WACC-Modell: Hervorragendes 2. Quartal für Long-only und Hedge-Investoren

Share prices have marginally recovered during the past quarter. At a glance the DJEuroSTOXX50 lost about 3% while the DAX gained 3.3%. But the European flagship index actually recovered slightly as dividend payments are not added back, i.e. it is a price index. The German index performance was again superior as export related stocks (e.g. chemicals and auto producers) did particularly well. Our long portfolio appreciated by 7% during Q2 11. This positive performance and rather strong outperformance was also the result of dividend payments which typically culminate in Q2 of any given calendar year. Disproportionately high dividends were paid by companies we had selected from the European flagship index for our long portfolio (e.g. Eni, Total, and Vivendi). But several smaller European stocks (e.g. PPR, Michelin, and OMV) also paid pretty high dividends. The performance gap between our long and short recommendations was +8.2pp or +8.4%. This was the best performance of the past year or so. Again, dividends played an important role. While almost all of the companies in our long list paid dividends, only slightly more than 50% of the companies in our short list were able to do so. This is explained by the calculations of our WACC exercise. It results in fundamentally sound companies being selected for the long list while companies with weak profits and balance sheets typically end up in the short list.

 

News:

01.Januar 2016

+25,4% für Long- und +16,5% für Hedge-Investoren in 2016

01.Januar 2015

ROE-Modell: +8,4% für Long- und +10,5% für Hedge-Investoren in 2014

02.Januar 2014

ROE-Modell 2013: +48% für Long- und +21% für Hedge-Investoren

29.September 2013

WACC-Modell: Weiterhin nicht genügende Long-Empfehlungen

01.Juli 2013

+2,3% für Long- und positive Performance für Hedge-Investoren

25.März 2013

WACC-Modell: +8,7% für Long-Investoren im 1Q2013

27.Dezember 2012

ROE Modell-Portfolio: +36% für Long- und +20% für Hedgeinvestoren in 2012

27.Dezember 2012

WACC-Modell: +30% für Long- und +13% für Hedgeinvestoren in 2012

24.September 2012

WACC-Modell: Ein für unser Modell schwaches Quartal ist vorbei

06.Juli 2012

Mittelstandsanleihen - Ohne Umwege direkt in die Krise-

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