Slightly unplanned but bought additional 30 shares of Sampo Plc for 38,99 EUR per share. Share price has declined for a while now and slightly negative guidance update from Topdanmark. On top of this there’s the Mandatum spinoff which probably has impact on multiple shareholders not so interested in becoming direct Mandatum shareholders.
Recent Buy: Fortum Oyj & Nordea Bank Abp
Slight change of plans. Instead of slowly adding on both of these with smaller purchases, I bought additional 150 shares of Fortum for 12,18 EUR per share and additional 80 shares of Nordea Bank for 9,8 EUR per share. This was mainly because of holiday season and re-evaluation of the market situation in general. Increasing inflow of fresh capital from reserves appears to be justified right now especially with European equities. My Nordea Bank exposure is already on higher side so that might get just smaller maintenance purchases going forward. For Fortum I had envisioned capping the total exposure at 300 shares where I’m now at with this purchase. I’m considering doubling that to 600 shares but still have somewhat mixed feelings about this.
Q2/2023 Results
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.
Recent Buy: Fortum Oyj
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.
Recent Buy: Pfizer Inc.
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.
Recent Buy: Cibus Nordic Real Estate AB
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.
Recent Buy: Fortum Oyj
Boring maintenance purchase but everything counts. Bought 20 shares of Fortum for 13,325 EUR per share. I still have slightly mixed feelings about Fortum but I might aim for a total position of 300 shares. If so, it will probably be a result of these small maintenance purchases.
Recent Swap: Telia Company AB to Nordea Bank Abp and Sampo Plc
Sold my small Telia Company position of 2000 shares for 2,356 EUR per share. Recorded a loss for taxes as I considered this to be too risky position without any dividend upside given the payout ratio and debt level. Should have sold long time ago but better late than never. Bought 167 shares of Nordea Bank for 10,432 EUR per share and 20 Sampo Plc shares for 44,99 EUR per share as initial replacement.
Recent Buy: Nordea Bank Abp
Small maintenance purchase or more like a dividend reinvestment with a purchase of 20 shares of Nordea bought for 9,75 EUR per share. Nothing special here as I see significant risks in the sector globally but consider Nordea strong enough to sail through the storm. Might still nibble additional shares but likely won’t do any major moves since exposure is already on the high side.
Recent Buy: Medtronic
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.