Some Portfolio updates – VEF, FBD, Play Magnus, BioNTech, JustEat Takeaway.com

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My long term readers know that I am relatively sloppy with updates especially when a stock does well. When I have time then I try to look at least briefly into annual reports when they are published .

VEF (formerly Vostok Emerging Finance)

VEF had a pretty decent 2020. Share price went up in 2020 by +37%, although faster than NAV which went up by around 22%. This was however achieved with some volatility:

What I missed is that they dis a share placement in November 2020. As usual, the reporting is very transparent so one can see that 4 out of 12 investments lost value. However the biggest position, Brazilian Creditas was also the best performer. Around 2/3 of the portfolio is now Brazilian Fintech. Their only new investment in 2020 was an Indian mobile payment company which makes it their first Indian investment.

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Some links

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WeWork is coming back as a SPAC. Is it any better now ?

Muddy Waters on the Archego blow up

Matt Mullenweg, founder of WordPress, has some beef with competitor Wix

International Value Advisors (IVA) once had 10 bn under management but has shut down recently

Jamie Dimon’s annual letter to JPM shareholders is worth a read especially Chapter III on competition for banks

Pareto Securities is organizing an online  Tech/It conference (open also “for free” for private investors) on April 20th with a lot of interesting Small Cap companies form Germany and Norway (including Bouvet).

An interesting view: Comparing the build up of avalanches with financial markets

 

 

Performance review Q1 2021 – Comment: “Age and Investing skills”

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In the first 3 months of 2021, the Value & Opportunity portfolio gained  +7,6% (including dividends, no taxes) against a gain of +7.9% 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 3M 2021:

Partners Fund TGV: +17,5%
Profitlich/Schmidlin: 5,34 %
Squad European Convictions +9,52%
Ennismore European Smaller Cos +6,08% (in EUR)
Frankfurter Aktienfonds für Stiftungen 7,27%
Evermore Global Value  7,85%USD)
Greiff Special Situation 1,87%
Squad Aguja Special Situation 6,49%
Paladin One 4,75%

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Some links

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Bloomberg article on the meltdown of the Archegos Hedgefund

A “Must read” memo from Rob Vinall on how to adapt to rapidly changing markets   

Prof. Damodaran with an interesting deep dive into rising interest rates vs. stock valuations

The Atlantic on the potential of mRNA technology

Yetanothervalueblog likes Discovery, one of the Archegos “victims”

A “conversation with Bill Ackman” from January but still relevant (SPACs etc.)

The thirst for growth assets is met by increasing supply

EurONEXT NV ( ISIN NL0006294274) – Backwater Stock Exchange or “GARP” Brexit Winner ?

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Disclaimer: This is not Investment Advice. PLEASE DO YOUR OWN RESEARCH !!!!!

Official_Euronext_logo

Background:

My initial interest in Euronext came after reading this FT article in February which mentions that the Amsterdam Stock Exchange seems to be a big winner of Brexit, but that in the long run Paris could come out on top as most of the trading in European shares will move “on shore” to the continent.

What I found interesting is that Frankfurt doesn’t seem to be a big winner but that both, Amsterdam and Paris belong to stock listed Euronext NV Group. Personally, a lot of my own small cap investments are listed on Euronext , but so far I really thought that Euronext is more a collection of “back water” exchanges like Dublin. Lisbon or Brussels rather than a more serious competitor to LSE and Deutsche Börse.

Euronext the company

Euronext has a colorful history, among others they merged and de-merged with the NYSE. After going public in 2014, they have been rolling up smaller European stock exchanges, among them Dublin (2017) and Oslo (2019).

Their biggest move is yet to come: After the Merger of LSE and Refinitiv, Euronext agreed to buy Borsa Italiana for ~4,3 bn EUR, the transaction will be executed in the first half of 2021. After the transaction, Italy will be the biggest country by revenues for Euronext.

Multiple fundamental tailwinds

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Some links

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Interesting starter post on “Nordic Sidecar Investing”

A very critical look at the Deliveroo IPO

Value Investing with Legends Podcast with Florian Schuhbauer and Klaus Roehrig – Applying Activist Tactics to European Markets

Yale University owns a (now) 373 year old Dutch Bond that is still paying interest

Can Intel “pull off a Microsoft” this time ?

Good Investing with a nice interview with Per Brilioth (Vostok New Ventures)

Bill Gates does another AMA on Reddit

 

 

Some links

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Felix Salmon tries to explain what is going on in today’s YOLO market

Beeples “NFT” sold for 69 mn USD, Jack Dorsey’s first Tweet is “only” worth 2.5 mn USD

A deep look into Coinbase pre IPO

John Hempton tries to answer the question who is holding the bag in the Greensill debacle (part 1 , part 2) besides the German Taxpayers 

Bessemer Venture’s State-of-the-cloud 2021

Ben Thompson with a deep dive into Roblox

AerCap is acquiring GE’s airplane leasing business

Some links

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Very interesting deep dive on Amazon’s cash flow statements

Video from the annual shareholder meeting of Fundsmith (Terry Smith)

Deep read on lipid nanoparticles which made mRNA vaccines possible

In the US, Sports programming has suffered badly last year

March Spin-off links from Stock Spin-off Investing

A great reminder from Klement on Investing that currency speculation is really hard

Investor Amnesia on historic bubbles of collectibles (Rabbits, hens, Tulips…)

Some links

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Berkshire Letter to Shareholders 2020

Broyhill Q4 Letter including a write up on Sam Zell’s Equity Commonwealth (EQC)

YetAntotherValueBlog with its wide ranging monthly post (Virtu, SPACs etc.)

Sneakers have become a financial  asset class including, indices, exchanges and of course HFT bots

Digital block chain linked videos seem to become a “hot” asset as well

Clark Street Value on the Technip Energy Spin-off situation

RagnarisaPirate really likes Thryv

 

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