Q1 2026 +3%

In one word: Stable

From Financial Times

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:

From Fiscal AI

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