Profile

Objectives
The fund’s investment objective is to generate capital growth at an acceptable risk. The fund aims for an average annual return on the long-term (10-15 years) of at least 7%, after deduction of all costs. The fact that the fund follows a “buy and hold strategy”, which means it changes its portfolio only sparingly, leads in the long run to a return that is only slightly influenced by transaction costs.

Style

The investment policy is based on exploration of macro-economic trends and detailed analysis of individual companies. The fund focuses on the very long-term. The result is a selection of only those stocks and bonds that are characterized by a combination of high returns, good perspectives, a healthy financial position, limited risk and an extremely long track record. Especially the last condition is fulfilled by only a limited number of companies and governments. This selection forms the core of the investments. Shares will normally be held in around 10 to 20 solid companies selected by the fund manager. There is room in the portfolio for a limited percentage of- with a maximum of 30% after appreciation- “specials” (small caps, turn arounds, take-over candidates and such).

 

Portfolio

 

Net Asset Value € 166,06
NAV date September 30, 2017
Assets under management € 165.310.872
Number of participations 995.503

Results as a percentage per month (after deduction of costs)

 


jan feb mar apr may jun jul aug sep oct nov dec Year cum.
2006          



0,00 -1,45 0,29 -1,19 -1,19
2007  1,07  -1,61 0,89  3,03  -0,30  -1,36 -2,54 0,54 0,68 1,06 -5,30 -0,38 -4,38 -5,52
2008  -9,23  -0,46  -1,21  3,11  2,90 -7,18 0,07 4,62 -4,87 -7,39 -0,37 -3,94 -22,39 -26,68
2009  0,71  -2,82  -0,21  4,23  0,01 1,49 5,82 0,96 2,83 -1,46 3,62 2,07 18,31 -13,25
2010  0,44  1,02  5,05  1,48  -0,75 0,30 -0,68 2,23 4,27 1,15 2,50 3,16 21,92 5,76
2011  -3,49  0,32  -0,57  0,85  1,03 -2,46 0,56 -4,10 -0,89 2,84 1,95 5,06 0,73 6,53
2012  -0,40  2,64  0,26  -0,07  0,37 0,61 5,33 -1,61 1,12 -1,08 1,13 -1,02 7,33 14,34

2013

 2,06  3,35  2,95  0,69  -0,54 -2,42 2,35 -2,28 -0,35 1,75 0,48 0,32 8,48 24,04
2014 -0,96   1,94  0,34 1,60 1,96  -0,44
-1,54
2,78 0,39 -0,74 2,50 1,69 9,84 36,24
2015  4,94  4,06  2,52  1,10  3,28 -4,19   4,78 -6,80  -4,22  8,00  2,65  -1,25   14,68 56,24
2016
-2,98  -0,64  0,51  2,09   3,30  2,11 0,34  -0,95   0,47 -1,86  0,32   4,36 7,04 67,24
2017  -1,95  3,87   2,37  -0,68  -0,73 -3,06  -2,32  -0,46   2,50       -0,70 66,06

The percentages presented in the table are calculated every month by the Administrator, the percentages at year's end are calculated by the accountant and can be found in the audited annual reports of the fund.


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