Category Archives: Performance Review

Performance Review 2011-2020 – Lessons learned, Outlook 2030

After the 2020 Performance review a few days ago, this time a more “in depth” look into the 10 year performance of the portfolio. For the record: The Performance page of the blog is now fully updated ūüėČ

As this has become a very long post, these are the main sections:

  1. Numbers & Stats for the Portfolio (plus Benchmark discussion)
  2. Flop 15 & Top 15 positions
  3. 2011-2020 Macro events
  4. Style /Process /System
  5. Main lessons learned
  6. Outlook 2021-2030

1. Numbers & Statistics

The hard numbers: Over the 10 years from 12/31/2010 to 12/31/2020, the portfolio gained +270,3% against +122,7% against the Benchmark (Eurostoxx50(25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all performance indices including Dividends).. In CAGR numbers this translates into 14,0% p.a. for the portfolio vs. 8,3% p.a. for the Benchmark. As a graph this looks as follows:

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Performance review 2020 – “Freak Accident”

As this is the 10 year mark of the portfolio, there will be a two part performance review. This is part 1 for 2020, part 2 for the 10 year period will follow in short time.

In 2020, the Value & Opportunity portfolio gained  +27.6% (including dividends, no taxes) against +4,5% 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: +28,2% (15.12.) 
Profitlich/Schmidlin: +9.54% (30.12.)
Squad European Convictions (30.12.) +20,4%
Ennismore European Smaller Cos (30.12.) -10.9% (in EUR)
Frankfurter Aktienfonds f√ľr Stiftungen (30.12.) +0.83%
Evermore Global Value (30.12.) -7,0% (USD)
Greiff Special Situation (30.12.) +0.2%
Squad Aguja Special Situation (30.12.) +34,8%
Paladin One (30.12.) +30,1%

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Performance review 9m 2020 – Comment “Covid 19 Portfolio Lottery & the allure of speculation”

In the first 9 months of 2020, the Value & Opportunity portfolio gained  +3,7% (including dividends, no taxes) against a loss of -6.9% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).

Since inception (01.01.2011), this translates into +201 % vs. 98%  for the Benchmark.

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 the first 9M 2020:

Partners Fund TGV: +6,3%
Profitlich/Schmidlin: -4,1%
Squad European Convictions +5,99%
Ennismore European Smaller Cos -19,82% (in EUR)
Frankfurter Aktienfonds f√ľr Stiftungen -6,1%
Evermore Global Value  18.37%(USD)
Greiff Special Situation -3.69%
Squad Aguja Special Situation 12.45%
Paladin One 15.94%

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Performance review Q2 2020 – Comment: “What’s going on ?”

In the first 6 months of 2020, the Value & Opportunity portfolio gained  +0,9% (including dividends, no taxes) against a loss of -9.6% for the Benchmark (Eurostoxx50 (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).

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 the first 6M 2020:

Partners Fund TGV: +0.9% 
Profitlich/Schmidlin: -4,1%
Squad European Convictions -4.7%
Ennismore European Smaller Cos 7.49% (in GBP)
Frankfurter Aktienfonds f√ľr Stiftungen -13.5%
Evermore Global Value  -23.6%(USD)
Greiff Special Situation -4.2%
Squad Aguja Special Situation -0.2%

Since inception (01.01.2011), this translates into +193,0% vs. 93.1%  for the Benchmark.

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Performance review Q1 2020

In the first 3 months 2020, the Value & Opportunity portfolio lost  -17.7% (including dividends, no taxes) against a loss of -24.6% for the Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all perfomance indices).

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 Q1 2020:

Partners Fund TGV: -19.5% 
Profitlich/Schmidlin: -19,2%
Squad European Convictions -21.9%
Ennismore European Smaller Cos -10.53% (in GBP)
Frankfurter Aktienfonds f√ľr Stiftungen -21.6%
Evermore Global Value  -32.2%(USD)
Greiff Special Situation -10.6%
Squad Aguja Special Situation -13.8%

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Performance review 2019 – Comment “Value Trading & Portfolio Decay”

In 2019, the Value & Opportunity portfolio gained  +15,0% (including dividends, no taxes) against +27.9% 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 2019:

Partners Fund TGV: +4,26% 
Profitlich/Schmidlin: +12,7%
Squad European Convictions +22,6%
Ennismore European Smaller Cos +6,9% (in EUR)
Frankfurter Aktienfonds f√ľr Stiftungen +8,1%
Evermore Global Value  +23.9% (USD)
Greiff Special Situation +1,2%
Squad Aguja Special Situation +18,2%

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Performance review 9M 2019 – Comment: The “Death of Value Investing” revisited

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%
Profitlich/Schmidlin: +9,1%
Squad European Convictions +9,8%
Ennismore European Smaller Cos +7.5% (in EUR)
Frankfurter Aktienfonds f√ľr 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

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Performance review 6M 2019 – Comment: “Not enough Tech ?”

In the first 6 months of 2019, the Value & Opportunity portfolio gained 12,4% (including dividends, no taxes) against 17.7% 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 6M 2019:

Partners Fund TGV: 6,8%
Profitlich/Schmidlin: +9,2%
Squad European Convictions +11,2%
Ennismore European Smaller Cos +6.09% (in EUR)
Frankfurter Aktienfonds f√ľr Stiftungen¬†-0,5%
Evermore Global Value  +13,42% (USD)
Greiff Special Situation +2,6%
Squad Aguja Special Situation +8,5%

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Performance review Q1 2019

In the first Quarter 2019, the Value & Opportunity portfolio gained 8,3% (including dividends, no taxes) against 11.9% 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 Q1 2019:

Partners Fund TGV: 10.63% *

Profitlich/Schmidlin: +8,45%
Squad European Convictions +6,44%
Ennismore European Smaller Cos +6.09% (in EUR)
Frankfurter Aktienfonds f√ľr Stiftungen +0,37%
Evermore Global Value  +6,54% (USD)
Greiff Special Situation +2,56%
Squad Aguja Special Situation +6,56%

*Since inception (01.01.2011), this translates into +173,2% vs. 86,4%  for the Benchmark.

Q1 2019 transactions

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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 f√ľr 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¬†‚ÄúMy 22+1 stocks for 2019‚Ä̬†post.

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