Dwell+Done

Premature dividend reinvestment on Sampo Plc with a purchase of 4 shares for 44,21 EUR per share and 4 shares for 44,20 EUR per share. Separate orders due to small transaction campaign my broker has. Sampo has grown to be a core holding of mine. The quality of the company is so great that I might add to it during summer if the price is right. Close to 40 EUR per share would be really difficult to pass in the current market even though I’ve already gone overweight on it.

There aren’t many great opportunities out there but Pfizer seems to be quite reasonable with current valuation. Therefore I decided to buy additional 30 shares for 33,79 USD per share. Valuation is not exceptionally cheap but considering the overall market it’s quite OK. Yield is on high side with moderate payout ratio so it’s quite natural addition especially since I already had a starter position on it and had some USD to spend without converting too many euros.

Next month I might focus on taking advantage of the small transactions campaign my broker still has. I might add to my position in Sampo and Fortum. Latter surprised positively with the latest report and I still consider it to be a very relevant position in the long term. The political risk is a big factor there but it might be a manageable risk after all.

Gjensidige Forsikring went ex-div today so I added to my underweighted position on it with a purchase of 80 shares for 126,90 NOK per share. Nothing has really changed with the company. It’s a company I would describe as solid. Nothing really spectacular there but it’s good enough valuation for good enough company.

Link: https://www.gjensidige.no/group/investor-relations/dividend-policy

Yet another manual DRIP substitute with a purchase of 50 additional shares of Telia Company for 3,70 EUR per share. Telia is still fairly valued but it’s getting to be way too overweight position in my portfolio. In that sense dividend reinvestment makes sense.

As I mentioned earlier, my broker has a campaign for small purchases with 0,99 EUR transaction fees. This made it possible to execute manual DRIP operation on Fortum Corporation with a purchase of additional 15 shares for 13,10 EUR per share. It’s a shame that we can’t properly DRIP here but this will have to do for now. Telia Company and Sampo might get similar treatment in coming months.

My broker started a campaign for orders below 200 EUR. Such orders will have transactions fees of 99 cents which is nice enough but unfortunately applies only for Helsinki stock exchange. Positive trend anyway even though it’s just a temporary pricing plan. Last month was unusually busy on the purchasing side so I wasn’t planning to buy anything until next month but since this campaign came up I decided to buy 100 shares of Telia company for 3,90 EUR per share (with two separate orders each for 50 shares).

Addition to my ever growing Sampo position with a purchase of 30 shares for 43,10 EUR per share. Nothing has really changed lately and the investment thesis is intact. Exceptionally well managed and investor friendly company which always tends to trade with a premium. Rightfully so I might add. This purchase was actually done marginally above my buy range but no point counting pennies at this point. There’s a chance that the management is cooking up something new either with Nordea position they hold or with IF & Topdanmark insurance side. Relatively high Nordea exposure is the only downside so I might have to consider trimming some of it at some point. Don’t see a real point in that with the current valuations though. Nordea trading in the neighbourhood of 13 EUR per share would make it harder to avoid such ideas.

Recently I sold out on Deere Company as I didn’t like the ATH valuation near the bottom of the cycle. I expected to able to buy back the shares but, as these things usually go, ended up selling too soon. At the time I also initiated secondary position related to farming. It’s a bit different kind of play through fertilisers but Yara International fills that spot in the portfolio just fine. Today I decided to add on the position with a purchase of additional 30 shares for 314,50 NOK per share. Their latest report wasn’t something to call spectacular but it was decent enough. Their dividend distribution was a disappointment for some but personally I kind of like how strictly they applied their plan for payout ratio. I have no doubt this company will do just fine in the long term as the cycles turn.

It’s getting really difficult to find decent valuations especially from the US. Current political situation on both sides of the pond is also a challenge. Trump administration and big pharma is a play that I’ve had hard time to justify for myself. Then again I’ve anticipated significant repatriation of assets during the next years for multiple major US corporations. All this together with a very decent report from Pfizer (NYSE:PFE) tipped in favour of initiating a starter position on the company. Today I bought 70 shares for 32,36 USD per share. It remains to be seen if I’ll build a full position on it but this should be keep the company on my radar for the next  months and quarters.

Link: Pfizer press release