2011 – Portfolio and Performance Review
Performance (see also the current portpolio page)
December 2011 was the best month for the portfolio in absolute terms so far with + 4.03% against -1.62% of the Benchmark (50% Eurostoxx50, 30% Dax, 20% MDAX). For the whole year, this results in a performance of -4.1% against -13.8%. On a monthly basis, the picture looks as follows:
| Bench | Portfolio | Perf BM | Perf Portf. | Delta | |
|---|---|---|---|---|---|
| Start | 6394 | 100 | |||
| Jan | 6567 | 101.46 | 2.7% | 1.5% | -1.2% |
| Feb | 6645 | 102.49 | 1.2% | 1.0% | -0.2% |
| Mrz | 6559 | 103.92 | -1.3% | 1.4% | 2.7% |
| Apr | 6833 | 105.07 | 4.2% | 1.1% | -3.1% |
| Mai | 6645 | 101.23 | -2.8% | -3.7% | -0.9% |
| Jun | 5646 | 95.35 | -15.0% | -5.8% | 9.2% |
| Jul | 6486.69 | 99.03 | 14.9% | 3.9% | -11.0% |
| Aug | 5504.92 | 91.73 | -15.1% | -7.4% | 7.8% |
| Sep | 5154.68 | 92.75 | -6.4% | 1.1% | 7.5% |
| Okt | 5667.92 | 95.46 | 10.0% | 2.9% | -7.0% |
| Nov | 5600.83 | 92.19 | -1.2% | -3.4% | -2.2% |
| DEZ | 5509.87 | 95.95 | -1.6% | 4.0% | 5.7% |
| YTD | -13.8% | -4.1% | 9.8% |
Comments:
– all in all I am quite satisfied with the result. Although the 10 mn size of the model portfolio limits the possibilites with some smaller companies that are attractive but illiquid, the relative performance was quite good for 2011
– there were certain positive year end effects (HT1, Frosta) as well as negative ones (EMAK), so on average, year end figures should be representative
– the performance was mainly driven by the special situation investments and shgort positions, which finished all positive with the exception of HT1 and Kabel Deutschland.
– The “value” part performance was slightly better than the benchmark, major positive ccontributors were Walmart, Nestle and Sto
– the ~10% cash postition on average contributes as well to the outperformance against the benchmark
Portfolio composition (see also the current portpolio page)
| Name | Weight |
|---|---|
| Hornbach Baumarkt | 5.2% |
| Fortum OYJ | 5.0% |
| Magyar Telekom | 4.5% |
| AS Creation Tapeten | 4.1% |
| Westag & Getalit VZ | 4.1% |
| BUZZI UNICEM SPA-RSP | 5.0% |
| Autostrada Milano Torino | 5.0% |
| EVN | 3.4% |
| Walmart | 4.5% |
| WMF VZ | 3.6% |
| Tonnellerie Frere Paris | 3.4% |
| KSB | 2.5% |
| Vetropack | 2.8% |
| Total Produce | 4.7% |
| Frosta | 1.8% |
| OMV AG | 2.3% |
| Sto AG VZ | 2.3% |
| Nestle | 2.3% |
| Drägerwerk Genüsse D | 7.2% |
| IVG Wandler | 2.5% |
| WESTLB 6.9% | 5.5% |
| DEPFA LT2 2015 | 2.9% |
| AIRE | 5.4% |
| HT1 Funding | 4.3% |
| EMAK SPA | 5.5% |
| Short: Kabel Deutschland | -1.2% |
| Short: Green Mountain | -1.7% |
| Short: Dräger VZ | -5.8% |
| Terminverkauf CHF EUR | 0.3% |
| Tagesgeldkonto 2% | 8.4% |
| Summe | 100.0% |
| Value | 66.6% |
| Opportunity | 33.3% |
| Short | -8.3% |
| Tagesgeld | 8.4% |
Comments:
Currently, Frosta is still being sold down to zero, however volumes are quite low at the moment. With currently 27 positions (after the sale of Frosta), I am inside my “corridor” of 25-30 total positions where I fell comfortable.
After the sale of Frosta, the cash quota will be around ~10% which will be my target level for 2012 as well.
More on the outlook and strategy in a follow up post.
value and opportunity 