Portfolio overview

Our starting portfolio allocation for year 2019 is as follows:

• Stocks 98,5%
• Gold 1,4%
• Cash 0,1%

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

The big changes compared to year ago are:

• Emerging markets exposure ramped to zero (money shifted to U.S. market)
• Exposure to technology sector ramped up to 48% of entire portfolio.
• All investments are now directly made to individual stocks (compared to 19,4% via ETFs on 1.1.2018).

Geographical Allocation (stocks):

• Europe 58,1%
• North America 41,9%
• Emerging markets 0%

Actually, place of incorporation is pretty meaningless for most corporations we have invested in. Most operate and sell globally.


Sector Allocation is heavily tilted towards technology companies:

Sector Allocation (stocks)

Top 5 positions - in order of weight in portfolio:

1. Siili Solutions (Finland)
2. Berkshire Hathaway (USA)
3. Nokia (Finland)
4. Apple (USA)
5. UPM (Finland)

There are now 7 technology companies (semiconductor/product/services) among largest 10 positions. Out of these 4 are in semiconductor business. Thus, short term volatility to be expected ..