Es werden Posts vom März, 2016 angezeigt.

2015 Portfolio review

2015 was dismissal! I increased my portfolio just by 3.53%.

2015Buy PriceBuy DatePriceDatePerf.absBEGINENDHold

Nestle67.89 €2015-02-0969.66 €2015-12-302.61%10.00%10.26%Barrick Gold10.99 €2015-02-096.98 €2015-12-30-36.49%20.00%12.70%Oracle37.79 €2015-02-0933.96 €2015-12-30-10.13%10.00%8.99%Reply67.69 €2015-02-09127.90 €2015-12-3088.95%10.00%18.89%SMT Scharf14.67 €2015-02-0910.00 €2015-12-30-31.83%15.00%10.22%


Mircosoft22.30 €2013-04-1838.94 €2015-09-1974.62%10.00%17.46%





This year I failed to achieve my target RoIC of 26% p. a. by a whopping 22.5%. The suckers were Barrick Gold and SMT Scharf which I overweighted.

SMT Scharf
The coal decline was somewhat foreseeable - surely not to its extend.* The years before 2015 coal mines produced more than the world demanded, thereby anticipating growth mainly in China. Right now China seems to grow slowly. Looking at electricity consumption growth of 1.3% from January to June 2015

Silverlake Axis Ltd

Silverlake Axis is a banking software company. It operates in south East Asia and is one of a few player in the banking software oligopoly. Prior to August 2015 Sliverlake Axis was a star. Than the bombshell dropped, as razor99 accused Mr. Goh (60% shareholder and CEO of Silverlake) that he and Silverlake did dubious deals in related party transactions at the expense of minority shareholder [RAZOR99]. The stock got slaughtered - from 1.20 to 0.55 SGD. In January 2016 Deloitte cleared Silverlake of these accusation [DELOITTE]. Is Silverlake a value buy now?

Can I trust the numbers?

Deloitte Singapore was ordered by Silverlake to investigate razor99 accusations [RAZOR99, DELOITTE]. Deloitte found that for the 3 acquisition in question, the prices 2 had fair prices where 1 was in the higher range of fair. ROI is for the 2 fair acquisitions 10 to 12% whereas the other is about 3%. Today the 3 acquired businesses make up to 85% of revenue. Silverlake today is Silverlake because of the 3 acqu…