Portfolio update +8% in less than 3 months

What a start

Incredible start to my fund +8% in less than three month – annualize that! This really shows what a skillful investor I am – just joking I have been lucky. This is way too short time-frame to evaluate an investment track-record, but it sure feels nice to have a bit of outperformance from the start.

A big contribution was of course the SAFT position which I now have sold, this gave almost 2% outperformance. I also managed to avoid heavier losses by taking action and cut my holding in Highpower International. The portfolio feels good, the weaker stocks in the portfolio as I feel right now are MQ and Yuexiu Transport. The Swedish retail market for clothes has come in much weaker than I would have thought and even if I believe in the new CEO for MQ (my reason for investing) that might not be enough. Yuexiu a owner of toll-roads in China, with very stable cashflows (high dividend) I’m worried of the weakening RMB having a big effect on results as well as government rulings on electric vehicles travelling for free through the tolls.

Portfolio stats

Although the portfolio is a mix and mash of very different styles, here is the Bloomberg harmonic weighted averages of some quick stats for the whole portfolio:

Dividend Yield: 1.81%

P/E: 15

P/CF: 6.54

P/B: 1.48

Debt/Equity: 191%

The trailing P/E is so high mainly because of Criteo, Ctrip and Coslight, the rest of the book is more Value oriented with a P/E between 5-15. But it is a conscious choice to blend the portfolio. The Debt levels are high from my Financials who carry much debt on the balance sheet.



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