During the third month (2012.02.04 – 2012.03.04) there was little action in portfolio. Only one addition was made. It was Merko Ehitus, therefore now there are the following stocks in the portfolio: City Service, Tallinna Vesi, Ukio Bankas, Lietuvos Dujos, Merko Ehitus. During this month value of portfolio rose by 0.1348%, but was heavily outperformed by OMX Baltic Benchmark GI that has risen by around 4% this month. Thus at the moment our managed portfolio is 3.168% behind the index.
Stock overview:
- Merko Ehitus – was bought for short period to earn from speculative movements after announcement of results. But team encountered the problem with exiting position and therefore was obliged to keep the position. Still we think that Merko Ehitus is strong company and is better than other listed real estate companies at the moment. So far we have -1.92% depreciation of this position.
- Tallinna Vesi- after favorable decision from the court Tallinna Vesi stocks skyrocketed and now bears 14.17% increase in value. Therefore team is now considering two options: to sell and take capital gains or wait for dividends and expect that price will not fall more than dividends.
- City Service and Lietuvos Dujos are not performing as we expected from them and at the moment we see the fall of 7.03% and 1.75% in value respectively.
- Ukio Bankas – is the stock that helps use to be still in the race. Although there is speculations about possibly bad results from the bank’s operations the stock is at the moment valued by 10.17% more than at the time we acquired it.
Although the returns of portfolio are still positive we are not overly happy about that because we lost the leading position to OMX Baltic Benchmark fund. Therefore for the next month we are planning to take some more risky tactics to regain our positive difference against index.
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| # of positions | 5 |
| Standard dev. | 15.03% |
| Alpha | -0.034% |
| Beta | 0.546 |
| Sharpe Ratio | 0.5314 |
| Portfolio returns | 1.822% |
| Index returns | 4.99% |
| Difference | -3.168% |
| Risk-free rate | 1.8% |
