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%

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