Best wishes to all.
My portfolio is up 15% vs 11% in 2014 and 35 % in 2013 (internal rate of return, including dividends and broker fees).
Although 15% looks good, it's not brilliant compared to my benchmarks:
- the mid&small caps index (MS190) is up ~17 %
- my favorite investment funds with the same universe (value, small caps)
- Amiral Gestion Sextant PEA up ~22 %
- HMG Decouvertes up ~28 %
- Moneta micro entreprises up ~27 %
- Independance et expansion up ~36%
I draw no conclusions from this year underperformance, given the noise/randomness component that affects these results.
My biggest positions end 2015 :
Tessi (blog article here), Precia, Installux (value and opportunity article here), Gevelot (blog article), Gérard Perrier (value and opportunity article)
Tops: SII (see my 2014 article), up 70% this year. FFP had a good year also, following the recovery of Peugeot.
Flops : ITS Groupe (ITS), down 15%, company in the same sector as SII. I'll make an article on it because I've not given up yet on this idea.
Generally speaking, I find relatively few investment opportunities at the moment.
I'm thinking about opening an account at an international broker (Interactive Brokers ? any feedback ?) to widen my investment horizon at a reasonable cost but the amount of taxes paperwork required by the French administration for an international account makes me hesitate.
Hello there.
RépondreSupprimerHappy to find a value investing blog focusing on France. We have few positions in common, and I'm looking at the same funds.
Regarding Interactive Brokers, I have only indirect, but very positive feedback.
Happy investing !
I'm using Interactive Brokers (via Captrader.com) and I'm very happy with the fee structure, access to a variety of markets and customer service.
RépondreSupprimerHi,
RépondreSupprimerWhat stocks would you buy today? CNIM, Precia, Installux? Or others? Thanks.
Hi
SupprimerI have some doubts about CNIM future results given the decrease in backlog, as I exposed previously in the blog. Wonder if/how Brexit will impact CNIM results (they sell waste to energy plants in the UK).
Installux has recently signaled that 2016 would be better than expected, yes I would buy today.
http://www.worldreginfo.com/wdoc.aspx?file=Installux/1/3D4876F7-6A73-4CFE-B784-AEE710079885/346691_Finances_Info_n%C2%B0_60_juin_2016.pdf
I think that interim services company DLSI (ALDLS) is not expensive, but I think the results and balance sheet must be adjusted for the effect of CICE tax credit. Not very liquid though.
Regards