Portfolio Performance March 2012 & comments

In March 2012, again the portfolio slightly outperformed with +1.2% against +0.4% for the Benchmark (50% Eurostoxx 50, 30% Dax, 20% MDAX). The outperformance for March was basically created on the last day of March, when there were significant jumps both in Hornbach and Draeger Genußscheine. This might be also the result of some quarter end “window dressing” for Hornbach, Draegerwerke continue to perform well.

YTD, the portfolio is now up +11.7% against +14.9% for the benchmark, since inception (01.01.2011), the protfolio is up +7.2% against -1.0%.

Bench Portfolio Perf BM Perf. Portf. Portf-BM
2010 6394 100      
2011 5509.87 95.95 -13.8% -4.1% 9.8%
           
Jan 12 5972.48 99.27 8.4% 3.5% -4.9%
Feb 12 6275.00 105.90 5.1% 6.7% 1.6%
Mrz 12 6329.66 107.22 0.9% 1.2% 0.4%
 
YTD 12 6329.66 107.22 14.9% 11.7% -3.1%
 
Since inception 6329.66 107.22 -1.0% 7.2% 8.2%

Portfolio activity:

Portfolio activity was relatively limited in March. As posted, Autostarda was sold completely which turned out to be a good decision as the shares dropped a further -20% after I sold them. Tonnelerie was increased to a full position.

So the current portfolio as of MArch 30th looks like the following:

Name Weight
Hornbach Baumarkt 5.3%
Fortum OYJ 5.0%
AS Creation Tapeten 3.7%
BUZZI UNICEM SPA-RSP 5.8%
EVN 2.9%
Walmart 4.0%
WMF VZ 3.8%
Tonnellerie Frere Paris 4.8%
Vetropack 4.8%
Total Produce 5.0%
OMV AG 2.4%
Nestle 2.2%
Piquadro 1.1%
   
Drägerwerk Genüsse D 9.3%
IVG Wandler 2.3%
WESTLB 6.9% 5.6%
DEPFA LT2 2015 3.3%
AIRE 5.5%
HT1 Funding 4.9%
EMAK SPA 5.4%
DJE Real Estate 4.4%
   
   
Short: Kabel Deutschland -2.1%
Short: Green Mountain -1.5%
Short Ishares FTSE MIB -1.0%
Terminverkauf CHF EUR 0.2%
   
Tagesgeldkonto 2% 12.9%
   
Summe 100.0%
   
Value 50.8%
Opportunity 40.7%
Short -4.4%
Cash 12.9%

Further comments & outlook

My biggest position, Draegerwerke Genußschein now approaches the 10% portfolio weight which is usually a threshold where I will take a explicit decision either to hold or to cut down. At the moment I am inclined to hold, as the “catalyst” has brought even more attention to this interesting situation.

The portfolio itself in the moment is very stable, as a lot of the investments are hardly moving at all. Economically, especially WestLB is basically a cash position now. So the “economic” cash portion is now already 18.5% which is a little too high.

In general, it is relatively hard to find “value” in German stocks these days, but in my opinion there are lots of interesting companies in France and the PIIGS, also the UK seems to be becoming more interesting. Of course some of those companies are a lot more risky than “normal” shares so I still think of adding a “basket” of some 1% PIIGS recovery opportunites as well as a “French” basket with some relatively illiquid samll caps.

So as Peter Cundill would say “there is always somthing to do”…..

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