bit about how to play it

	Fund	Distribution	Comments
	Handelsbanken USA Index	100.00 %	A few indexes included, as a Mag7 substitute, but the start has been sluggish with a -4% return so far

Coloring by industry as determined by AI BDCs in dark blue, REITs yellow, energy green (of course ), tech purple ( ), consumers red (uhh ), and insurance brown ()

[Tuokki]

Thanks for the good and clear portfolio breakdown. How do you acquire those BDCs etc., as many are in the “closed end fund” category in at least Nordnet and Mandatum services?

[Torniojaws]

Most of them are from the time before Nordnet’s solo act regarding those, so they are in Nordnet. They did not demand selling them off(*), but only additional purchases have been blocked. I make current additions in OP.

(*) - which is, in my opinion, a strong indication that it’s not actually a requirement, but Nordnet just wants to save on its costs, which arranging a KID (key information document) per instrument would require. With other brokers, this has not been a problem, and BDCs can be bought like any other normal shares.

[AlterEgo]

You can find a list there of what works and what doesn’t in Nordnet, i.e., experiences so far:

BDC (Business Development Company) yhtiöt

[Tuokki]

I’ll probably have to open a new third AOT at Osuuspankki. Mandatum doesn’t allow buying those either.

[Lynx31]

Many are available for purchase through Nordea, and there have been no issues.

[lehtis]

BTC 75%
ETH 13.5%
SUI 11.5%

If you don’t dare to buy BTC now, you never will. Let’s see where the big money goes. The goal is to get rid of ETH and SUI positions within a year.

[Kulumarauta]

It’s time for the semi-annual review again! I was surprised by how many changes have occurred in half a year, even though it feels like I’m not doing anything and sitting on my hands (as it should be). Hopefully, there will be even fewer changes in the next half-year.

Fodelia, Canatu, Marimekko, and Applied Materials have left the portfolio. I aim to keep the entry screen for my portfolio strict and the number of positions small. I didn’t feel like buying more of these, so out they went. You don’t get rich with small positions. Additionally, the S&P500 healthcare index has left. I realized that an aging population doesn’t automatically benefit the largest holdings in this sector; rather, there might be a couple of variables, so to speak, that I don’t have the ability to anticipate.

During the April dip, I learned that it’s always good to have cash. Therefore, a cash line has been added to the portfolio, cash reserved for taking advantage of dips. In the long term, the equity weighting will remain 100%.

Harvia has been added to the portfolio as a new entry. Growth, megatrends, good margins, and good return on equity. Rarely available. Let’s see if the position grows further.

In the ETF sector, a view has been taken by adding a touch of the defense sector. This has performed reasonably well. I need to consider whether to realize profits from this, as I’m not good at holding thematic ETFs and can no longer say if its momentum is growing. On the other hand, the diversification benefit and “insurance feature” still exist.

Semiconductors have now been included via an ETF; my view on this is strong, and I expect strong growth towards the end of the decade.

In the usual style, over half of the portfolio is protected from my own follies in index funds. The OP-Maailma-indeksi (OP World Index) has been added there; I’m testing how much I can accumulate into the world index pot through micro-saving during the year. Additionally, the Europe index, my own pessimism regarding companies in this continent has faded away.

[unfathomed]

My investment philosophy centers on investing in companies with wide moats and high barriers to entry. My goal is to find companies that can maintain and grow their market position over the long term. My criteria are as follows:

1. Growing revenues and cash flow: I look for companies that demonstrate continuous growth in revenue and free cash flow.

2. Strong management that creates shareholder value: I favor companies whose management allocates capital efficiently and creates sustainable value.

3. No share dilution or excessive stock-based compensation: I avoid companies that diminish shareholder value through excessive share issuances or unreasonable compensation.

4. High barriers to entry: I choose companies with strong competitive advantages, such as technological lead, network effects, or brand power.

S&P Global (SPGI)

S&P Global is a leading provider of financial data and analytics, known particularly for its credit ratings, market indices (such as the S&P 500), and extensive data service offerings. The company holds a strong position in global markets, as its services are critical for banks, investors, and businesses. S&P Global benefits from high barriers to entry because the reliability of its data and its brand are unparalleled in the industry. The company has demonstrated steady revenue and cash flow growth, and its management is committed to creating shareholder value.

American Express (AXP)

American Express is a global payment services company that focuses on the premium customer segment. It distinguishes itself from competitors with its strong brand and loyal customer base, which values the exclusive benefits offered by the company. The company has high barriers to entry due to network effects and brand power. Management is known for disciplined capital management, which supports long-term value creation.

MSCI

MSCI is a leading provider of indices, analytics, and ESG (Environmental, Social, and Governance) solutions. The company serves institutional investors, such as pension funds and asset managers, by providing tools to support investment decisions. MSCI’s business is highly scalable, and its indices, such as MSCI World, are industry standards, creating a strong competitive advantage. The company has consistently grown its revenue and cash flow, and its management has demonstrated the ability to create shareholder value. A Q1 2025 customer retention rate of 95.3% indicates that it is not easy to disengage from the company’s products.

Evolution (EVO)

Evolution is a market leader in the development and provision of live casino games for online gaming platforms. The company has revolutionized casino gaming with its technological expertise and innovative game concepts. Evolution’s strength lies in its technological lead and brand power, which make it the industry’s top player. The company has high barriers to entry because its game selection (Crazy Time, Lightning Roulette, etc.) is particularly difficult to replicate. Evolution has rapidly grown its revenues and cash flow, and management focuses on sustainable value creation. Recently, Kenneth Dart has purchased shares in the company and currently owns over 15% of the company. I believe Dart will emphasize shareholder value creation even more.

Taiwan Semiconductor Manufacturing Company (TSM)

TSM is the world’s leading semiconductor manufacturer, producing microchips for most technology companies, including Apple and Nvidia. The company holds a unique market position, as it is technologically ahead of its competitors and has the capacity to meet global demand. TSM’s competitive advantage lies in its scale and continuous investment in research and development. The company has steadily grown its revenue and cash flow, and its management is committed to creating shareholder value for shareholders. Large investments in the United States mitigate geopolitical risks.

Booking Holdings (BKNG)

Booking Holdings is a leading online travel booking service that operates brands such as Booking.com and Priceline, among many others. The company benefits from network effects, as its platform connects millions of travelers and service providers worldwide. Booking Holdings has high barriers to entry due to its extensive network and brand recognition. The company has demonstrated strong revenue and cash flow growth, and its management is known for efficient capital allocation. Share buybacks are executed as much as possible.

MercadoLibre (MELI)

MercadoLibre is Latin America’s leading e-commerce and fintech company, often referred to as the “Amazon of the region.” It operates a marketplace, a payment platform (Mercado Pago), and a logistics network. The company has a strong competitive advantage due to its regional presence and network effects. MercadoLibre has rapidly grown its revenue and cash flow as e-commerce and digital payments become more widespread in Latin America. Management has demonstrated the ability to innovate and create shareholder value.

Alibaba (BABA)

Alibaba is China’s leading e-commerce and cloud services company, operating platforms such as Taobao and Tmall, as well as the cloud service Alibaba Cloud. The company holds a strong position in the Chinese market, and its network effects and infrastructure create high barriers to entry. Alibaba has grown its revenues and cash flow, despite facing regulatory challenges. The company’s management is committed to long-term growth and shareholder value creation. The Cloud segment has good guidance for 2025. I believe I will sell about half of this position later this year, as it is significantly overweight.

The following companies are on my watchlist: $NOW, $CRM, $V, $MA, $APH $MSFT $GOOG $MCO.

[elakkeelle35v]

Omaa salkkukatsausta taas pukkaa, viimeisestä onkin jo yli vuosi. Edellinen oli 12.04.2024 ja nyt siis salkkukatsaus 29.05.2025 salkun arvoilla. Ensimmäistä kertaa mennään yli 900 000 euron rajan salkkujen arvossa ja lisäsin loppuun myös palkkatulojeni kehityksen.

AOT Nordnetissa (29.05.2025):

OST Nordnetissa (29.05.2025):

Osingot Nordnetissa (29.05.2025):

Tapahtumia ja näkemyksiä viimeisen n. vuoden ajalta:

Salkku on pärjännyt kokonaisuudessaan melko lailla samaa tahtia kuin vertailuindeksi OMXHGI. OST 12kk tuotto +1,77 % ja AOT +8,02 %. OST pärjännyt tällä kertaa huonommin kuin AOT kun viimeksi oli toisinpäin.

Yllättävän paljon taas ollut myynti- ja ostotapahtumia viim. vuoden aikana: 105 kpl. Olen kyllä hieman normaalia enemmän kevennellyt ja veivaillut positioita, vaikka edelleenkin päästrategia on perinteinen “osta ja pidä” ja osinkopuolueen jäsenyys. Mutta laskeskelin, että keventelyillä ja lyhyen aikavälin veivailuilla tein viim. 12kk aikana n. 20 000e voittoa, joista vähän yli puolet selittää Wärtsilän ja Konecranesin keventelyt, jotka olivat pitkällä aikavälillä kasvaneet vähän turhan suureksi salkussani kurssinousun myötä, joten pienet keventelyt olivat paikallaan. Paljon on ollut myös kaikenlaisia pienempiä lyhyemmän aikavälin myyntejä, joista kertynyt myös myyntivoittoja: mm. Stora, Kalmar, Terveystalo ja Treasury bondin myynti.

Viimeisen 12kk aikana olen ostanut pitkällä tähtäimellä näitä:

• Aktia OST
• Evli OST
• Neste OST
• UPM OST
• Scanfil OST
• Orthex AOT+OST
• Taaleri AOT+OST
• Target AOT
• Stora AOT
• Pfizer AOT
• Huhtamäki AOT
• Kojamo AOT
• TietoEvry AOT
• Fortum AOT
• Puuilo AOT

Keventelyjä tein näihin:

• Scanfil OST
• Konecranes OST+AOT
• Valmet OST+AOT
• Fortum OST
• Wärtsilä OST+AOT

Veivailut lyhyellä tähtäimellä:

• Tokmanni, Evli, Stora, Aktia, Anora, Kalmar, Nokian Renkaat

Puhtaat myynnit pois salkusta kun näkemys muuttunut:

• Kamux
• Terveystalo

Myynneistä siis keventelin hieman joitain isoja positioita, joita tuli ostettua ehkä aikoinaan liikaakin, mm. KC, Valmet, Wärtsilä, Fortum, Scanfil. Kamuxit onneksi sain myytyä OST:ltä pois aika lailla +/-0 tuotolla kesällä 2024 - tämä oli ehkä yksi parhaista vedoista, koska AOT:n puolelle Kamux valitettavasti jäi ja siellä se on yksi suurimmista kurapositioista. OST:n puolella olisi kyllä ottanut päähän, jos Kamuxit olisi sinne jääneet, koska ei siellä myyntitappioita voi mitenkään edes verotuksessa vähentää.

Kamuxit myyn kyllä joskus AOT:lta pois ja siitä tulee mukavat myyntitappiot (luokkaa 20ke), mutta vähän auki vielä milloin ja mihin hintaan - onko järkeä enää odottaa parempia aikoja, koska ainakin itselläni usko on mennyt täysin ko. firmaan jo aikoja sitten. Kukapa olisi uskonut, että tuosta tulee Intrumin tasoiset tappiot. Kekkonen sanoisi “saatanan tunarit” kun ei noin yksinkertaista businesta osata hoitaa kunnolla. Pajuharjulle sanoisin kiitos ja näkemiin - tulos tai ulos.

Terveystalosta tuli myös ihan ok voitot - saatan vielä joskus sitäkin ostaa takaisin, jos halvalla saa, mutta se ei ole kyllä kovin mieluisa yhtiö itselleni poliittisten riskien takia. Nesteen ostot OST:lle ovat myös menneet ajoituksellisesti pieleen, mutta sen suhteen en ole kyllä luovuttanut vielä, tosin en enää lisääkään osta.

Korkopuolella olen pitänyt kiinni kaikista muista korkosijoituksista paitsi “iShares $ Treasury Bond 20+yr” olen myynyt pois ihan hyvällä voitolla - ja hyvä niin. En tuohon kyllä enää koske Trumpin aikana. Trumpin tulli-sekoilujen pahimpaan aikaan ostin dipistä aika lailla pohjilta vähän sitä sun tätä osaketta ja sain joitain pikavoittojakin kun joissain osakkeissa päiväliikkeet olivat luokkaa +/-10%. Jos Trump tarjoilee lisää dippejä, tulen hyödyntämään niitä jatkossakin. Vaikka Trump onkin täysi mielipuoli ja pilannut jenkkien maineen joksikin aikaa, en usko että hän pystyy koko järjestelmää täysin romuttamaan ja ehkä tuurilla voi tästä jotain hyvääkin seurata pitkällä aikavälillä.

Kojamoa ostelin aika monta kertaa laskeviin kursseihin ja se on tuottanut ihan hyvin tähän mennessä. Olen sitä kevennellyt jo hieman ottaen myyntivoittoja kotiin, mutta annan sen olla salkussa kyllä vielä jonkin aikaa kunnes asuntomarkkinan tilanne tästä selvästi paranee. Kojamon lasken ihan puhtaasti asuntosijoitukseksi vaikka se osakepaperi onkin: en aio fyysisiä asuntoja varmaan koskaan ostaa ja vuokrata, ja asuntorahastot kierrän myös kyllä kaukaa, mutta Kojamo on tähän mielestäni ihan hyvä likvidi instrumentti, jos haluaa ottaa jotain näkymystä Suomen asuntomarkkinaan. Mieluummin ostan asuntoja tämä kautta alennettuun hintaan kuin ottaisin isoa riskiä ja lainaa yksittäisillä asunnoilla.

Suurin osa tämän vuoden osingoista on jo tullut, mutta loppuvuonna tilille tippuu vielä jotain. Tällä hetkellä käteisen määrä Nordnetissa on hyvin vähissä, eli melkein kaikki on osakkeissa ja korkorahastoissa kiinni. Uutta rahaa laitoin Nordnettiin edellisen salkkukatsauksen jälkeen näköjään vain n. 18 000 e ja siihen päälle tulleet osingot kaiketi luokkaa n. 30 000 e, eli melkein 50 000e lisää rahaa tullut salkkuun sitten viimeisen salkkukatsauksen, loput on sitten arvonnousua. Collectorin säästötilillä itselläni odottaa 40 000 euron sotakassa.

Osakesalkkujeni (AOT + OST) yhteenlaskettu markkina-arvo on nyt pysytellyt hieman 900 000 euron rajan yläpuolella ollen tänään 914 979 e, tosin pitää ottaa huomioon, että lasken tähän nyt mukaan myös korkorahastot Nordnetissa, joita on nyt hieman yli 160 000 euroa. Noin 17 % salkun arvosta on nyt koroissa, joka kuulostaa minulle edelleen oikein järkevältä tällä hetkellä. Pyrin pitämään tämän edelleen n. 10-20 % tuntumassa niin kauan kun koroista saa järkevää tuottoa. Lisää korkoja en kuitenkaan enää osta, koska paras hetki meni jo.

Korkoja on nyt karkeasti:

• 40ke käteinen Collector bankin säästötilillä 3,25 % korolla (laskee kesäkuussa 2,75 %)
• 113ke lyhyissä koroissa Evli Likvidi B, n. 2,99 % YTM (vuosi sitten oli 4,8 % YTM)
• 47ke semi-pitkissä koroissa Eur Corporate Bond, n. 3,2% YTM (vrt vuosi sitten 3,7% YTM) + positiivinen vipu, jos korot laskevat

Korot ovat aika paljon laskeneet sitten viime salkkukatsauksen, esim. Evli Likvidi B:n YTM tippunut 4,8 % → 2,99 % ja varmaan tulee laskemaan vielä tuosta. Parhammillaan viime vuosina YTM taisi olla Evli Likvidi B:ssä 5,04 % ja Vanguardin Corporate bondissa 4,24 %. Omat korkosijoitukseni olen tehnyt mielestäni aika optimaaliseen aikaan ja tuotto/riski on ollut todella hyvä. Vuotuinen tuotto Evli likvidissä ollut itselläni 4,6 % ja Corporate Bondissa 6,6 %. Korkorahastojen myyntejä olen harkinnut, mutta osakkeista en löydä mitään niin houkuttelevaa ostettavaa, että saisin noin isot summat lapioitua osakemarkkinoille. Mikäli YTM pysyy jossain 3% pinnassa niin taidan vain istua käsieni päällä vielä jonkin aikaa korkojen kanssa. Kamuxin tulevia myyntitappioita ajattelin kuitata ehkä sitten joskus myymällä korkorahastoja ensi vuoden puolella.

Salkun kurssikehityksen sijasta seuraan isommalla mielenkiinnolla osinkojen kehitystä, johon voin kurssikäyrää enemmän vaikuttaa ostamalla lisää kasvavaa osinkoja maksavia firmoja. Osinkoja viime vuodelle tuli 32 614 e bruttona (26 001 eur nettona). Nordnet laskee Treasury Bondin ulos maksaman korkotuoton osinkona, koska teknisesti se oli osinkoa, mutta itse lasken sen kyllä korkotuloihin, siitä siis johtuu ero Nordnetin ja omian laskujeni välillä osingoissa. Osinkovirtaa tälle vuodelle pitäisi tulla n. 34 862 euroa bruttona (27 909 eur nettona). Korkotuloja tuli viime vuonna paljon odotettua enemmän: itse arvioin alunperin luokkaa 7000 - 9000 e, mutta korkorahastot kehittyivät paljon paremmin ja korkotuloja tulikin vähän yli 13 000e (sis. säästötilien korot ja korkorahastojen tuotto/arvonnousu 2024 vuonna). Eli yhteensä passiivista tuloa tuli viime vuonna bruttona 45 945 e (sis. osingot ja korot). Tänä vuonna tuskin noin paljon tulee korkotuloja, mutta osingot + korot ovat tänä vuonna myös melko varmasti lähemmäs 42 000 euroa bruttona. Seuraava tavoite voisi olla vaikka saada osinkotuloja yli 30 000 eur nettona, joka voisi olla saavutettu ehkä parin vuoden päästä. Olisihan se myös kiva nähdä yli miljoonan euron arvoinen salkku, mutta siihen en voi oikein itse niin vaikuttaa kun markkinaliikkeet ovat mitä ovat, eikä tuo tavoite edes oikein tunnu enää miltään…

Mitä sitten teen loppuvuoden? Riippuu paljon varmaan Trumpin sekoiluista, tuleeko hyviä ostopaikkoja. Mikäli markkinat ovat seesteiset, kasvatan varmaan sotakassaa Collectorin säästötilille kohti 70 000 euroa, jota isommaksi en sitä ajatellut kasvattaa. Sijoittelen sitten samalla myös tulleita osinkoja tehden pieniä lisäyksiä nykyisiin positioihin. Olen muutoin ihan tyytyväinen nykyiseen salkkuun, paitsi Kamuxista haluaisin tosiaan eroon. Joitain positioita haluaisin myös ihan vähän keventää, mutta parempaan hintaan (Citycon, Neste, Pfizer, Telia, Tieto) - näiden kanssa minulla ei ole mitään kiirettä, joten odottelen parempia paikkoja kevennellä. Mitään ostoslistaa en ole vielä tehnyt, mitä ostaisin, jos tulisi laskumarkkina. Jos korot tuosta vielä paljon laskevat niin korkorahastojen myyntejä pitänee miettiä, milloin se olisi järkevää - en tosin usko, että tämän vuoden puolella teen niille mitään, mutta ehkä ensi vuonna. Jos jotain isoa romahdusta tulee, alan pikkuhiljaa likvidoimaan Evli likvidi B:tä ja siirrän siitä rahaa osakkeisiin ja ehkä johonkin indeksi ETF:ään.

Nyt yritän lähinnä nauttia kesästä ja olla vilkuilematta osakkeita kesän ajan.

Alla vielä perinteisesti salkun, osinkojen ja korkotulojen kehitys alusta asti:

Salkun markkina-arvon kehitys:
01.03.2011: 0 e
01.04.2011: 21 000 e
01.12.2011: 40 000 e
01.01.2012: 50 000 e
01.12.2012: 74 000 e
01.04.2014: 100 000 e
01.12.2014: 140 000 e
01.11.2015: 174 000 e
01.08.2016: 211 000 e
01.12.2016: 256 000 e
01.12.2017: 308 000 e
01.12.2018: 330 000 e
23.03.2019: 355 833 e
28.11.2020: 503 148 e
01.01.2021: 502 015 e
02.07.2021: 601 904 e
31.12.2021: 609 729 e
04.06.2022: 596 525 e
31.12.2022: 593 880 e
04.08.2023: 627 523 e
02.12.2023: 731 735 e
12.04.2024: 803 420 e
29.05.2025: 914 979 e

Osinkojen kehitys bruttona:
2011: 1370 e
2012: 3170 e
2013: 3770 e
2014: 4270 e
2015: 6450 e
2016: 9320 e
2017: 11 260 e
2018: 13 920 e
2019: 17 150 e
2020: 17 600 e
2021: 22 650 e
2022: 27 740 e
2023: 31 477 e
2024: 32 614 e
2025: 34 862 e (ennuste)

Korkotulojen kehitys bruttona:
2011: 434 e
2012: 149 e
2013: 161 e
2014: 0 e
2015: 0 e
2016: 0 e
2017: 732 e
2018: 773 e
2019: 402 e
2020: 461 e
2021: 553 e
2022: 832 e
2023: 4725 e
2024: 13331 e
2025: 6000 - 8000 e (ennuste)

Uutena lisäsin alle myös palkkatulojeni kehityksen, koska nämä tiedot sai näkyviin Ilmarisen työeläkeotteesta niin helposti. Tämä on siis vuosipalkka bruttona työstä, ei sis. pääomatuloja. Sisältää siis ennakonpidätyksen alaisen palkkatulon sisältäen kaikki etuudet kuten puhelin, lounarit jne. verotettavat tulot. Kokonaissumma saadusta palkkatulosta 2024 vuoteen asti on yht. 870 890 €:
2005: 6 240 €/vuosi
2006: 6 500 €/vuosi
2007: 6 254 €/vuosi
2008: 6 146 €/vuosi
2009: 8 335 €/vuosi
2010: 8 666 €/vuosi
2011: 12 984 €/vuosi
2012: 25 023 €/vuosi (vakituinen työ alkoi, tätä ennen kesätöitä ja osa-aikaista)
2013: 42 322 €/vuosi
2014: 47 369 €/vuosi
2015: 48 367 €/vuosi
2016: 48 643 €/vuosi
2017: 51 154 €/vuosi
2018: 53 286 €/vuosi
2019: 61 964 €/vuosi
2020: 64 155 €/vuosi
2021: 65 238 €/vuosi
2022: 71 009 €/vuosi
2023: 70 981 €/vuosi
2024: 74 254 €/vuosi
2025: 76 000 €/vuosi (ennuste)
2026: 77 500 €/vuosi (ennuste)

[Kettu12]

Every time I see the name of this thread, it comes to my mind to answer the question in the title honestly. What do I have in my portfolio? - Losses, a hell of a lot of losses.

[Verneri_Pulkkinen]

Let’s revisit the portfolio after a long time. It includes all listed stocks except Inderes. In practice, these are on most accounts, but I usually look at things as a whole pie chart. There’s quite a bit of change from last time, as I’ve familiarized myself with the offerings of the German stock exchange. My initial reaction to the trade war also caused a significant churn in the portfolio, where some stocks flew out, and some flew back in from the other side of the house a moment later as the situation became slightly less worrying.

As an aside. I’ve colored the slices according to the companies’ own brand colors. One could do a small color analysis from this, noting that various shades of green have become common as company brand colors.

The stock portfolio evolves with my taste and according to what the stock exchanges have to offer. My basic idea in investing has long been the same: to buy stocks below their fair value.

The current environment is nice in the sense that after years of beating, not much is expected from Finnish or many other small-cap companies globally. Some portfolio companies are currently performing poorly, but in layman’s terms, quite a few companies are trading at roughly P/E 10-15x normalized earnings, slightly below or above.

I most enjoy digging for stocks where other investors aren’t looking. Small-cap companies have many hazardous cases and their own risks, but nowadays, they aren’t paid much for either. If or when there’s a slight improvement in the European economy, it should benefit many companies. The prolonged recession-like state in Finland and Europe is partly structural, but also partly cyclical. And this has made small-cap companies, in particular, look worse than they actually are. I have tried to capitalize on this mispricing in recent years.

After the fruitful lesson from Boreo, I have also sharpened my strategy to avoid indebted companies. As a rule, all companies indeed have strong balance sheets. That warms my heart, because if difficult times continue, one doesn’t want to look at terribly shabby balance sheets. At worst, it increases the risk of a share issue.

The portfolio’s performance this year has been okay. +7% year-to-date, although this is a relatively short timeframe to look at things. The peak in 2021 was so high that the portfolio hasn’t reached it yet. On the other hand, I am satisfied with the development in the sense that despite catastrophes like Boreo and Kamux, the portfolio has recovered somewhat since 2022, whereas the Helsinki stock exchange has tumbled to new lows. However, the long-term return has been good and speaks to the fact that the processes, thoughts, and deliberations refined over the years before pressing the buy and sell buttons have continuously developed despite constant fumbling. And fumbling will surely continue, it’s part of the game. But one can at least try to curb its amount by avoiding the worst pitfalls.

There’s a good amount of cash. Cash is an option to buy stocks now or later. I’ve been enthusiastically sifting through companies all over Europe. That German market, in particular, is like Hesuli squared, and now Nordnet has also opened up French and other markets. I spend a much larger part of my free time on stocks than before, and new ideas are constantly maturing. More than before, after initial research and quick checks on a company, I try to spend time on its comparables. All companies believe they are always leaders in their field, and it’s strangely enlightening to read the same arguments from a company’s comparables as to why they are leaders. This brings more perspectives on the quality and situation of companies. For example, before buying Incap, I went through Note and Kitron (Note is also very interesting), but still concluded that Incap is one of the best in its peer group, plus it’s more affordably priced. Or, regarding q.beyond, I went through a bunch of other German IT service companies, in addition to keeping an eye on the Finnish IT sector and a bit of Sweden. Well, q.beyond isn’t the best of the bunch, but it’s affordably priced if the profitability turnaround succeeds. The company’s robust net cash and its own data center are also an interesting card.

GESCO was also not included in the last review, so it deserves a brief mention. It’s a multi-industry laggard that has been bogged down in restructuring for years, of which there are quite a few in Germany. The company’s largest business is the tool steel wholesaler Doerrenberg, which is quite cold due to the German economy’s hangover. But the German economy is unlikely to shrink forever, especially with a stimulus package being rolled out. In addition, the company’s new management is focused on improving profitability. A change in management, share buybacks, debt repayments, divestments, and a focus on profitability are usually a classically good combination. Time will tell how well this combo works in this case, but when you can get this junk pile at 0.7x book value (the company has managed an average ROCE of about 10% over the last 7 years, and even more in good times), it’s unlikely to go completely wrong. However, one probably doesn’t want to own something like this forever, unless it gets Swedish management and goes down the path of a Swedish serial acquirer.

And I still ask. Why take the risk of AI disruption if you can own a piece of this. Look at this beauty.

@Zen65

Shouldn’t the portfolio be bravely put on Shareville too Apparently, it was removed at some point. It’s a bit strange that no analyst is there, except maybe one… They analyze, but don’t invest themselves

The OST (Investment Savings Account) was there for a long time, but I removed it because now I practically have stocks in three accounts, and it doesn’t represent the holdings that well.