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.

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