January 2012 – Performance & Comments
As to be expected, with the Benchmark performing 8.40% in January, the Portfolio underperformed significantly with only +3.45% in January. Since inception (01.01.2011) the portfolio is now down only -0.74% against -6.59% in the Benchmark, leaving us with a outperformance of 5.86% absolute since the beginning.
As you will see, I am still selling Frosta and Westag, however due to the low volumes and my restriction of max. 20% VWAP volume, both postions stil appear in the list but with smaller wieghts than before.
On the buy side, I managed to buy 1.8% of the DJE fund and starting yesterday already 1.11 % Piquadro with a corresponding short position in the Ishares FTSE MIB.
Cash quota is ~9.80%, so close to target. Gross investment quota is ~110%, net ~100%.
As expected, Europe did not end up in Civil war already in January and with the new year starting, money flowed back into the stock market. I could have positioned the portfolio maybe more aggressively towards a European rebound, but from a strategical point of view I am not a big fan of market timing. I simply doubt my ability to generate added value through market timing.
Current portfolio as of January 31st:
|AS Creation Tapeten||4.0%|
|Westag & Getalit VZ||2.1%|
|BUZZI UNICEM SPA-RSP||5.6%|
|Autostrada Milano Torino||4.6%|
|Tonnellerie Frere Paris||3.2%|
|Sto AG VZ||2.3%|
|Drägerwerk Genüsse D||7.2%|
|DEPFA LT2 2015||3.2%|
|DJE Real Estate||1.8%|
|Short: Kabel Deutschland||-1.9%|
|Short: Green Mountain||-1.9%|
|Short: Dräger VZ||-6.0%|
|Short Ishares FTSE MIB||-1.1%|
|Terminverkauf CHF EUR||0.2%|