Investments

Like planned, addition to recently opened Medtronic position with a purchase of 20 shares bought for 79,37 USD per share. Thesis is still in place: reasonable enough valuation, suitable sector and decent yield and dividend growth. Share price has trended down for quite some time and rightfully so, but in my opinion turning the trend slowly is likely enough. There are of course risks but in risk-reward terms I consider this package good enough. Main point is increasing the exposure to the medical sector which I will likely continue in coming months. Size of Medtronic position is still open but let’s see how valuations move. I would be inclined to add on Johnson & Johnson and Pfizer as well but intention is to only reinvest dollar dividends. Therefore ammunition is somewhat limited.

Things escalated quickly in the banking sector. Silicon Valley Bank collapsed and US regulators came up with emergency plan during the weekend. I was expecting a bit more turbulent opening today but ended up buying 100 shares of Nordea Bank for 11,08 EUR per share. Financial system – including European one – is far from solid but I consider it unlikely that Nordea would take significant hits in short term. Ex-dividend date is also quickly approaching so didn’t go for bigger purchases just yet but will have to see how these things unfold in the coming days and weeks.

While at it, I decided to buy additional 80 shares of Fortum for 14,1 EUR per share. Still have somewhat mixed feelings about the company and state ownership but most likely I’ll build a half position during the second quarter. Sector itself is kind of must have and Fortum is reasonably well positioned for the energy transition taking place in next 10-15 years. Sure, the Uniper fiasco and still pending exit from Russia still stings but perhaps it will help keeping some idle hands bound for the said time period. Just in case someone gets ideas about branching out and expanding.

This was a bit unplanned move but state owned Solidium decided to sell 8 million shares of Kemira. They got 16,20 EUR per share which translated to a discount of about 2 EUR per share. At the time it wasn’t clear who bought these but I decided to jump in and bought additional 90 shares for the said price of 16,20 EUR per share. I didn’t consider this to be exceptionally good price but still significant drop with potential for quick rebound. Since then it was published that about 1.5 million shares were bought by Oras Invest. This is good news as they are already significant shareholders and – as family type of affair – likely in it for the long haul. Without any additional surprises or special circumstances I consider this position now to be full.

Not totally happy how things have evolved with Fortum but made a small maintenance purchase and bought 20 shares for 14,565 EUR per share. It’s a bit unlikely that I would build a full position here but possibly half position. Biggest shareholder is my main problem here but then again company itself is likely relevant for next 10 to 15 years. Valuation is not exactly bargain but decent all things considered.

Initiated a new position by buying 20 shares of Medtronic for 82,58 USD per share. This is likely a position I will build during the first half of the year depending of course how the stock moves. Thesis is very simple as stock has dropped significantly, it offers decent dividend yield and history. Company itself operates in segments which benefit from the state of general population and are therefore not likely to go out of fashion.

I missed the boat with Kemira a while back when it was significantly lower. Tried to double my position but counted pennies instead of pulling the trigger. Stock rallied afterwards and marked all time high valuation. Therefore I’m not thrilled about the current valuation but lacking better ideas made maintenance purchase of 10 shares at 14,79 EUR per share. Still have very mixed feelings about the market in next three to six months. This makes it a bit hard to make bigger moves but can’t really justify selling either. I suppose these small maintenance purchases are decent compromise while waiting.

Black Friday is not a big deal for me as I’m not into consumerism but decided to use this opportunity and reinvested dollar dividends without transaction fees. Bought additional 20 shares of EPR properties for 41,22 USD per share. Still seems quite reasonably valued if not even cheap all things considered. Sure, there are still all kinds of risks but position is quite small so overall risk is quite limited. This position comes with quite high dividend yield but all of those can’t be traps.

Sentiment is getting bearish enough for me. Someone (totally not Russia but it was Russia) blew up Nordstream I pipelines, stocks are dropping all around and have been doing so for a while now, Russia’s war effort in Ukraine is approaching later phase peak in many ways, nuclear threat is thrown around, Bank of England is already moving back to QE and list goes on and on. This is enough for me and I’ll move from holding pattern to normal purchasing mode with option to slowly scale down cash reserves. First purchase was CapMan Oyj with 900 shares bought for 2,365 EUR per share.

Turbulent times continue but I’m sticking with the short term plan as my cash reserves are otherwise getting too large. Therefore I bough additional 120 shares of Kemira for 11,75 EUR per share and additional 100 shares of CapMan for 2,59 EUR per share. Both of these positions are almost full but few additional purchases are still likely. Once remaining USD dividends for September are paid, I’ll probably add on Abbvie, Johnson & Johnson or Pfizer.