Portfolio Performance 2015

I started the “Bargain Hunter”-portfolio at the end of Q1 2015 with a clear idea of buying quantitatively cheap shares.

The average return of the shares was -0.3 %. This is not the same as the portfolio return (which was a tad worse). The absolute return of the portfolio is more difficult to calculate (transaction costs, tax, fx rates etc) and I think – of little value in the first year. Especially given the short holding period for most shares.

So, what does -0.3 % tell me? Well, comparing to some major indices it looks promising. Most major markets have been in decline since Q1, so a break-even result is ok.

Next year is going to be interesting!

Open Positions        
Company Price Div EOY Return
Kingboard Copper Foil Holdings Ltd 0.1807 0.2 11%
NICHIWA SANGYO CO., LTD. 235 252 7%
MultiClient Geophysical 0.7 0.74 6%
KK Chuokeizai-Sha Holdings 418 432 3%
EIDAI KAKO CO., LTD 294 301 3%
Charle Co Ltd 474 481 1%
Renesas Easton Co Ltd 460 458 0%
QC Holdings, Inc. 1.67 0.075 1.46 -8%
PC Partner Group Ltd 0.752 0.69 -8%
Tiemco Limited 577 517 -10%
I-O DATA DEVICE, INC. 630 13 549 -11%
NIPPON ANTENNA CO., LTD 655 576 -12%
Oriental Watch Holdings Limited 1.344 0.0035 1.14 -15%
Emerson Radio Corp 1.18 0.99 -16%
Coventry Group Ltd. 1.454 0.025 1.15 -19%
Swing Media 0.856 0.61 -29%
Boom Logistics Limited 0.13 0.092 -29%
Closed Positions        
Company Entered Div Exited Return
HXTL 1.38 3.05 121%

1 year follow-up, QC Holdings, Inc (NASDAQ:QCCO)

QCCO has been in the portfolio for one year and it’s time to do a follow-up. Price has fluctuated during the year and is at the moment -17% (including dividends). The total dividend during the year was 0.075 $.

The share had a 52-week high of 2.68 $, which was equal to a 60 % gain. Still, a bit short of my get-out early trigger and now the share is in the red.

Glancing the key ratios and balance sheet the share still looks ok, so it will stay in the portfolio one more year.

Q3-14 Q4-15
Price 1.67 $ 1.3 $
F-Score 4 8
Z-Score 3.0 3.6
P/NCAV 0.59 0.5