Q1 2023 Portfolio Performance

Sharing my performance, moves and thoughts about Q1 23

One hell of a quarter

SPY 0.00%↑ did 7.04% in Q1 2023

QQQ 0.00%↑ did 20,52% in Q1 2023

How did I do in Q1 23?

First off, I have 2 different portfolios for tax purposes:

“Nordic Compounders” and “International Compounders”

NC holds Scandinavian stocks only

IC holds global stocks (US, Canada, Netherlands, and some Scandinavian stocks (Because I refuse to sell and pay transaction fees))

Nordic Compounders

My top holding is Evolution Gaming $EVO.ST which grew 36,71% in Q1 23

I’ve also had FX headwinds this quarter giving me an extra 7-8% from my Swedish investments.

My NC portfolio is highly concentrated and the Scandinavian names I hold are:

• Evolution Gaming (+36.71% Q1)

• Teqnion (+39.45% Q1) Added in Q1

• AF Gruppen (+3.62% Q1) New position in Q1

• Admicom (-7.20% Q1) - New position in Q1

• I sold Sagax AB in Q1 with an 84% gain since my first purchase back in 2019 (16.5% CAGR)

International Compounders

My top holding is Amazon AMZN 0.00%↑ which grew 22,96% in Q1 23

I’ve also had FX headwinds this quarter giving me an extra ~7% from my US investments.

My IC portfolio is concentrated on a few global compounders:

• Amazon AMZN 0.00%↑ (+22.96% Q1)

• Alphabet GOOGL 0.00%↑ (+17.57% Q1)

• Constellation Software $CSU.TO (+20.20% Q1)

• Microsoft MSFT 0.00%↑ (+20.22% Q1)

• LVMH $LVMH (+22.42% Q1)

• Qualys QLYS 0.00%↑ (+15.85% Q1) - Added in Q1

• Mastercard MA 0.00%↑ (+4.51% Q1)

• Visa V 0.00%↑ (+8.52% Q1)

• Adyen $ADYEY (+12.11% Q1)

• Evolution Gaming and Teqnion

Thoughts on Q1 2023

If only investing was like this quarter, every quarter, then we’d all be rich!

But seriously, these are the times to not get cocky, to be humble and understand that “this too shall pass”. Just like summer is followed by autumn and winter, great uptrends in the markets are often followed by drawdowns or flat periods. It’s just the ebon flows of the markets. I don’t try to time the market, I try to hold what I believe are the best companies that I understand, and I try to pay a fair price for them and let them compound.

I have a cash position of ~10% consisting of the proceeds from selling Sagax and my monthly contributions stacking up as I can’t find stocks to deploy the funds into. I remain patient as valuations have risen again and the stocks on my watchlist are a bit out of reach from my buy prices.

I’m not an expert in FX, but I’m assuming I will feel the mean reversion of the USDNOK relationship at some point, negatively impacting my portfolio. I won’t hedge against this, but I will prefer Scandinavian opportunities from US ones moving into Q2 (Hence my investment in AF Gruppen).

I’m a cheesy Buffett fan, and therefore I will leave you with an important quote: “The stock market is designed to transfer money from the active to the patient”.