A year full of surprises

12 Feb 2019

2018 has been a year full of surprises

After beating the STOXX600 for 7 years in a row with a comfortable margin, our European portfolio underperformed. It lost -23.6% compared to a loss of -13% for the STOXX600. Last year, we were able to report an exceptional all-time TWR of +517.9. This has now dropped to +365.2%. This is a significant decline, albeit it is still more than 10 times the time-weighted return of the STOXX600. Alpha is still 330.1 compared to 463 a year earlier.

European portfolio performance February 2019

This drop also significantly impacted CAGR, which declined from 27.5% to 22.7%. Alpha fell to 18.6. While this is significantly lower than last year, it’s still quite a respectable performance. During the last 8.5 years, we outperformed the STOXX600 by 18.6 percentage points on average every year.

European portfolio performance February 2019 table