First post in this thread about a hobby that started in the fall of 2022.
Returns haven’t been very good, especially due to constant changes of heart regarding investment targets in the beginning, but at least the hobby has brought some meaning to my life 
And after all, it’s not really a hobby if it doesn’t take all your money.
| NAME | SHARE |
|---|---|
| Vanguard FTSE All-World UCITS - (USD) Accumulating ETF | 21.38% |
| iShares Core MSCI World UCITS ETF USD (Acc) | 20.08% |
| iShares Core S&P 500 UCITS ETF USD (Acc) | 5.53% |
| TietoEVRY Oyj | 3.86% |
| Neste Oyj | 3.72% |
| Amundi Core Stoxx Europe 600 UCITS ETF A | 3.59% |
| Tecnotree Oyj | 2.99% |
| iShares Core MSCI EM IMI UCITS ETF USD Acc | 2.94% |
| Taaleri Oyj | 2.75% |
| Raute Oyj | 2.60% |
| Reka Industrial Oyj | 2.43% |
| Elisa Oyj | 2.40% |
| OMXH25 index share | 2.30% |
| Outokumpu | 2.08% |
| Valmet Oyj | 1.90% |
| Tokmanni Group Oyj | 1.70% |
| Huhtamäki Oyj | 1.67% |
| Atria Oyj A | 1.65% |
| UPM-Kymmene Oyj | 1.45% |
| Terveystalo Oyj | 1.39% |
| Enersense International Oyj | 1.26% |
| Nurminen Logistics Oyj | 1.11% |
| Fortum Oyj | 1.06% |
| Arvo Sijoitusosuuskunta | 1.00% |
| Pihlajalinna Oyj | 0.98% |
| Cash in OST | 0.90% |
| Digia Oyj | 0.89% |
| Keskisuomalainen Oyj | 0.86% |
| SRV Yhtiöt Oyj | 0.85% |
| Kojamo Oyj | 0.83% |
| Tekova Oyj | 0.77% |
| Incap Oyj | 0.74% |
| Ilkka Oyj 2 | 0.32% |
New year, new identity. Ziiba was too boring and didn’t highlight my love for dividends enough.
The portfolio also underwent a major overhaul in 2025. It still contains the same 6 ETF monstrosities, but most of my 26 stocks are brand new or at least returning ones. ETFs weight 56.33% of my portfolio, and direct stocks account for the remaining 43.67%.
I started investing in the summer of 2023, and 2024 in particular was a miserable performance in terms of stock picking. If I remember correctly, the Equity Savings Account (OST) was still about 6% in the red in January 2025, and at that time, I was thinking how great it would be if I could manage to break even this year.
But then things started happening: In the spring of 2025, a certain liquid knife stopped falling. In the autumn, Fortum was realized to be an AI stock, and Outokumpu was… a defense stock, I guess? Well, they all rose anyway, and I trimmed my positions in each. But my new stock picks performed perhaps even better: strong returns were delivered by, among others, Enersense (80%), Tekova (64%), and Citycon (24% with only just over a month’s holding).
At the end of a fantastic investment year, the OST was actually over 31% in the black! There was much more luck than skill involved, but I am really happy.
With this portfolio, it’s good to head towards the adventures of the 2026 stock market year.
Starting the year with a somewhat concentrated portfolio. No other portfolios.
Pharming (21.1%) – Joenja case: patient discovery, reimbursement/accessibility, geo-expansion, and potential label/indication expansions could grow the scale to a whole new level; Ruconest provides support, but as I understand it, the company will invest in growth for some time.
Biohit (17.2%) – Hit indeed, it has been improving its numbers for several years now, and mass screenings would be the rocket catalyst that changes the scale, but the base case doesn’t rely on that alone.
Novo Nordisk B (12.3%) – Portfolio anchor: high-quality business and strong cash-generating ability balance out riskier holdings, and if demand + capacity expansion stay under control, the premium may return.
Diamyd (12.1%) – Binary catalyst play: if the DIAGNODE-3 data hits, the revaluation could be aggressive; if not, the story stalls.
Evolution (10.5%) – The price drop improved the r/r, although regulatory risk is always present, and at the same time, trackers show the games reaching new ATHs (e.g., at Christmas). If the regulatory fog doesn’t worsen and the numbers hold, the king could get king-level pricing again.
Smart Eye (9.6%) – Hockey stick case: in my opinion, we are right at the shaft/inflection point where OEM volumes start to properly show up in revenue and scaling kicks off. If the stick turns, the leverage is brutal.
Magnora (8.9%) – I think a massive number of milestone payments are coming, and the market doesn’t realize how much money could come in even in the short term through multiple hits. This is the “underpriced cash flow option” slot. This is the stock among these that I’d still like to buy significantly more of before it takes off to the skies.
Lindex (3.8%) – The sale of Stockmann/structural cleanup is a clear catalyst: uncertainty fades, the story becomes clearer, and multiples can move.
Multitude (2.9%) – I’m not fully deep into the case yet, but a quick DD gave the feeling that the valuation could easily be several times higher if the numbers hold and suspicion fades. Therefore, a small weight, more depth later.
OMS Energy Tech (1.5%) – Same: a light DD was enough for now, and the upside looks like a multi-bagger if the execution hits, so I’m in with a small option. Small weight because I haven’t “nailed” every angle of the case yet.
Oh yeah, and in addition to these, of course, a certain pot in junk bonds and various hyped unlisted stocks.
The tinkering is done again and I’m heading into the new year with a focus on commodities. Just like in 2025, I’m trying to reduce unnecessary trading. It failed last year, and I’m not getting my hopes up for this year either. But then again, an investor’s gotta have their biases.
EQ Resources Ltd - 25%
Aurubis AG - 11%
HANetf Sprott junior Uranium Miners UCITS ETF - Acc - 10%
Wisdom Tree Nickel - 8%
Global X Copper Miners ETF USD Acc - 8%
Eagle Filters Group - 6%
URZ3 Energy Corp - 4%
Boliden - 4%
Magma Silver 3%
Aya Gold Silver Inc 3%
Endeavour Silver 3%
Iso Energy - 2.5%
Denison Mines 2.5%
Global Atomic Corp 2.5%
Paladin Energy 2.5%
Mega Uranium 2.5%
Nutrien 2%
Intrepid Potash 2%
20% leverage in the taxable brokerage account (AOT) and still 16% cash in the equity savings account (OST).
The “least worst” result would probably be achieved by shutting down the computer now and checking the result a year from now. Uranium and EQR are currently at a hefty weight. I might trim uranium quickly, but with EQR, the plan is to go all the way to the end.
Let’s record for myself how the investments look at the start of 2026, as I started investing for the first time last January; cashed out my ASP (home savings) account and put everything into an ESA (Equity Savings Account), which currently only allows for buying Finnish stocks. However, I added physical gold and silver to the same table, as I bought them alongside these at roughly the same time.
I more or less started with the idea that the portfolio size should be about 7-10 stocks, in which I initially invest roughly the same amount. The only exception was Neste, which managed to drop significantly lower after January and is therefore (+ good return %) clearly the largest weight in the portfolio.
I already knew that I didn’t want to start active trading (veivaamaan), and the few trades of the year have confirmed this view 
… result: nothing but bad moves:
the portfolio previously included Nokian Tyres (Rinkulat), which I bought at the end of January, and the price dropped ~20% just two days later… After that, there was a long period of languishing (mörnimistä) as a red line in the portfolio - I sold these at break-even (kuivin jaloin) at the end of October, but apparently, I should have left them in the portfolio.
SOSI1: I bought this with roughly the same 8% weight in the portfolio at the end of January at .092e/share and let go of them after what looked like “constant bad news” again at roughly the purchase price at the end of July… and everyone knows what would have happened to these shares (lappusille) if I had just let them stay in the portfolio until now - well, I try not to look at the stock prices at this stage and take some comfort in the fact that I am still involved in silver’s development with a 6.6% weight in physical ownership.
–> these two were replaced by Terveystalo and Kemira, clearly worse options at least looking at it now. However, I believe in both in the long term.
| share of investments % | return % | |
|---|---|---|
| Neste Corporation | 19.0 | 66.8 |
| Nexstim Oyj | 10.7 | 72.2 |
| Fortum Corporation | 9.9 | 38.0 |
| Gold | 9.0 | 44.1 |
| Terveystalo Plc | 8.5 | 2.5 |
| Herantis Pharma Oyj | 8.1 | 58.2 |
| METSO OYJ | 7.4 | 55.1 |
| Mandatum Oyj | 7.1 | 47.5 |
| Nordea Bank Abp | 7.0 | 41.6 |
| Kemira Oyj | 6.8 | 0.1 |
| Silver | 6.6 | 106.5 |
There isn’t much to explain about the portfolio as such, except perhaps too much weight on the healthcare sector. In the beginning, I wondered if I should go with Faron & Nightingale instead of Nexstim and Herantis, but I ended up “supporting” brain 
research & imaging. Terveystalo indeed joined the portfolio later, as I reflected on the state and future of public healthcare in late autumn.
Alongside a few slightly disappointing trades, I must say that I entered the (Finnish) market at a great time for me and overall the investments performed very well, especially considering I don’t really know anything about investing 
The few dividend pennies that have managed to come in have been reinvested into Herantis on top of the old ones.
My Nordnet portfolio, i.e., my stock portfolio
My portfolio hasn’t changed much since the fall of 2024; sometime in November 2024, I added more Valmet and Scanfil on top of my existing holdings.
Last year, i.e., 2025, I bought Nebius and SoFi for my portfolio.
Mainly for psychological reasons, I paid off the rest of my mortgage last year, which explains why more money didn’t flow into stocks.
I didn’t actually sell or reduce anything, because after some reflection and research, I didn’t feel the need—well, there would have been a need, as my portfolio lagged the benchmark index by well over 30 percent. If I had bought more last year, that money would likely have gone, at least for the most part, into companies already in the portfolio.
I have commented on each of these companies several times and don’t really have much more to say about them. I have, from time to time, gone through the companies in my portfolio individually, reflecting on their significance in my own holdings.
PYN Elite
I still hold PYN Elite, which I have indeed added to a few times since the initial purchase. It’s been a bit of a poor investment so far, barely in the green.
Crypto portfolio
Nicely in the red, about one percent of my total wealth.
I have some cash, though not that much.
Alright, 2025 is in the bag. For my own portfolio, this was a very successful year after a few years of sluggishness.
The total return for this comes to a CAGR of 9.3% for 2017–2025 and just over 17% for 2025.
Regarding allocations, the portfolio looks like this:
The biggest moves were made in the fall, when clean energy received quite a strong tailwind from the partial impact of the AI investment cycle. At that time, about once a week, I sold a small slice of Microvast and Bloom Energy, Energy Fuels and Wärtsilä in two parts, Lithium Americas (US) entirely, and finally also a bit of Fortum. Of these, only the Finnish companies were in an equity savings account (OST), so with the realized capital gains, I also cleaned up a lot of the smaller (heavily loss-making) junk that had accumulated in the portfolio over the years.
In addition to those mentioned, the good upward year was of course complemented by the strong performance of the Finnish and European indices; on the OST (equity savings account) side, Neste’s gradual recovery and Enersense’s great rise; and on the AOT (book-entry account) side, especially Alphabet and Lithium Americas’ Argentinian cousin. The biggest losses were caused by Enphase (again) and Stem.
Including the year’s new purchases:
Let’s hope that next year will be at least nearly as good (in terms of returns) as this one!
One year behind, I’ve done a bit of overhauling in the portfolio. I trimmed my US holdings and moved funds to an Equity Savings Account (OST); with these, I added domestic dividend payers and strengthened the defense sector. I plan to continue this into 2026.
As a highlight of my successes, I could mention being part of the US drone hype; especially Ondas Holding brought in nice profits.
The biggest loss came from selling Neste at under ten euros. Well, at least there are losses to offset.
Outperformed the OMXH25 by a fair margin, though, thanks to $ONDS.
Current portfolio setup:
The Osinkopilkkijä blog has been running for a year, with €1,000/month invested in value stocks using mechanical screening (P/E, dividend, P/B). The portfolio has accumulated various out-of-favor companies, and for next year, the portfolio composition is very good and the return outlook is highly favorable.
You can read the blog via the link in my profile.
We’re starting the year with a fairly familiar-looking lineup. Last year made me realize that even with a larger number of holdings in the portfolio, you can make a good return if there’s even one gem that balances out the rest of the junk. My own mortality has become clear, and as much as I want to be that “return king” of X, the risk level I achieve with this roughly 10-15 ticker portfolio suits me much better. A wimp is a wimp!
A summary of the year 2025 and its returns from a few days ago can be found below.
But onto the portfolio content itself.
I won’t break down the holdings further here; that’s been done in many posts already. I’ll note a few things I’m monitoring in these companies. Just this sort of exercise this time.
Berner Industrier (13%)
Norbit (12%)
MercadoLibre (9%)
Biohit (8%)
Cenergy Holdings (7%)
NU Holdings (7%)
Cash (6%)
Novo Nordisk (6%)
Incap (6%)
Sea ADR (6%)
Lapwall (5%)
Sanlorenzo (5%)
Harvia (4%)
That’s all for this time!
A Dismal Investment Year 2025
My active portfolio rose by a mere 2.59% in 2025. That is a dismal return. Even Evli’s short-term bond fund performed better, +3%! The portfolio’s weak performance last year and in recent years (5-year return 20%) has been due to, on average, poor stock picking.
This year’s weak returns are partly explained by an imbecilic reaction to the trade war in the spring. I shouldn’t try to play the market, but rather focus on picking companies. The biggest blunder was selling Berner, but on the other hand, I succeeded in changing my mind again and buying back half of the position. The stock rose over 150% last year. Without the fumbling, the portfolio would have risen +20% since the start of the year! I am glad I learned this lesson the hard way now and not later when the capital is (hopefully) even larger.
In terms of market sentiment, my timing has been excellent in places—after all, I bought stocks during the dips of 2022–23—but I have fallen into the trap of selling winners too early, and the success of my stock picks has been too inconsistent.
The weaker returns of recent years have now brought the portfolio’s total annual return down to 19% for the years 2010–2025, whereas the S&P 500 total return index has returned 14%.
There was also a lot of good in the past year. I spent more time on stocks, and my understanding of companies deepened across a broad front. Setbacks can thus be monetized as learning experiences. Alongside the spring blunders, I moved money into a tax-efficient equity savings account (Osakesäästötili / OST), which (presumably) will reduce the tax burden going forward.
My focus on Nordic and European small caps hasn’t been a very rewarding choice, but using that to explain the weak returns would be a mere excuse. I chose to wade through the swamp when others chose the dry path. My own choice. There are tens of thousands of companies in the world: there is no obligation to focus on just one region. Secondly, there have been brilliant opportunities in small caps as well, as Berner in my own portfolio demonstrates. That’s where you find the cloudberries! It has also hosted performance rockets like Avtech, Puuilo, and Harvia. I just need to pick winner stocks with a better hit rate and hold onto winners more firmly. Good buying opportunities in high-quality firms are rare, and even fewer firms are truly high-quality in the long run.
Every investment style has its weaker periods, and I’m not going to make major changes to anything. Instead, I have sharpened my style: look for potential long-term value creators and sit on them like a mushroom. I have also considered a new thought experiment: What if you had to HODL a stock forever? In that case, you would look at investment targets from a much more critical perspective. Purchases would become even rarer, but one would perhaps be better committed to them mentally. This thinking was inspired by an investment book I read last year, What I Learned About Investing From Darwin by Pulak Prasad—a warm reading recommendation.
In my diary entries from 2020–21, I often complained about high market valuation levels, which would inevitably eat into the returns of coming years. This has truly come to pass. Looking at my array of companies now, almost all of them look cheap. For example, looking at a simple P/E ratio with 2025 projected earnings, you can pay 11x for Aallon Group, 10x for Dominos Pizza Group, 10x for Sanlorenzo, 13x for Etteplan, 11x for Nurminen, or 20x for the highly profitable Adobe (realized figure due to a deviating fiscal year). The much-maligned Qt Group is also trading at over 22x its 2025e earnings. Relative to their earnings potential, Paradox and Remedy are inexpensive. Berner’s and Rökö’s EV/EBITA ratios hover around 20x, which is not a bad multiple for such companies.
Many of my portfolio companies are forgotten, overlooked, or insulted (like Dostoevsky’s The Insulted and Humiliated). Once the sun shines into the pile of brushwood and sentiment improves, I am optimistic about the portfolio’s return potential. In addition, the portfolio holds a lot of cash and liquid assets in the aforementioned Evli Likvidi B fund, waiting for new ideas and opportunities.
All my best investments over the years have been made in companies that were relatively cheap at the time of purchase and where investors overlooked the company’s potential to create value far into the future. With this thought, into the new year!
The year 2025 is over, which means it’s time to repeat the cliché and reflect on the past year.
When I look at my investment year, my feelings are twofold. In terms of returns, I have significantly lagged behind Hesuli (the Helsinki Stock Exchange). My total return for 2025 was 8.63%, which clearly underperformed the market return. Naturally, I am not satisfied with this. Like many others, I would love to showcase stellar returns here, but my strategy will likely never make that a regular occurrence.
I primarily own quite “boring” companies that should create value year after year without much drama. In the long run, however, I hope to generate steady, boring returns that beat Hesuli over a long period. On the other hand, during individual years when the market rises sharply, I don’t expect to be invited to the party.
On a positive note, I feel I have grown as an investor again this year. I’ve focused more on studying how companies can create value for their shareholders, and in the long run, I believe that is a worthwhile subject to dive into. Aside from a few stumbles, I have stuck to my investment style of trying to find good companies at a reasonable price (and who doesn’t try to do that).
Towards the end of the year, I took some distance from the market and focused more on the companies themselves. We live in a world that becomes more intense by the second. News, data, and opinions are constantly at our fingertips, and when things start happening in the market, it’s easy—at least for me—to get the feeling that “I have to do something.” This sense of constant optimization hasn’t done my portfolio any favors in the past. That’s why I eventually pulled the handbrake and decided to go in a completely different direction. I came to the conclusion that I should only look at my portfolio once a week, preferably on the weekend when the exchange is closed. Of course, if I see during the week that a portfolio company or something on my watchlist has dropped -10%, I won’t forbid myself from buying. This is a hobby, not a law. However, I sometimes find myself taking investing too seriously, which is why I try to avoid staring at my own portfolio. Tracking gains and losses specifically makes me feel uneasy—so why would I inflict that feeling on myself? Watchlists that don’t include my actual portfolio have been a good alternative for me lately.
My investment style hasn’t changed during the year, but I want to emphasize predictability and boredom even more in my large positions. In smaller positions, I can take on more risk and thus increase the portfolio’s optionality, where a small position could potentially grow large if my analysis hits the mark. If I’m wrong, the damage is limited.
I thought I’d focus for a change on discussing the companies where price development didn’t go as I expected during the past year.
Revenio 8.5% position
Revenio was my biggest miss of the year. I expected earnings growth this year, but revenue still isn’t growing fast enough to cover increased costs. Additionally, the company has faced headwinds from the dollar, which has weakened the bottom line. Return on capital figures have naturally weakened in tandem since NOPAT isn’t growing, meaning a sort of creeping mediocrity threatens the company. Relative to that, my position is quite large. Am I worried? Partially. I believe part of the reason has been the market and that the company has drifted into a kind of limbo. The market for private acquisition targets has been expensive, which has resulted in the next growth leap not being made by buying the “missing piece” of the company. The competitive advantage has likely not weakened, but if the underlying market is soft, the company has settled for distributing cash in the form of dividends instead of pursuing growth. That is, of course, the only right solution for the owner when the expected return on an acquisition is insufficient, but I would hope my portfolio companies could grow NOPAT year after year, and apparently, the underlying market hasn’t allowed for this in recent years.
Copart 3.4% position
When you pay high multiples for quality and the market starts to doubt the investment thesis, the result is often ugly. Copart’s 12-month return is -32%. EV/EBIT multiples have nearly halved from the 2024 peaks. There are several reasons for this. The market has questioned the company’s market position as competitor IAA’s position has strengthened, at least momentarily. The company’s domestic market has proven difficult as the number of uninsured vehicles has grown. Investors are also keeping an eye on the company’s significant cash position.
Copart has previously successfully allocated capital to land and bought back its own shares opportunistically. To top it all off, Copart is on the “wrong side” of the AI trend. Am I worried? Not really; I still believe this is mostly a temporary situation where investors are questioning whether the company is as good as before due to external factors; additionally, multiples have normalized. Copart is known for not allocating capital just because the market wants them to, but rather waiting persistently until attractive options are available. I will continue to hold, but I don’t expect a quick change in multiples or for growth to take off wildly. Therefore, I’m not adding more until I see a clear change in the trend. I’m sitting in a hole, but I’m not going to keep digging.
Hemnet 1.1% position
Hemnet’s share price drop has been staggering. The 12-month price performance is -55%. The company is still a new position for me, so fortunately I haven’t been catching falling knives the whole way down. The company is Sweden’s largest portal for home buyers and sellers. Aggressive pricing has become a headwind for the company, and the less user-friendly but cheaper competitor Booli has taken market share. Hemnet’s multiples were sky-high and the company was a darling of investors until the market started doubting the sustainability of the pricing and thus future growth. Forward-looking EV/EBIT has collapsed as strong growth is expected to slow down.
It should also be noted that the real estate market in Sweden has been challenging, which has complicated the market. However, Hemnet has already made changes and experimented with different pricing styles that can lower the seller’s risk when choosing a more expensive advertising package. Hemnet’s trump card has been that it attracts the most eyes. This way, selling prices have also been better, meaning the price charged to the listing party has been tied to the value brought by the platform. I am, of course, a little worried, but I don’t know the company well enough yet to have a strong opinion on its future. Therefore, the position remains small and I am monitoring the situation.
There have been no dramatic changes in the portfolio. During the last quarter, I have continued to add to several companies. The largest additions have gone to Deutsche Börse and Medistim. As new positions, I have bought the aforementioned Hemnet, Carasent, and Toast. Of these, Toast is still under evaluation; this might have been one of the year’s mistaken purchases. The more I’ve thought about the nature of the business, the more I’ve come to the conclusion that the company may not necessarily meet the criteria I hope for in a portfolio company. I sold Nordea, which was quite a significant position in the portfolio. It’s hard for me to justify the company’s valuation level anymore. Furthermore, banks have the downside that every now and then somewhere in the world, some bank gets into trouble, and then the whole industry suffers. Therefore, I felt now was a good time to exit while the music was still playing. European banks have had their best period in decades.
I don’t have a new recipe for success for 2026. If the same trends continue in the market as last year, I will likely lag behind the index again this year. I have about six companies on my watchlist that I would be ready to buy if the price is right. Monitoring and chasing these will surely be the main theme of the year.Finally, I would like to highlight my favorite book and podcast discovery from last year. The book is easily What I Learned About Investing from Darwin. It has been praised many times here on the forum, and I can only agree. It is an excellent and timeless book that can be read multiple times. An honorable mention naturally goes to McKinsey’s Valuation, which I am still in the middle of.
As for a podcast, I would highlight The Art of Quality, which I believe is still a fairly underrated pod. It is primarily investment-themed, but quality is explored from multiple dimensions with the help of guests from various fields. Truly interesting listening.
A very happy New Year to everyone! 
An update on the portfolio’s contents. I’ve been trading far too much, but I’ve managed to reduce the number of holdings, and my New Year’s resolution is to trade less and focus on putting money into current holdings, especially funds (excluding high-expense funds, which I’m primarily selling).
I started more active stock investing almost exactly a year ago, and in this time, I’ve had quite decent returns (calculating the exact figure is difficult because the data is spread across different brokers, but about 10–15%), but I’ve also learned that I’m far too impulsive and stress over the movements of individual stocks too much, so I’ve calibrated the portfolio with my weaknesses in mind. This was heavily influenced by the Intellego fiasco, from which I managed to get out unscathed. Not buying the April dip also stings, but we had just had a baby, so I’m trying to be kind to myself.
On geography. My portfolio’s US weight was estimated at around 50 percent a year ago. Now it has decreased significantly; a year ago, I took the view that the US is expensive and Finland is cheap. Now the US is even more expensive and Finland isn’t as cheap anymore, but loading up on Finnish stocks in early 2025 has clearly been my biggest success. In principle, however, new money goes into the ACWI IMI ETF, which increases the portfolio’s US weight.
In the “Nordics” classification, the majority are Finnish-listed companies and Finnish funds, but on the other hand, Nordea, Sampo, Relais, and even Noho are primarily Nordic companies, so I don’t think the classification is misleading at all.
I would be most interested in those famous American value stocks as new positions.
Direct stock investments:
Total portfolio:
Geographical distribution of the entire portfolio (excl. cash and bond funds):
Let’s also post the agrarian capitalist’s portfolio overview here.
Distribution of total investment assets
-Equity funds/ETFs: 29%
-Shares in jointly owned forests: 57%
-Land leased for agricultural production: 14%
On the stock front, the largest single company in the Equity fund/ETF portfolio is NVIDIA with a 3% share. Investments are mainly in the USA (45%), Europe (45%), India (4%), and Japan (3%). Only about 1–2% in Finland at the moment.
When including assets other than the Equity fund/ETF portfolio, NVIDIA’s share is about 1%. So the diversification is quite high, but market returns are enough for me in the long run.
Somewhat surprisingly, the best investment over the last 5 years has been the jointly owned forest. The price of raw timber has risen so drastically due to Russia’s military actions that the return has been double-digit for the last 5 years (including logging income and the change in the value of the standing timber capital).
Let’s put the first post in this thread… I guess?
After my portfolio languished for 3½ years and then 2025/H2 was excellent relative to its low base, strangely enough, I started increasing my positions again as wealth grew rapidly; so here are the late-year purchases of a bullish retail investor who has rediscovered their confidence. I haven’t sold any of these. 
Time once again to take a look back at the past market year 2025. In my post from last year ( https://forum.inderes.com/t/mita-sinulla-on-salkussa/1246/3974 ), the return to the stock market I opened up about has now been going on for over 2.5 years. At the end of the last review, I stated: I’m entering 2025 with this portfolio with interest - I still have enough hope that returns can still be made on the Helsinki Stock Exchange in the future. On the other hand, the intention is also to gradually continue diversifying into other markets, mainly in the form of a world index, because “never stop the madness and soon we’ll go at it again”. Now that the year has ended, it can be said that it was good to live in hope, and the madness didn’t stop this time either 
I must be humbly satisfied with the portfolio’s returns so far, when the benchmark is our dear friend Hesuli (Helsinki Stock Exchange), where most of my portfolio’s stocks reside. For 2025, my portfolio’s returns even lost slightly to the index (30.34% vs. 33.95%), but the lead pulled at the end of 2024 remained in the portfolio’s favor.
The biggest situations of 2025 were, of course, caused by Trump’s tariff mess. As the situation began to escalate, I made my decision and sold about half of the portfolio as a precaution. Some of the stocks were sold at a small loss, and in hindsight, for some stocks (like Nordea), it would have been better to just sit on my hands, because I ended up buying them back later at a slightly higher price.
On the other hand, market uncertainty and a large cash weight gave me the opportunity to jump on stocks I had been watching from the sidelines for a long time, but which had previously felt too expensive. Those stocks were ASML, Kalmar, and Huhtamäki - ASML came into the portfolio as a completely new line, and I returned Kalmar to holding after having sold the previous ones last year. Those turned out to be my best picks of the year. Huhtamäki’s share price development, on the other hand, was a bit of a disappointment so far. With cash burning a hole in my pocket, I amateurishly started buying it too early, and as it happened, the knife just kept falling lower. However, it doesn’t change my view of the company’s solid performance, so let’s wait and see.
Overall, I am quite satisfied with the current composition of the portfolio - in my opinion, all the companies in the portfolio are such that stable returns can be expected from them in the future. The weight of Lapwall and Nordea is quite large, but I have tried to balance the portfolio’s content roughly according to how I see their potential return/risk potential. I see Lapwall as still being in the starting blocks due to the deep freeze in the construction market, but the company’s own performance is convincing in every way. Nordea, on the other hand, has been chugging along with such nice returns in terms of both dividends and share price increase that it’s a pleasure to keep it in the portfolio in the future as well. I already took some profits on ASML, but I plan to keep some for the long term - it’s such an interesting, unique, and important European company. Kesko, on the other hand, can stay in the portfolio just as a rock-solid basic performer.
In last year’s concluding remark, I stated I would increase diversification into world markets - well, in the wake of the tariff crisis, even those few ETF and fund holdings had to go, and I haven’t returned to them since. So for now, we’re going with quite little diversification, whether it was a risky move or not.
Finally, a summary of all the stocks that have been in the portfolio over the entire 2.5 years, and their contribution relative to the portfolio value at the end of 2025. The brightest star has rightfully been Nordea, but ASML wedges itself into a surprising second place. Kalmar’s performance also deserves a special mention.
Let’s hope the trend that started in 2025 continues in the same direction in 2026!
Well, it’s been a bit over two and a half years since the last portfolio update, so it’s a good time to put the current situation out there. The portfolio has shifted a bit since then, but among the largest holdings back then, Sampo and Evo are still included with almost the same weight. Nordea has overtaken these to become the largest holding. Among other stocks, Metso and Qt Group have also remained.
During 2025, I made 9 buys and one sell, so no extra tinkering. The portfolio was supplemented with shares of Evo and Nordea, and new acquisitions were Faron and Huhtamäki. I haven’t owned the latter before. Additionally, I made a decision at the end of the year to start making monthly investments into OP’s World (Maailma) index. I probably should have started earlier, since I’ve been buying the same for the kids for a while now.
Of the stocks currently in the portfolio, Fortum, Vaisala, and Nokian Tyres (Nokian Renkaat) were acquired during 2024.
In addition to the holdings shown in the graph, a fairly large pile of a forum “favorite” from a few years ago, Voxtur, has been left to gather dust in my Nordnet book-entry account (AOT). Hopefully, I’ll be able to utilize the tax deductions from that pile at some point.
I’ve been able to make additions a bit slowly lately, as there have been other things I’ve had to put my money into. Hopefully, that monthly fund saving will start to show on the bottom line at some point.
Edit. And if I calculate a bit more precisely, three and a half years have actually passed since the last update in June 2022… 
Crypto exposure and new openings
The year 2025 is behind us, and a few new names have been added to the portfolio. The portfolio now includes a third bitcoin miner, Mara Holdings. Interest in crypto has grown, and I wanted bitcoin exposure in the portfolio. Mara has massive bitcoin reserves in addition to their computers. As a bonus, the company produces district heating in Hamina. Utilizing waste heat from crypto mining is an extremely fascinating component, and I believe it increases the value of crypto miners, especially considering that electric boilers are being installed for district heating production in Finland.
Mara has been very volatile, as have CleanSpark and Hive. All miners rose sharply in October, but unfortunately, I didn’t manage to take any profits. Of these investments, only CleanSpark has remained clearly in the green.
I also swapped Block for Circle Group. Although I’m still interested in Block, I saw greater potential in Circle after such a long period of stagnation. Block might still return to the portfolio later. Circle offers stablecoins, and I ended up trying their USDC coin instead of Tether. To a beginner’s ear, USDC sounds better as a name than USDT (USDC = USD coin). This is a very subjective opinion, but perhaps there’s something to it. At the same time, I also see that stablecoins have huge long-term potential, especially if they succeed in challenging traditional credit cards.
Energy sector moves and SMR hype
I reduced Cameco and Kazatomprom and added Terrestrial Energy (IMSR), which develops molten salt reactors. There is massive hype around SMRs. IMSR fell from a peak of $27 all the way down to $6, now rising back to $11. My investment thesis is based on the agreement between Terrestrial Energy and Westinghouse to develop fuel for molten salt reactors. I am not completely convinced by their reactor, but I want exposure to the SMR boom and a new kind of fuel manufacturing in the nuclear power sector.
Mistakes
Generally, the uranium stocks in the portfolio have performed very favorably, as have Rolls-Royce and Lemonade. However, now I am trying not to touch those tickers. I have more or less sold off my initial investment amounts and am now just waiting for returns.
I also sold Fortum entirely out of the portfolio. I made the sale purely based on emotion, mistakenly. I wanted to buy QT Group after the big dip in May, and unfortunately, the stock has fallen even further since then. Well, the intention was to increase QT anyway, and I have wanted to get rid of Fortum for a long time after the Uniper mess. I also bought IMSR at around $13, and it was scary to look at the portfolio as its value just kept dropping. After these mistakes, I have followed the portfolio very little. But in the end, the portfolio performed very well in 2025, with a return of about +25%. Now at the beginning of the year, the crypto miners and IMSR have come back fast, YTD +10%. I intend to keep an eye on crypto treasury firms (especially those based on Solana) as well as Mara if good buying opportunities arise.
Future
I reduced my workload for 2026 and moved to a four-day work week. One extra day off doesn’t significantly change my financial situation but reduces stress and gives me valuable personal time. In the future, I aim to follow the portfolio more closely and focus on well-being, exercise, and oil painting.
Art acquisitions
As my latest acquisition, I bought a drypoint print by Edvard Munch of a Norwegian landscape. Visually, the work isn’t the most striking, but I’m drawn to the way Munch created perspective with a road extending into infinity. I am still interested in Rafael Wardi and hope to find a good deal on his oil paintings soon.
Starting the year with this portfolio. Nordea has been in my portfolio since I was a young boy. Fiskars was added solely because it is my home region.
