Investments

Minor maintenance purchase time. I bought additional 14 shares of Fortum for 16.925 EUR per share. Fortum appears to be very reasonably valued at the moment even though there are clear risks as well. Unfortunately significant amount of those risks are of political nature. Still, it’s possible that political reasons might eventually work also in favour of Fortum. This could happen e.g. via European investments on hydrogen economy in which Fortum/Uniper is reasonably well positioned. I might increase my stake in Fortum with larger chunks later on. This was just maintenance purchase to consume some leftover cash.

Time for some trades. I sold my tiny CoreCivic position which consisted of 160 shares for 8,60 USD per share . In retrospect should have moved a lot quicker when they announced the plans to dump REIT structure. It might very well be a good long term move but I have my doubts and it will anyway take a long time to materialise. This move allows me take the loss for taxes and I might trade it later if the plan is executed well enough.

In addition to that I bought additional 44 shares of Aflac Inc. for 35.28 USD per share. It’s been a long time since the last addition. Aflac is one of those companies that seems to be consistently reasonably valued. It represents the lower but more consistently growing dividend in my portfolio. That’s something I’ve come to value even more in times like these.

Third one is a bit special one. I bought additional 330 shares of Sampo Plc for 30,57 EUR per share in my secondary portfolio. This is the exact amount I’m holding in the primary portfolio. This short term overweight position is protected by stop loss order in the primary portfolio which I can drop without taking a tax hit.

Minor maintenance purchase with a bit more risk this time. I bought additional 100 shares of Apple Hospitality REIT for 8.76 USD per share. Minor addition as the post-COVID era isn’t with us too soon I’m afraid. I’m betting my money on it anyway but not fully – yet. World might look marginally brighter already in Q1/2021 but perhaps real recovery will happen in 2022. By then I might have doubled my Apple Hospitality stake.

This was a bit unexpected but Sampo has been dropping now that news about it’s discussion to acquire british Hastings Group hit the news. Apparently these discussions have proceeded quite far but since the possible valuation has not been revealed, it’s really difficult to have any opinion about it. What we do know is the fact that Sampo’s market cap has likely dropped way more that the anticipated price for Hastings Group stake. Apparently Mr. Market doesn’t like this move even though it does make sense in many ways but might put pressure on the dividends and might also raise some concerns about the future of the Nordea stake they are holding. There are plenty of open questions but I bought additional 60 shares for 30,40 EUR per share.

Tiny maintenance purchase for secondary portfolio to keep the streak going. I bought additional 60 shares for 1,96 EUR per share. Slow build up to medium sized position is in the cards during next six months or so.

Monthly maintenance purchase and this time around it was CoreCivic. Pandemic has calmed down a bit but is far from over. Meanwhile black lives matter movement has been wreaking havoc especially in US. All this together with the approaching US presidential elections should keep prisons full in coming years. It’s difficult to see how private prisons would be scaled down any time soon. There are long term contracts in place and new ones have been signed relatively lately. Therefore I bought additional 80 shares for 12,27 USD per share.

Not much to say. Everything is down. Occasionally some go up. So much winning. Bought additional 40 shares of Sampo for 28,40 EUR per share. It might go down or up if it doesn’t stay still. It will be trading ex div relatively soon and they have cut this dividend only twice so far. Hopefully they will forget third cut. Long term everything should be fine… maybe.

EPR Properties has been hit hard but it has already bounced back quite a bit. I’m putting my money on EPR surviving this COVID-19 panic. Sure, it will take time. Sure, they might have to reduce or even eliminate dividend. Sure, people might permanently stop golfing or skiing. I’m guessing that they won’t. In fact I’m quite sure that once the dust settles, there will be huge demand for that kind activities. Therefore I bought additional 30 shares for 29,90 USD per share. Let’s call this a speculative purchase.

There has been relatively many positive factors for Fortum lately. Uniper posted solid results, Fortum is getting positive publicity – well some negative as well for the coal usage – and Inderes increased target price today to 17 EUR per share. Share price hasn’t really noticed any of these so I bought additional 67 shares for 14.96 EUR per share. Considering the future potential, company metrics and overall state of the economy this appears to be very acceptable valuation.