WertArt Capital (the “Portfolio”) gained 2.2% in the third quarter 2017, gained 6.4% year-to-date and has returned 45.7% since its inception in December 2013. By comparison, a composite – 70% the Euromoney Smaller Europe (Exc. UK) Total Return Index and 30% the Euromoney Smaller World Total Return Index – gained 4.0% in the same quarter, increased 13.4% year-to-date and has returned 58.5% since the Portfolio’s inception.
The largest contributor to performance during the third quarter was Sports Direct (+0.9%). The largest contractor was System 1 Group (-1.8%). At the end of the quarter cash made up 21.2% of the Portfolio.
During the quarter, I bought shares in DFS Furniture and Sarine Technologies.
An overview of the portfolio’s largest ten positions can be found in the following table:
A detailed overview of the portfolio as of September 30,2017 can be found below:
Last but not least for full transparency, I am providing the quarterly (virtual) portfolio cash streams in the table below:
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