Performance review 9M 2017
Perfomance 9M 2017:
In the first 9 months of 2017, the blog portfolio gained
+18,1% +18,5% (including dividends, no taxes) against 15,1% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)). Since inception, the score is now +178,2% 179,1% vs. 95,1% for the benchmark. The full details (and graph) as always on the performance page. (adjustments for TGV Partners final 30.09. valuation)
In the third quarter, the portfolio underperformed the benchmark significantly (+1,8% vs. +5,33%). Several of my larger positions did not very well in this quarter.
Some other funds that I follow have performed as follows in 9M 2017:
Partners Fund TGV: +16,93%
Squad European Convictions +24,09%
Squad Aguja +11,36%
Ennismore European Smaller Cos 4,79% (in EUR)
Frankfurter Aktienfonds für Stiftungen +12,89%
Evermore Global Value +7,33%
Greiff Special Situation +12,00%
Paladin One +16,02%
Perfomance attribution 9M
The top 10 contributors to performance YTD 2017 were the following positions:
|Tonnellerie Frere Paris||7,4%||45,50%||3,4%|
The only real negative contributors in 2017 so far were:
Q3 was a quite busy quarter, especially due to several special situations. I sold Stada and Sapec in early July, both with very decent gains. Also in July I sold Vonovia and bought into Whole Foods and Metro as a spin-off case. I also increased my Electrica stake.
In August, I sold Lloyds and bought Record Plc as a new position. I also increased my Admiral stake. The Whole Food special situation was closed out with a small loss due to the Dollar in August. In September I first increased and then decreased Silver Chef with a loss as I had missed something in the annual report.
Finally I sold Ashmore in September and MicroFocus which I got as “spin off marger dividend” from my HPE special situation investment.
At the end of Q3, I owned 21 positions and cash was ~12% of the portfolio. Details as always on the portfolio page.
For the record: the “1 transaction per month limit” doesn’t work well for the speical situation bucket as I cannot really control the timing especially of the exits. For the “Core Value” part I sold only Ashmore and bought one with Record Plc, so this was within my limit.