|UMS||€ 10.88||€ 9.52||9/5/2014||4/28/2015||14.29%||-9.76%||23.05%|
The return was 14.29% and 23.05% annualized respectively. The underperformance compared to the S&P500 in € of 9.76% is explained by the fall of the Euro. Furthermore this is a uncorrelated special situation (here: liquidation), for which the S&P500 is not the best bench anyways. This was by far my biggest position in the last months and in connection with some trading around and the tender offer the actual pre-tax IRR was a bit higher than shown.
The current implied IRR does not meet my total return hurdle regardless of current market situation:
If the IRR goes above 10% again, I will reevaluate the situation.