Portfoliomanagement update – sale KSB vz.
As I plan to reduce the Draeger Vorzugs short, my cash quota will fall significantly below 10% after buying back the shorted shares.
In order to stay at my 10% threshold and as I have some ideas for new investments, I will need to reduce or sell other positions.
My current “priority selling list” looks like this:
1. KSB Vz.: As KSB is approaching the “fair value” I have estimated last year, I will start selling them today with the usual restrictions (max 20% of daily volume)
Other candidates for further sales would be:
– Sto Vz. –> despite great performance in the last few years on ehas to watch closely if margins can be maintained (see Westag)
– next in line would be my 2 remaining large caps Walmart and Nestle. Despite good performance, I have a lot less conviction here than with my other position
value and opportunity 
Regarding the German construction sentiment: The WiWo issued its monthly survey on constuction sentiments (and others) which showed some tailwind for this industry. I am also noticing this in my own environment: everybody is refurbish their homes etc.
This could lead to some good sales figures in Germany for Sto and A.S. Creation.
well, one could argue that this isn’t really proprietory information and might be priced in already.
I am surprised that you want to sell the sto equities.
chris,
for now they are only on the “watch list”. mostg of the German construction related companies seem to have problems to pass on higher input prices despite booming business.
For me, this is a very serious warning sign.
mmi