Portfolio on January 1st

Our starting portfolio allocation for year 2020 was as follows:

• Stocks 96,7%
• Gold 1,0%
• Cash 2,3%

No bonds. We simply substitute bonds with quality dividend payers in our portfolio. The cash position was temporary and related to transactions near change of the year.

No big structural changes were made during 2019 (certainly not compared to what was done during 2018).


Geographical Allocation (stocks):

• Europe 57,3%
• North America 42,7%
• 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 (IT & Technology 54,8%) and specifically to semiconductor sector (27,5%).

Sector Allocation (stocks)

The plan is to sell technology stocks early 2020 and invest into other sectors. As much as I like and believe in our technology portfolio it has come time to balance the portfolio.

Top 5 positions - in order of weight in portfolio:

1. Apple (USA)
2. Western Digital (USA)
3. Micron (USA)
4. UPM (Finland)
5. NVIDIA (USA)

There is now 5 Finnish and 5 U.S companies  among largest 10 positions. The plan for 2020 is to increase weight and number of Finnish corporations at expense of the technology companies listed in the top 5.