Investments

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.

Energy crisis is escalating and European markets are feeling the pain. Euro as a currency reached new lows when compared against US dollar. I decided to buy additional 80 shares of Kemira Oyj for 11,75 EUR per share. This is not really related to the recent turmoil even though Kemira is not immune to it. Valuation seems to be decent, second dividend of the year is still coming and my main thesis (water) for building a full long term position is intact. Let’s see if I manage to complete the position during Q4.

My cash reserves are above my hard limit so I bought additional 400 shares of CapMan Oyj for 2,81 EUR per share. I find this valuation to be acceptable even though the overall situation if full of risks. This is mainly dividend play but the sector has some serious M&A potential as a bonus. It’s extremely difficult to say anything about the likelihood of CapMan being part of such activity and if it would be, it would be difficult to know on which side of the table it would be sitting on. I see significant risks on the market but will follow strategy as follows: re-invest dividends, try to limit cash reserves to current level and focus on primary DGI strategy.

Streamlining portfolios towards original primary strategy started or continued. I sold my modest Fortum position consisting of 270 shares for 10,225 EUR per share. This is hopefully a short to mid term exit. I still see Fortum as relevant company to own in 2025-2035 timeframe but current mess with Uniper and energy crisis is such that I expect to to easily buy these shares back in period between Q4/22 to Q1/23. Meanwhile I record minor loss here to offset some taxes. I used these funds to increase my positions in Kemira (70 shares bought for 12,32 EUR per share) and Capman (100 shares bought for 2,82 EUR per share).

While at it, I decided to also sell my Warner Bros. Discovery (79 shares sold for 13,55 USD per share) and Orion Office REIT (50 shares sold for 10,08 USD per share) and buy additional 25 shares of Gilead Sciences for 63,59 USD per share. These transactions also record minor losses to offset some taxes but are likely exited permanently or at least it’s difficult to come up with reasoning for re-entry.

This is quite likely short term exit and bored attempt in trading but I sold 300 shares of NexGen Energy for 5,40 CAD per share. These shares were bought in 2,07-2,21 CAD range. Uranium sector is likely to provide plenty of volatility but mid and long term vision is still intact. Therefore I might buy back these shares later. Then again I’m interested in simplifying the portfolio by focusing more on the main strategy. Let’s see how coming months play out.

I decided to sell my tiny UEX position of 1500 shares. I never got around building a bigger position on it and therefore decided to sell now since the position is way too small to motivate tracking buyout offers from Uranium Energy Corp and Denison Mines Corp. I bought these shares for 0,220 CAD per share and sold now for 0,47 CAD per share. Nice enough gain of 139% but somewhat insignificant amount of dollars.

https://www.newswire.ca/news-releases/denison-confirms-superior-proposal-for-uex-corporation-890546521.html

Dividend re-investment in lack of better ideas: 10 shares of 3M for 129,90 USD per share. Sure, company is facing all kinds of issues ranging for legal problems to overall inflation environment. I don’t really focus a lot on those with these huge companies. These kind of issues will come and go. Sometimes they might end up being fatal or close to it but most of the time companies will adapt and move on.

Just a tiny maintenance purchase of 10 shares of Kemira bought for 11,77 EUR per share. Nothing new here as this is just a maintenance purchase done for two reasons: consistently buying something and to avoid fees.

Market has been quite red lately and for good reason. Inflation is getting out of hand, central banks are more or less behind the curve, war in Ukraine is far from being over, food might be in short supply and list goes on and on. It might still be too early to make any moves but I decided to initiate positions on companies mentioned in the subject. These are not significant positions and were more or less dividend reinvestments with existing SEK balance. This also increases both my exposure in Swedish stocks and SEK dividend income. Both are strategic long term choices given my location and home currency. I would consider these purchases as controlled risk as I consider the likelihood of either short term inflation or inability of central banks (European or Swedish) to make necessary (rate) changes high enough but let’s see how these will eventually play out.

• Castellum AB 100 shares for 145,20 SEK per share
• Cibus Nordic Real Estate AB 70 shares for 188,90 SEK per share
• Investor AB (B series) 80 shares for 172,38 SEK per share