Performance Review October 2011
Quick update for October:
In October, the portfolio gained +2.70% vs. +8.03% for the Benchmak (50% Eurostoxx50, 30% DAX, 20% MDAX).
This is no surprise, as the portfolio is structured to have a relativley moderate “beta” to market movements, so in a month with strong BM performance, the portfolio will most likely significantly underperform.
However year to date, with a performance of -4,54% against -11.36% for the BM, the Outperformace is still +6,81%.
As of October 31st, the portfolio is composed as follows:
| Investment | Weight |
|---|---|
| Hornbach Baumarkt | 5.7% |
| Fortum OYJ | 5.4% |
| Magyar Telekom | 4.7% |
| AS Creation Tapeten | 3.9% |
| Westag & Getalit VZ | 4.4% |
| BUZZI UNICEM SPA-RSP | 5.5% |
| Autostrada Milano Torino | 5.1% |
| EVN | 3.4% |
| Walmart | 4.0% |
| WMF VZ | 3.7% |
| Tonnellerie Frere Paris | 3.3% |
| KSB | 2.7% |
| Vetropack | 2.8% |
| Total Produce | 4.8% |
| Frosta | 2.6% |
| OMV AG | 2.5% |
| Sto AG VZ | 2.4% |
| Nestle | 2.2% |
| Einhell VZ | 1.9% |
| Microsoft | 2.4% |
| Drägerwerk Genüsse D | 7.6% |
| IVG Wandler | 2.2% |
| WESTLB 6.9% | 5.3% |
| DEPFA LT2 2015 | 3.1% |
| AIRE | 3.3% |
| HT1 Funding | 5.0% |
| Short: Kabel Deutschland | -1.3% |
| Short: Green Mountain | -2.3% |
| Short: Dräger VZ | -7.0% |
| Terminverkauf CHF EUR | 0.3% |
| Tagesgeldkonto 2% | 10.4% |
| Summe | 100.0% |
| Value | 73.4% |
| Opportunity | 26.5% |
| Short | -10.3% |
| Tagesgeld | 10.4% |
value and opportunity 