Cyclical_Compounders

Performance

  • 0,0 %
    seit 31.05.2019
  • +21,2 %
    1 Jahr
    -0,22 %
    Heute
    -9,0 %
    Max Verlust (bisher)
    0,5x
    Risiko-Faktor
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Handelsidee

TLDR: Long only, equity + cash, cyclicals in secular growth-trends, low asset turnover.

Investments in cyclical businesses are under-appreciated in the current financial landscape. Conservative portfolio-managers prefer the percieved safety of low-beta assets, dividend-growth-stocks, defensives and bonds in general - while the more risk-embracing growth and momentum driven investors mainly flock to the large-cap "glamour" stocks (both active and passive). This however, has led to a relative dearth of capital being allocated to cyclical companies which in turn offers opportunities to the patient, enterprising stock picker.

This portfolio aims at identifying under-appreciated equities predominantly in cyclical or semi-cyclical industries. Obscured by short-term macro- and micro-economically driven fluctuations to their earnings (and sometimes balance sheet) many of these companies fly under the radar of the investing public, yet may turn out to be great compounders for patient investors over the long run, especially when combined with adapted momentum indicators.

We employ a semi-quantitative multi-factorial long equity selection process based on a modified Joel Greenblatt strategy. Finding well-run compounders at reasonable entry levels in cyclical industries. Circle of competence: Consumer Discretionary, Industrials, Materials, Commodities & Energy. Opportunistical addition of further sectors possible. Minimal rebalancing and asset turnover. mehr anzeigen
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Stammdaten
Symbol
WF00WFDR01
Erstellungsdatum
31.05.2019
Indexstand
High Watermark
105,5

Regeln

Auszeichnungen

Anlageuniversum

Trader

Mitglied seit 31.05.2019

Entscheidungsfindung

  • Technische Analyse
  • Fundamentale Analyse
  • Sonstige Analyse

Kommentare im wikifolio

Allgemeiner Kommentar

Today recieved 120,- in dividends (0,24€ per share) for ING Groep N.V.. The cash infusion is very much appreciated to improve our mood on a desastrous day like this.

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Allgemeiner Kommentar

Volatility is back with a venegance. Cyclical stocks, like industrials, chemicals, automotive, materials, energy and financials are suffering, especially in Europe and EM. The entire complex suggests recessionary forces are taking over. Animal spirits amplified by Algo-trading are and probably will be contributing to a deeper slump. The setup may lead to a great deal of short- and mid-term pain for the cyclical compounder portfolio. And to a number of buying opportunities. Expect concentrated central-bank action, if the trend persists.

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Allgemeiner Kommentar

Generally speaking, we don't focus on timing the market. But what looks increasingly likely to us is a prolonged soft-patch for the european and EM equity markets, possibly with a spike in vol/vol (volatility and volume) towards the fall of 2019. If that's the case, the ECB is increasingly likely to adopt the japanese model of outright purchasing equities in the open market. Look what japanese stocks have done since Abenomics was introduced and expanded upon. Weakness in the european markets should lead to multiple opportunities for above-average forward shareholder returns.

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Allgemeiner Kommentar

Today looks to become another weak day for the equity markets, especially the european ones. Increasingly the weak performance of our industrial holdings gets buffered by the portfolio's cash+metals position. We'll sit tight and eagerly wait for market turbulence. We still want to deploy our cash position, preferebly though at much lower valuations.

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