Buy: Returning to Sampo. Maybe this time, I’d prefer boring wealth creation over interesting losses.
Previous Sampo journey:
Sampo - bought during the Covid dip, sold for a reasonable profit, profits went into a handful of profitable trades in a handful of companies, and finally, the money into two “excellent” targets. The values of these two today are -100% and -50%. Well, -50% could be 20x in the future. In an alternative dimension, I’d have nice stacks of Sampo and Mandatum 
Revenio addition 150 shares at 18.34, previous ones were under 18. Now had to use cash from my own AOT (book-entry account).
First purchase for the Equity Savings Account (OST): Fondia @ 5.30 EUR.
In my opinion, the company has clear potential for earnings improvement if the market picks up and the lawyers’ utilization rate can be increased. The Swedish subsidiary has also appointed a new CEO, who appears to be a competent choice based on their CV and will hopefully get the Swedish revenue back on a growth track. A turnaround has certainly been expected before, so further evidence is needed. The valuation is fairly neutral even with current earnings, so the risk-reward ratio looks good.
Jumped on board with Revenio here as well. Juha’s chat with the CEO convinced me that there’s definitely still demand for the products. The valuation has also dropped to a suitable level where one can start picking up batches.
Took a tracking and starter position today based on an ‘okay’ report. Capgemini SA.
I’ve been watching this for a while as it has been steadily declining. It’s likely falling alongside the rest of the software slump and generally according to the laws of physics as the shit rolls downhill.
Just like with Finland’s Etteplan, the rounds in this rifle are loaded for growth on the AI side. There is a hell of a lot of debt now and a major restructuring on the way, so this might ultimately fit quite well into my red-tinted portfolio.
Although part of the revenue growth was driven by acquisitions; the full-year 2025 revenue was quite basic and sluggish (+1.7%), but Q4 growth was already 10.6%, which according to some analysts at least, indicates a recovery in demand or a distortion of the figures (…the latter was my own addition).
“Generative and agentic AI accounted for over 10% of Group bookings in Q4.”
Which was quite a jump since last time. I’m in this for the AI upside, and in my opinion, valuation levels are already quite attractive.
Into the long-term portfolio, just like every one of my stock picks so far.
Sold the rest of my Tokmanni shares at €8.36. A small speculative position, now some cold hard cash after holding for just over a month. Too small a shop, I prefer larger ones so I don’t “get trapped” as easily (I’ve had plenty of experience with that).
Cashed out Nokia from the Equity Savings Account (OST) with a 50% profit after a 3-year hold and bought from the biotech sale
Faron, Bioretec, Optomed, and Aiforia.
Now it’s the other way around: instead of and by means of boring profits, interesting losses.
A bit of the same, but the other way around. Adding more Tokmanni since no profit warning has been heard.
I don’t have enough experience 
Reduced Huhtamäki by 1/3. In my view, today’s weak share price reaction followed the announcement of the dividend increase. Personally, I don’t like it when dividends or buybacks move in a different direction than earnings, so I saw this as a good opportunity to reduce at a price of 31.12 euros. I am still optimistic that this decline in earnings and revenue will stop already this year. So, I won’t be selling out just yet.
I made about a 10% return on the shares sold and can raise more cash if opportunities arise.
ThyssenKrupp @€10.28 to replace Sony and the Gold ETF removed yesterday. The German stock has been swinging nicely for a bit of short-term play.
Sold 125 Harvia shares bought yesterday @ 37.60. Profit of just over two hundred after costs.
Added more optomed at €2.9, thus lowering the average price; the average price is now €3.92.
The declines in Faron and Optomed are clearly visible in my brokerage account (AOT).
Trimmed Telia 1,000 shares at 4.181 (2,000 shares remaining).
I added more Sanoma. I’m not sure if this is a falling knife or a turnaround case, time will tell. At least the analyst is suggesting a buy and there’s some way to go to the target price. The company’s guidance is promising.
The plan is to add little by little, but if the model portfolio buys this, I’ll sell immediately.
Sell:
Added more Bioretec at 0.22. Got into Endomines during the week at 28.00.
I was supposed to be out of cash and waiting for dividends, but I somehow managed to get more chips and bought more Optomed this morning at €2.95/share. Sure, Tuesday’s quarterly report is a bit of a letdown, but the share price reaction was also disproportionately harsh. I just had to jump on this offer.
Trimmed Huhtamäki and Elisa
Reinvested the proceeds immediately, adding Marimekko and EQT AB to the portfolio as new positions.
Adding more Sampo to the portfolio again. Can’t go wrong 
Management is buying too..
Added more Relais Group – unfortunately, I didn’t catch the day’s bottom.
Additionally, new positions in the portfolio inspired by Nordea’s UK stock savings day: