WACC-Modell: Long-short Hedge-Anleger gewannen 65% in den vergangenen 12 Monaten

Q1 12 was one of the best 1Q of the past three decades for German equities. With an appreciation of 18% of the DAX and of 17% of the FAZ index the market clearly outperformed euroland (EuroSTOXX50 gained 7%). Similar quarters were Q1 1983 and Q1 1998, i.e. this seems to happen every 15 years or so. At times like these it is rather uncommon that our long-short portfolio yields positive returns as fundamentally weak companies typically outperform the market. This year was exceptional as our long recommendations gained almost 18% whereas the short portfolio did not any better (+16.5%). Consequently, hedge investors that followed our advice did clearly not match the performance of long-only investors, but they did not lose any money. The positive performance gap was achieved with EuroSTOXX50 constituents (+12.7) and ‘others’ (+3.6%). Because of only one short stock out of the DAX index (i.e. HeidelbergCement) this class of shares generated a considerable negative return for hedge investors whereas the long-short portfolio of MDax constituents resulted in a marginal loss of 0.9%. Our best long recommendations of the past quarter were Lanxess (+55%), Drägerwerk (+47%), as well as TAKKT (+37%) and Scania (+35%). On the other hand, the worst performers of our short list were SGL Carbon (-10%) and GDF Suez (-8%). The performance of the past four WACC model portfolios is very positive indeed. The four long portfolios gained a total of 7.4% while the DAX fell by 3.2% and the EuroSTOXX50 by more than 16%. This shows that long investors that followed our advice during the past year outperformed both reference indices. During the same year the four short lists lost almost 35%. As a result, long-short hedge investors gained more than 42pp or some 65%.



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-