In the first quarter of 2017 the portfolio gained 4.9% against an increase of the benchmark of 6.8%. Largest contributors to performance were BrainJuicer +1.9% (rebranded as System 1 Group at the beginning of April) and AO Johansen +1.7% (split their shares by 1 for 10 at the end of March). The largest detractor was Dundee Corp -0.7%. At the end of the quarter cash made up 24.2% of the portfolio.
During the quarter, I have sold Lectra (total profit of 216.3%) and Passat (total loss of 27.2%). At the end of the quarter, I started to increase my allocation to Europa Immobiliare Uno and Unicredito Immobiliare Uno.
Since inception in January 2014, WertArt generated a profit of 43.6% against 48.2% for the benchmark.
An overview of the portfolio’s largest ten positions can be found in the following table:
A detailed overview of the portfolio as of first quarter end 2017 can be found below:
The quarterly portfolio cash streams are summarized in the table below:
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