Performance June 2013

Performance June 2013:

Performance in June 2013 for the portfolio was -1.6% against -4.3% of the BM (50% Eurostoxx, 30% Dax, 20% MDAX). YTD, the portfolio is up +17.7% against 7.1% for the BM.

Interestingly, this was the first negative month for the portfolio after 18 consecutive positive months, for the BM the “run” were 12 months of positive returns. The positive aspect is the fact, that the draw down was a lot less than the benchmark, even adjusted for cash.

Graphically this looks as follows:

Positive contributors were EGIS (+6.6%), Rhoen (+6.5%). Loosers were SIAS (-15,1%), EMAK (-12,4%), AS Creation (-7,1%).

Portfolio transactions

As discussed, I closed the Kabel Deutschland short after the official offer of Vodafone. The result was a loss of ~-22% on this position.

Only new entry of the month was Thermador. In order to remain within my 20% allocation to France, I sold Bouygues at the same time, resulting in a profit (incl. dividend) of ~+11%.

Portfolio as of 30.06.2013

Name Weight Perf. Incl. Div
Hornbach Baumarkt 3.7% 2.4%
AS Creation Tapeten 4.0% 39.2%
Tonnellerie Frere Paris 5.8% 81.6%
Vetropack 4.1% 6.6%
Installux 2.7% 14.2%
Poujoulat 0.9% 11.4%
Dart Group 4.7% 167.3%
Cranswick 5.7% 37.0%
April SA 3.5% 12.5%
SOL Spa 2.7% 31.5%
Gronlandsbanken 2.2% 23.2%
G. Perrier 3.2% 18.8%
IGE & XAO 2.0% 4.8%
EGIS 2.8% 7.6%
Thermador 2.7% 1.5%
     
KAS Bank NV 4.7% 28.7%
SIAS 4.8% 36.7%
Drägerwerk Genüsse D 9.1% 180.1%
DEPFA LT2 2015 2.6% 58.3%
HT1 Funding 4.6% 56.2%
EMAK SPA 4.6% 45.1%
Rhoen Klinikum 2.3% 18.1%
     
     
     
Short: Prada -1.0% -15.3%
0 0.0% 0.0%
Short Lyxor Cac40 -1.1% -11.0%
Short Ishares FTSE MIB -1.8% -3.6%
     
Terminverkauf CHF EUR 0.2% 6.9%
     
Cash 20.4%  
     
     
     
Value 50.5%  
Opportunity 32.9%  
Short+ Hedges -3.7%  
Cash 20.4%  
  100.0%

Comment

Nothing really new.

7 comments

  • Hi, any idea what happened to SOL since the beginning of the month? I can only see the issue of a $35m bond in May as “news”.

    thanks

  • Hi mme,
    one question on you position in Drägerwerk Genusscheine. Obviously the theoretical value would be EUR 1000 given the share price of the preferred shares around EUR 100 and 10xtimes dividend of the Genussscheine compared to the preferred shares. But what happens if the management of Drägerwerk decides to skip the dividend of the preferred shares and to buy back preferred shares instead. Will the price of the Genussscheine collapse then, or am I missing something ?

    • I am not sure if I can follow your thoughts.Why should the Genußscheine collapse in this scenario ? Their share of total current and future retained earnings will be the same. Only the timing will change.

      Buying back the prefs would make the prefs moe valuable. 10 times somthing more valuable is not a bad thing.

  • Warum hast du jetzt Bouygues verkauft? Liegts an Imtech oder woher kommt die Meinungsänderung?

  • A couple months ago you were thinking of giving SIAS the boot, as their sales figures were not so great..what are your thoughts on that now?

    • would have been a good idea…teh reason was that SIAS was for me a “special situation” because of the special dividend. The dividend has been paid but somehow I missed the “window” to sell end of May.

      On the other hand, the stock seems still to be cheap. So no hurry here.

      mmi

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