Portfolio performance 2016

2016 was the first full-year of the bargain hunting strategy.  The total return for the portfolio was 20.7 % (vs -3.95 % in 2015). This return includes fees and FX. The average share return was 14.6 %, which may interest anyone considering NCAV or similar valuation metrics.

 

Open Positions        
Company BOY/Entered Dividends EOY Return
Kingboard Copper Foil Holdings Ltd 0.2 0.28 40.00%
Oriental Watch Holdings Limited 1.14 0.0045 1.5 31.97%
Sanshin Electronics 870 10 1128 30.80%
Renesas Easton Co Ltd 458 12 524 17.03%
Boom Logistics Limited 0.092 0.105 14.13%
CosmoSteel Holdings Limited 0.116 0.124 6.90%
Charle Co Ltd 481 25 475 3.95%
Magnificent Hotel Investments 0.174 0.007 0.173 3.45%
Emerson Radio Corp 0.99 1.01 2.02%
Nireco Corp 600 605 0.83%
NIPPON ANTENNA CO., LTD 576 21 555 0.00%
Swing Media 0.61 0.01 0.59 -1.64%
KK Chuokeizai-Sha Holdings 432 10 413 -2.08%
Tiemco Limited 517 12 487 -3.48%
EIDAI KAKO CO., LTD 301 8 255 -12.62%
NICHIWA SANGYO CO., LTD. 252 5 214 -13.10%
Coventry Group Ltd. 1.15 0.89 -22.61%
QC Holdings, Inc. 1.46 0.74 -49.32%
Closed Positions        
Company BOY/Entered Dividends Exited Return
PC Partner Group Ltd 0.69 0.035 1.68 148.55%
I-O DATA DEVICE, INC. 549 15 1175 116.76%
MultiClient Geophysical 0.74 0.71 -4.05%

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%