Portfolio update: Allocations and Top 5 positions

Our portfolio is now allocated as follows:

Stocks 94%
Gold 5%
Cash 1%

No bonds.
I simply substitute bonds with quality dividend payers in our portfolio.


Geographical Allocation:

Europe 50%
North America 29%
Emerging markets 21%

Actually, place of incorporation is pretty meaningless for most corporations we have invested in. Most are global.


Sector Allocation:

Information Technology 43%
Other 19%
Health Care 12%
Oil & Gas Production 10%
Communication Service Providers 10%
Low Emission Power Generation 5%
Mining & Exploration 1%

For a long time I tried to keep all sectors within 10-20%, but have since allowed myself to look the portfolio company by company rather than via sector allocation. The current allocation is tactical in nature and I believe long term I will pump at least mining & exploration above 10%. Low Emission Power Generation basically means our allocation to Fortum. I haven't counted UPM's power business there even though it's one of the reasons we are long UPM.


Top 5 positions:

Company/ETF (sector) allocation%

Nokia (IT) 13,6%
Vanguard MSCI Emerging Markets ETF (Other) 10,8%
Western Digital (IT) 7,4%
Orion (Health Care) 6,9%
Intel (IT) 5,6%

Nokia is our turnaround bet and it has come around quite nicely already. Initially the position was below 10%. While I think over 10% allocation to any single stock is risky I don't plan to trim down the position just yet.