Investments

As planned I now have new ETF plan in place. Major part of it is Franklin European Quality Dividend UCITS ETF (FLXD) which I’ll be using to diversify more into European companies. This has couple of advantages and one obvious disadvantage. This allows easy diversification into companies domiciled in problematic countries when taxes are taken into account (tax agreement not followed, difficult to get refunds from over charged taxes). Furthermore this type of diversification reduces currency risks going forward. Obvious disadvantage is slightly higher effective tax rate when compared to dividends from countries that actually follow tax agreements. I plan to add consistently into this ETF mainly by redirecting dividend income – and especially USD dividend income – into this ETF in trenches of about 1500 EUR. Second ETF is iShares NASDAQ 100 UCITS ETF EUR HEDGED for which I’ll make tiny consistent contributions for now since valuations are at all time high levels. Should we get significant correction, I plan to make larger indiviual contributions during those times. Like the name suggests, this ETF is EUR hedged to limit the currency risk going forward. This ETF will act as a monthly savings target and will eventually be transferred into my son’s portfolio (hence the non distributing selection).

In addition to these I’ve played around with my small IREN and Lemonade positions just for the kicks. I don’t usually trade because I end up with unexpected positions. This time it’s only partially true as I’ve ended up with 100 IREN shares (double the original position) and 0 Lemonade shares. Plan is to buy some Lemonade either through additional trades or fresh capital. Remains to be seen but considering the recent volatility and valuations, I see IREN as better short to mid term option so might be sitting without Lemonade for a while.

Second Terveystalo Plc patch of 100 shares bought for 10,62 EUR per share. Nothing special here as recent drop does not appear to continue further down, instead I see some weak indicators for leveling out and starting slowly to correct back to pre results levels. Might buy additional two similar patches during Q3 and Q4 but it remains to be seen. Might also just nibble smaller patches for longer as I’m currently doing with Lassila & Tikanoja.

Same old story about a maintenance purchace and Lassila & Tikanoja. Nothing special going on but bought additional 25 shares for 9,50 EUR per share. Total share count now sits at 300 shares so might still add additional 100-200 shares. I suppose this is some kind of defensive reaction and not at all fashionable way to spend money.

Slightly unplanned but Terveystalo dropped today due to slightly missed expectations and I decided to buy initial 100 shares for 10,70 EUR per share. I have lately favoured healthcare sector and while private healthcare providers in Nordics are not my absolute favourites, I decided to take a bite while motivated by reasonable valuation, healthy dividend and potential upside from classification changes. It remains to be seen if I will build full position from this initial entry. Possibly a half position of roughly 400-500 shares if valuation remains favourable.

See: https://news.alertir.com/terveystalo/en/node/1389

Combination of multiple types of purcheses as Lassila & Tikanoja is the current normal maintenance purchase in main dividend portfolio. This time around I added 25 shares for 9,56 EUR per share bringing the total in 275 shares. This position has still room to grow as envisioned limit is 400-500 shares before upcoming (pending decision but pretty much inevitable) split into two listed companies. Still not sure what to except from the actual split since it might trigger sales to avoid complex taxation and so on. I might have to leave final purchases for the final stretch before split takes place.

Other two positions are slightly uncommon decisions and both will fill the currently empty speculative/growth portfolio. Pretty sure that both will come with plenty of volatility but positions are small and therefore considered as low risk & high reward plays for a time period of 5-10 years. IREN Ltd is in many ways contrarian play as it’s a combination of bitcoin, green energy and computational capacity (AI). I’m not a huge believer in bitcoin in the sense of replacement currency but as a selectively useful technology and speculative asset slightly more so. I might of course be wrong but potential indirect upside from bitcoin directed to hard assets (computational capacity, energy) enabling AI sounds good and scalable business model to me. As a bonus this seems like a stock that might have potential for significant short squeezes and temporarily insanely high valuations, therefore I bought 50 shares for 15,99 USD per share and might make additional smaller purchases going forward. Main intention is to wait 5-10 years and see what happens but should we see insanely high valuations, I might trade this in and out.

Lemonade Inc. is similar story as it’s mainly a contrarian play (against main portfolio assets) in the form of a AI driven insurance business. AI driven execution will separate players in many sectors to winners and losers. Should more traditional insurance players somehow fail in execution, Lemonade might be a candidate for the winner category. I doubt that legacy players in certain established markets (read: Scandinavia) would mess up this too badly since they have the scale, vast amounts of data and knowledge of the markets they operate in but US market is probably slightly different story. Therefore I bought 20 shares for 41,90 USD per share. Like with IREN, main intention is to wait 5-10 years and see what happens on the way.

Dividend re-investment time and – as a continuation of the previous purchase – I decided to even out the total share count by purchasing additional 150 shares of Mandatum Oyj for 5,47 EUR per share. This brings the total share count to even 2700 shares. I might eventually increase the position to full 3000 shares but we are hovering around my anticipated full position already now. Mandatum seems to be exceptionally well positioned for the coming years as winding down legacy products enables thick dividends while expanding other asset light product lines. Dividends alone should be able to maintain stock prices above current levels but sector itself tends to be risky and can be easily shaken by external forces for which there has been no shortage of lately.

This was a bit of a unplanned purchase but I decided to buy additional 200 shares of Mandatum Oyj for 5,40 EUR per share. This was fully caused by the sudden price drop as major shareholder Altor decided to sell 26 million shares for 5,25 EUR per share. After the sale they still own 57 million shares. Not a major discount from their part but one that I’m willing to take.

See: https://news.cision.com/fi/mandatum-oyj/r/mandatum-oyj–johdon-liiketoimet—altor-invest-8-as,c4166439

Maintenance purchase time once again with Lassila & Tikanoja as I bought additional 20 shares for 9,29 EUR per share. Building up defences slowly as total share count now stands at 250 shares. Plan is to build this up to 400-500 shares by the end of the year but impact and timing of split into two listed companies might have a say on that.

After lengthy consideration I decided to buy back my original 100 Bristol-Myers Squibb shares plus additional hundred shares for 47,99 USD per share. Sure, tariff hassle will likely cause all kinds of short term issues depending on the daily swings by Agent Orange. Company should be in good enough shape and position to navigate this turmoil well enough, hence to purchace and willigness to ignore reasonable short term fluctuations. However, I’ll keep monitoring the changes and adjust stop loss triggers as seen fit.

Sampo paid dividends today and made a boring choice by slowly building up my position on Lassila & Tikanoja Oyj. Bought additional 70 shares for 9,32 EUR per share. Didn’t redeploy all dividens paid by Sampo just yet as Trump is once again floating the concept of pharma tariffs within the next two weeks or so which I might use as an opportunity to buy back Bristol-Myers Squibb shares I sold recently and then some on top of it.

See: https://www.cnbc.com/2025/05/05/trump-order-us-drug-manufacturing.html