Investments

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

Bought back recently sold Pfizer shares and then some. Tariff saga continues but there are at least minor hints of reversal in some areas. We haven’t seen any pharma specific insanities on top of the normal ones. Considering all this – and the fact that Pfizer reported somewhat decent results today – I decided to buy 400 shares for 22,70 USD per share. This doubles my original position but risks are still there: Trump might trump any trade and long term positioning of Pfizer has plenty of risks. Let’s see how this eventually plays out.

See: https://www.businesswire.com/news/home/20250429774693/en/Pfizer-Reports-Solid-First-Quarter-2025-Results-And-Reaffirms-2025-Guidance

Another small maintenance purchase of 40 Lassila & Tikanoja shares at 8,66 EUR per share. Nothing new here as I’m slowly nibbling on L&T due to the defensive nature of the sector it operates on combined with potential bottoming out. They are planning on separating into two independent listed companies. That in itself is a risk but likely causes short term moves on the share price around the time of separation especially if resulting share prices force funds etc. to dump shares. It could provide better entry point but let’s see how it goes. Most likely I’ll just keep on adding in small chunks until then.

Today I exited my positions on Bristol-Myers Squibb, Medtronic and Pfizer. This was probably just a short term move brought to you by Agent Orange. I record some losses with all of these but significant (in tax sense) only with Pfizer. That shall offset some of recorded gains earlier this year from the sale of Apple Hospitality and EPR Properties. More relevant aspect is short term breather from the proposed pharma tariffs as none of these positions had any margin of safety from additional tariff impacts. Such tariffs sound unbelievably stupid but that’s the main reason for taking this seriously. Then again curve ball with calling of potential tariffs is equally likely outcome and something that likely would cause these stocks to trade significanly higher in the short term. Let’see what’s the situation a week from now as Easter weekend is coming up and perhaps Trump has way too much time for social media.

Summary of sales:

• Bristol-Myers Squibb: 100 shares for 47,95 USD per share
• Medtronic: 40 shares for 82,90 USD per share
• Prizer: 200 shares for 22,38 USD per share

See: https://www.reuters.com/business/healthcare-pharmaceuticals/trump-says-us-pharma-tariffs-coming-not-too-distant-future-2025-04-14/

Tariff madness move time as I sold my initial General Mills position of 20 shares for 56,27 USD per share. Reason being twofold: this was tiny initial position which I really don’t feel comfortable increasing anytime soon and this was pretty much tax neutral way to increase cash reserves. Cash will likely be redeployed quite soon but either to non USD positions or possibly hedged USD positions. Might make similar moves with Medtronic (hasn’t really moved) and Pfizer (some losses to offset taxes).