What do you have in your portfolio?

[irtoamispaiva]

Portfolio Report - Q2 - 2025

Introduction to the Report

Hi there!

I follow the development of my portfolio, established about five years ago, on a quarterly basis in a slightly more thoroughly written format. The content of a piece intended as a forum post can easily become a superficial scratch of the surface or a couple of sentences of shouting, which is why I aim to delve as deeply as possible into my own thoughts and topics of interest alongside the portfolio review. This helps me, and hopefully others too, to develop as an investor and find new perspectives on old ideas.

As a stock investor, I favor high-quality publicly traded companies that pay growing and sustainable dividends, broadly diversified. Preferably, a company should have a good return on equity and be financially sound. I prefer defensive businesses, and the more boring the business, the better. Of these, sustainable dividend-paying capacity is perhaps the most significant single characteristic of a publicly traded company for me.

For a long-term owner, a dividend is the only way to generate cash flow from their investment activities without unnecessary tricks. Mere price appreciation can be an uncertain return if you intend to hold, or are forced to hold, your ownership for, say, 5-10 years. In such a case, the total return of your investment is entirely at the mercy of market sentiment and the mood of other investors. This is not a researched fact, but I believe that the valuation of a non-dividend-paying public company is not as firmly anchored to any concrete fundamental, which makes such a company a more volatile investment target. The amount of a dividend paid also cannot be distorted in accounting, as the expected dividend is either paid to the account or it isn’t. Thus, there is no accounting version of dividends anywhere other than in analysts’ forecasts. This simplifies the perception of a reasonable valuation level.

Naturally, a growing dividend is a better option than one that stagnates. A company capable of growing its dividend annually is more likely doing something right regarding business growth or development, so it serves as an excellent filter when an investor tries to find promising candidates among thousands of publicly traded companies. However, a growing dividend cannot be unequivocally considered a sign of a high-quality company, just like no other single characteristic or key figure.

A good return on equity combined with a strong balance sheet may be a sign of a business generating strong cash flow. Strong cash flow, in turn, provides good prerequisites for business growth through acquisitions or other investments. Good cash flow also enables generous profit distribution if the market, according to the company’s strategy, does not currently offer clear sources of growth.

As I mentioned, I like defensive and boring companies. The revenue growth and results of these companies are not as dependent on economic cycles, which means bear markets can open up good opportunities for successful investment decisions. Boring companies typically do something that investors do not consider a very high-growth business, which keeps valuation multiples low. For these companies, future growth opportunities are underestimated, and the ingredients for growth can be found deeper than the surface. Most often, however, only in hindsight.

I also believe in the benefits of broad diversification. For me, broad diversification means owning at least 20 different companies. This eases the psychological challenges associated with investing and probably reveals the functionality of one’s own investment processes more readily from behind the veil of randomness. In my opinion, the marginal benefit of following a company is met fairly quickly, and too close monitoring can even negatively affect the outcome. However, diversification does not preclude making additional investments in the most promising targets, but rather allows for the inclusion of many different interesting cases.

I myself do not spend much time determining the fair value of companies. It is more interesting and generally more useful to examine how companies actually make their profits and what kind of products and services they truly offer. I reflect this against past and current valuation multiples, which gives me a rough idea of whether a company is undervalued or not. However, I believe that a more thorough valuation has its own benefits and certainly helps find various good investment targets that do not fall into my net. It’s about what methods help each individual find promising opportunities.

I generally focus on a company’s future opportunities and do not particularly emphasize existing risks when making company selections. I think that the essence of an investment lies precisely in opportunities, so emphasizing risks does not lead to a good outcome for me.

The mentioned characteristics are mostly features observed in hindsight, found in my own operations and portfolio. Naturally, I myself do not follow my own principles 100%, nor should one follow one’s own principles so slavishly. Locking oneself into one’s own processes and principles easily limits potential new investment targets and learning opportunities, which is not very useful for an investor. For this reason, I also do not categorize myself as an investor in any way, e.g., as a dividend investor, growth investor, etc.

Q2 - Report

Figure 1. My portfolio’s 5-year return history.

The portfolio has recovered reasonably well after the turmoil of March and April, as seen on the right side of Figure 1. The tariff panic spread from US companies to Finnish stocks as well, which offered good buying opportunities. However, a weak cash situation hindered progress. I am not yet entirely sure, however, whether long-term hoarding of cash for dips is wise. The 5-year return has been approximately 95%.

Figure 2. Portfolio holdings.

New acquisitions to the portfolio included:

• Nokian Panimo
• Nordea
• Kesko A
• Lassila & Tikanoja

I made additions to:

• Inderes
• Sampo
• Scanfil

My portfolio’s 5 largest holdings are Inderes, Viafin Service, Fortum, Marimekko, and Relais Group. Inderes’ weight in my portfolio has gradually climbed higher as the stock price continues to crawl under the pressure of a gloomy market, and Viafin’s earnings development has also been reflected in the share price. Marimekko’s and Relais’ good performance continues. I bought Fortum from the discount created by electricity price depression to yield a nice 7-9% dividend return. However, Fortum’s result has been better than expected, mainly due to an optimization premium. At a dividend yield of approximately 5%, however, I do not consider this to be at buying prices, so I have not planned any additional investments for now.

[Zoltan]

Small changes in the portfolio since March, so let’s update again.

Revenio is on standby due to possible tariffs. No one seems to know how they will ultimately turn out, as they are constantly changing. Whatever comes, the company will surely adapt to it.

I ended up selling 10% of Visa, as my faith in the dollar and the US is starting to crumble. Investment debts have now been paid off with that money, and I can calmly wait to see what exciting things happen next in the world.

I bought more Atlas Copco. I would have bought even more, but other life commitments prevented me from being at the computer on the biggest down day. Bah. Such things happen.

I don’t really know what to do at the moment, so I haven’t done anything for a couple of months. All extra money has gone into a fixed-term account for lack of a better option; at least it grows roughly as much as inflation while waiting.

[Tyhjatasku]

H1 2025 on takana ja on aika kurkistaa mitä salkussa on tapahtunut vuoden toisen kvartaalin aikana. Volatiliteetti kasvoi merkittävästi, kun Trump ilmoitti tulleista. Kasvanut epävarmuus oli hyvä hetki tehdä pieniä muutoksia salkkuun, mutta oletin epävarmuuden jatkuvan pidempään, joten tuli myytyä yhtiöitä ilman että ehdin laittaa kaiken vapautuneen käteisen takaisin markkinoille. Tästä heräsi taas kvartaalin aikana kysymys, kannattaako ajoittaminen?

Suurinta harmia salkulle on kuitenkin aiheuttanut valuutat. Euro on vahvistunut sen verran paljon dollaria vastaan, että vaikka monen yhtiön kurssit ovat palautuneet tai ovat jopa korkeammalla kuin aiemmin, niin valuutat ovat pyyhkineet pois arvonnousun. EUR/USD kehitys onkin vuoden alusta +12%. Tällaisella kehityksellä on jo merkittävä vaikutus omaan salkkuuni, kun 19% sijoituksista on USD:ssä. Ruotsin kruunun vahvistuminen euroa vastaan on myös lopahtanut ja hyötyä on tullut vain noin 2%. Odotan pitkällä ajalla, että valuuttojen vaikutus tasaantuisi, lyhyellä ajalla niiden vaikutus on lähinnä verenpainetta kohottava.

Kotimaiset yhtiöpoiminnat ovat suoriutuneet kohtalaisesti ja tuottaneet vuoden mittaan lähes indeksiä (OMXHGI25) vastaavaa tuottoa. Ulkomaiset yhtiöpoiminnat ovat puolestaan tuottaneet 0% YTD, juuri valuuttojen takia. YTD yhteensä +7,2%. Tähän ei voi olla tyytyväinen, kun Hesuli on pyyhkinyt ohi mennen tullen.

Kvartaalin aikana tuli tehtyä kohtuullisen paljon liikkeitä.
Fortnoxista julkaistiin ostotarjous, joten tästä positiosta sai tehtyä lyhyellä ajalla hyvän tuoton. Tämä oli toki yksittäinen tapaus, mutta taas heräsi ajatus, että vaikka kertoimet ovat korkeita, ei se välttämättä tarkoita, että yhtiö on kallis. Pääomistajat näkevät ilmeisesti, että yhtiössä on edelleen merkittävää arvonluontipotentiaalia.

Salkusta lähti lisäksi Alphabet ja Berkshire. Näiden yhteenlaskettu tulos oli noin +/- 0. Luin uudestaan kirjan Berkshire Beyond Buffett ja minulle tuli vahvasti sellainen tunne, että Berkshiren sisällä on paljon keskinkertaisia yhtiöitä, joilla ei minusta ole kilpailuetua. Buffett on ja tulee aina olemaan minulle roolimalli, mutta se ei tarkoita sitä, että minun on omistettava Berkshireä.

Alphabetissa tein virheen myydessäni, mutta totesin taas myytyäni, että onpa ihanaa kun ei omista yhtiöitä, joista joka päivä kirjoitetaan jotain isoja otsikoita. Se kohinan määrä, mitä pitää Alphabetin omistajan sietää on tuskallista minulle. Sama kaava toistui, kun omistin Novoa. Aina ei voi miettiä pelkästään yhtiön kilpailuetua, vaan on myös pohdittava sijoittajan kilpailuetua. Huomasin taas uuden heikkouden omassa toiminnassani ja tämä on asia mitä pitää ottaa huomioon tulevissa yhtiövalinnoissa.

Atlas Copco käväisi myös salkussani. Ongin sitä salkkuuni muutaman prosentin verran tullihermoilussa. Teesinä oli Euroopan uusi nousu ja Atlas on myös erinomainen yhtiö omalla toimialallaan. Tulin kuitenkin toisiin ajatuksiin, kun halusin vapauttaa tilaa uusille yhtiöille salkussa ja Atlasta on merkittävä määrä Investorissa, joka on valmiiksi salkun suurin omistus. Nämä ulos pienellä voitolla.

Ostin myös Norbitia ja se ehti olla salkussa pari kuukautta. Yhtiö vaikuttaa laadukkaalta yhtiöltä, joka operoi mielenkiintoisissa niche toimialoissa. Vahva suorittaminen palkittiin aika voimakkaalla kurssinousulla ja kahden kuukauden holdilla 45% tuotto sai riittää. Vaikka yhtiö vaikuttaakin laadukkaalta, niin etenkin Oceans segmentin lyhyt näkyvyys ja toimitukset puolustussektorille saivat minut hieman varovaiseksi.

Uudet positiot: Cellavision, Lagercrantz.

Cellavision: Useat sijoituskeissini etenkin medtech yhtiöihin perustuu siihen, että yhtiöllä on markkinajohtajuus omassa nichéssä. Cellavision on juuri tällainen yhtiö. Kasvu on nyt muutaman vuoden ajan jäänyt piippuun, mutta olen varovaisen positiivinen uusista tuotteista ja pienlaboratorioiden markkina voisi herättää tämän yhtiön unesta. Yhtiö on monella tapaa Ruotsin vastine Reveniolle, mutta verianalyysissä.

Lagercrantz: Ruotsissa on joukko erinomaisia sarjayhdistelijöitä ja Lagercrantz kuuluu tähän kalliiseen ja arvostettuun ryhmään. Tulli hermoilussa yhtiötä sai hieman halvemmalla, joten aloitin ostot. Lagercrantz on kiihdyttämässä yritysosto tahtiaan, koska divisioona järjestely mahdollistaa useamman yhtiön D&D ja integroimisen. Yhtiö tekee myös jatkuvaa työtä bruttokatteen parantamiseksi ja orgaaninen kasvu on lopulta taas heräilemässä.

Yhtiö fokusoi huipputeknologiaan ja kaikkeen muuhunkin hypeen, kuten esim alkuvuonna hankittu ORAX AB osoittaa. (saattaa sisältää sarkasmia)

Isossa kuvassa salkku näyttää tutulta. Lisäsin Copartia, kun tulos oli pienimuotoinen pettymys ja kurssi ollut laskussa. Ostin myös lisää: Harvia, Investor, MIPS, Shopify, Moody´s, Visa.
Arvostukset ovat koholla ja uskon sen hillitsevän suurimpia kurssinousuja lähiaikoina. Joulupukille tulen esittämään tänä vuonna sellaisen toiveen, että saisin ostaa Vaisalaa sopivaan hintaan vuoden aikana. Yhtiön tekeminen ja kehitys on yllättänyt minut positiivisesti ja samalla varmistanut sen etten ehtinyt rakentaa riittävän suurta positiota.

Viime salkkukatsauksessa nostin esille kaksi yhtiötä. Medistim ja Marimekko.

Medistim

@Tyhjatasku

Yhtiö on investoinut uusiin tuotteisiin ja kasvattanut organisaatiota tukemaan suoramyyntiä. Tämä on näkynyt kustannuksien nousuna, mutta ei vielä tuloksessa. Markkina on kuitenkin osoittanut pieniä elpymisen merkkejä korkeamman katteen tuotteille ja lisäksi yhtiön uusin laiteversio on valmis myytäväksi. Myös tiettyjä tehostamistoimenpiteitä on suoritettu. Tämä oli ilahduttavaa huomata viime kvartaalilla. Olenko minä nyt sitten varma käänteestä? En todellakaan, tämä voi olla vain yksi hitusen parempi kvartaali monen heikkenevän jälkeen. Joka tapauksessa positiivisia signaaleja on saatu kun EBIT% parani Q4-24 vs Q4-23. On siis mielenkiintoista jatkaa yhtiön omistamista ja katsotaan jatkuuko kannattavuuden parantuminen ensi kvartaalilla.

Medistim julkaisi erittäin vahvan Q1 tuloksen. Konferenssipuhelussa yhtiö jopa hillitsi sijoittajia siinä mielessä, että tämä oli poikkeuksellisen vahva kvartaali ja tällaisia tuloksia ei tulisi odottaa jatkuvasti. Yhtiö suoritti erinomaisesti jokaisella osa-alueella ja tämä luo uskoa, että yhtiön tuotteet ovat laadukkaita ja kilpailukykyisiä.
Pientä huolta minussa herää sen suhteen, että medtech toimialalla olisi ollut tietynlaista ennakoivaa kysyntää tullien takian. Sen verran voimakkaita tuloksia nähtiin Q1:lla. Toimialan yhtiöt kuitenkin puhuivat laajasti kysynnän normalisoitumisesta, joten tulee olemaan mielenkiintoista nähdä miten käy Q2 tuloksien.

Marimekko
Marimekko puolestaan petti omat odotukseni, mutta ylitti hitusen markkinan odotukset. Marimekon tulos vaihtelee toki merkittävästi sen mukaan mille kvartaalille suuremmat tukkutoimitukset ajoittuvat ja tämä tekee kvartaalien välisestä vertailusta hankalaa, mielekkäämpää on siksi tarkastella koko vuoden tulosta. Odotin kuitenkin vahvempaa tulosta Aasiasta, kun uusia liikkeitä ollaan sinne ahkerasti avaamassa. Tätä tulee monitoroida.

Tällä kertaa ajattelin nostaa esille Dynavox nimisen yhtiön.
Dynavox spinnattiin Tobii nimisestä yhtiöstä vuonna 2022, hetken se oli pörssissä nimellä Tobii Dynavox, mutta nykyisin vain Dynavox Group.
Dynavox mahdollistaa kommunikoinnin henkilöille, jotka eivät pysty kommunikoimaan oman äänen avulla, tai tarvitsevat tähän apua. Yhtiö on markkinajohtaja alallaan ja ilmeisesti ainoa, joka tarjoaa kokonaisvaltaisen ratkaisun. Yhtiö myy niin softaa kuin apuvälineitä mm liikkumiseen. Tuotteita myydään 65 maassa ja yhtiöllä on 500 kumppania julkisella ja yksityisellä puolella.
Markkina, jossa yhtiö toimii, on alipalveltu. Yhtiön mukaan vain 2% henkilöistä, joilla vuosittain todetaan kommunikointi hankaluuksia, saavat siihen tarvittavaa apua. Yhtiön tuotteet myydään loppukäyttäjälle lääkäreiden kautta, joten yhtenä tärkeimpänä asiana on, että yhtiö kasvattaa tietoisuutta alan ammattilaisten seurassa. Pörssihistoria omana yhtiönä on ollut toistaiseksi menestys.

Hyvään kehitykseen on syynsä, liikevaihto on kasvanut voimakkaasti ja kannattavuus niin ikään.

Q1 liikevaihto kasvoi peräti 36% ja EBIT 38%. Ilman kertaluonteisia kustannuksia EBIT marginaali olisi parantunut 7,6% → 11,3% verrattuna vuodentakaiseen ensimmäiseen kvartaaliin. Odotan, että EBIT liikkuisi 15% tasolle pitkällä ajalla.
Näin voimakas kasvu herättää minussa aina huolta ja olenkin maltillisen skeptinen sille, että markkina ottaisi Q2 tuloksen yhtä innokkaasti vastaan.
Tässä yhtiössä kiehtoo iso palvelematon markkina ja voimakas kasvu, ilmeisesti hyvät tuotteet, jotka ovat korvauksien piirissä monella markkinalla. Ehkä isoin kysymysmerkki minulle on se, että miten markkina houkuttelee kilpailijoita. Yhtiöllä ei ole mielestäni erittäin vahvoja kilpailuetuja, vaan kilpailutekijät ovat omasta mielestäni yhteistyöt ja kokonaisratkaisu.

Yhtiön mielestä heidän rakentamat verkostot asiakkaiden rahoituksen turvaamiseksi on kilpailuetu. Kun asiakkaiden mahdollisuus ostaa yhtiön tuotteita ja palveluita on sidottu tukiin, on myös huomattava se riski, että yhtiöllä voi olla vaikeaa nostaa hintoja. Toistaiseksi bruttomarginaalia on kuitenkin suojeltu hyvin ja se on nousemassa kohti 70%.
Yhtiön ympärillä on myös riittänyt spekulaatiota siitä, että yhtiö ostettaisiin pois pörssistä. Korkea arvostus on nyt varmasti este tälle.

Salkku

Olen edelleen tyytyväinen salkun läpivalaisuun. Omistamani yhtiöt ovat hyvin kannattavia ja tuottavat vahvasti sijoitetulle pääomalle. Arvostustasot ovat korkeita.
Toisaalta kun mietitään arvostuskertoimia niin näitä pitäisi suhteuttaa kasvuun. Sir Chris Hohn nosti esille erinomaisen asian Moody´sista hiljattain julkaistussa haastattelussa. Moody´s on viimeisen sadan vuoden aikana kasvanut keskimäärin 10% vuodessa ja sen kasvua on aina aliarvioitu. Tällaisista yhtiöistä voi maksaa korkeampaa hintaa, mutta tärkeää on pitää mielessä, että tällaiset yhtiöt ovat erittäin harvinaisia ja kasvu voi loppua seinään. Olenkin varma, että moni salkkuyhtiöistäni ovat lakanneet olemasta seuraavan sadan vuoden aikana, mutta en ikävä kyllä tiedä mitkä niistä. John Wanamaker tunnetusti sanoi ”I know half my advertising budget is wasted; the trouble is I don´t know which half”. Tämä pätee myös sijoittamiseen.

Tästä anekdoottina päästäänkin siihen, että sijoittajan on hankala tietää mitkä yhtiöt tulevat olemaan ne salkun parhaat. Havahdun usein siihen, että pienet positioni suoriutuvat erinomaisesti, kun taas suuret ja omasta mielestäni ”varmat” positiot tuottavat keskinkertaisesti. Oma päätelmäni on se, että on paljon asioita, joita emme sijoittajana tiedä ja pysty kontrolloimaan. Siksi tietynlainen nöyryys on hyväksi ja minun on hyvä pitää salkussa noin 25 yhtiötä. Sillä tavoin saan mukaan myös sellaisia yhtiöitä, jotka tuntuvat hyviltä sijoituksilta, mutta eivät mahtuisi millään salkkuuni, jos minun pitäisi valita vain 5-10 yhtiötä. Tämä lisää optionaalisuutta sen suhteen, että voin vain hävitä 100%, mutta jokin pienemmistä positioista voi kasvaa merkittäväksi positioksi.

Edelleen salkussa on vähän odotteleva tunnelma. Harva omistamisen arvoinen yhtiö näyttää mielestäni houkuttelevalta juuri nyt. Ideoita on ollut vähä heikosti ja pari ideaa ehti karata käsistä…(Nexstim). Tulee olemaan jännittävää seurata miten yhtiöt ovat pärjänneet valuuttojen kanssa, kun Q2 tulokset julkaistaan. Aika monella omistamallani yhtiöllä on paljon myyntiä dollareissa.

Salkussa on 22 yhtiötä. Kolme paikkaa on auki, mutta näillä kertoimilla tuntuu vaikealta lisätä yhtiöitä. Näissä tunnelmissa kohti Q2 raportteja.

Hyvää kesää kaikille!

[Ponnahduslauta]

Perhaps I could update the portfolio’s contents, and at the same time (again) try to become more active in writing, since I spend a lot of time reading content. That would surely also improve my own company monitoring.

From largest to smallest (without listing individual ETFs, whose share I aim to increase somewhat further). In itself, percentages don’t have great significance, because (being lazy) I haven’t developed a proper investment strategy, but rather bought “random” amounts based on a) available money and b) gut feeling.

In the name of transparency, I must mention that I have also received some shares as gifts from older generations (which also originally got me interested in investing). This is because, if the reader is interested in what I myself have ended up buying, and not what others have decided for me. However, I have since familiarized myself with these companies and made the decision myself to keep them in the portfolio at least for now, partly also because I believe my relatives are better investors than me.

1. Various ETFs - 20.1% - Monthly savings go into ETFs, at least for now.
2. Kesko, 15.4% - All of these were received as gifts, a mix of A and B series. I probably wouldn’t want the weighting to be any larger than this, even though I have a pretty good overall feeling about Kesko’s operations. So, I haven’t bought more myself.
3. Konecranes, 9.0 % - All of these were also received as gifts.
4. Sampo, 7.9% - A (very small) part of these was received as a gift. As an If client myself, I have always been satisfied; in my opinion, operations have run smoothly, and the insurance business “should” be mathematically profitable. Everyone surely knows Sampo, so there’s no need to explain further.
5. Nordea, 7.7% - Finland’s best bank stock. Probably falls into the same category as Sampo in that it doesn’t need explaining.
6. Neste, 6.9% - Some were received as gifts, but I myself bought a good amount for under ten euros. Although climate policy globally is very variable, I believe there will be enough demand for Neste’s products in the future, and the share price shouldn’t be as low as it was.
7. Relais, 6.7% - A sector whose demand will certainly not decrease, and a stock that many, for some reason, don’t seem to know. Strong performance for some time now, and in my opinion, a low valuation. It will be interesting to see how the upcoming CEO change works out, and if there will be changes afterwards. I haven’t hesitated to add more of this.
8. Mandatum, 5.8% - I bought it around the time of the split, but honestly, I don’t quite understand the company well enough. Perhaps I should spend more time getting to know it. Thus, for me, it’s a generally perceived “safe” lottery ticket. At least the famous dividend is coming, even though I don’t want to join the dividend party.
9. Terveystalo, 4.7% - I acquired this around the time of the last elections, and I’ve considered adding more. However, I haven’t yet had time to update my knowledge on the latest topics in social and health care (sote) policy. However, there is demand for healthcare in this country, and I don’t believe in the current regional social and health care (sote) model in the long run unless changes occur.
10. Valmet, 4.4% - These were received as gifts. It has shown consistently solid performance during the time I’ve been an owner.
11. Revenio, 4.3% - Some were received as gifts, but I bought more myself. I myself have had the opportunity to witness the ease of use of Revenio’s devices multiple times.
12. Admicom, 3.1% - I bought this some time ago, back when my investment decisions were much less well-justified. It will probably be sold soon. I don’t know the industry very well, and the experiences I’ve heard about the software are not such that I could rely on them in the long term. I should also reduce the number of holdings anyway.
13. Nightingale Health, 3.1% - I myself underwent Nightingale’s tests through occupational health, and I liked the reports I received. Some deals have been published recently; hopefully, more will come. I am considering adding more.

I would indeed like to reduce the number of holdings. I probably need to draw up a proper investment plan.

[Nalle2]

WISE (35.8%)
Core holding, strong view that it has the potential to 10x in ten years. The size of the position reflects this view - I’ve been adding to it with every paycheck for two years now. As a customer for 10 years, I’ve followed how the product and service have developed into excellent ones. Scalable business, good culture, and an excellent founder-CEO. The company also just announced it will move its primary listing from London to New York by Q2/2026.

HOOD (14.3%)
I bought Robinhood in the spring with two theses: 1) The market is not pricing Robinhood correctly as it chugs along towards an international all-in-one finance platform. 2) The company provides sensible exposure to the crypto market. Now, after a +100% price increase, I still don’t feel that the stock has been loaded with excessively high expectations - my gut feeling says this is at least a 120 billion-dollar company. I will calmly observe the Robinhood banking launch in the autumn and re-evaluate after that.

EVO (11.1%)
A quality company that prints cash flow. Regulatory risks and growing competition threaten, but at these prices, a lot of bad news is already baked into the stock.

MEKKO (10.0%)
A trusted brand and a national icon. For years, dividends have been put back into Marimekko in the form of various products. I’ve been involved more with emotion than reason for a long time.

CROX (8.4%)
I believe in Crocs’ second coming. With these numbers, it even looks too cheap to be true; it would be a miracle if a PE firm doesn’t buy it off the stock market. During the spring, I’ve done my part and bought seven pairs of Crocs (including some Marimekko Crocs ) from their online store - most of them as gifts.

TOKMAN (8.0%)
A classic speculative stock for me for a long time. Buy from the earnings report dip and sell before the next earnings report. This generated good returns during the COVID era, with a “Mr. Tokmanni” painting in the office to remind me

NESTE (6.2%)
For me, a classic few-week swing trade gone wrong. The position was in the portfolio for a long time, among the worst losses of my career. Brainless average price reduction and recent rally have brought it almost to break-even

LVMH (MC) (6.2%)
Luxury and pricing power. No strong personal thesis, bought when it was strongly recommended.

I aim to keep the number of positions in my portfolio between 5-10; any more than that, and in my book, it would be the same as switching to an index investor

[Odetus]

Summer portfolio update. The content has changed somewhat from the previous one. The number of Finnish stocks has decreased, and, surprise, surprise, the portfolio value has risen significantly. There’s no point in banging one’s head against a brick wall trying to scrape by with Finnish companies when things are going better elsewhere.

The portfolio has risen by approximately 50% from its April lows, especially thanks to Blacksky (+253%) and Intrum (+182%). I expect both to at least double within the next year or two. Blacksky manufactures and operates imaging/spy/reconnaissance satellites. Everyone knows Intrum.

Recent additions Intellego Tech and Verve are up +30% and +20% in 8 and 6 days, respectively. It’s a shame that the positions are so small. I don’t understand Intellego’s operations enough to dare to add more at this point, but the numbers are impressive. I will add more Verve when possible.

I have added Evo on dips. I consider it an investment comparable to big tobacco companies, where funds and ESG-minded investors discriminate against the company due to its industry. However, the company prints money, buys back its own shares, and distributes a generous dividend. My position is at a 22.5% loss (-6065€) with an average cost of 1030 SEK, but my faith in the company is strong. The industry is growing, and this is its best company.

Nordea, Puuilo, and Valmet. Nordea is a buy-and-forget for dividend yield. Puuilo has performed really well, and the position is up +120% + dividends. Valmet has been a disappointment in recent years, but it’s worth buying engineering companies during a downturn. One just needs to be patient. The company is, however, one of the global market leaders in its field.

I bought Lindex due to Stockmann’s divestment. Waiting can sometimes be long. I haven’t yet decided whether to sell the shares afterward or hold them. It depends a lot on how Lindex performs. If they can get back on a growth path + operational efficiency from the sheet metal hall, then it can stay in the portfolio.

CD Projekt Red. I’m a Witcher fanboy, which is why I bought the stock back in the day. Before Cyberpunk’s release, the stock rose to absolutely ridiculous levels, from which it then came down 80%. I expect a similar overreaction when Witcher 4 is released, at which point I will sell the shares.

The smallest position in the portfolio is Neste, which is shown in blue in the picture, but the text has somehow been left out. I just sold a larger portion of it from my taxable investment account (AOT) at about a 45% loss (-5000e). Another batch of 5000, currently at a loss (-55%), remained in my tax-deferred investment account (OST). I bought it on the recommendation of analysts and added more on dips many times. Once again, the best time to buy would have been when the analysts told me to sell. So ironic.

[Suppilovahvero]

Probably not many are interested in such a hobbyist-tinkerer-beginner’s portfolio under 10,000€, but I’ll open it up here anyway. Today marks exactly three years since I started this hobby

INDEXES.

Their share is still too small, 39%. The goal is to raise these to at least 50% of the entire set, preferably even more. 50€/month goes into all three. Once I pay off that car loan, I will probably also start an Asia index for diversification. It is too Europe-heavy.

A quick word about each.

Name Current Return Share of Portfolio

OP- FINLAND +13% 14%
Surprisingly, the much-maligned Helsinki Stock Exchange is in the lead. Depends, of course, when one started. But good this way. Acceptable.

OP- NORDICS +4% 14%
This lives and breathes according to Novo. Denmark’s and Novo’s share is absolutely insane. Stupid, but what can you do.

OP- EUROPE +2% 11%
In the spring, I sold off the Americas and exchanged them for this and the defense sector for a very strong matter of principle. As long as that one lunatic is messing around there, I won’t put my money there.

STOCKS

SAAB +38% 15%
Yes, it’s good and satisfying to invest in defense. The company is also doing excellently. If they could still sell a couple of submarines and twenty fighter jets, oh my goodness. I should realize a little profit and lighten up. Since I’m greedy, I haven’t done so yet. And the alarm bells aren’t ringing regarding selling.

FODELIA +27% 14%
Nice to own. I believe there’s still a lot of growth potential. Hopefully, it will expand to the Nordics as well. If not, then more contracts in Finland, tack. I still haven’t ordered the company’s products for my own use as an emergency supply in the fridge. Maybe I’ll get around to it this year. At least I’ve kept my ‘standard of living’ belly in presentable condition with Oikia Chips.

KONGSBERG GRUPPEN +8% 9%
Same tune as with Saab. And there’s nothing wrong with the outlook either.

KEMPOWER -30% 8%
I’m probably one of the most Kempo-faithful on the forum. Been so throughout my three-year “career”. My faith in the company hasn’t wavered once, but the share price development has just been painful to watch. This was at its best 50 percent of the portfolio, now eight. It will turn out well as the months and years roll by. That’s for sure.

FARON ±0% 6%
Everyone knows what it’s about. All or nothing. Waiting for the day when I upgrade my Saab with a Mitsubishi turbo and program it so I can burn rubber. I’ll shout obscenities from the windows at passers-by and quit my job and get rid of the rat race. I won’t greet anyone anymore and I’ll enjoy listening to the poor whine.

ASSA ABLOY ±0% 5%
My latest purchase. For diversification. No big expectations, hopefully moderate growth.

NORDEA +8% 4%
Boomer. Diversification and some tens in dividends. You have to have a little of this.

The biggest changes were the sales of the America Index and Duolingo, for the aforementioned reasons. I put this money into Saab, Kongsberg, and the Europe Index. I realized some profits from Kongsberg and diversified them into Abloy.

Likewise, I’ve had to sell a bit of Faron, Fodelia, and Nordea just for living expenses, food, car repairs, etc. It’s been really frustrating, but this is what the life of a regular practical nurse is like. I tried to “trade” with the sum a couple of times. Once I managed to win a few hundred, and once I got badly beaten.

Well, that’s it. Let’s continue the hobby and try to break that magical 10,000€ barrier someday.

-Small-time trading since 2022-

Suppis

[Bjorninen]

After a longer period, an update on the portfolio situation again. The previous update was from December, which is already over half a year ago.

There have been some changes to the portfolio, and additionally, some companies have been in the portfolio between updates. The employee fund has not been taken into account in the table below. If it were included, its share would be almost exactly 40% of the combined sum of the portfolio below and the employee fund.

There haven’t been very big changes in the portfolio’s largest holdings. I still save monthly into Seligson Global Brands, but the saved amount gets lost in daily price fluctuations. I trimmed my position in Inderes a little while ago, as I believe I can get better returns elsewhere. Novo has fallen from the sharpest edge due to a price drop, and its valuation already feels attractive, even though the company has faced headwinds. However, in my opinion, there is nothing acutely concerning in Novo’s situation. Hims & Hers was also trimmed due to short-term uncertainties. I will probably return the company to the portfolio at some point.

New quality companies, such as Fairfax and Stryker, have been added to the portfolio. Stryker operates in hospital equipment and devices, such as artificial joints, endoscopy equipment, surgical robots, etc. The company holds a leading position in the operating room equipment market.

Stock and Fund Portfolios	% of portfolio
PYN Elite	7.96 %
Seligson & Co Global Brands	6.38 %
Revenio Group Oyj	6.23 %
Investor A	4.76 %
Microsoft	4.41 %
Alphabet C	4.38 %
BNPP Circular Economy ETF	4.26 %
Novo Nordisk B	4.14 %
Intuitive Surgical	3.69 %
Inderes	3.64 %
Nordea	3.21 %
Apple	3.05 %
Fairfax Financial Holdings	3.03 %
Air Liquide	2.71 %
Brookfield Asset Management	2.29 %
iShares Core MSCI EM IMI UCITS ETF	2.28 %
RWE	2.25 %
Huhtamäki	2.20 %
Visa	2.09 %
Meta Platforms	2.07 %
iShares Global Semiconductors ETF	2.04 %
Automatic Data Processing	2.01 %
Eli Lilly	2.00 %
Costco Wholesale	1.98 %
Veolia Environnement	1.82 %
Lifco B	1.82 %
Fastenal	1.77 %
Rightmove	1.73 %
Synopsys	1.36 %
Intellego Technologies	1.18 %
West Pharmaseutical Services	1.16 %
Spotify	0.95 %
Stryker	0.94 %
Tractor Supply	0.89 %
Canadian National Railway	0.89 %
Seligson & Co Aasia Indeksirahasto	0.68 %
SPDR USA SC Value Weighted ETF	0.60 %
JPM Global Equity Multi-Factor ETF	0.46 %
Harvia	0.35 %
Tomra Systems	0.32 %
Cash	0.03 %
Total	100.00 %

The portfolio (excluding the employee fund) has unfortunately stagnated for the past 3 years, but periods of weak returns are part of the nature of investing. The 3-year return has remained a dismal 3.9%, whereas in 2020-2021, returns significantly outperformed the global index.

Outside of equity-heavy portfolios, there is a small peer-to-peer lending portfolio on Mintos (0.22% of investment assets). Nowadays, however, it is starting to be more of a “bond portfolio”; it has yielded 4.5% per year after credit losses and 10.7% over three years, with returns flattening due to loans in collection, for which (if paid) the principal is paid first and only then the interest.

On the crypto side, I make occasional purchases with “small change”. The intention is to buy these (mainly Bitcoin) every 1-2 months.

Additionally, I joined the gold cycle by acquiring “physical” gold through a domestic service. Its share is negligibly small, but for the sake of interest, I am also building a small “gold portfolio” to maintain interest with occasional purchases.

[Tomi_Valkeajarvi]

I don’t recall ever opening up my portfolio content here, even though I always ask guests about their stock picks in, for example, the Portfolio Review. So, here’s my portfolio.

My stock portfolio has quite a few lines, and at the beginning of the year, there were even more, but I cleaned out a few lines, as the benefit of diversification has largely been achieved with these stocks. I also started to notice that in the daily life with a baby, there isn’t enough time to properly follow all companies, so a small spring cleaning was in order in that sense as well.

Holdings below from largest to smallest, but I’m not including Inderes shares in this.

Stocks (59%):
Nordea
Investor
Harvia
Microsoft
NVIDIA
SoFi Technologies
Qt Group
Novo Nordisk
Viafin Service
Revenio Group
Hims & Hers Health
Berkshire Hathaway
CrowdStrike
Valmet
CapMan

I am reasonably satisfied with the current lines. Many stable pillars (e.g., Nordea, Investor, Harvia, Microsoft, and Berkshire Hathaway) with which one can sleep quite peacefully, but also spiced with fast-growing and market-disrupting companies (e.g., SoFi Technologies and Hims & Hers Health). However, these are considerably more binary, so they should primarily serve as a spice in the portfolio.

Since I’m not very risk-seeking, I’ve also bought quite a few index funds and ETFs into the portfolio to bring even broader diversification. Someone might argue that wouldn’t buying some global ETF or similar achieve the same thing, and that’s true, but it’s fun to play around with these lines and think about when to buy what. Buying just a global index would be too boring for me, even though spinning these lines doesn’t create any major excitement either. I do intend to reduce the lines and remove unnecessary overlaps.

Lines from largest to smallest:

Index Funds & ETFs (41%)
Amundi Nasdaq-100 ETF
iShares Core S&P 500 ETF
Nordnet Global Index
Handelsbanken USA Index
Nordnet Denmark Index
Nordnet Sweden Index
Nordnet Finland Index
Nordnet Europe Index
Nordnet Norway Index
iShares Automation & Robotics ETF

The main role of the fund portfolio is to bring peace of mind to stock picking, as a part of the portfolio will in any case achieve index returns. And that in itself is quite nice.

Overall, the portfolio has so far managed to stay on the better side of index returns, but I doubt this tailwind will continue so strongly forever; it will probably slowly drift towards index returns.

Hopefully not below it, or else I’ve made poor stock picks.

[Tane]

@Tane

@Tane

Let’s do the year-end portfolio review again. Still going with gut feeling, and the reasons for selection are pretty much the same as a year ago.

A slightly delayed half-year review.

Mandatum was sold as planned, average prices were around 3.7e.

Puuilo’s share of the portfolio has grown unnoticed; it’s currently ~50% in the black. I’ve considered selling or lightening this position.

Evolution exited the portfolio. I don’t know the exact average price because I’ve been trading the position back and forth, but I assume it’s well in profit. I joined when it was around 300SEK, and I’ve had various buys and sells between 300-1500SEK. I simply couldn’t keep tracking this anymore.

A couple of new companies have entered the portfolio.

Thule was last in the portfolio during the corona era, after which I sold everything. Now, I thought there were buying opportunities in the company again, and I even hit pretty close to the bottom. The position is currently about 15% in profit, and I plan to exit if the 300SEK mark is broken (now 287SEK).

SkiStar AB, I thought for a long time about a company that would relate to my hobbies and potentially also generate some income. After about 5 minutes of pondering, I settled on SkiStar. I also have a target price set for this, after which it will exit entirely. And if there’s any other benefit, as a shareholder, I also get discounts on lift tickets, for example, in Åre, where I visit annually.

[Tahtiassa]

|Dividend Kings and Aristocrats:|%||\n|—|—|—|\n|PepsiCo Inc|8.74 %|Growing steady dividend. My first stock purchase! (+upm)|\n|Aflac Inc|6.85 %|Growing steady dividend.|\n|Genuine Parts Co|4.80 %|Growing steady dividend.|\n|Coca-Cola Co|4.62 %|Growing steady dividend.|\n|McDonald’s Corp|4.17 %|Growing steady dividend.|\n|McCormick & Co Inc Registered Shs Non…|3.49 %|Growing steady dividend.|\n|Black Hills|0.58 %|Newest acquisition! Dividends for desired months.|\n||||\n||||\n|Dividends:|%||\n|Omega Healthcare Investors Inc|17.11 %  |High dividend! Overweight.|\n|Main Street Capital Corp|16.11 %  |Monthly dividend stream. Slightly overweight.|\n|Horizon Technology Finance Corp|4.89 %|Monthly dividend stream. Purchases temporarily on hold.|\n|ALPS O’Shares US Quality Div ETF|3.31 %|Dividend stream, restrictions prevent replenishment.|\n|Verizon communications ord shs|1.77 %|Dividends for desired months.|\n|Shell PLC|1.35 %|Dividends and future direction excellent.|\n||||\n|Miscellaneous / Finland|%||\n|UPM-Kymmene Oyj|6.18 %|UPM products are used, good dividend. My first stock purchase! (+pepsi)|\n|Kesko Oyj Class A|3.35 %|I visit their stores. Dividend multiple times a year.|\n|Ålandsbanken ABP Class B|2.96 %|I use Ålandsbanken’s services, good dividend.|\n|Fiskars Oyj|2.13 %|Fiskars products are used. Dividend multiple times a year.|\n|Apetit Oyj|1.39 %|I use Apetit products. Dividend is also good.|\n|American Water Works Co Inc|0.36 %|Purchases on hold. Occasional dividends.|\n|Futebol Clube do Porto - Futebol SAD|0.18 %|I follow the team. No dividends and rare acquisitions.|\n||||\n|Non-dividend paying funds:|%||\n|OP-Maailma Indeksi A|1.95 %|Small monthly savings + occasional purchases.|\n|OP-Pohjoismaat Indeksi A|1.66 %|Small monthly savings + occasional purchases.|\n|OP-Aasia Indeksi A|1.31 %|Small monthly savings + occasional purchases.|\n|OP-Eurooppa Indeksi A|0.56 %|Small monthly savings + occasional purchases.|\n|OP-High Yield A (D)|0.18 %|Occasional purchases.|\n\nIn addition, I own one fan club outside of stocks and those S-kauppa (S-Group) cooperative shares.\nIf cash is included, it accounts for 0.71% of the portfolio’s value, and other shares are correspondingly smaller. This only shows portfolio shares without cash. So Black Hills came in as new since last time. Instead, the Ishares ETF left some time ago. I was looking for a dividend payer.\n\nOne unlikely IPO is being monitored. I might participate in the IPO eventually if it happens. For now, I will just continue buying existing ones. Overweight positions are not sold but balanced with other purchases in the long term.\n\nPS. If anyone knows how to get those percentages on the same line, I’m interested.

[Pika-Sissi]

Seligson Phoebus
Seligson Top 25 Global Brands
Pyn Elite Fund
Nokian Tyres
Digia Oyj
Elliptic Laboratories
Polight Asa

Unlisted:
Tamturbo
My employer (by far the largest investment, certainly over 60% of total investment assets)

In addition, capital is in bond funds waiting for a market downturn/recession/worse times for the stock market. There is slightly more capital in bond funds than in listed investments and funds combined.

[Geologiopiskelija]

A quick look at my portfolio for the first time in ages.

The reason being that my portfolio’s long-time king has been surpassed . Until recently, Verve had more than double the weight in the portfolio compared to the second largest position (which wasn’t Intellego until recently). I’ve mainly been adding to both stocks, but I strongly believed that Verve would become the first five-figure position in the portfolio, but Intellego is rapidly pulling ahead .

[Jusa624]

New Purchases: LVMH & Richemont, Cleanspark
Reductions: Hive
Sales: Siili, Gofore

This time, the portfolio review was slightly delayed due to a holiday. H1 2025 has been very favorable: in addition to the previously sold Ethereum, Rolls-Royce became the second tenbagger of my investment career – now with a return of +958%. I’ve already taken several screenshots of the share price curve, so now might be a good time to lighten the position. The question is: where would I diversify the profits gained from this?

I would be interested in increasing holdings in Finnish companies such as Taaleri, QT Group, and Revenio. These have remained at the same levels compared to the last review. JinkoSolar and cryptocurrencies (perhaps Mara Holdings?) are also of interest.

---

Sale of IT Service Companies

I sold Siili and Gofore in July. Although the valuation level is still attractive, the disappointments just keep coming. I also realized that in my own work, we develop a lot of in-house software, and the use of AI makes coding even easier. This may reduce the need for external IT consultants in the future.

---

Addition to the Luxury Sector

I decided to transfer the capital freed from Gofore and Siili to leading European luxury brands: LVMH and Richemont. Although the trade war has shaken the luxury sector, I believe that at current valuation levels, these investments will perform well. Surprisingly many LVMH products are visible in Finland – although some might be counterfeits? A previous investment in Dr. Martens has not yet yielded returns, even though their shoes are widely seen. However, the luxury sector brings much-needed diversification to the portfolio – time will tell how the returns develop.

---

Uranium and Cryptocurrencies

• Cameco continues its rise, but a similar rise has not been seen in KazAtomProm. Perhaps now would be a good time to lighten Cameco and transfer funds to Kazatomprom. I’ve considered this before, but we’ll see what I do.
• On the crypto side, Hive continues to underperform, but CleanSpark has performed well. In April, I sold Hive shares from my Degiro account and transferred the money to my Share Savings Account and bought CleanSpark. It felt painful to buy CleanSpark back at a higher price, but the experience was important and certainly made me a better investor.

---

Art Acquisitions

I have also bought Japanese ukiyo-e prints and one Salvador Dalí lithograph print. Their value is significantly lower than paintings (approx. €200–400 per print), but there is global demand, which makes them easier to sell. Some prints were sold cheaper without frames. I framed these myself, and the result was as good as if done by a professional. The most important thing is to use acid-free tape and cardboard so that the prints do not deteriorate over time.

---

Goals and Situation

When I started investing, my goal was to reach a €100,000 portfolio before turning 30. Now I have two years left, and the portfolio is approximately €80,000 – including art. I started investing with a student loan and money earned from summer jobs in 2018 after studying for a year at LUT. At the time of the first portfolio review in July 2021, the portfolio value was approximately €40,000. I am very satisfied with the portfolio’s development and its management. It is important to continue writing portfolio reviews, even as life gets busier.

[Ruoto]

@Ruoto

Here we go again. Time to update the portfolio content.

It’s that time of year again. Fifth investment year behind me.
Last year’s update can be found in the quote.

Fortum: 10.62%./ (Return incl. dividends: 37.3%)

• Fortum has, in my opinion, performed well despite low electricity prices. The future looks quite good, but the short-term upside potential seems quite low.

TietoEvry: 6.4%./ (Return incl. dividends: -12.7%)

• This company has truly been a dud. Fortunately, the CEO changed, but would an outsider have been required as the new CEO? Well, the main thing is that the CEO finally changed. Constant adjustments to polish the results have gone on for too long. And otherwise, the level of performance has been terribly poor. Tech Services was sold for next to nothing, and the Banking listing was a flop.

Sampo: 6.1%./ (Return incl. dividends: 97%)

• Boring is good. Need I say more? Trust in the incoming CEO from If, but I’m not too worried. Sampo is in strong shape.

Qt Group: 5.6%./ (Return: 28.7%)

• Does Varelius still sleep well at night? Trump’s tariff shenanigans have at least thrown a wrench in customers’ willingness to invest.

Valmet: 5.45%./ (Return incl. dividends: 50.2%)

• My portfolio’s favorite engineering stock. The relatively new CEO seems like a competent fellow. New targets and guidelines for achieving them were received from CMD.

Harvia: 4.36%./ (Return incl. dividends: 165.7%)

• The sauna heater is hot in the US. Matias has steered the company wonderfully. No need to lament after Tapsa.

Scanfil: 3.82%./ (Return incl. dividends: 86.5%)

• My portfolio’s reliable defender. Here too, a relatively new CEO. Things seem to be going quite well. The only downside with the CEO is that when the Frenchman mumbles English in earnings calls and such, my eyelid starts to droop every time.

Puuilo: 3.75%./ (Return incl. dividends: 106.2%)

• Incredibly strong performance, but the valuation is a sticking point for adding more.

Kalmar: 3.66%./ (Return incl. dividends: 143%)

• Good performance spirit.

KH Group: 3.41%./ (Return incl. dividends: -38.75%)

• Is it time to take Indoor behind the sauna? KH-Koneet has performed surprisingly well in a difficult market.

Mandatum: 3.35%./ (Return incl. dividends: 110.3%)

• 5/5. I should have loaded my portfolio full of this after the IPO, following Nalle. Still pisses me off.

Tokmanni: 3.05%./ (Return incl. dividends: -32.9%)

• A bit of a “meh” feeling. Sometimes I wonder in the store why such plastic junk has been dragged all the way from China to Finland. The CEO is changing after the non-compete period. Seemed like a competent fellow based on his CV. Hopefully, we’ll get a bit of a shake-up in operations. Otherwise, competitors will pass by from right and left. The problem areas are known to all customers: The online store is bad. Prices at Tokmanni don’t always match when you get to the checkout. Too often, you have to queue. Couldn’t they more aggressively call for another cashier? Get rid of unnecessary junk. It would do the planet a favor.

Hiab: 2.98%/ (Return incl. dividends: 251%)

• Good performance, but somehow I have lukewarm feelings about this company. It might leave the portfolio if I decide to reduce positions.

Orthex: 2.8%./ (Return incl. dividends: -8.9%)

• Plastic cups and boxes haven’t flown off the shelves as hoped. Attributed at least partly to consumer distress. Can we still turn the tide and gain market share? I still have faith in Alexander.

Digia: 2.65%./ (Return incl. dividends: 39%)

• A quality performer with a broad service offering. It’s pleasant to listen to Levoranta’s chatter.

Gofore: 2.64%./ (Return incl. dividends: -5%)

• One of the highest quality IT companies in this boondocks.

Smart Eye: 1.64%./ (Return: -51.7% +1 OK trade)

• My faith in this castle in the air has somewhat recovered from the darkest lows. Maybe the jackpot will be reached someday. Trump’s blunders certainly don’t help, unfortunately

Kamux: 1.27%./ (Return incl. dividends: -63.8%)

• Now everything seems to be going wrong. Always someone scamming the company. Either employees or foreign car dealers. And on top of that, all sorts of headlines about missing fuses and competition authorities breathing down their neck. If the direction doesn’t change, Tapsa’s rally might end prematurely. A shame, really. A great track record was ruined by getting involved with a lukewarm car dealer outfit.

Aktia: 0.87%./ (Return incl. dividends: 38.5%)

• I was a bit agape when a relatively new and competent-looking CEO was given the boot and replaced by a politician. Could there be a larger corporate arrangement brewing here?

Incap: 0.44%./ (Return: 5.2%)

• Good work from Otto Pukk. Cash is bulging, but hopefully, it will find use soon.

Kreate: 0.28%./ (Return incl. dividends: 38.7%)

• Solid, reliable performance. I should have added more from around seven, but for some reason, I didn’t. Damn it.

Vincint: 0.19%./ (Return incl. dividends: -66.4%)

• What happened to “the best workplace in the sector”? The US branch has been shut down, and the remnants are being run from Portugal (?). I assume it’s not easy to win customers. Is it time to close up shop and focus on the Nordics? Manni has certainly been allowed to mess around for a surprisingly long time. Cash is available, but the question is, will it help turn the tide?

Solteq: 0.14./ (Return: -88.6%)

• Aarne still seems like a firm fellow. I’m never going to get my money back from this, so I’ll just see this card through to the end. Can revenue and profitability be grown enough to pay off the loans on time..? Time will tell. The position size is already so ridiculously small, and on top of that, it’s on the OST (share savings account) side, so I can’t even utilize the losses.

Cash 23.4%./

• Too much cash. Why on earth did I get so greedy in April that I waited for a further dip? I could have thrown a few thousand into the market.
  I feel quite idiotic, pressing on with such a cash brake year after year.

Additions made during the year

Valmet added once
Orthex added three times
Incap added once
Qt added once
Smart Eye added once

I don’t understand what kind of brain fart I had when I added Incap, Qt, and Smart Eye with a “half chip,” so to speak. Okay, there was Nordnet’s 2€ campaign or Nordea’s stock savings day in Sweden at the time, but otherwise, I’m behind my annual target. (The investment plan includes an annual lump sum to be invested + that year’s dividends)

@Ruoto

I still haven’t achieved geographical diversification, and it shows in the portfolio’s development.

Same old song year after year.

I really should switch to investing in ETFs or index funds.
I’ve been investing in stocks for 5 years now, and we’re well in the black, but it would have gone better if the portfolio wasn’t full of “duds from this boondocks.”
TietoEvry, KH Group, Tokmanni, etc., etc.
During work, I’ve listened to thousands of hours of investment material and read several investment books, etc.
Despite that, I would have achieved a better outcome with just an “SPYI and chill” strategy.

What’s so difficult about starting that monthly savings plan?
Okay… the US market is once again red-hot in terms of valuations, but that’s where the highest quality companies are found.
Idiot, what an idiot.

[Smirkelimies]

Answer to the title: I don’t remember all of them exactly!

A letter had arrived from Seligson. I thought it might be phishing, as they asked to update information so they could pay me the assets of the terminated Russia prosperity. I didn’t remember what was there then; Nordnet does have Seligson’s Finland ETF.

But, but, I had forgotten a €22k investment in that Seligson fund! Well, it happens… Quite a pleasant surprise, but it made me wonder a bit what else I might have forgotten… I guess some Russia investments are stuck elsewhere too.

[Rahapuu]

The Money Tree portfolio and also the first post on the forum. The portfolio’s goal is to achieve annually growing dividend income from stable stocks.

[itarumaa]

I would like to ask about those returns, are they all from the same 5-year period and comparable in that sense?

[Ruoto]

Sampo, Harvia, Hiab (Cargotec), Aktia, Vincint, Kreate and Solteq were probably bought all at once between 2020-2021. Additions have been made to others along the way.
And for example, Incap is from a few months ago, when Nordnet had a birthday campaign and 2€ fees.

[Sijoittajanalku]

A small overview after a long time.

Neste 38.3%
Nokian Tyres 34.5%
Kesko A 6.0%
Qt 6.0%
Tokmanni 4.5%
SSAB 4.1%
Talenom 1.8%

Cash allocated to investing: 4.8%