Disclosure: I own many of the companies mentioned on this web page. The writing is my own, and it expresses my own opinions at the time of writing. I may change my opinion at any time. Additional disclosure: Not investment advice. I am not an investment adviser. You must take full responsibility yourself if you make any decisions based on what you read on this web page.
Update: Concentrated portfolio October 2020
This is my concentrated portfolio per 13/10/2020. The top three companies have cumulative weights of around 47 % of my portfolio, while he cumulative weight for the concentrated portfolio is 65.3 % (the diversified portfolio make up the remaining 34.7 %). The fate of the top three companies will clearly have a dominant effect on the portfolio as a whole. I have held these companies for a while, and I hope to hold them for a long time.
Since the last update in August, the concentrated portfolio is up around 15 %. I have not made any changes to the top three holdings, but all three companies did very well in this time period. Of the smaller posts, I have decreased my holding in Sparebanken Møre by 1/3, and increased my holding in Huddly with 50 %. I have also added two new companies: Vaccibody, after the deal with Genentech was announced, and Kid, which I continue to believe in (I owned Kid earlier, but sold this summer - a big mistake). I am still looking into selling some of the smaller positions.
|Company||Business||Weight||MCap||Held since||10Y perf.||10Y CAGR||YTD perf.||Cost/sh||Return|
|1||Bakkafrost||Salmon farming||21.7 %||36.8 MNOK||12/2012||2,168,6 %||36.6 %||0.2 %||112.09||518.6 %|
|2||Apple||Consumer products||15.2 %||2.1 BUSD||04/2015||1,243.4 %||29.7 %||71.9 %||37.27||238.5 %|
|3||Pareto Bank||Project bank||9.9 %||2.8 MNOK||04/2014||2,716.9 %||13.8 %||3.1 %||28.11||65.1 %|
|4||Sparebanken Vest||Savings bank||4.2 %||7.2 MNOK||09/2019||249.4 %||13.3 %||9.7 %||54.90||24.0 %|
|5||Huddly||Video Cameras||3.0 %||2.7 MNOK||06/2020||542.9 %||121.51||85.2 %|
|6||Kraft Bank||Bank||2.7 %||0.4 MNOK||09/2019||-13.1 %||8.04||24.4 %|
|7||Sparebanken Møre||Savings bank||2.6 %||3.0 MNOK||05/2012||185.3 %||11.1 %||4.1 %||296.34||184.4 %|
|8||Hunter||Tankers (crude)||1.5 %||2.0 MNOK||10/2019||-40.2 %||3.49||-29.2 %|
|9||Vaccibody||Biotech||1.3 %||17.0 MNOK||10/2020||213.0 %||57.43||4.7 %|
|10||Kid||Home interiors||1.3 %||3.8 MNOK||09/2020||365.5 %||36.0 %||100.0 %||81.72||8.4 %|
|Others (Hafnia, Norske Skog)||2.0 %|
|Concentrated Portfolio||65.3 %||132.4%|
My total return (last column) is based on the following simplified measure: (market value of position + dividends + realized profits)/(historical cost price) - 100 % accumulated for each of the companies I own. Hence this is on a non-reinvested basis. I have reinvested, but not necessarily in the same company at the same time. I have usually built up the positions over time, and the time given in the table (Held since) indicates when I started buying. I use FIFO in my accounting, and use NOK as currency. Cost prices for US shares are expressed in USD using today's exchange rate. Maybe one day, I will move my book over from Excel to Python to create more accurate measures.
For the 10Y and YTD performance, I have used Yahoo Finance and Adj. close prices (adjusted for dividends and splits). In the case of Pareto Bank, which has not been a public company for 10Y, I have used my own price data going back to 31/12/2012 (from company presentations and data from NOTC), hence the performance for Pareto Bank is not 10Y but approximately 8 years and KID is approximately 5Y (I have adjusted for dividends and splits, for simplicity on a non-reinvested basis).
|Next time I write, I plan to go write more about the companies in the diversified portfolio. You may follow me on twitter as @eivinderiksen and leave any comments you may have there.|