And another 10 randomly selected Swiss stocks. Again, I found a couple of high quality businesses that are unfortunately very expensive. However, I did find one candidate to “watch” and actually bought one 1% position in one stock that I liked.
71. Klingelnberg AG
Klingelnberg is a 180 mn CHF market cap company that manufactures machinery for the Automobile and Mining industry. The company was IPOed in 2018 at CHF 53/share. As the chart shows, the IPO was not a big success ,losing more than -50%.
Background/ The company
During part 6 of my “All Swiss Series” I mentioned that Maier Tobler looks interesting, at least if one likes “boring” stocks which I do.
Meier & Tobler these days is a Swiss focused company that is active in heating, cooling and ventilating homes and buildings. They are both, distributing appliances and spare parts as well as offering direct maintenance services.
Until 2013, the predecessor company Walter Maier was a pretty diversified company, with the main areas of cooling/climate (DACH) , tools (Us) and machinery (among others wood working machines). In 2013/2014, they completely changed their strategy: They sold the tools division and the German climate business and spun-off all manufacturing activities that they had bundled under the name WM Technology.
In 2017 they took over/merged with Swiss competitor Tobler, creating the clear market leader in Switzerland.
This time, only one out of the ten randomly selected stocks made it onto my watch list.
61. Alpine Select AG
Alpine Select select is 129 mn CHF market cap listed investment company. The name rang a bell and when I searched my own blog, I found them as one of the “co-investors” in the AIRE KgAA special situation in 2012.
Including their significant distributions, Alpine Select has an Ok track record over the last years. The stock trades very close to NAV. Their portfolio these days seems to consist mostly out of hedge funds and even a crypto fund more recently.
This is not exactly my cup of tea, so I’ll “pass”.
62. Elma Electronics AG
Elma is a 146 mn CHF market cap company that manufactures electronic components. The stock chart looks strange: After effectively flat-lining for around 12 years before increasing by ~+50% in 2021:
A lot has been written already about the Euro Finals two days ago with England losing (again) the final penalty shoot out. To be honest, I was supporting Italy in the finals because I think the showed the best performance in the tournament overall, with a refreshingly “un-Italian” way of playing attractive offensive football.
I don’t want to repeat what has been written in the English press on who and why has to take the blame for missing the penalties. However I want to focus on what the coach, Gareth Southgate said when he explained the choice and the fact that two of the penalty shooters were just brought into the game at the very last minute.
Personally, I thought at first that it was a pretty bad idea to let players shoot that did not really play in the match but this is what Southgate said:
Another 10 randomly selected Swiss shares with very short “High level” analysis. This time, I actually identified three companies that are worth watching. Enjoy !!!
51. Sika AG
Sika is a 43 bn CHF market cap specialty chemical company that produces material for the building sector. What makes the company especially interesting is the fact that despite being very dull at the surface, the stock went up by 10x over ther last 8-9 years. Even Covid-19 could not stop Sika:
In the first 6 months of 2021, the Value & Opportunity portfolio gained +14,7% (including dividends, no taxes) against a gain of +13.8% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).
Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in the first 6M 2021:
Partners Fund TGV: +22,1%
Profitlich/Schmidlin: 13,3 %
Squad European Convictions +18,54%
Ennismore European Smaller Cos +16,01% (in EUR)
Frankfurter Aktienfonds für Stiftungen 12,35%
Greiff Special Situation 3,45%
Squad Aguja Special Situation 10,37%
Paladin One 5,94%