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
Again a quick upfront comment: Why did I start that series right now ? I guess it is a combination of bad experience in some foreign stocks (Cars.com, Silver Chef), the expectation of a more economically difficult situation in Germany (which will probably provide some opportunities later on) and curiosity. So far I have to say it is great fun, at least for me.
Nr. 40: Solutiance AG – ISIN: DE0006926504
Another renamed/reactivated company, now something with real etsate management software. 10 mn market cap, around 1 mn sales. “Pass”
Nr. 41: Surteco AG – ISIN: DE0005176903