contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    pageUrl
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
  ... on Webcast {
    liveTime
    videoUrl
    videoEmbedUrl(location: "inderes")
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
      researchContent {
        title
        lang
        pdfUrl
        relatedContent {
          __typename
          ...PublishingDetails
          ...Reactions
          id
        }
        content {
          title
          lang
          slug
          htmlBody
          publishedAt
          createdAt
          changedAt
          isOutdated
          isPremium
        }
      }
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


alandsbanken-abp-acquisitions-of-own-shares-05072022

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

The Bank of Åland is a financial group that offers services within asset management, insurance, pensions and loan financing. The largest operations are found in the Nordic market, with private customers as the main customer base. A large part of the services are accessed via the bank's digital services. The Bank of Åland originally started its operations in 1919 and has its headquarters in Mariehamn.

Some good points here regarding the asset management of foundations etc. I’ve never really thought of Ålandsbanken as that kind of bank, as my image of them has been more of a bank focused on private individuals.

Ålandsbanken offers employees favorable share savings Even the staff are being kept satisfied. It’s in my own portfolio and I believe and trust that this will generate more discussion. Thanks to @Timo_Huhtamaki for the good points. I strongly believe that ÅB’s bankers or asset managers are allowed to do their work without overly directive sales targets, which means index-tracking ETFs can be found in clients’ portfolios, as well as custody linked to asset management fees. Granted, with MIFID, investment advice for exchange-traded products is an art form of its own, but a client discussing cost-effective products will certainly get them into their portfolio. My own acquaintances have cost-effective solutions, short-term corporate bonds, and specifically this Nordic dividend strategy, both as funds and direct stocks via discretionary mandate. The constant talk about cost-effectiveness and indices is a bit peculiar in this industry. If one’s thoughts are like @Dollarijanis’s, then one wouldn’t have a single bank/asset manager in their portfolio. That’s where the profits come from in the long run for the banks too, and the beauty of it is that market development simply helps AUM (Assets Under Management) and fee income grow. As for this mindset—I don’t deny that index investing is sensible for individuals or even at a foundation level. My own thought is that bonds belong in a portfolio—anything else is perhaps a bit of “magic,” like PE (Private Equity) funds etc., although these too have their own clientele. Not everyone can or wants to think “over time” about what is the most sensible or efficient way to invest. Not everyone wants their portfolio to dip as much as the index does. Not everyone drives a Corolla, even though it is absolutely much smarter than driving a Porsche. I want to see the discussion in the board of a small or large company when the chairman suggests putting the entire cash reserve into the S&P 500 index at these valuations. It’s good to understand that a lot of money is invested in the world that isn’t there forever, or with a long horizon—or via monthly savings. There are many people who invest significant sums of OTHER people’s money (municipalities, foundations, associations, and companies). One shouldn’t just think about this in terms of how few great listed companies etc. there are in Finland. An asset manager like ÅB can offer broad retail banking services, and at the same time, a banker’s portfolio can accommodate a few machinery entrepreneurs, farmers, etc. Much of the costs are tax-deductible, and entrepreneurs, in particular, usually know how to value a service and product relatively highly. They don’t always sell their own things at the cheapest price either. Things aren’t always done in the way that is absolutely most sensible or efficient. That’s why we have different services and companies in the world, and I can certainly name dozens of stupider ways to spend money than an asset management fee. Furthermore, as an entrepreneur, I aim to spend 100% of my own time on things other than making investment decisions. A bank or banker relationship also involves much more. You can even become friends with some. Sometimes a property or a buyer for a property is found through those channels. Business acquisitions have also been closed when the banker has been a mutual contact or acquaintance. That is what banking, asset management, and especially relationship management is. It doesn’t all happen on the index lists of Nordnet and Kvarn.

The Pirkkalainen newspaper has interviewed Pekka Puustinen, the new director of Ålandsbanken’s Tampere branch. In my opinion, the interview provides a good insight into Ålandsbanken’s operating principles—even on a broader scale than just that specific branch.                   Pirkkalainen – 5 Jun 26              Pirkanmaa kiinnostaa kovasti Ålandsbankenia, katseet kohdistuvat...    Pirkanmaa kiinnostaa kovasti Ålandsbankenia, katseet kohdistuvat sijoittajiin, yrittäjiin ja perheyrityksiin - Pirkanmaa - Pirkkalainen nostaa valokeilaan alueensa kiinnostavimmat uutiset, puheenaiheet ja ilmiöt.

Ålandsbanken’s share of investor discussion regarding the asset management sector is probably in the range of a fraction of a percent, but in terms of total return over a five-year follow-up, it is second in the market. Comparison table from today’s Kauppalehti.

ÅAB is a perfectly OK everyday bank (I’ve been a customer myself for over 20 years), but I don’t understand for the life of me why anyone in today’s world needs a paid “wealth manager,” or why anyone would invest in these overpriced active bank funds.  For regular salary earners who dream of building wealth and don’t have the energy to follow the stock market, index funds are by far the most sensible choice. However, the most important clients for wealth managers are foundations and institutions. For them, the priority is not so much maximal return, but obtaining steady, predictable returns in all market conditions and, above all, ensuring that the wealth is preserved for future generations. Investing in stock indices exposes one to equity risk. In the largest stock market crashes, index values have dropped by 20–80%. Since foundations and institutions are intended to exist for hundreds of years, several such crashes will occur during their existence. A regular mortal, on the other hand, will likely experience such a crash at most once in a lifetime, and in that case, a regular wage earner should just invest their salary even more aggressively into an index fund rather than worrying about lost assets. Foundations and institutions, because of stock market crashes, should own more than just exchange-listed stocks. With index funds, you are also always taking a view on the development of a specific market. It is not a law of nature that US indices will yield the best returns. At the beginning of the millennium, a Russian index might have felt like a winning index. Of course, this risk can be diversified by investing in several indices, but this would already require a certain level of expertise from the foundation’s key personnel. They would also have to get the investment plan approved by the foundation’s board and report on investments regularly. When hiring key personnel for a foundation, one would also have to consider that, in addition to all other skills, they must know how to invest in index funds sensibly. Many foundations and institutions may also have ESG requirements or impact goals, for which wealth managers’ products provide a ready-made solution. Some may also want to invest in Finnish mid-sized companies for reasons of principle. Currently, if you invest in a world index, you are investing with a heavy weight in US tech giants. In practice, foundations outsource asset management to wealth managers so they can focus on their core competencies. The Student Union of the University of Helsinki is a perfect example of why foundations should outsource asset management rather than trying to invest themselves or seeking better returns. Also, for many wealthy families, preserving wealth for future generations is more important than high returns. They may similarly emphasize investing in Finnish companies or impact investing. I also wouldn’t underestimate how much value many people find in being able to regularly discuss their investments and economic events with a wealth manager. I have invested in Ålandsbanken because I believe it has the most Finland-Swedish “old money” as its clientele. Because of this, I don’t believe the popularity of index investing poses much of a threat to Ålandsbanken. I would guess that Alexandria’s client profile consists of employees and entrepreneurs who really should be investing in index funds.

That is a rather peculiar customer group, if they want less than the index return. Is it some kind of status thing, being able to pay some private banker slick-back just so you don’t have to click through orders yourself? And having the luxury of accepting lower returns than what any “prole” gets from a standard index product? I don’t understand why investing €500k would be any harder than €300. A large ETF is certainly liquid enough for the needs of even a slightly wealthier Finnish heir; for example, SXR8 easily trades €20M a day, so half a million should go through even as a single buy order. There are very few people in Finland so wealthy that complex wealth management services actually make sense.

Exactly. I compared these services myself about 6–7 years ago and conducted a deep dive into my own needs. I ended up choosing Ålandsbanken after closely following the portfolio management of a couple of friends; both were using discretionary asset management (täyden valtakirjan salkunhoito) at the time with approximately 30% leverage. And indeed, with this combo, they had quite a nice return history. I remember well sitting over wine one evening after I had met with a handful of the city’s asset managers regarding my own portfolio. We calculated how this “Ålandsbanken Nordic Dividend Top List” (a kind of crown jewel product of ÅB’s asset management) offers the investor a strategically strong structure. In this structure, the stable dividend stream from 20 carefully selected companies easily covers the interest costs of a 30% investment loan even at current interest rate levels, still leaving cash flow for annual portfolio rebalancing or small over- or underweighting of different companies. The international nature of the Stockholm Stock Exchange, combined with a few picks from Finland, Norway, and Denmark, allows a purely Nordic portfolio to form a sort of “world index in miniature,” as many of the companies on the list are global market leaders whose revenue is geographically diversified across the world. This diversification, combined with the strong anchor ownership typical of many companies (such as the long-term ownership of the Wallenbergs or Industrivärden), creates a solid backbone for the portfolio that smoothes out market fluctuations and supports long-term capital appreciation. Personally, I believe that with a Nordic focus, professional asset management is capable of weighting investments on such a concentrated top list in a way that the return beats the index—and at least for me, it has been 1–4 percentage points above it for a long time. The cost-effectiveness of such an asset management model is highlighted when considering that asset management fees and investment loan interest are both fully deductible in capital gains taxation. As I understand it, a fairly typical asset management fee for a smaller portfolio is around the 0.6% + VAT level (which drops lower at around one million euros), and the asset management fee including VAT actually shrinks to only about 0.50% after the tax deduction benefit. Correspondingly, an investment loan tied to the 12-month Euribor with a total interest rate of, say, 3.5% actually costs the investor only about 2.3% after the tax benefit. When these net costs are proportioned to the portfolio’s return potential, the package rises above traditional funds in its risk-adjusted competitiveness: a moderate and, in my opinion, very realistically achievable 7–8% market return is enough with 30% leverage and tax benefits to easily raise the return on equity (ROE) to the 10% level or even above. This “tax leverage” means in practice that the risk-adjusted net return remaining for the investor is optimized significantly more efficiently than a purely debt-free portfolio. This is, at least for me, the reason why I have been involved for a long time, and I believe it is behind the satisfaction of many customers, in addition to the quality of service and a few other perks  Ålandsbanken also offers asset management implemented entirely with ETF products, or they can be used to build a portion of the portfolio alongside direct stocks. From what I’ve observed in my own circle of acquaintances, a typical model is to have direct stocks from the Nordics and handle international diversification via ETF products. ÅB has clearly made a strategic choice that they are about long-term asset management tailored to the customer’s needs, rather than a trading platform for those who want to trade stocks and ETFs actively. And in this, ÅB certainly performs well, and at least for the people I know, this has brought quite good returns for a long time. Many then have a Nordnet portfolio or similar for their investment hobby, but at least for me, these serve completely different needs: ÅB provides the engine room for my core wealth, which ticks away with compound interest in the background, while on the hobby side, I can play this fun game where success has varied a bit from year to year  I am strongly of the opinion that when building the core of a portfolio for the long term, it’s worth looking at an option like this, and many have been satisfied with it. These are the kinds of thoughts that come to mind.

Ålandsbanken

 Ålandsbanken Abp Changes in company’s own shares 05.07.2022 at 18:30 EET Ålandsbanken Abp: Acquisitions of own shares 05.07.2022 Date 05.07.2022 Exchange Bourse trade Nasdaq Helsinki Oy (XHEL...

<table style="border-collapse: collapse; border-collapse:collapse ;"><tbody><tr><td style="width:218.94px;;vertical-align: top ;">  Ålandsbanken Abp  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr></tbody></table>   <p>Changes in company’s own shares<br>05.07.2022 at 18:30 EET</p>           <p><br> Ålandsbanken Abp: Acquisitions of own shares 05.07.2022</p>      <table style="border-collapse: collapse; border-collapse:collapse ;"><tbody><tr><td style="width:218.94px;;vertical-align: top ;">  Date  </td><td style="width:219px;;vertical-align: top ;">  05.07.2022  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Exchange<br>Bourse trade &nbsp;     </td><td style="width:219px;;vertical-align: top ;">  Nasdaq Helsinki Oy (XHEL)<br>Buy     </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Share class  </td><td style="width:219px;;vertical-align: top ;">  ALBBV  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Amount&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;   </td><td style="width:219px;;vertical-align: top ;">  420  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Average price/share  </td><td style="width:219px;;vertical-align: top ;">  29.4779  </td><td style="width:219px;;vertical-align: top ;">  EUR   </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Highest price/share  </td><td style="width:219px;;vertical-align: top ;">  29.9000  </td><td style="width:219px;;vertical-align: top ;">  EUR  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Lowest price/share  </td><td style="width:219px;;vertical-align: top ;">  29.3000  </td><td style="width:219px;;vertical-align: top ;">  EUR  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  Total price  </td><td style="width:219px;;vertical-align: top ;">  12,380.72  </td><td style="width:219px;;vertical-align: top ;">  EUR  </td></tr><tr><td style="width:218.94px;;vertical-align: top ;">  &nbsp;  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr></tbody></table>      <p>The shares held by Ålandsbanken Abp on 05.07.2022:</p>   <table style="border-collapse: collapse; border-collapse:collapse ;"><tbody><tr><td style="width:218.94px;;vertical-align: top ;">  &nbsp;  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;<br><br>   ALBBV &nbsp;&nbsp;16,262  </td><td style="width:219px;;vertical-align: top ;">  &nbsp;  </td></tr></tbody></table>         <p>On behalf of Ålandsbanken Abp<br> <br> <br>Skandinaviska Enskilda Banken AB (Publ)</p>              <p>Antti Salakka&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janne Tiihonen</p>           <p>For more information, please contact:<br> <br> <br>Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland Plc, tel +358 40&nbsp;512 7505</p>    <p>    <strong>Attachment</strong></p><ul>            <li>        <a href="https://ml-eu.globenewswire.com/Resource/Download/1611fe2b-5b0b-4c3f-a6f7-bb82114b1bd4">ALBBV SBB 05072022</a>      </li>      </ul><img src="https://www.globenewswire.com/newsroom/ti?nf=MTAwMDY3Mjk1NSM0MDEyOTA5ODMjMjA5NTcwNQ=="> <br><img src="https://ml-eu.globenewswire.com/media/MTYyZGZkY2EtZjZiNS00MjdjLWE3MjctYjY0YTIwZmNiYjc3LTExMDcyNzY=/tiny/-landsbanken.png">

Date	05.07.2022
Exchange Bourse trade	Nasdaq Helsinki Oy (XHEL) Buy
Share class	ALBBV
Amount	420
Average price/share	29.4779	EUR
Highest price/share	29.9000	EUR
Lowest price/share	29.3000	EUR
Total price	12,380.72	EUR