Q2/2025 Results & H2/2025 Strategy

Second quarter is almost over and it was a wild one. Trump was increasing and decreasing tariffs more often than he changed suit. War between Russia and Ukraine is still raging on with Ukraine showing remarkable levels of innovation of which on example being the drone strike deep inside Russia. Meanwhile Russia has likely executed multiple sabotage operations inside EU and on top of this middle east is once again one arena for esclations as Israel and US struck Iranian nuclear program. To top things off US dollar has devalued somewhat significantly. Result of all this is naturally markets hovering around all time high valuations (excl. currency impact due to USD). Second qurter dividend income was 7105,7 EUR before taxes and converted to EUR at the time of writing so no complaints there.

Going forward I have few loose plans mainly for Q3 and Q4. I’ll likely slowly increase my Lassila & Tikanoja position but it depends on the valuation. Likely aiming at 400-500 shares during the next two quarters. I might also increase my European dividend exposure through ETF. While it’s less tax efficient, it would also enable working easily around tax treaty issues with many countries. I might also setup a secondary growth portfolio around technology. It could consist of slowly built NASDAQ 100 position (e.g. small monthly purchases) together with few selected semiconductor & AI related stocks. Especially NASDAQ 100 position would be easy bolt on addition for my son’s portofolio if/when eventually transferred.

Recent Buy: Mandatum Oyj

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.

Recent Buy: Mandatum Oyj

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