Reply To: Christian_Borke’s Portfolio

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First of all, being two of my by far largest positions, the red flags were of course outweighed heavily by the positive factors in both Evolution and Kitron!


ESG is a chapter in itself but two of my largest holdings deliver live casino – and weapon systems. That is showing up as a red flag to some extent, even if you agree with how ESG will influence stock prices or not. Specifically for Evolution, as we all know a lot of growth is priced in (and its easy to justify that!), and a certain agree of regulatory risk is present in the gaming/gambling sector. Look to Germany for their bans as an example. Those two red flags were the main concerns when I bought my first shares in Evo, and still is to some degree. Until I see the massive growth (and most of it ending on the bottom line/extremely high margins) slowing down I can live well with those two. For Kitron, I have been a long time shareholder (Since 2015), and seen some changes in what segments they deliver products to. I guess my red flags when initially buying were their Offshore/Marine segment (seeing as I bought my first shares around the Oil Price plunge around 2014-15). Going forward, I expect this segment to be to some extent replaced by deliveries to the Renewables industry, e.g. battery systems, fuel cell products (see two most recent contracts), or even renewable offshore installations.


As for Index Funds, Henrik: 60% KLP AksjeGlobal Indeks V, 25% KLP AksjeFremvoksende Markeder Indeks II and 15% KLP AksjeGlobal Small Cap Indeks II in a monthly savings plan.


Since I posted here initially, Brdr Hartmann has gone out of the portfolio at a 40% return. 2020 were probably an exceptionally good year for their business, and I struggle to see them replicating this in 2021. Their closests peer Huhtamäki delivered dissapointing Q4 Numbers, and I opted to relocate the cash from Hartman into what I still consider the best risk/reward case in my portfolio: Brdr A&O Johansen (see my write up/application).