European newsletter portfolio 2016 FY return : +26%
In 2016 our European portfolio performed remarkably well. After the 55% rise in 2015, it increased 26% in value in 2016, bringing the FY alpha to a wonderful 27.2. Performance was also very good at an individual stock level with very few negative surprises. The STOXX600 ended the year with a small loss of -1.2%.
In our European portfolio we held 37 positions in total of which 26 went up and 11 lost value. All these positions are displayed in the scatter chart below. On the x-axis, you can see the invested amount at the start of the year (or at the date we bought the shares if the stock was added in 2016). The y-axis displays the % profit in 2016.
The average return was 22%. 19 positions gained in excess of 20% as opposed to only 2 positions showing a loss of more than -20%.
We added 12 positions in 2016 and these had an average proﬁt of 27.3%. You can clearly see these positions on the chart above as we always make a 10000 Euro investment in every new idea. 8 positions increased in value and 7 of these increased more than 20%. 4 positions showed losses but there were no losses in excess of -20%.
MGI Coutier and Corticeira Amorim made the largest contributions but more recent additions like Devoteam and BigBen Interactive also chipped in signiﬁcantly.
The clear winner in terms of % increase was BigBen Interactive which doubled in value. Close second was Coats Group, which increased 80% in only a few months time despite the negative predictions following the Brexit vote.
2 positions lost more than 20%. Real Good Food lost almost 45,5% due to disappointing results and a falling GBP. Agfa-Gevaert lost 30.7% but don’t forget that this stock was the clear winner in 2015 and added 154% during that year.
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