dimanche 3 janvier 2016

2015 review

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.