Gotta follow the plan if you have one. Therefore I reinvested dividends and bough additional 10 shares of iShares NASDAQ 100 UCITS ETF for 14,75 EUR per share (December 19th 2025) and additional 50 shares of XACT Nordic High Dividend Low Volatility ETF for 160,54 SEK per share. Nothing special here as these together with Franklin European Quality Dividend UCITS ETF will be the vehicles for monthly grinding this year. NASDAQ 100 will cover long term growth with minimal purchases and with currency hedging while to other two funded mainly by USD dividends will slowly reduce my dollar heavy allocation and produce steady income instead of growth. Otherwise activities for the year are still open. If US market ends up in a huge bubble as I suspect it very well might, I’ll actually consider exisiting most if not all direct stock positions. Temporary exit and repositioning to mainly ETFs is a solid option and one that I’m willing to entertain if we see insane bubble.
Q4/2025 & FY2025 Results
New Year’s eve and old tricks as markets were in general favourable despite all the turmoil around the world. At the time of writing this US markets will still be open for few hours but main porfolio gained about 16,75% in value while total dividend income was 15425,74 EUR for FY2025 (before taxes, converted to EUR at the time of writing). Solid progress there but in the real world progress has not always been positive. War in Ukraine is still raging on but perhaps there’s some hope for some kind of resolution in 2026. I would not get my hopes up since US is in many ways spiralling down when it comes to international alliances. Russia does what Russia typically does: fuck up everything it can get it’s hands on. Then there are the US activies around Venezuela and potential conflict with China over Taiwan. Latter would easily have huge impact globally but perhaps final showdown there will not take place just yet. This has potential for perfect storm type of a situation if multiple issues co-exist and escalate at the same time. There are some side shows that might see need to have increased presence in the global stage: Iran, North Korea and perhaps even India but likely more so in behind the scenes. Then again, if major risks don’t materialize we might see solid progress during FY2026. My main scenario is somewhat positive progress in Europe and potentially huge stock bubble in US. Therefore I’ll likely mainly add on ETF positions and fund those purchases mainly from received dividends. Should be thesis for IREN hold, I’ll start exiting the position during Q2/2026 and likely divert that money to other positions.
Recent Buy: Fortum Oyj
I recently exited Fortum at 17,40 EUR per share and planned to buy those shares back at around 16 EUR if we get there. Fortum dropped today after updating financial targets so I decided to make the initial purchase: I bought mere 50 shares for 17,00 EUR per share. This sets the upper limit of my buy back range and hopefully rest will be bought back in a way that results having an average cost of low sixteen EUR per share.
Recent Buy: XACT Nordic High Dividend Low Volatility (UCITS ETF)
Once more for the sake of consistency: I bought additional 100 shares of XACT Nordic High Dividend Low Volatility (UCITS ETF) for 154,16 SEK per share. Nothing new here as this is future core position in the making. Pure income play with a somewhat defensive approach. Decent mechanism to get exposure to norwegian and danish high yielders without having to adjust taxes afterwards.
Recent Buy: Nordea Bank Abp & XACT Nordic High Dividend Low Volatility (UCITS ETF)
This was a bit unplanned but since Nordea dropped significantly after releasing updated financial targets I decided to make move despite already having heavy allocation. To me those targets seemed excellent and should those targets be met by 2030, we should be handsomly rewarded. Targets also included transitioning into semi annual dividends. I approve such move and should the targets be met, we might see annualized dividends of 1.40 EUR per share in roaring 30’s. I missed the initial drop while travelling but since recovery was sluggish, I bought additional 100 shares for 14.375 EUR per share.
While at it I also bought additional 100 shares of XACT Nordic High Dividend Low Volatility (UCITS ETF) for 154,87 SEK per share. This was planned deployment of the funds received from sold Fortum position. There are still some left but these will likely be deployed later this month together with incoming dividends.
Recent Buy: XACT Nordic High Dividend Low Volatility (UCITS ETF)
This is just a continuation of previous purchases. This time around I bought additional 180 shares of XACT Nordic High Dividend Low Volatility (UCITS ETF) for 155,38 SEK per share. Probably one or two purchases still to go for short term. Strategic semi safe income play with exposure to nordic high yielders, that’s about it.
Recent Buy: Petrobras ADR (Preferred)
Third transaction of the day and a bit unusual one for many reasons. I bought an entry position in Petrobras via preferred ADR stock or 300 shares for 11,15 USD per share to be precise. This is a pure high yield income play with few twists: political risk obviously, plain old tax reforms in Brazil and local taxation. Due to all that this will not likely grow into a significant position but that remains to be seen. Sector is not really in fashion but probably needed for couple of decades and might even be occasionally appreciated.
Recent Buy: Franklin European Quality Dividend UCITS ETF
As described in previous post, part of the funds originating from exiting position in Fortum are redirected into Franklin European Quality Dividend UCITS ETF. I bought additional 200 shares for 32,46 EUR per share. I used this opportunity to move funds to my account in Nordnet which I have not done in ages. I have just been reinvesting dividends and performed few short term swing trades on limit. This enabled me to become a private banking member mainly for a bit lower fees going forward. Fees are by no means low compared to other brokers but at least now a bit more acceptable.
Recent Buy: XACT Nordic High Dividend Low Volatility (UCITS ETF)
First deployment of the funds received from recently sold Fortum position and it was XACT Nordic High Dividend Low Volatility (UCITS ETF). I bought additional 60 shares for 155,24 SEK per share so hardly significant move but more will follow. Most if not all of said funds will likely be deployed in XACT Nordic High Dividend Low Volatility (UCITS ETF), Franklin European Quality Dividend UCITS ETF and in one high yielding stock for which primary candidate right now is Petrobras. Unless Fortum drops quickly back to 16 EUR range that is but in any case I will rebuild my Fortum position if the price is right and will fund it from cash reserves if needed.
Recent Sell: Fortum Oyj
Fortum reported weak third quarter results and as short term safety measure I sold all 1000 shares for 17,40 EUR per share. Initial drop of roughly 3% was not too bad but I have a feeling that there might be more to come. Share price has gone up lately without any real fundamentals backing it up. Sure, energy is key to the (AI) economy of the future and this drop in results was because of lower production levels but still. I’ll sit out for a while but might buy these back for 16,00 EUR per share or somewhere around there. It remains to be seen if we see such prices any time soon since winter is coming. From this I record profit of 4823 EUR + 3248,70 EUR in dividends (before taxes) received during whole ownership in Fortum.