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 December 2020
This is my concentrated portfolio per 31/12/2020. The top three companies are Bakkafrost, Apple and Pareto Bank, which have cumulative weights of around 46 % of my portfolio. The cumulative weight for the concentrated portfolio is 63 % (the diversified portfolio make up the remaining 37 %). 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 October, the concentrated portfolio is up around 13 %. For the full year 2020, the return of my concentrated portfolio is around 12 %. The strongest performers are Apple (up 58 %) and Huddly (up 92 %). In the last quarter, I sold Kraft Bank at around 14 kr per share (average cost 8 kr per share). I have also sold Sparebanken Møre and increased my holding in Kid and started a new position in Swedish Match. I continue to hold my base position (100k shares) in Hunter Group, and have moved from a net debt to a net cash position in the last quarter.
|Company||Business||Weight||Held since||Cost/sh||Return||Return 2020||Perf. 10Y||CAGR 10Y|
|1||Bakkafrost||Salmon farming||20.5 %||12/2012||112.09||490.5 %||-5.7 %||1,590 %||33.2 %|
|2||Apple||Consumer products||15.1 %||04/2015||40.35||240.5 %||57.9 %||1,624 %||32.9 %|
|3||Pareto Bank||Project bank||10.5 %||04/2014||29.00||62.6 %||7.3 %|
|4||Sparebanken Vest||Savings bank||4.6 %||09/2019||54.25||37.2 %||20.1 %||661 %||22.5 %|
|5||Kid||Home interiors||3.8 %||09/2020||89.73||9.2 %||13.3 %|
|6||Huddly||Video Cameras||3.1 %||06/2020||121.51||89.3 %||91.5 %|
|7||Hunter||Tankers (crude)||3.1 %||10/2019||3.41||-5.4 %||-21.8 %|
|8||Swedish Match||Snus products||2.4 %||11/2020||674.13||4.7 %||-11.4 %||325 %||15.6 %|
|Concentrated Portfolio||63.0 %||132.4%||11.6 %|
My total return 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 performance, I have used Yahoo Finance and Adj. close prices (adjusted for dividends and splits, in local currency) and for US share, I have used DQYDJ calculator.
|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.|