Dwell+Done

I recently exited Fortum at 17,40 EUR per share and planned to buy those shares back at around 16 EUR if we get there. Fortum dropped today after updating financial targets so I decided to make the initial purchase: I bought mere 50 shares for 17,00 EUR per share. This sets the upper limit of my buy back range and hopefully rest will be bought back in a way that results having an average cost of low sixteen EUR per share.

See: https://www.inderes.fi/releases/fortum-updates-its-long-term-financial-targets-strategic-targets-and-strategic-kpis

Once more for the sake of consistency: I bought additional 100 shares of XACT Nordic High Dividend Low Volatility (UCITS ETF) for 154,16 SEK per share. Nothing new here as this is future core position in the making. Pure income play with a somewhat defensive approach. Decent mechanism to get exposure to norwegian and danish high yielders without having to adjust taxes afterwards.

This was a bit unplanned but since Nordea dropped significantly after releasing updated financial targets I decided to make move despite already having heavy allocation. To me those targets seemed excellent and should those targets be met by 2030, we should be handsomly rewarded. Targets also included transitioning into semi annual dividends. I approve such move and should the targets be met, we might see annualized dividends of 1.40 EUR per share in roaring 30’s. I missed the initial drop while travelling but since recovery was sluggish, I bought additional 100 shares for 14.375 EUR per share.

While at it I also bought additional 100 shares of XACT Nordic High Dividend Low Volatility (UCITS ETF) for 154,87 SEK per share. This was planned deployment of the funds received from sold Fortum position. There are still some left but these will likely be deployed later this month together with incoming dividends.

This is just a continuation of previous purchases. This time around I bought additional 180 shares of XACT Nordic High Dividend Low Volatility (UCITS ETF) for 155,38 SEK per share. Probably one or two purchases still to go for short term. Strategic semi safe income play with exposure to nordic high yielders, that’s about it.

Third transaction of the day and a bit unusual one for many reasons. I bought an entry position in Petrobras via preferred ADR stock or 300 shares for 11,15 USD per share to be precise. This is a pure high yield income play with few twists: political risk obviously, plain old tax reforms in Brazil and local taxation. Due to all that this will not likely grow into a significant position but that remains to be seen. Sector is not really in fashion but probably needed for couple of decades and might even be occasionally appreciated.

As described in previous post, part of the funds originating from exiting position in Fortum are redirected into Franklin European Quality Dividend UCITS ETF. I bought additional 200 shares for 32,46 EUR per share. I used this opportunity to move funds to my account in Nordnet which I have not done in ages. I have just been reinvesting dividends and performed few short term swing trades on limit. This enabled me to become a private banking member mainly for a bit lower fees going forward. Fees are by no means low compared to other brokers but at least now a bit more acceptable.

First deployment of the funds received from recently sold Fortum position and it was XACT Nordic High Dividend Low Volatility (UCITS ETF). I bought additional 60 shares for 155,24 SEK per share so hardly significant move but more will follow. Most if not all of said funds will likely be deployed in XACT Nordic High Dividend Low Volatility (UCITS ETF), Franklin European Quality Dividend UCITS ETF and in one high yielding stock for which primary candidate right now is Petrobras. Unless Fortum drops quickly back to 16 EUR range that is but in any case I will rebuild my Fortum position if the price is right and will fund it from cash reserves if needed.

Fortum reported weak third quarter results and as short term safety measure I sold all 1000 shares for 17,40 EUR per share. Initial drop of roughly 3% was not too bad but I have a feeling that there might be more to come. Share price has gone up lately without any real fundamentals backing it up. Sure, energy is key to the (AI) economy of the future and this drop in results was because of lower production levels but still. I’ll sit out for a while but might buy these back for 16,00 EUR per share or somewhere around there. It remains to be seen if we see such prices any time soon since winter is coming. From this I record profit of 4823 EUR + 3248,70 EUR in dividends (before taxes) received during whole ownership in Fortum.

See: https://www.fortum.com/sites/default/files/investor-documents/Fortum_January-September2025_Interim_report.pdf

This was bit of an unplanned purchase but I bought additional 20 shares of IREN Limited for 54,90 USD per share. IREN has pulled back since the convertible notes offering and has shown the usual volatility while doing so. It remains to be seen how wild swings we will get but my main thesis remains: AI boom will keep on booming at least for a couple of years and IREN is exceptionally well positioned for it. Last week has been calm before storm and big news are inevitable sooner or later. Having said that, stop loss is in place for the whole position in case this seems to sink significantly lower in the short term.

After mediocre consideration I bought my final chunk of Terveystalo Plc or at least I consider it to be last for now. I bought additional 100 shares for 9,75 EUR per share which makes the total position 500 shares. Thesis seems to be intact: share price has been dropping due to Varma (mutual pension insurance) selling but there is a good chance for dividend increases and share price might be supported by reclassification as large cap company which likely increases foreign interest and so on. I do consider the position to be full but switching from Lassila & Tikanoja to Terveystalo feels tempting mainly because of the fact that L&T position is a bit small due to the fact that I expected it go up slower than it actually did. Now I am left with expected and decent 15% gains but only half position. This together with the planned split into two listed positions would leave me with two even smaller positions while the other one is likely to see somewhat significant sell side pressure due to the fact that most environmentalists having focus on circular economy and such likely do not plan to keep the boring old facility services business.