This time, I increased the number of shares per post to 15. I am making good progress with the underlying analysis so I guess it makes sense to speed up the series somewhat.
Nr. 60: Ludwig Beck AG
Barely profitable retailer with a 110 mn market cap. However “super prime” freehold property in my hometown Munich. The in 2015 acquired retail chain Wormland has been put in run off and led to significant losses in 2018 and 2019. “Pass”
Nr. 61: S&O Agrar AG – ISIN: DE0005236202
Another Biogas penny stock, “pass”
Nr. 62: Cybits AG – ISIN: DE0007240004
Bankrupt penny stock. “Pass”.
Nr. 63: Data Modul AG – ISIN: DE0005498901
The “beer King” Anhauser Busch Inbev has seen better days
Interesting thought: Value stocks have performed in line with historical expectations but the anomaly is the performance of growth stocks
Third Point (Dan Loeb) Q3 letter
A closer look at Domino’s
A very deep look inside the technology behind Elastic, one of the current SaaS superstars
Oddball Stocks on the problems with “sum of part” plays
Some recent updates on the GlobalStockPicking blog portflolio
“Super Pumped”, written by NYT reporter Mike Isaac is a very recent book about Uber, the world’s first and biggest ride hailing company. The book covers Uber from the very beginning until the most recent events when founder Kalanick was forced out by investors and replaced by Expedia CEO Dara khosrowshahi.
ANother upfront remark: I publish these posts with some delays, so not all numbers are real time. Also in some cases some news will have been issued afterwards like with Nordex (see below). Sometimes I might miss that…..
Nr. 50: CD Deutsche Eigenheim AG – ISIN: DE000A168270
Struggling real estate developer with 3 mn market cap. “Pass”
Nr. 51: Nordex AG – ISIN: DE000A0D6554
900 mn market cap Windmill manufacturer. Unprofitable, structural issues. “pass”
Edit: I wrote this a few weeks ago. In the mean time the stock price has recovered a little bit as Spanish company Acciona increased their stake via a capital increase to > 30% and had to issue a fromal takeover offer:
In the first 9 months of 2019, the Value & Opportunity portfolio gained 8,8% (including dividends, no taxes) against 19.4% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).
Links to previous Performance reviews can be found on the Performance Page of the blog.
Some other funds that I follow have performed as follows for 9M 2019:
Partners Fund TGV: -2.25%
Squad European Convictions +9,8%
Ennismore European Smaller Cos +7.5% (in EUR)
Frankfurter Aktienfonds für Stiftungen 2,3%
Evermore Global Value +13,7% (USD)
Greiff Special Situation +2% (est)
Squad Aguja Special Situation +9,8%
Paladin ONE 6,61%
Q3 2019 transactions