2021 was a (for me) surprisingly strong year for equity markets with double digit growth across many equity markets.
In 2021, the Value & Opportunity portfolio gained +22,5% (including dividends, no taxes) against +18,5% for the Benchmark (Eurostoxx50(25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all performance indices including Dividends).
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 in 2020:
Partners Fund TGV: +38,2% (30.12.)
Profitlich/Schmidlin: +20,0% (30.12.)
Squad European Convictions (30.12.) +25,0%
Ennismore European Smaller Cos (30.12.) +23,1% (in EUR)
Frankfurter Aktienfonds für Stiftungen (30.12.) +17,3%
Greiff Special Situation (30.12.) +5,5,%
Squad Aguja Special Situation (30.12.) +5,4%
Paladin One (30.12.) +14,6%
Following an annual tradition once a year I’ll try to review my current portfolio by writing short summaries/update for each individual position. Unfortunately, I didn’t manage to do this before year end in 2021, but better late than never.
This year, 17 of the 27 companies from last year are still in the portfolio and I have 11 new positions which again looks like quite high turnover. Again, part of that high turnover is driven by “killing” the travel basket and creating a new “Energy Transition /Electrification” basket.
Overall, the number of positions is on the upper end of my preferred range of 20-30 titles. So any new investments will need to be financed through a sale of existing positions.
The summaries of the previous years can be found here:
My 21 (+6) Investments for 2021
My 20 investments for 2020
My 22(+1) Investments for 2019
My 21 investments for 2018
My 27 investments for 2017
My 27 investments for 2016
My 28 investments for 2015
My 24 investments for 2014
My 22 investments for 2013
1. TFF Group (6,0%)