Month: February 2017

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

Omega Healthcare Investors reported their earnings and dropped around 5%. Reported numbers were fine but guidance was considered weak as it’s supposed to be flat for FY2017. That would be acceptable as well given the current valuation which is still indicating them to be significantly undervalued. I personally consider the guidance as the worst case scenario and decided to buy additional 35 shares for 30,97 USD per share. There are some real risks involved but long term case is still very much there for me.

http://seekingalpha.com/news/3241823-omega-healthcare-tops-estimates-sees-flat-affo-year