Performance review October 2013
Performance October 2013
October 2013 was the best month for the Benchmark (50% Eurostoxx, 30% Dax, 20% MDAX) since January 2012 with a gain of 5.9%. The portfolio increased only by 3.1% resulting in an underperformance of -2.8%. YTD 2013, the portfolio is up 30.5% against 24.4% for the benchmark.
Clearly the ~20% cash position explains almost half of the underperformance. Other underperfomers were Sol Spa (-9.4%), Cranswick (-8.6%). On the plus side was EMAK (+27%), Installux (+11.8%), Tonnelerie (7.6%).
October was a “normal” month with regard to portfolio transactions. I entered into one new position, Van Lanschott and sold half of my EMAK position. Additionally I increased my MIKO position. Unfortunately, i was not able to increase to a ful position yet as trading volume was too low.
In the wake of the EMAK sale (at ~0.92 EUR with a total gain of 101% incl dividends, I also closed out my short FTSE MIB position. With a remaining weight of ~11% in Italian stocks (SIAS, Sol, EMAK), I think this kind of protection is not necessary any more. I also closed out my Swiss Francs hedge with a small gain of 7%. This was meant to hedge the Vetropack position but I think the danger of a weakening Swiss Franc is rather remote.
Portfolio as of 31.10.20113
|Name||Weight||Perf. Incl. Div|
|Tonnellerie Frere Paris||6.2%||114.8%|
|IGE & XAO||2.2%||24.7%|
|KAS Bank NV||4.8%||47.7%|
|Drägerwerk Genüsse D||7.8%||164.6%|
|DEPFA LT2 2015||2.5%||70.0%|
|Short Lyxor Cac40||-1.1%||-20.4%|
In the next few weeks, I will again do my “autumn cleaning”, which means walking through my positions in order to decide if I have still a high level of conviction or not. Last year it was a very good exercise, so I will try to do that every year.