The latest piece by Heikkilä on the Q1 earnings season:
“ In the small-cap field as a whole, the development was quite as expected.
Proprius Partners’ Finnish strategies have gained good information from the current earnings season data. We remain quite satisfied with our discretionary portfolio’s valuation being lower than the index level, its higher dividend yield, and better quality measured by return on equity. In small-caps, our fund Proprius Partners Micro Finland has been able to acquire shares in certain small-cap companies where, in our opinion, good buying opportunities have opened up in the aftermath of earnings announcements. A few new companies were also found specifically during the earnings season. We are satisfied with the development so far; the value of Proprius Partners Micro Finland has remained slightly above its initial value, approx. +1-2%. “
Please share information once it becomes clear which companies they have been loading up on. It’s nice that they write about where the fund’s value stands. The hope is, of course, that at some point the information will update automatically every day, as PYN Elite does, for example.
Proprius has increased its stake in: Tokmanni by 30,000 shares, or 54.55%. This puts them in 38th place among Tokmanni’s largest owners. Musti Group - scooped up 15,000 more shares, a 25% increase. Ranked 21st. Remedy - added 16,309 shares. A 37.33% increase and ranked 20th. Marimekko - grabbed 40,000 more. A 100% increase and ranked 34th. F-Secure - 30,000 more. Approximately a 7.8% increase. Rank 26. Talenom - 50,000 more, approximately a 38% increase. Rank 34.
New entry: Noho Partners!
43,446 shares
Has anyone else come across any other new acquisitions? I’ve just been looking through the shareholder lists for companies that interest me…
I joined Proprius’s Micro Finland fund last week. My own weakness has always been that I trade these small-caps too much. Now this risk has been eliminated, and I’ll let Mika and Olli do the trading for me in the future
I created a list based on what has been found in the shareholder listings so far.
This, of course, does not cover those possible positions that do not fit into the shareholder listings reported by the companies, so this list should not be interpreted as exhaustive.
Company
Amount
Aallon Group Oyj (XHEL:AALLON)
44,881
Alma Media Oyj (XHEL:ALMA)
70,000
Enento Group Oyj (XHEL:ENENTO)
120,000
Evli Oyj (XHEL:EVLI)
34,895
F-Secure Oyj (XHEL:FSECURE)
500,000
Lassila & Tikanoja Oyj (XHEL:LAT1V)
80,000
Loihde Oyj (XHEL:LOIHDE)
50,000
Marimekko Oyj (XHEL:MEKKO)
100,000
Musti Group Oyj (XHEL:MUSTI)
85,000
NoHo Partners Plc (XHEL:NOHO)
55,219
Remedy Entertainment Plc (XHEL:REMEDY)
65,303
Revenio Group Oyj (XHEL:REG1V)
25,000
Talenom Plc (XHEL:TNOM)
190,000
Terveystalo Oyj (XHEL:TTALO)
140,000
Tokmanni Group Oyj (XHEL:TOKMAN)
90,000
WithSecure Oyj (XHEL:WITH)
2,600,000
Interesting companies. I perhaps expected to find certain names where Heikkilä’s investment company and Mikro Markka have been involved. Their absence is perhaps the biggest surprise for me so far.
Is anyone still missing from the list?
Edit: Lassila & Tikanoja added, thanks!
Edit 2: Evli and Alma Media added.
This would indeed tell a lot more than just the quantities. Based on a gut feeling, I’d say this could be one of the best funds in Finland. Time will tell, but I suspect this will run rings around Coeus, for example.
Could we also get the € values shown in the table using a ballpark figure?
Based on the closing prices of Friday, July 7, approx. million euros
WithSecure Oyj 2.98
Enento Oyj 2.61
Remedy Entertainment Plc 1.58
Musti Group Oyj 1.43
Talenom Plc 1.36
Terveystalo Oyj 1.14
Tokmanni 1.12
F-Secure 1.11
Marimekko 0.88
Lassila & Tikanoja 0.80
Revenio 0.76
Evli 0.68
Alma Media 0.64
Loihde 0.63
Noho Partners 0.51
Aallon Group 0.48
This may not necessarily include all the holdings, but it’s interesting that out of those mentioned above, only one (Remedy) fits into the current top 10 of Heikkilä and Viitikko’s previous fund, Aktia Mikro Markka. (May 31, 2023) Of Proprius’s picks, at least Enento has perhaps already managed to rise quite well?
It’s interesting to see WithSecure’s nearly 16% weighting in the portfolio when these known factors are added up. Granted, cash is likely flowing in all the time, and was there any mention in the fund rules about weightings or the size of the cash position!?
Could it be that Heikkilä-Viitiko has some strong premonition that Siilasmaa would be quite ready to sell WithSecure now that the business units have been separated!? It is quite possible that in the past, buyers have knocked on F-Secure’s door, but the main owner was reluctant to give up the entire business!? This was, then, completely irresponsible speculation
Yes, it’s a special investment fund, so a maximum of 20 percent can be in the same stock. An extract from the rules:
The fund deviates from the investment restrictions of the Investment Funds Act (Sijoitusrahastolaki) to the extent that:
• The fund’s ownership may be at most 20% of the shares issued by the same
issuer;
• The fund’s ownership in the securities of the same issuer may
not exceed 20% of the fund’s assets; and
• There may be at most two such investments in the securities of the same
issuer that exceed 10% of the fund’s assets.
The fund may also invest in securities that are not subject to public
trading. A maximum of 15% of the fund’s assets may be invested in such
securities at the time of investment.
A maximum of 30% of the fund’s assets may be held in deposits.
