Tolugt Mod er godt aa hava. Naar du tunge Verk maa gjera Tru du maa, at Retten vinner,
Tidt mot Straumen fær du kava, og fær Vantakk heim aa bera, naar han rette Tidi finner;
um din Rett er nog so god. tak det tolugt og ver god. men han trenger Verja god,
Ymist fær du sjaa og høyra, Fær du vera med i Reidsla og det verder langt aa bida;
som er ilt i Syn og Øyra; og fær inkje godt av Veitsla, mang ein Harm du fyrst maa lida.
tak det alt med tolugt Mod. tak det alt med tolugt Mod. Berre hav eit tolugt Mod.

Quote: From the poem Tolugt mod by Ivar Aasen
Disclosure: I own many of the companies mentioned on this web page. The writing is my own, and it expresses my own opinions at the time of writing.
Additional disclosure: Not investment advice. You must take full responsibility yourself if you make any decisions based on what you read on this web page.

Investment portfolio

This is my investment portfolio updated at the start of August 2026. Return YTD is my portfolio return year-to-date measured against average investment. Return CAGR (for long term holdings) is the total return CAGR over the lifetime of my investment; I compute net cash flows on a yearly basis, and use this cash flow's IRR as an approximation of the CAGR return. (I assume (i) that cash flows during each year take place at year's end, and (ii) that the present holdings are sold at today's marked value). Performance 10Y is CAGR performance of the share (including dividends and splits) for the 10y period Jan 2016 - Dec 2025. When my CAGR return deviate from the 10Y share performance, it is either because I held the position for more or less than 10 years (for instance, in the case of Bakkafrost, a large part of my return predates the last 10Y period), or that I made choices other than to simplify hold the position for 10 years (often not a good thing, as for instance in the case of Nvidia or Shopify).

Investment Portfolio Weight Bought Return Return Sh. Perf.
--- Updated Aug 7th 2026 YTD'26 CAGR 10Y

Cash, Bonds & Real Estate 11.7% 1.7%
Cash Depot, bank accounts & liabilities -0.8% 4.8%
Bonds Heimdal Høyrente Pluss A 1.3% 04/'26 2.9%
Real Estate Flat Torshov 11.2% 07/'26 0.0%

Equity Core 41.7% -4.7% 18.6%
Bakkafrost Salmon farming 13.5% 12/'12 -9.8% 17.7% 9.2%
Sparebanken Norge Savings bank 12.9% 09/'19 6.6% 27.4% 16.2%
Protector Non-life insurance 7.6% 01/'25 -2.4% 18.9% 26.6%
Pareto Bank Project bank 6.1% 04/'14 -24.6% 16.6% 17.6%
Kongsberg Gruppen Defence 1.5% 06/'26 14.8%
Equity Cyclicals 0.7% 20.3%
Himalaya Shipping Shipping Bulk 0.7% 73.3%

Equity Diversified 45.9% 2.7% 20.2%
Top Rule Breaker stocks 34.9% 9.4% 27.0%
Apple Tech Consumer brand 5.8% 04/'15 27.4% 31.2% 27.4%
ASML Semiconductors 5.3% 08/'20 40.9% 31.1% 29.4%
Amazon E-commerce and cloud services 5.1% 07/'19 -0.1% 11.3% 21.0%
Axon Enterprises Software and sensors 4.4% 12/'18 -5.5% 46.9% 41.4%
Hermès International Luxory brand 3.5% 02/'22 -42.8% 12.3% 22.2%
Mercado Libre E-commerce and fintech 2.9% 12/'18 -15.6% 19.0% 33.3%
Arista Networks Networking equipment 2.0% 12/'18 30.2% 112.1% 38.9%
Alphabet Tech and AI 1.3% 09/'25 10.2% 13.7% 23.1%
Datadog Data monitor SaaS 0.9% 12/'19 58.6% 29.2% 21.3%
Crowdstrike Cloudbased cybersecurity 0.8% 02/'21 53.1% 44.3% 35.6%
Shopify E-commerce infrastructure 0.7% 07/'19 -6.0% 24.1% 51.1%
Intuitive Surgical Robotic surgery equipment 0.6% 09/'19 -37.8% 40.7% 24.9%
Nvidia Semiconductors 0.6% 10/'18 12.4% 11.4% 72.1%
Rolls-Royce Aerospace & defence 0.5% 11/'25 23.4% 36.3% 19.3%
Chipotle Mexican Grill Restaurants 0.5% 11/'19 -13.8% -3.9% 14.4%
Other Rule Breaker Stocks 7.3% -25.7%
Smaller positions (36) 7.3% -25.7%
Investment Companies & ETFs 3.6% 1.8%
Berkshire Hathaway B Investment company 1.9% 05/'22 -1.9% 9.5% 14.2%
Scottish Mortgage Investment Trust Global Investment Trust 1.0% 09/'25 11.5% 15.6%
Vanguard Int. High Dividend Yield Global Ex-US ETF 0.6% 01/'26 18.7% 10.4%

Historical portfolio data