Portfolio performance 2017

It’s the time of the year to fill out the tax forms.

2017 was the second full-year of the bargain hunting strategy.  The total return for the portfolio was 18.8 %. This return includes fees, FX and taxes (transaction taxes and realized capital gains). The average share return was 23.9 %, which may interest anyone considering the NCAV/Market cap as a key ratio.

Unfortunately, I have stepped on a mine. Swing Media is trading halted and the situation smells bad. Either due to poor management or some shenanigans the company is facing bankruptcy due to liquidity problems. I’ve taken the conservative stand and marked it to zero value. Maybe I’ll write some more on the lessons learned later.

Open Positions
Company Ticker BOY/Entered Dividends EOY Return
Boom Logistics Limited ASX:BOL 0.105 0.26 147.62%
Nireco Corp TYO:6863 605 20 1175 97.52%
Sanshin Electronics TYO:8150 1128 25 1923 72.70%
ODAWARA AUTO-MACHINE MFG.CO LTD TYO:7314 507 818 61.34%
NICHIWA SANGYO CO., LTD. TYO:2055 214 5 340 61.21%
EIDAI KAKO CO., LTD TYO:7877 255 10 387 55.69%
Emerson radio NYSEMKT:MSN 1.01 1.46 44.55%
Renesas Easton Co Ltd TYO:9995 524 12 738 43.13%
Magnificent Hotel Investments HKG:0201 0.173 0.0064 0.23 36.65%
Kawasumi Laboratories, Incorporated TYO:7703 657 17.5 864 34.17%
Coventry Group Ltd. ASX:CYG 0.89 1.15 29.21%
NIPPON ANTENNA CO., LTD TYO:6930 555 21 695 29.01%
Sanko TYO:6964 460 593 28.91%
KK Chuokeizai-Sha Holdings TYO:9476 413 10 515 27.12%
Tiemco Limited TYO:7501 487 12 592 24.02%
Oriental Watch Holdings Limited HKG:0398 1.5 0.054 1.78 22.27%
Sasakura Engineering Co Ltd TYO:6303 2250 7 2703 20.44%
Dickson Concepts (International) Ltd HKG:113 2.69 0.17 3.05 19.70%
Charle Co Ltd TYO:9885 475 15 535 15.79%
Clarius Group Limited ASX:CND 0.089 0.098 10.11%
GigaMedia NASDAQ:GIGM 2.94 3.0399 3.40%
Sin Ghee Huat Corporation Ltd. SGX:B7K 0.2 0.002 0.2 1.00%
Ambertech Limited ASX:AMO 0.12 0.12 0.00%
CosmoSteel Holdings Limited SGX:B9S 0.124 0.005 0.115 -3.23%
C C Land Holdings Limited HKG:1224 2.08 1.73 -16.83%
QC Holdings, Inc. QCCO 0.74 0.46 -37.84%
Sino Agro Food Inc SIAF-ME 32.5 8.67 -73.32%
Swing Media SGX:BEV 0.59 0 -100.00%
Closed Positions          
Company Ticker BOY/Entered Dividends Exited Return
Kingboard Copper Foil Holdings Limited SGX:K14 0.28 0 0.405 44.64%
UKC Holdings Corp TYO:3156 1627 0 1922 18.13%
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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%