Sold this week:
- SMA Solar Technology at EUR 24.50. Sold a little over half of the holding at a small loss. I bought this too expensively in 2024 (this batch at 26.7) and now, after the price increase, I took some profits before the next twenty-percent drop comes out of nowhere. A tracking position remains in the company’s portfolio (1.3%, 0.8% of all portfolios). In this context, I can admit that I don’t have any deep understanding of the company, e.g., its potential competitive advantages. The main idea has been that there could be demand for European inverters (and that solar power is rocketing). I might buy back cheaper. This is very volatile; the year’s lowest price was under 12 euros, and it was around 15 in September.
- Fortum at EUR 18.50. Cash freed up & profits taken. Reduced 70% from the Share Savings Account (OST) (about a quarter of all shares; the larger holding in the company’s portfolio remains unchanged). Capital gain of 29.5% on top of 1 (large) dividend. Is the market, with a significant delay, turning to Anders Oldenburg’s side (p. 18) regarding the company’s value? I don’t quite believe it myself. Fortum’s weight in all my portfolios remained 6.1% (dropped from the largest holding to fourth place), so it doesn’t matter if the energy sector’s buzz and price increase continue anyway.
…and bought:
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Tekova at EUR 1,500. I decided to increase the overall position and also wanted Tekova for the Share Savings Account (OST). Weight in all portfolios with this trade 3.8% → 5.0%. I largely agree with these thoughts in the company thread. Impressive and stable performance. Next, interest focuses on what will be decided about profit distribution in the spring (and whether the shoemaker will indeed stick to his last in the longer term).
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Kongsberg at NOK 254.70. Bought the dip, 75% on top of previous holding. Weight in the company’s portfolio is now 1.9%, 1.2% in all.