Here is @Santeri_Korpinenâs excellent article on selling shares. 
Many investorsâ greatest attention is focused on stock picking. And itâs no wonder. Media headlines report on prevailing trends and which companies are the next stock rockets, and which shares you can still pick up in the hope of hefty dividends. Selling is rarely discussed, i.e., when should one divest from companies?
The recent Q1 report also includes insights from West https://youtu.be/uq6eGu-Bp6E
Hereâs a fresh video from the guys at Sifter, with Q1 as one of the themes.
The value of the Sifter Fund decreased by 7.9% during the first quarter of the year (Sifter Fund Global PA class, 31.3.2025). Please note that the Fundâs historical return is not a guarantee of future returns. Market downturns are part of equity investing. While uncertainties and price drops always feel unpleasant, they can also offer good buying opportunities for long-term investors.
Content
00:00 Disclaimer
00:22 Fund returns
01:43 Uncertainty has increased
04:40 Risers Q1/25
05:00 Deutsche Boerse
05:43 Safran
07:23 TOMRA Systems
09:02 Decliners Q1/25
09:25 West Pharmaceutical Services
13:49 BE Semiconductor
16:44 Disco Corporation
22:24 Allocations
29:07 Portfolio changes
30:53 Fund earnings yield forecasts
35:10 Closing words and disclaimer
Santeri from Sifter was in a very interesting interview with me, where we only scratched the surface! Waiting for the next one.
Sifterâs CEO Santeri Korpinen comments on Sifterâs development and stock picks, such as Deutsche Börse, Safran, Alphabet, and Novo Nordisk.
Follow Sifter Sifter Global - Inderes
00:00 Sifter and Fund Smith
01:49 Trade war and quality companies and Safran
05:48 Deutsche Börse
07:04 Impact of trade war on profitability
12:46 Alphabet
22:04 Novo Nordisk
Here the guys from Sifter go through Q2.
The beginning of the second quarter was stormy due to Trumpâs tariff news, which caused the markets to dive, but the recovery was ultimately just as swift. Sifterâs value rose by 5.3% in AprilâJune, although it is still down 3.0% from the beginning of the year. Overall, the portfolio has developed in line with the global stock market.
Please remember that historical returns are no guarantee of future returns.
00:00 Introduction 00:20 Fund performance 00:53 Rising sector 03:07 Top-3 Gainers 03:29 Declining sector 05:30 Top-3 Losers 06:25 Which company was sold and which replaced it 10:55 Portfolio changes and comments 17:19 Importance of earnings growth 19:00 Microsoftâs earnings growth 23:55 Cintasâs earnings growth 30:34 Portfolio earnings yield
Why are @Santeri_Korpinenâs latest financial data for Sifter Capital Oy, e.g., in Finder or Asiakastieto, from 2021?
Could it be some kind of system bug. At least in AlmaTalentâs service, financial statements are available from 2024 backwards. I donât know from which system Finder retrieves its data.
Hi Ruonis, this is largely due to the fact that the Financial Supervisory Authority required SIPA companies to submit a specific type of financial statement four times a year, with a particular emphasis on the companyâs solvency. For some reason, Finders and similar platforms cannot directly integrate these figures into their services.
However, you can find the key figures for all Investment Service Companies on the Financial Supervisory Authorityâs website
https://www.finanssivalvonta.fi/til
@Santeri_Korpinen At the beginning of the thread, someone had asked Sifter for an analysis of S&P Global. I couldnât find one quickly, but it would be really interesting to hear Sifterâs current opinion on that company.
Absolutely agree. S&P Global is still (in my opinion) one of the highest quality companies in the world. However, FactSetâs lowered forecasts have also been reflected in S&P Globalâs stock. Therefore, it would be interesting to hear current views from outside my own bubble as well.
Sifterâs new video about Cintas is now also on inderesTV.
Hereâs an article about Cintas in blog format.
Perhaps a boring-looking business, but a very profitable one.
Here, in turn, is Sifterâs Q3 portfolio review. Darn, my spring Alphabet challenge immediately aged poorly. 
It looks like tomorrow Iâll be releasing my challenged and @Ville_Kivinen filmed Sifter office visit. This is truly a Sifter week on Inderesâ sites.
And hereâs the office visit itself!
An interesting way to get to know the fundâs personnel and processes more closely.
I learned, among other things, that Sifterâs screen is really strict and a large group of experts spar on matters. The investment committee ensures that the rules are not deviated from.
This is, of course, a commercial collaboration, but I still take my hat off to the fund that has existed for so long. Thatâs quite an achievement in the industry, as funds are often merged into other funds.
I also learned that wow, these funds have heavy regulation.
Hereâs a fresh October review of the portfolio from Sifter.
Lam Research +19.7 %
Alphabet +17.8 %
Mettler-Toledo +17.5 %
TOMRA Systems -16.5 %
Texas Instruments -9.7 %
ADP -9.7 %
An interesting observation regarding SP500 companiesâ margins.
About 50% of S&P 500 companies have reported weakened net margins
Companiesâ profit margins are under pressure across the board. About half of S&P 500 companies have reported weakened net margins â especially in sectors most heavily impacted by tariffs and cost inflation, such as consumer products and discretionary consumption. In many cases, tariffs and increased production costs have had to be borne by the companies themselves, as their weak pricing power prevents passing additional costs onto prices without losing demand. In Sifterâs view, this highlights one of the most important characteristics of a quality company: pricing power. We have not observed a similar phenomenon with Sifter companies. Based on our analysis, we own companies whose products and services are critical to customers. These companies have pricing power, which enables profitability to be maintained even during cost pressures. This has been observed before, for example, during the high inflation years of 2022â2023, when the portfolio companiesâ margins remained high.
Interesting thoughts from quality company investor Santeri Korpinen on the impact of AI on investing. The Sifter fund avoids uncertain software companies, even though they have exposure to the semiconductor industry and âinfrastructureâ.
Sifter presents their summer IDEXX investment.
New podcast series launched:
Quality Investing School
I am excited that we are launching a four-part Quality Investing School podcast series, produced in collaboration with Sifter and Karo HĂ€mĂ€lĂ€inen (Karoâs Grill).
In the series, Karo and I delve into what quality investing means (e.g., in academic research) and how it can be applied in practice for long-term investing.
The first episode was released just today. I hope this provides listeners with useful insights.
Part 2 of the quality investing school published on Karon Grilli. Moat
This time at @Karo_Hamalainenâs Grill Quality Investing School, the theme was key figures and analysis.
Topics:
0:00 Start and the most important key figure 6:54 MSCI quality metrics 8:45 ROA 9:26 ROCE 11:35 Sifterâs screening metrics 13:06 Gross margin 16:42 Operating profit 19:14: ROIC 20:37 Cash flow 22:54 TSMC as an example of a quality companyâs key figures 25:49 Net debt 32:07 Valuation 40:30 Qualitative company analysis 42:21 Quality of corporate management 48:02 Episode summary