Category Archives: capital management

2018 Performance review – Outlook 2019

In 2018, the Value & Opportunity portfolio lost -11,3%* (including dividends, no taxes) against –15.4 % 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 in 2018:

Partners Fund TGV: +1,74% *
Profitlich/Schmidlin: -8,27%
Squad European Convictions -9,75%
Ennismore European Smaller Cos +2,65% (in EUR)
Frankfurter Aktienfonds für Stiftungen -13,72%
Evermore Global Value  -20.92% (USD)
Greiff Special Situation -7,02%
Squad Aguja Special Situation -11,7%

*TGV Partners as of 15.12.2018, to be updated

Since inception (01.01.2011), this translates into +152,6% or +14,0% p.a. vs. 66,6% or 6,0% p.a. for the Benchmark.

Current portfolio / Portfolio transactions

The current portfolio can be seen as always on the portfolio page. I have already mentioned the 2018 transactions in the “My 22+1 stocks for 2019” post.

Read more

Saga PLC (ISIN GB00BLT1Y088) – High Quality Travel / Insurance Hybrid ?

The company:

Saga Plc is a UK company that combines two business that I have looked at quite often: Insurance and Travel.

Saga has its origin as a Seaside Hotel in England and then became a travel company before then moving into insurance in the 1980s. Saga caters specifically for the “over 50” market and claims to be the “leading provider” to people over 50 in the uK.

After a PE financed management buyout in 2007, he company was IPOed in May 2014 at a price of 185 pence / share.

Looking at the stock chart, IPO investors at first saw a decent outperformance before things went south this year:

Read more

Boiron SA (ISIN FR0000061129) – Boring enough to invest ?

It’s no secret that I like French family run companies. TFF Group, G. Perrier, Installux, Dom Security are just the main examples of these kind of companies.

boironlogo_notag_blue

Boiron SA is a French company which Bloomberg lists as “Specialty Pharmaceutical” company. Although “Specialty Pharma” is not exactly what they do. in fact, Boiron SA ist the only listed company that I know that exclusively produces and sells Homeopathic “pharmaceutical” products. The call themselves “World leader” of this field.

A few words on Homeopathy

From Wikipedia:

Read more

Softbank Part 2: Sum-of-parts Valuation and don’t forget the Taxman

A couple of days ago, I looked at Softbank more from a strategic point of view. This time I want to focus more on the actual assets and a sum-of-parts valuation

What is Softbank ?

Essentially the company at its core is a Telco company in Japan and US plus a lot of “extra assets” like the Alibaba stake, Yahoo Japan and then all the other stuff including the vision fund. The initial Software distribution business (this is where the name Softbank comes from) doesn’t play a big role anymore.

I will now try to walk through the major Softbank Assets in more detail:

  1. The Alibaba stake

Let’s start with the largest position first, the now so famous Alibaba stake. From a technical perspective, Softbank doesn’t own the listed shares but this:

Read more

Short cuts: Provident Financial, Topdanmark

Provident Financial

Wow, that was fast. In November I looked at the stock but luckily dismissed it. This is what I wrote back then:

However for me, despite I do like financial companies, I don’t want to invest into a company which in my opinion runs an ethical questionable business. Some might argue that Lloyds Banking is not much different but I think that there is still a big difference between a well run main street bank and an aggressive subprime lender.

I do belive that in the long run, a company which takes advantage of clients has a higher probability to get into troubles than one which actually benefits the customer.

Although the “Crook” is out, the stock tanked an incredible -70% alone on Tuesday

So what happened ?

Read more

Travel series part 7 – Tripadvisor (TRIP) follow up & more thoughts on online travel

This is the follow-up post on the intitial Tripadvisor post from last week.

So where is the upside ?

After “bashing” them in the first post, the question is: Is there an upside and if yes where ?

CEO & Capital management

With Steve Kaufer, the CEO, one of the founders is still on board. His salary is rather modest but he got plenty of options awarded in the previous years. According to Bloomberg, he received option in the original value of ~33 mn USD in 2014 to 2016. He owns  shares in an amount of 17 mn USD, which is not huge but still not insignificant.

In his 2016 letter to the shareholders he writes the following:

Read more

« Older Entries