Hi everyone! I’m now starting this thread where you can, if you wish, share your portfolio’s return percentages in a respectful tone, perhaps along with joys and sorrows from the year or other period. The idea came to me that anyone who wants to follow my journey in the CEO role, for example, through portfolio returns, can do so here. I hope that when discussing returns, we do so in a respectful tone, preferably in percentage points, and not in euros 
I will update Medifilm’s portfolio situation here at the end of the fiscal year (i.e., around June), and later at the end of the calendar year.
Johannes S. CEO Medifilm Oy, i.e., a young stock investor equipped with great passion and a desire to help others in both good and bad times
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Here’s the portfolio’s return history for the entire time (just under 2 years) it’s been with its current broker.
Nokia has been a fixed part of the portfolio since December 2017, and it can stay there for several more years.
Returns during this period have also been heavily influenced by shorter-term, speculative investments, which have included derivatives of Nokia and the DAX index (both long and short), Boeing, Realty Income Corporation, Patriot One, Remedy, Qt Group, Tesla, etc.
I’ve had a knack for playing the stock market for over 15 years, and it seems I can’t get rid of it, even though Nokia has already broken all records for staying in the portfolio. I’ve decided to see that card through as an investment case until the end; verdicts on success or failure will hopefully be handed out sometime around 2024-2025.
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Truly impressive numbers @Pika-Sissi, and this is just the beginning, especially with Nokia! 
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YTD because I started on 2.1.2019.
Portfolio contents: Kamux, Verkkokauppa, Digia, Tieto, Fortum, Nordea, Finnish and Danish Superfunds.
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Nice stats for you too, @G.J_Joe!
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This is a great game when everyone seems to win - and by a lot!!! Uncle Masse goes year after year with Index. By playing or just letting everything be and always about the same result. It’s just so damn hard for an average Joe to beat Mr. Index 
But: Uncle no longer needs money, but sometimes you have to pay for exciting game entertainment, right
A whisper to all those who need money: Make a 100k deal with Sissi, meaning 100k for Sissi for daycare for 2 years, so in spring 2021 you can split a 200k profit!
Uncle Masse, good cheer for everyone and a little cash for those who need it 
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I have such a lousy bank that I can’t get any returns out of it?! But let’s just say, lately things have been going pretty well since I started investing the company’s balance sheet from scratch at the end of 2017. However, I did make a good profit, at least at a management level.
The good performance is especially due to Talenom and QT, and the swings, especially in December, it paid to be on the buying side, and these fruits have been cashed in at the beginning of the year.
My personal account isn’t celebrating as much, but overall, it’s pretty good!
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Happy summer day to all forum members! At the beginning of June, I promised to post an update on Medifilm’s portfolio development in this thread, and I’ll also briefly discuss the performance of the stock market and MF’s portfolio during the past fiscal year (June 1, 2018 - May 31, 2019). The OMXHGI index will be used as the benchmark, but at the end, returns will be compared to the OMXH25GI index returns, as I invest almost exclusively in OMXH25-listed companies 
- The fiscal year has largely been very difficult, with a stock market correction in December, followed by a strong upward correction in January-February, and now the situation has become a bit more complicated due to the escalation of the trade war, among other things. Unfortunately, the very poor portfolio development during this period is explained by the unsuccessful investment in Outokumpu from July to May (see the “Investment Mistakes” thread). Also, for example, Nordea’s performance during this period has been a great disappointment, as the shares bought at €8.63 had to be sold at a bitter loss, and the overall performance, even with the originally purchased Nordea shares, has been weak, barely breaking even:
OMXH25GI index performance over the corresponding period:
- But then: Fortunately, there are also bright sides. After a truly brutal year in 2018, the situation improved somewhat, and the stock performance so far in 2019 has been much more tolerable. At the moment, we are slightly behind the index, but in my opinion, only barely, and I believe time is on the side of the current portfolio holdings:
OMXH25GI index performance over the corresponding period:
- Some insight into what I have bought (and when) for the portfolio can be found in other threads, but at the moment, the weights of the portfolio companies look like this:
- Of these, naturally, Stora Enso and Nokian Tyres, in particular, have been hit hard during May, but with Nokia, on the other hand, we managed to avoid the worst of the drop, considering that trading started when the stock was priced at approximately €5.29, and also with a small weight, bottom-fishing succeeded at a value of €4.28, which was not very well timed compared to the fact that the bottoms were much lower, but the direction was indeed very right, especially when compared to the fact that these Nokia shares replaced Nordea shares, which were sold at €6.77, while Nordea’s share traded at a closing price of €6.34 on Friday. Unfortunately, Nordea’s weak performance has also been priced into Sampo’s stock, which means that Sampo’s share price development has been significantly weaker than I expected, even though the fundamentals, in my opinion, have not changed significantly negatively compared to the stock’s current price. I have been planning to sell Wärtsilä for a long time, and I will probably do so soon, due to the increasing negative price drivers of engineering companies in recent months, but these are concerns for the current fiscal year Outokumpu shares were also eventually sold at a terrible loss of approximately -45% at €3.07, but even there, we managed to avoid the worst wounds from a falling knife, as the money from the sale of Outokumpu was used to buy more Sampo. I also have to make two mentions (my own views!) that should support my view that there is a possibility of “beating” the index or at least keeping pace with it in the rest of the year.
- In my opinion, the valuation levels of both Nokia and Sampo shares will correct over time, as the current price levels are not, in my opinion, validly justifiable compared to the valuation levels of the rest of the Helsinki stock exchange. Both are also represented with a very large weight in Medifilm’s portfolio for this reason.
- At the moment, in my opinion, there is exactly one stock whose weight in the OMXHGI, OMXH25GI, etc., indices is very large, and which I believe is blatantly overpriced. This stock is KONE’s share. If and when a correction possibly occurs in this stock, and my view (and Erkki’s view) is correct, then the index’s valuation will also inevitably correct downwards somewhat due to KONE’s weight in the Helsinki indices.
- However, the most important thing is still in order, which is that the index has been led over the long term (since 2009). Roughly speaking, Medifilm’s portfolio has annually performed approximately 2% better than the benchmark index:
- In summary: I expect good performance from Sampo and Nokia in the rest of the year despite a difficult macro environment; correspondingly, the prices of cyclical stocks will remain under pressure, and for each stock individually, further consideration of fundamental developments needs to be made. The Outokumpu investment was unfortunately a big mistake, but ultimately, we managed to avoid some wounds. I expect and hope for a downward correction in KONE’s stock valuation because its weight in the indices is large, and its current valuation is not justified by any measure, in my opinion. A thrilling second half of 2019 is certainly coming
Happy summer to all forum members!
Johannes S. CEO, Medifilm Oy
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As I understand it, Vilenin’s sum-of-the-parts calculation for Sampo was: “€36-40 depending on Nordea’s share price.” Now that Nordea is low and short-term prospects are very uncertain, the current pricing is probably ‘justified for now.’
Good luck to everyone for the rest of the year and a nice start to the summer 
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That’s absolutely true, @Aston_Livingstone, but in this investment case, I personally trust more both the value output by the DDM calculation and the combination of those parts, which justifies a relatively clear premium to the sum of the parts, which @Sauli_Vilen has also talked about Also, if and when Sampo’s ownership stake in Nordea is reduced, it will have a slightly positive effect if the decline continues in the short term, and through the reduction of capital requirements, the possibilities, for example, on the M&A front improve.
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Let’s hope so. But remember Uncle Masse’s investment guide’s 5th rule, the Silenced Mr. Index (there’s even a separate question about him in Inde’s thread): he’s a nasty fellow and only true pros and day traders can really beat him. But for us noobs, “investing is entertainment, from which you sometimes have to…”.
Uncle Masse, FA, no matter what he does, the result is always about Mr. Index for him.
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There is one excellent rule for dealing with Mr. Index: Be humble. Beating it or even keeping up with it requires a lot of hard work and self-discipline, but fortunately it’s not entirely impossible. Mr. Index can sometimes be very capricious, but you must not get angry or lose hope in front of it, otherwise you will certainly not get close to Mr. Index’s returns during your review period. Investing is also a passion for me, so of course I try my best to keep up with Mr. Index or even beat it, but all in all, content is most important, I get to express myself in the best possible way, in the best possible environment.
Johannes, always humble before Mr. Index, and passion always included in the activity
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Ok, obviously OP showed the wrong reading in both places in MF’s portfolio returns and index returns, here are the correct numbers:
Situation for the past year 2019 at the turn of the financial year:
Situation for the past financial year:
I repeat myself: The past financial year was difficult, but the situation in 2019 is considerably better
Johannes S. CEO, Medifilm Oy
Honestly, Nokia’s Q2 earnings and how long the index rally will continue will determine the next direction for the portfolio. The cash position is starting to be so large that if the index falls, there will be good assets for the rest of the year. Still waiting for KONE to drop, Wärtsilä’s sale was fundamentally a good move, and probably one reason for the portfolio’s good performance against the index
Although this autumn I’m more anxious about the matriculation exams than the index’s development, it would be really nice to get a good result this year.Johannes S. CEO, Medifilm Oy
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I hadn’t looked at my portfolio’s overall performance in a while, so I logged into Nordnet for the first time in ages to check the situation, inspired by this thread and for other reasons. Here’s what the 1-year graph looks like:
I have to admit that I’m very satisfied with the one-year period (32.9%) and especially YTD (36.9%). Admicom and Talenom have contributed overwhelmingly the most to the positive development. Sampo, Vincit, and especially Efecte have slowed down the growth.
While there’s reason to be satisfied, the period under review is very short. Furthermore, without Admicom’s exceptionally excellent performance, the return wouldn’t be in this range. On the other hand, if Admicom’s valuation doesn’t hold up, it would currently show negatively in the portfolio’s overall development. At the moment, however, my confidence in the company is strong (let’s re-evaluate the situation after the earnings report tomorrow). The development of Nokia and Efecte also seems to play quite a significant role in the portfolio in the near future, in addition to general market developments.
At this stage, I need to be careful about a certain kind of speed blindness and overestimation of my own skills. So far, everything has gone well, but the future is difficult to predict, especially accurately. I liked Juippi’s comment above, where he mentioned:
I hope (and believe) that I won’t be afraid either. In my investing career, I have yet to experience sharp downturns and global economic recessions. They will come if I intend to continue investing in the future. Hopefully, there will also be upturns after them. But yes, I would rather go through these uncertain times riding with quality and/or shareholder-value-creating companies.
Oh, by the way, in that Nordnet return graph, it takes into account things like dividends, but not, for example, taxes. It also doesn’t consider deposits, as far as I understand; am I right about this? I wouldn’t want to lie here about unrealistic returns.
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Disclaimer, I’ll say this now, even though I included the OMXH25GI index for comparison (because it’s nice when my own portfolio has beaten it in that period, and it also gives a little indication of which way the market has gone), I don’t prioritize beating the index, i.e., I don’t consider it a “goal” in my investment career, even though I pick stocks. Of course, I could put all my money into an index fund and start monthly saving, abandoning stock picking; all studies say the odds are not in my favor for beating the index in the long run, but then one passion in life would be lost. And I’d rather go through even difficult times with companies I know, even if it means losing to the index in the long run. I also like Pyysing’s way of thinking, that the development of one’s own portfolio is most important, and not so much beating the index. I think it was good to bring this up now, rather than when presenting one’s own portfolio development that has lost 10-0 to the index. And you never know, I might even become a full index investor someday.
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One year of portfolio performance means next to nothing. Mine also seems to be up over 30 percent this year, but especially in a concentrated portfolio, swings can be large.
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Take this with a grain of salt: If you have beaten the index return in its entirety throughout your investment career (i.e., if your return since the portfolio’s inception has performed better than the benchmark index), then you can bail out into index funds at any point, and then you will certainly beat the index in the long run
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But seriously: Really impressive return figures, and I suspect you’ll get through harder times just fine 
And I really appreciate the attitude; ultimately, the most important thing is achieving your own goals, not just beating the index. My personal goal is to someday reach a 1 MEUR cash reserve, but that might still take many, many years.
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Yeah, that comment of mine was mostly a kind of a ‘disclaimer’ I know that one shouldn’t give too much weight to one year’s development. I understand that this place is mainly for updating short-term developments, right? At least I don’t have a 20-year yield curve to give you yet. Sometimes we update good developments here, and sometimes maybe worse ones. @Johannes_Sippola you have an ambitious but totally achievable goal ahead of you. You have to have ambition in life. We’ll keep our fingers crossed for you to succeed in your goal. 
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