MxMI17

Bought some more SE & TOI.V

Sold all my AMAT - it has run nicely and the whole market feels a bit too euforic for my taste. Not bad to have some more dry powder for the upcoming months.

Bough a started in SE & SAP.DE.

Sold all of my smallish position in Unilever. I tought they finally might turn the ship around, but decided is not worth the wait & there are better investments. Market seems to agree with me recently

Some seriously deep insights on AI topic - https://www.bailliegifford.com/en/global/all-users/insights/ic-article/2026-q1-ai-isn-t-coming-for-your-job-it-s-coming-for-your-mind-10061431/

Itochu Corp (TSE: 8001) - not deep value cheep, as it was few years ago, but still reasonable (compared to US alt), is a high quality compounder & I like it as my exposure for Japan/Asia.

How likely is that a commercial client adopts an AI solution for such a complicated matter? Downside of insurance coverage mistake could be very large and is not possible to hold AI responsible

More AJG. Market seems to be cooling on insurance brokers, but that is still a very reliable toolbooth business

SOFI,TOI.V (TOPICUS),BRO,ZTS,NKE

Bough a starter in IRM, as is trading at around 18x P/FFO. It might fall further as they are AI associated (data center), but they do have a strong legacy business in paper & hardware archiving

Added to ZTS. The market hates it currently, but is still a quality compounder with strong future prospects. 2025 EPS guidance is $6.3-6.4 range, which is around 19 PE at current prices , FCF yield is around 3.7%.

Same

It is probablly not you are looking for exactly, but If you have not read Railroader, Hunter Harrisons biography, I would higly recommended. He is a legend in the industry https://www.amazon.com/dp/1989025048/?bestFormat=true&k=railroader&ref_=nb_sb_ss_w_scx-ent-pd-bk-d_k0_1_10_de&crid=8IREN37S2BQG&sprefix=railroader

Sold completely out of $BABA for a small profit. Finally decided I will sleep better without any China exposure.

Bought BRO as well. Seems hard insurance market might be coming to an end and Mr. Market is very moody.

Bought a starter in AMAT.

Its on YT as well

Nomad Investment Partnership letters are fascinating read, if you have not read them: https://www.ft.com/content/2b41c6cb-ba68-47c7-b488-7bf778d64050

https://www.wsj.com/economy/europe-regulates-its-way-to-last-place-2a03c21d?mod=hp_lead_pos4 “America innovates, China replicates, Europe regulates”