Second quarter is over without much drama. Same can’t be said about the (geo) political environment. Things are brewing in Russia and war in Ukraine is hopefully moving into the final chapter. Summer and fall will be interesting in that sense and hopefully Russia is finally served a can of whoop-ass. Not much was happening in portfolio. Total dividends received during Q2 were 4007,09 EUR before taxes (using conversion rate at the time of writing).
Plan for H2 is quite simple. Primary focus will be on reinvesting dividends with small amount of fresh capital. These will probably be directed mainly on healthcare/big pharma and small maintenance purchases increasing positions in Fortum and Nordea Bank. Otherwise I’ll let cash accumulate to compensate recent withdrawals and prepare for certain real life investments.
Maintenance purchase with 30 shares of Fortum at 12,655 EUR per share. Still not a huge fan of the company or even the valuation. Sector itself is something I want some exposure in and valuation seems decent enough. Quality of the company raises questions but I’ll let it slide and feel sorry later. Still aiming at total position of 300 shares but let’s see what happens during the summer season.
Dividend re-investment time with a purchase of 30 shares of Pfizer at 40,16 USD per share. Pfizer has risks and pipeline execution is always challenging. Pfizer might also be subject of public opinion swings not to mention all the regulatory risks that come with the sector. However, as a whole the valuation seems favourable. Perhaps not cheap but at least not expensive and that’s good enough.
Nordic real estate market is in trouble but might as well go down with the ship. Small dividend reinvestment with a purchase of 90 shares or Cibus Nordic Real Estate AB for 106,95 SEK per share. I wouldn’t be surprised if there’s still significant trouble ahead but let’s see. This is a small position and I have no intention to build larger one. Might do small additions but that’s about it.