Dwell+Done

Year is coming to an end and it’s time to do some cleanups in the portfolio. Hennes & Mauritz has been the performing very poorly for quite some time now. I initially had anticipated a rebound on execution possibly combined with a buyout since ownership is heavily in the hands of Persson family. Neither of these really materialised and – as the sector in general is and has been chronically troubled – it’s time to move on. I sold all 250 shares 155,35 SEK per share and bought additional 200 shares of Nordea Bank Abp and additional 40 shares of Pfizer Inc. for 25,58 USD per share. For now I consider this Pfizer position to be full but might consider increasing it should market overreactions provide meaningful possibilities.

In addition to this swap I bought additional 25 shares of Kesko (B series) for 18,615 EUR per share. Kesko was down today after reporting somewhat disappointing numbers and this purchase was anyway preplanned for December. This completes my Kesko position at least for the short term. Position consists of 300 shares and I’ll probably increase the position only under extra special circumstances.

Black friday is here and Nordnet had a campaign for US stocks without transactions fees. This enabled me to re-invest accumulated dollar dividends with a purchase of additional 30 shares of Pfizer Inc. bought for 25,80 USD per share. To me Pfizer has looked cheap for quite some time now. Even more so after Trump’s election win which was followed with nominations that might be negative for big pharma. This might have increasingly negative impact on the sector and especially on Pfizer. Should that be the case, I’ll probably moderately increase my exposure along the way. Long term these companies provide vital products and – I hope – know how to handle possible litigation in the short term.

Partial dividend re-investment and partial injection of fresh capital as Kemira paid dividends recently. This money was used to buy additional 25 shares of Kesko Oyj for 19,03 EUR per share. As anticipated before, this was one of the two planned additions to round the position up to even 300 shares. Identical purchase of additional 25 shares is in the books for December.

Dividend re-investment time as both Kesko and Fortum paid dividends this month. Kesko was down today so I bought additional 20 shares for 17,73 EUR per share. This brings my total in 250 shares and right now 300 shares seems like sensible target. I’ll likely nibble remaining 50 shares during next few months.

Dividend re-investment time with additional 25 shares of Bristol-Myers Squibb bought for 51,60 USD per share. Original goal was to build a modest position of 100 shares and that has now been completed. Might still slowly increase the position together with Pfizer and Medtronic positions but that remains to be seen. All of these are likely funded with dividends only unless there’s significant market correction.

Once again a boring maintenance purchase in the form of 20 shares of Kesko Oyj (B series) bought for 18,365 EUR per share. There’s not much to say about this as everything has been said before with similar purchases. Slightly disappointing that I seem to have missed the boat on the cheaper valuations but let’s see what happens in coming months. I’ll likely nibble my way up to 300 shares unless valuation shoots up unexpectedly.

Maintenance purchase time with yet another tiny addition on Kesko Oyj with 10 shares bought for 16.7 EUR per share . Same old story of hopefully temporary headwinds not originating from company itself.

Dividend reinvestment time with a third trench of Bristol-Myers Squibb. I bought additional 25 shares for 40.74 USD per share and will likely make one more similar purchase in coming months. Nothing special here as I have been building a small/medium sized position on the company as a part of basket of pharma stocks. I will likely also add on Medtronic during the second half but let’s see what happens.