Alpha Portfolio, Beta Portfolio, Irish shares, Irish Stock Exchange, Irish value investing, ISEQ, portfolio performance, Smart Alpha Portfolio, Smart Beta Portfolio, TGISVP, The Great Irish Share Valuation Project
Now, let’s take a look at H1-2014 performance for The Great Irish Share Valuation Project. The valuation phase (covering 80 companies) ran from Feb to May, so the mid-point of these posts (March-30th) is the most appropriate start date for benchmarking purposes. Since then, the ISEQ is down 5.8% (as of end-June), so any TGISVP out-performance will be doubly welcome…
Actually, the ISEQ’s recent decline has been even more pronounced – since its end-Feb high, the index is down 9.5%. [And we have a similar pattern with the UK's AIM All-Share, down a whopping 12.7% since its March high. Clearly, the major indices have been performing very differently...I expect to revisit this divergence in my next post]. Despite that, it’s worth highlighting the ISEQ still managed a 3.5% gain for the entire first half – a nice reminder the Irish market seems to enjoy disproportionate first quarter gains nearly every single year.
OK, before looking at overall performance, let’s have some fun – who were the individual winners & losers to date?! [Remember, for each stock, we're only looking at gains/losses since its TGISVP evaluation date (i.e. Feb-May), so these tables don't necessarily reflect full H1 performance...though I'm sure there's plenty of overlap!]. Here’s the Sewer Shit:
This includes most of the usual suspects – junior resource stocks on their inevitable march to zero… Continue reading