value and opportunity

Einhell:

As anounced a couple of days ago, I have been reducing the Einhell position since then.

Due to the low volume of trading and my restriction not to simulate trades greater than 20% of daily volumes, I was only able to sell roughly 2/5 of the position at the VWAP of 34.03 EUR per share. Einhell is now doww to ~1% of the portfolio and will be reduced to 0% going forward.

AIRE KGaA

In parallel, as mentioned here, I continued to build up the AIRE KgAA Position into a “full” position , which means a 5% portfolio share.

Total trading volume since then (20.10.) has been 79.139 shares at a VWAP of 8.17 EUR per share. 20% of that volume results in a purchase of 15.827 shares at 8.17 EUR, increasing the weight of AIRE to 4,6% at a cost of 8,75 EUR per share.

After these transaction, the cash percentage dropped below 10% (9,9%), so going forward I will only increase the AIRE position to the extend Einhell shares can be sold at the same time.