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.