A small but varied portfolio. Two parcels of forest in Eastern Finland, a restored homestead on Toinen Saari, seven rental apartments across three towns, and a quantitative trading book run from the same desk. We tell you about it in plain language, with no figures — those are for our auditors.
Thirteen hectares of forest, farmland, and lake frontage on the peninsula of Paalasmaa. The buildings — three barns, a sauna, a workshop — were restored between 2020 and 2024. It is where we operate, and where the asset-management software first met a real ledger.
The hay barn took three summers to restore. The sauna was rebuilt in 2022 — same footprint, same stones, new beams. The sawmill went in the following year, and a Kubota excavator and a Valtra tractor arrived in time for the first replanting season. The forest is mixed pine, spruce, and birch; the farmland is in long fallow and managed for the long horizon.
Visitors are welcome, by appointment.
The rest of the operating book. Held individually under Puzzleteq's roof, run by the same small team, journaled through the same software. None of them are large; all of them are looked after.
Seventeen hectares of mixed forest. First harvest closed in 2022; partially destroyed by storm Paula and replanted with pine and spruce in spring 2021.
A small block of three two-bedroom apartments in a 1980s building on the south edge of Joensuu. Long-term tenants, local management, slow rent growth.
A single 30 m² flat in the Marjala neighbourhood of Joensuu. Held as a long-term rental; a small position kept for the municipal exposure as much as the yield.
Three small flats near Oulu. The lightest-touch position in the book — kept for the regional exposure as much as the yield.
An in-house agentic system trading on Helsinki, Stockholm, and XETRA, operated through Nordnet and Nordea. Not sold as a service. Run since 2022 against Puzzleteq's own capital only.
The forest is the easiest part of the book to operate. It does not ask for an opinion on Tuesdays. It just grows.
We do not have a strategy document. We have a small set of rules we follow when an opportunity comes up. The list is intentionally short and intentionally boring.
We do not hold positions we would not be happy to still own in 2056. That filter excludes most opportunities. The ones left over tend to be working buildings, land, and the kind of software we use ourselves.
Every tenant message gets read. Every harvest plan gets signed off. The asset-management software exists to make sure none of it falls through the cracks while the founder is on the phone about something larger.
Every harvest, every rent reconciliation, every board decision is journaled in plain language. We keep the record specifically so the next generation of the firm can read why things were done the way they were — and improve on them.
The asset-management software we built to run this portfolio is available, in early access, to four to six other family-office portfolios per quarter. If yours sounds like ours, the waitlist is here.