Performance review June 2012 & comments
June finished with a big bang in the markets on the last trading day. So instead of a 1% outperformance for June on Thursday, the Portfolio underperformed -2.6% for the month. However as discussed before I don’t take monthly numbers to serious.
So quickly the updated Portfolio performance table:
| Bench | Portfolio | Perf BM | Perf. Portf. | Portf-BM | |
| 2010 | 6,394 | 100 | |||
| 2011 | 5,510 | 95.95 | -13.8% | -4.1% | 9.8% |
| Jan 12 | 5,972 | 99.27 | 8.4% | 3.5% | -4.9% |
| Feb 12 | 6,275 | 105.90 | 5.1% | 6.7% | 1.6% |
| Mrz 12 | 6,330 | 107.22 | 0.9% | 1.2% | 0.4% |
| Apr 12 | 6,168 | 108.02 | 0.8% | -2.6% | -3.3% |
| Mai 12 | 5,750 | 108.90 | -6.8% | 0.8% | 7.5% |
| Jun 12 | 5,969 | 110.17 | 3.8% | 1.2% | -2.6% |
| YTD 12 | 5,969 | 110.17 | 8.3% | 14.8% | 6.5% |
| Since inception | 5,969 | 110.17 | -6.7% | 10.2% | 16.8% |
The portfolio gained 1.2% in June, mainly driven by HT1, SIAS, EMAK and AS Creation. YTD, the portfolio is now up +14.8% with a relatively low volatility.
The portfolio composition has changed somehow against last month, especially with regard to the 3 new entries, Dart Group, Cranswick and April. For April SA, I took advantage of the low prices in the second half of last week and bought a 3% position, Installux has now reached 2% (and paid a 8 EUR dividend last week…).
| Name | Weight | Perf. Incl. Div |
|---|---|---|
| Hornbach Baumarkt | 5.0% | 4.98% |
| Fortum OYJ | 4.0% | -20.73% |
| AS Creation Tapeten | 4.0% | 0.50% |
| BUZZI UNICEM SPA-RSP | 4.6% | -17.94% |
| EVN | 2.8% | -11.04% |
| WMF VZ | 3.8% | 33.87% |
| Tonnellerie Frere Paris | 4.8% | 7.03% |
| Vetropack | 4.4% | -3.42% |
| Total Produce | 4.3% | 6.70% |
| OMV AG | 2.1% | -14.04% |
| Piquadro | 1.4% | 1.24% |
| SIAS | 5.9% | 15.58% |
| Installux | 2.0% | 0.04% |
| Poujoulat | 0.1% | -1.57% |
| Dart Group | 2.5% | 1.18% |
| Cranswick | 2.6% | 1.53% |
| April SA | 3.1% | -0.67% |
| Drägerwerk Genüsse D | 8.7% | 44.55% |
| IVG Wandler | 2.0% | -0.64% |
| DEPFA LT2 2015 | 2.9% | 22.53% |
| AIRE | 5.0% | 109.69% |
| HT1 Funding | 4.7% | 9.48% |
| EMAK SPA | 5.1% | 15.59% |
| DJE Real Estate | 2.3% | -3.65% |
| Praktiker 2016 | 2.4% | -2.85% |
| Short: Kabel Deutschland | -2.2% | -25.63% |
| Short Ishares FTSE MIB | -2.4% | 3.56% |
| Terminverkauf CHF EUR | 0.2% | 4.42% |
| Tagesgeldkonto 2% | 13.6% | |
| Summe | 100.0% | |
| Value | 49.3% | |
| Opportunity | 33.1% | |
| Short | -4.4% | |
| Cash | 13.6% |
Outlook & Actions:
As discussed before, I will accept the AIRE KgAA offer at 18,25, so cash will increase again. In parallel, I will still try to collect some more Installux and Poujoulat shares but apart from this I am currently done with buying.
In the next few days it will be interesting to see how the situation at Praktiker developes. If the “locust” succeeds with its “super Senior” loan I might sell the bonds.
As written before, on a macro level I see lower tail risk in the Euro zone going forward, although a real recovery might be still far away. I am still mostly concerned with the situation in China and the other “BRICs”. Everyone takes it for granted that China powers ahead and transitions smoothly from an epic construction boom into a happy consumer economy, but if you look closely to the other BRIC’s like India, one can see the BRIC story is crumbling at an increasing speed.
As a consequence I will try to stay clear of too much BRIC and commodity exposure. At some point in time it might be interesting to short some “can’t lose” stocks with large BRIC exposures.
value and opportunity 