Performance

Annual returns Value & opportunity Portfolio vs. Benchmark (Eurostoxx50 (Perf.Ind) (25%), Eurostoxx small 200 (25%), DAX (30%), MDAX (20%), all performance indices)

Year Bench Portfolio Perf BM Perf. Portf. Portf-BM
2010 6,394 $100.00
2011 5,510 $95.95 -13.8% -4.1% 9.8%
2012 6,973 $131.81 26.6% 37.4% 10.8%
2013 9,017 $175.04 29.3% 32.8% 3.5%
2014 9,214 $183.60 2.2% 4.9% 2.7%
2015 10,363 $209.53 12.5% 14.1% 1.7%
2016 10,835 $235.56 4.6% 12.4% 7.9%
2017 12,582 $284.72 16.1% 20.9% 4.7%
2018 10,651 $252.63 -15.3% -11.3% 4.1%
2019 13,620 $290.30 27.9% 15.0% -12.9%
2020 14,238 $370.31 4.5% 27.6% 23.0%
9M 2021 16,215 $434.80 13.9%  17.3%  3.4%
J
Since inception
$370.31 122.7% 270.3% 147.6%
CAGR 2020
8.3% 14.0% 5.7%

As a graph with monthly returns:

perf 09 2021

Performance reviews

2021
Performance review Q1 2021 – “Age and Investing Skills”
Performance review Q2 2021 – “Expectation Management”
Performance review Q3 2021 – “The End of the Easy Tech Money”

2020
Performance review Q1 2020  
Performance review Q2 2020 – “What’s Going on ?”
Performance review Q3 2020 – “The Covid-19 Lottery and the allure of speculation”
Performance review 2020 – “Freak Accident”

2019
Performance review Q1 2019 
Performance review Q2 2019 – “Not enough Tech”
Performance review Q3 2019 – The “Death of Value Investing” revisited
Performance review 2019 – “Value Trading & Portfolio Decay”

2018
Performance review Q1 2018
Performance review Q2 2018 – “Skate to where the Puck is going”
Performance review Q3 2018 – “Anti Buffet or Beyond Buffett”
Performance review 2018 – Outlook 2019

2017
Performance Q1 2017 – Strategy Update Money management
Performance Q2 2017 – Comment “Resisting the Siren’s song”
Performance Q3 2017
Performance 2017 & “Keep an Eye on Interest Rates & Credit Spreads”

2016
Performance Q1 2016 (Re-categorization)
Performance Q2 2016 “Brexit, Excuses and Risk Premiums”
Performance Q3 2016 “Random observations”
P
erformance 2016 & “The story of Mr. Cool and Mr. Crap”

2015
Performance 01/2015 (Life in zero gravity)
Performance 02/2015 (Interest rate surrender)
Performance 03/2015 (Giving money to another money manager)
Performance Q2 2015 (Ideas and execution)
Performance Q3 2015 (driving on the slow line)
Performance 2015 & 5 years

2014
Performance 01/2014 (Taking responsibility)
Performance 02/2014 (Small &beautiful)
Performance 03/2014 (P/E is not equal P/E)
Performance 05/2014 (Leave the driver in the bag)
Performance 06/2014
Performance 07/2014
Performance 08/2014 (Patient enough ?)
Performance 09/2014 (Stupid German Money)
Performance 10/2014 (Stress testing)
Performance 11/2014
Performance 12/2014

2013
Performance 01/2013 (The importance of patience)
Performance 02/2013 (Filtering noise)
Perfoemance 03/2013 (The Cyprus situation)
Performance 04/2013 (All time highs)
Performance 05/2013 (Position sizing)
Performance 06/2013
Performance 07/2013 (Did you see the Gorilla? / EM exposure)
Performance 08/2013 (Circle of competence)
Performance 09/2013
Performance 10/2013
Performance 11/2013
Performance full year 2013

2012
Performance 01/2012
Performance 02/2012
Performance 03/2012
Performance 04/2012 (Greed & Fear)
Performance 05/2012
Performance 06/2012 (BRICS, commodities)
Performance 07/2012
Performance 08/2012 (Market timing)
Performance 09/2012
Performance 10/2012 (Central Bank obsessions)
Performance 11/2012 (Lost decade for stocks)
Performance full year 2012

2011
Performance 6M 2011 (German) Part 1 & Part 2
Performance 07/2011 (German)
Performance 08/2011 (German)
Performance 09/2011 (German)
Performance 10/2011
Performance 11/2011
Performance full year 2011