| price glentel | 26.41 | 100% cash |
| discount | -0.37% | -0.34% |
| upside | 0.37% | 0.34% |
| Glentel | $26.44 | CA$ 24.96 | 1/15/2015 | 5/6/2015 | 5.93% | -1.10% | 20.85% |
With 6% gross and 21% annualized the investment in CAD lagged the S&P500 in EUR by 1% but with the Canadian dollar advancing 4.4% the investment was even better than the S&P500 in EUR. I have used the S&P500 in EUR as benchmark because EUR is my base currency and the S&P500 was the most promising index in EUR to invest in. With these uncorrelated investments like Glentel and UMS there is to my knowledge no transparent benchmark to compare with.
The portfolio now holds the highest amount of cash since years. The near zero cash balance and the near 100% allocation to equities were the main reason for my outperformance in the last two years, but there are fewer and fewer investments which I like. I would like to invest more in event-driven special uncorrelated situations as long as the market remains high, but the position sizes have to be kept small as long as there is considerable downside.
