Category Archives: Performance Review

Performance review 6M 2018 – Comment: “Skate to where the puck is going”

-Performance 6M 2018:

In the first 6 months of 2018, the Value & Opportunity portfolio gained +1,45% (including dividends, no taxes) against -2,88% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in Q1 2018:

Partners Fund TGV: +4.68%  
Profitlich/Schmidlin: -1,67%
Squad European Convictions +2,22%
Ennismore European Smaller Cos +1,72% (in EUR)
Frankfurter Aktienfonds für Stiftungen -0,54%
Evermore Global Value -0,39%
Greiff Special Situation -0.92%
Squad Aguja Special Situation -5,45%
Paladin One +1,8%

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Performance review Q1 2018

Performance Q1 2018:

In Q1 2018, the Value & Opportunity portfolio lost -1,38% (including dividends, no taxes) against -3,90% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in Q1 2018:

Partners Fund TGV: -10,79% 
Profitlich/Schmidlin: -4,45%
Squad European Convictions +0,19%
Ennismore European Smaller Cos -1,40% (in EUR)
Frankfurter Aktienfonds für Stiftungen -0,47%
Evermore Global Value -3,03%
Greiff Special Situation +0,65%
Squad Aguja Special Situation -5,38%
Paladin One +0,57%

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Performance review 2017 – Comment: “Keep an Eye on Interest Rates and Credit Spreads”

Performance 2017:

In 2017, the Value & Opportunity portfolio gained +21,7%* (including dividends, no taxes) against 15.6 % for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in 2017:

Partners Fund TGV: +19,97% 
Profitlich/Schmidlin: +8,07%
Squad European Convictions +29.72%
Ennismore European Smaller Cos +9,32% (in EUR)
Frankfurter Aktienfonds für Stiftungen +13,7%%
Evermore Global Value +4.6%
Greiff Special Situation +11,1%
Squad Aguja Special Situation +14,2%

Since inception (01.01.2011), this translates into +186,7% or +16,2% p.a. vs. 95,3% or 10,1% p.a. for the benchmark. Graphically this looks like this:

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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.

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Performance review 6M 2017 – Comment “Resisting the Siren’s songs”

Perfomance 6M 2017:

In the first 6 months of 2017, the blog portfolio gained +16,0% (including dividends, no taxes) against 9,28% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)). Since inception, the score is now +174,6% vs. 89,4% for the benchmark. The full details (and graph) as always on the performance page.

Some other funds that I follow have performed as follows in 6M 2017:

Partners Fund TGV: +10,88% 
Profitlich/Schmidlin: +6,04%
Squad European Convictions +17,65%
Squad Aguja +9,48%

Ennismore European Smaller Cos 1,87% (in EUR)
Frankfurter Aktienfonds für Stiftungen +10,24%
Evermore Global Value +2,22%
Greiff Special Situation +8,55%

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Performance review 2016 – Comment “Active vs. Passive: The Story of Mr. Cool and Mr. Crap”

Performance 2016:

In 2016, the blog portfolio gained +12,42% (including dividends, no taxes) against 4,55% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%)).

Some other funds that I follow have performed as follows in 2016:

Partners Fund TGV: +15,95%
Profitlich/Schmidlin: +3,13%
Squad European Convictions +18,51%
Ennismore European Smaller Cos -1,49% (in EUR)
Frankfurter Aktienfonds für Stiftungen +6,2%%
Evermore Global Value +21,5%
Greiff Special Situation +5,88%

Since inception (01.01.2011), this translates into +135,6% or +16,9% p.a. vs. 69,5% or 10,1% p.a. for the benchmark. Graphically this looks like this:

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Performance Q3 2016 – Random observations

Performance:

In Q3 2016, the portfolio gained by +7,5% vs. +7,7% for the benchmark (25% Eurostoxx 50, 25% Eurostoxx small 200, 30% Dax, 20% MDAX).

YTD the score is +5,9% vs. -2,5%, since inception (01.01.2011) +121,8% vs.63,5%. As always Quarter & YTD numbers are very volatile and can easily fluctuate +/- 5% on relative basis in very short time.

The detailed month-by-month table, graph and links to all the reviews can be found on the performance page.

My subjective “Peer Group” has done like this YTD:

Partners Fund TGV: +6,9%
Profitlich/Schmidlin: +0,2%
Squad European Convictions +9,3%
Ennismore European Smaller Cos +13,3%
Frankfurter Aktienfonds für Stiftungen +3,5%

The best performing shares in the portfolio in Q3 were:

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