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.

Transactions

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%.

January comment

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:

Name Weight
Hornbach Baumarkt 5.1%
Fortum OYJ 5.0%
Magyar Telekom 4.9%
AS Creation Tapeten 4.0%
Westag & Getalit VZ 2.1%
BUZZI UNICEM SPA-RSP 5.6%
Autostrada Milano Torino 4.6%
EVN 3.3%
Walmart 4.4%
WMF VZ 3.8%
Tonnellerie Frere Paris 3.2%
KSB 2.5%
Vetropack 3.0%
Total Produce 4.5%
Frosta 0.9%
OMV AG 2.2%
Sto AG VZ 2.3%
Nestle 2.2%
Piquadro 1.1%
   
Drägerwerk Genüsse D 7.2%
IVG Wandler 2.4%
WESTLB 6.9% 5.6%
DEPFA LT2 2015 3.2%
AIRE 5.1%
HT1 Funding 4.5%
EMAK SPA 6.2%
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%
   
Tagesgeldkonto 2% 9.8%
   
Summe 100.0%
   
Value 64.8%
Opportunity 36.2%
Short -10.7%
Tagesgeld 9.8%

2 comments

  • May I ask which approach you have choosen to implement the shorts on Kabel Deutschland and others? Do you employ warrants? If so which maturity and strike did you choose?

    Cheers.

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