Q1 2026 +3%
In one word: Stable
Q1 ended with the portfolio up 3% in SEK terms. Given the turbulence in the markets, I am happy with that. Performance has been stable, and there are signs of resilience -although those may yet prove to be famous last words. That could change quickly, of course, with more than 40% of the portfolio concentrated in two South African microcaps. Still, so far, so good.
I use the portfolio function from Financial Times to track the portfolio’s development, which is especially helpful when using more that one broker. Beyond that, I mostly rely on Fiscal AI for more detailed portfolio-level information and for its excellent screener.
Changes
There has not been much activity. Just one trade: a small increase in Karooooo.
Current portfolio
At the time of writing, this is how the portfolio looks:
What I’m thinking
My watchlist is now down to around ten names. Recently, I have added a few companies from Brazil and Malaysia, and I am also looking in Japan. The same focus I apply to the portfolio - where I own just nine stocks - now applies to the watchlist. I am trimming it down and raising the bar.
I have also opened an account with IBKR to get access to new markets and to be ready if they open up even more interesting ones in the future. For now, I still only use Avanza and Pareto, but IBKR is a real option.
As you might notice, I am slow to make changes. That is not because I am asleep at the wheel. It is because new investments usually require me to sell something first - and I really like what I own. Still, things can change. In the best case, a lucrative bid creates an opening. Otherwise, portfolio changes will likely happen gradually, unless something materially changes in any of my companies (or in my mind).
Best regards
Gustav




Hi Gustav
Great to see you’re holding up well! Attaching my portfolio, feel free to reach out if you want to talk stocks!
Congrats Gustav!
I’m looking forward to your posts, especially the one on Ultrajaya (ULTJ)!