Performance Review November 2011

In the month of November, the Portfolio underperformed by -2% with -3.4% against -1.2% of the Benchmark (50% Eurostoxx, 30% Dax, 20% MDAX).

However, year to date the performance shows still an outperformance of 4.6%.

This is the second “down month” where the portfolio underperformed. The main and simple reason was the incredible bounce on the last day of the month. On November 29th, the portfolio would have shown an outperformance of 2% against the BM for November, but many of the portfolio positions have realtively low beta to the market.

Performance 2011 on a monthly basis:

Bench Portfolio Perf BM Perf Portf.
Start 6394 100    
Jan 6567 101.46 2.7% 1.5%
Feb 6645 102.49 1.2% 1.0%
Mrz 6559 103.92 -1.3% 1.4%
Apr 6833 105.07 4.2% 1.1%
Mai 6645 101.23 -2.8% -3.7%
Jun 5646 95.35 -15.0% -5.8%
Jul 6486.69 99.03 14.9% 3.9%
Aug 5504.92 91.73 -15.1% -7.4%
Sep 5154.68 92.75 -6.4% 1.1%
Okt 5667.92 95.46 10.0% 2.9%
Nov 5600.83 92.19 -1.2% -3.4%
 
YTD     -12.4% -7.8%

Portfolio Transcactions

In the last view days, the following transactions have been made:

Einhell:
The remaining shares (1% of the portfolio) has been sold for an average price of 32.31 EUR at a loss of 20.52%.

EMAK:
Between November 24th and November 30th, 65,734 EMAK shares have been bought at 0.5493 EUR per share and 200.000 subscription rights at 0.2567 EUR per right. As the rights will be exercised into 5 EMAK shares each at 0.425 cents, this is implicitly a position of 1.065 mn EMAK shares at an average purchase price of around 0.495 EUR. This will result in an 5% position for the portfolio, the maximum position I am willing to invest for any single investment.

Finally, the current compostion of the portfolio:


Name Weight
Hornbach Baumarkt 5.2%
Fortum OYJ 5.4%
Magyar Telekom 4.9%
AS Creation Tapeten 3.1%
Westag & Getalit VZ 4.1%
BUZZI UNICEM SPA-RSP 5.2%
Autostrada Milano Torino 5.1%
EVN 3.5%
Walmart 4.5%
WMF VZ 3.8%
Tonnellerie Frere Paris 3.3%
KSB 2.5%
Vetropack 2.9%
Total Produce 5.0%
Frosta 2.8%
OMV AG 2.5%
Sto AG VZ 2.5%
Nestle 2.3%
Microsoft 2.5%
   
Drägerwerk Genüsse D 7.6%
IVG Wandler 2.5%
WESTLB 6.9% 5.5%
DEPFA LT2 2015 3.0%
AIRE 4.8%
HT1 Funding 4.0%
EMAK SPA 0.4%
EMAK SPA-RTS 0.5%
   
   
Short: Kabel Deutschland -1.3%
Short: Green Mountain -2.0%
Short: Dräger VZ -6.5%
   
Terminverkauf CHF EUR 0.4%
   
Tagesgeldkonto 2% 10.3%
   
Summe 100.0%
   
Value 70.9%
Opportunity 28.3%
Short -9.4%
Tagesgeld 10.3%

Outlook:

Including the EMAK new shares, the portfolio will have a 95% net position. As my current target is max. 90%, I will have to sell 5% exposure in the coming days or find suitable short candidates.

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