Monthly Archives: January 2014

Off-Exchange Transactions & Insiders: Example of Management Transactions & Options Influencing Share Price – Example I.P.S. Innovative Packaging Solutions AG

On Monday (27-01-2014) unusual activity could be seen off market in IPS shares. While checking recent managment transactions I came across this (see screenshot below) Exercise & Hold and Exercise & Sale management transaction information on the SIX website. Further evidence that trading information reported to the exchange from off-ex transactions often involved insiders and therefor can be an interesting indicator when coupled with charts, volume and market correlation.ips-innovative-packaging-solutions

Swiss Mid & Small Cap Off Exchange Most Active – 30-01-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (30-01-2014). Interesting on todays list: Second day in a row that VZ Holding saw substantial off-exchange volume. Also noteworthy to see those large Publigroupe (PUBN) and APG (APGN) trades. The latter have both seen substantial run-up in share price in recent weeks, strongly outperforming the market. Turning point or M&A activity led demand?

Large institutional investors, hedge funds and insiders trade off-exchange.

Here are the Top 20: (last column shows #shs Off-Ex, second last % Off-Ex)

VZ HOLDING N CH0028200837 VZN 16.97% 2351 83.03% 11505
PUBLIGROUPE N CH0004626302 PUBN 19.37% 3603 80.63% 15000
APG SGA N CH0019107025 APGN 23.94% 472 76.06% 1500
HELVETIA HOLDING N CH0012271687 HELN 37.28% 7726 62.72% 13000
INNOVAT. PACKAGING SOLUTIONS I CH0002013826 IPS 41.00% 3474 59.00% 5000
INFICON N CH0011029946 IFCN 41.27% 1517 58.73% 2159
COLTENE N CH0025343259 CLTN 45.27% 1522 54.73% 1840
PARGESA I CH0021783391 PARG 52.38% 34954 47.62% 31780
PARTNERS GROUP N CH0024608827 PGHN 62.94% 52262 37.06% 30770
TEMENOS N CH0012453913 TEMN 69.54% 226267 30.46% 99090
IMPLENIA N CH0023868554 IMPN 69.72% 25667 30.28% 11150
VONTOBEL N CH0012335540 VONN 74.51% 23446 25.49% 8022
BELIMO N CH0001503199 BEAN 82.39% 234 17.61% 50
BUCHER N CH0002432174 BUCN 85.07% 11160 14.93% 1959
MOBIMO N CH0011108872 MOBN 88.18% 10913 11.82% 1463
DKSH N CH0126673539 DKSH 90.24% 179397 9.76% 19394
PANALPINA N CH0002168083 PWTN 91.15% 31719 8.85% 3080
gategroup N CH0100185955 GATE 92.28% 107431 7.72% 8987
DAETWYLER I CH0030486770 DAE 93.32% 14775 6.68% 1057
RIETER N CH0003671440 RIEN 93.62% 24387 6.38% 1663
LEONTEQ N CH0190891181 LEON 94.06% 9232 5.94% 583
SWATCH GROUP N CH0012255144 UHRN 94.34% 229836 5.66% 13795

How Structured Products and Active Funds (Can) Drain Your Wealth – Minimise Capital Appreciation

If you ever wonder why your bank advisor recommends active funds and structured products look no further than below. It shows that an equity fund that’s actively managed will sometimes cost you an extra 60bp (range 0-150bp), which the bank pockets. That’s in addition to transaction fees and custody fees. If we look at structured products we see that it’s not unusual for the bank to take 100bp (one time) in addition to the custody fees and transaction fees. If you have an advisor that creates tailor made structured products you’ll pay up to 200bp (one time) for that (I naively always assumed strategy creation and implementation is part of the service you should expect to be priced in transaction commissions and custody fees. I do either or, never both!). Most structured products also don’t last 5 or 10 years, so the one time fees do impact substantially!

This is the reason why I always recommend clients: let’s buy the underlying or copy the strategy of the active fund (which is easy as transaction costs can be minimised and publication of major fund holdings is often required by regulators). The only rational people who buy these kind of products are ones that can minimise taxes thanks to loopholes or who have discovered an active fund that has an exceptional strategy (rare!).

cost-of-structured-products-active-fundsThe above text is from Migrosbank.ch (sent to customers recently) with color boxes added by me.

 

Swiss Mid & Small Cap Off Exchange Most Active – 29-01-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (29-01-2014). Interesting on todays list: Tamedia (TAMN) saw a decent size block traded, which doesn’t happen that often. Total volume is mostly below 10k. So a 20k trade is substantial for the stock. Performance in the stock in the last 30 days had been unusually strong vs the past year’s action. VZ Holding (VZN) also saw unusual action. The shares have lost nearly 10% this year (dropped from 170 to current 150) but seem to have found a level where two institutionals are prepared to exchange larger blocks. Will be interesting to see if the buyer or the seller gets filled first.

Large institutional investors, hedge funds and insiders trade off-exchange.

Here are the Top 20: (last column shows #shs Off-Ex, second last % Off-Ex)

TAMEDIA N CH0011178255 TAMN 1.68% 341 98.32% 20000
VZ HOLDING N CH0028200837 VZN 6.65% 1996 93.35% 28000
EFG INTERNATIONAL N CH0022268228 EFGN 22.27% 14322 77.73% 50000
INTERROLL N CH0006372897 INRN 51.55% 1064 48.45% 1000
PARGESA I CH0021783391 PARG 52.66% 40066 47.34% 36018
ZUG ESTATE AG CH0148052126 ZUGN 62.50% 15 37.50% 9
BARRY CALLEBAUT N CH0009002962 BARN 63.49% 7826 36.51% 4501
ALLREAL N CH0008837566 ALLN 67.97% 21225 32.03% 10000
CEMBRA MONEY BANK N CH0225173167 CMBN 70.37% 17457 29.63% 7350
AUTONEUM N CH0127480363 AUTN 71.47% 17867 28.53% 7133
PSP N CH0018294154 PSPN 71.57% 93231 28.43% 37040
Weatherford International N CH0038838394 WFT 82.59% 57860 17.41% 12200
gategroup N CH0100185955 GATE 90.66% 97155 9.34% 10005
DKSH N CH0126673539 DKSH 91.89% 236531 8.11% 20883
SWATCH GROUP N CH0012255144 UHRN 93.53% 253937 6.47% 17554
DAETWYLER I CH0030486770 DAE 93.70% 15159 6.30% 1019
BB BIOTECH N CH0038389992 BION 94.67% 31690 5.33% 1784
FLUGHAFEN ZUERICH N CH0010567961 FHZN 95.28% 5877 4.72% 291
KUONI N CH0003504856 KUNN 95.58% 10883 4.42% 503
RIETER N CH0003671440 RIEN 95.75% 37946 4.25% 1684
SULZER N CH0038388911 SUN 96.15% 121907 3.85% 4887

Swiss Mid & Small Cap Off Exchange Most Active – 28-01-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (28-01-2014). Interesting on todays list: Nothing really catches my eye on this list to be honest!

Large institutional investors, hedge funds and insiders trade off-exchange.

Here are the Top 20: (last column shows #shs Off-Ex, second last % Off-Ex)

PANALPINA N CH0002168083 PWTN 48.13% 8858 51.87% 9547
STRAUMANN N CH0012280076 STMN 50.24% 25082 49.76% 24843
AUTONEUM N CH0127480363 AUTN 53.93% 13452 46.07% 11493
CEMBRA MONEY BANK N CH0225173167 CMBN 61.61% 23901 38.39% 14896
BB BIOTECH N CH0038389992 BION 71.03% 29427 28.97% 12000
LEONTEQ N CH0190891181 LEON 72.37% 6864 27.63% 2621
EFG INTERNATIONAL N CH0022268228 EFGN 73.75% 42140 26.25% 15000
GALENICA N CH0015536466 GALN 76.92% 15408 23.08% 4623
BUCHER N CH0002432174 BUCN 77.04% 9962 22.96% 2969
KUONI N CH0003504856 KUNN 78.38% 18124 21.62% 5000
FLUGHAFEN ZUERICH N CH0010567961 FHZN 82.16% 6514 17.84% 1414
NOBEL BIOCARE N CH0037851646 NOBN 83.41% 407622 16.59% 81066
PARGESA I CH0021783391 PARG 86.47% 46606 13.53% 7295
FORBO N CH0003541510 FORN 87.24% 2476 12.76% 362
MEYER BURGER N CH0108503795 MBTN 87.50% 873292 12.50% 124707
HELVETIA HOLDING N CH0012271687 HELN 87.54% 8449 12.46% 1203
BARRY CALLEBAUT N CH0009002962 BARN 91.47% 4191 8.53% 391
LOGITECH N CH0025751329 LOGN 93.31% 1932602 6.69% 138564
LINDT N CH0010570759 LISN 94.48% 154 5.52% 9
U-BLOX N CH0033361673 UBXN 94.84% 46830 5.16% 2547
ARYZTA N CH0043238366 ARYN 95.99% 206389 4.01% 8624
SULZER N CH0038388911 SUN 96.27% 151793 3.73% 5886

Emerging Markets: Brasil and Turkey 10-Year Yield 2007-2014, 2013-2014 and 2010-2014

brasil-emergin-markets-debt-crisis-10-year-bond-yield

The above chart is from the brilliant website tradingeconomics.com, with text and boxes added by me.

The list of countries with fragile economies certainly isn’t getting any shorter as of late. But the charts below shows that the yield on the 10-year brasilian and turkish gov bond have been at elevated levels for over 6 months. The difference with regard to euro periphery countries which also had elevated yield levels during the height of the crisis: they didn’t last as long, and there was an ECB to intervene.

10-year-brasil-turkey

graph source: F.A.Z., Bloomberg

Here’s another chart of Turkey;

tukrey-emerging-markets-debt-crisis-10-year-bond-yield

 

Swiss Mid & Small Cap Off Exchange Most Active – 27-01-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (27-01-2014). Interesting on todays list: Bobst once again stands out with 125k shs after already having traded 100k off ex on 23-01-2014. Could speculate that JBF Finance (the management company controlling just over 50% of Bobst) is involved in some way. As of January 6th 2014 they held 8’906’104 shs.

Large institutional investors, hedge funds and insiders trade off-exchange.

Here are the Top 20: (last column shows #shs Off-Ex, second last % Off-Ex)

INNOVAT. PACKAGING SOLUTIONS I CH0002013826 IPS 6.47% 969 93.53% 14000
BOBST GRP N CH0012684657 BOBNN 9.17% 12626 90.83% 125000
INTERSHOP I CH0017313948 IS 50.19% 1198 49.81% 1189
KUDELSKI I CH0012268360 KUD 64.49% 114176 35.51% 62861
ALLREAL N CH0008837566 ALLN 72.02% 12871 27.98% 5000
FORBO N CH0003541510 FORN 75.39% 2742 24.61% 895
OC OERLIKON N CH0000816824 OERL 76.76% 1206305 23.24% 365297
TEMENOS N CH0012453913 TEMN 88.14% 146355 11.86% 19694
U-BLOX N CH0033361673 UBXN 89.21% 81640 10.79% 9873
CEMBRA MONEY BANK N CH0225173167 CMBN 89.45% 47235 10.55% 5571
STRAUMANN N CH0012280076 STMN 89.54% 25342 10.46% 2959
NOBEL BIOCARE N CH0037851646 NOBN 89.73% 371132 10.27% 42468
MEYER BURGER N CH0108503795 MBTN 91.80% 1305420 8.20% 116634
LOGITECH N CH0025751329 LOGN 92.30% 1519741 7.70% 126702
PARGESA I CH0021783391 PARG 93.19% 70026 6.81% 5117
FLUGHAFEN ZUERICH N CH0010567961 FHZN 95.09% 9403 4.91% 486
GAM N CH0102659627 GAM 95.09% 663243 4.91% 34252
BARRY CALLEBAUT N CH0009002962 BARN 95.52% 10743 4.48% 504
PANALPINA N CH0002168083 PWTN 96.76% 22230 3.24% 744
GALENICA N CH0015536466 GALN 97.17% 26898 2.83% 782
LINDT N CH0010570759 LISN 97.22% 175 2.78% 5
gategroup N CH0100185955 GATE 98.14% 135344 1.86% 2565

PS: JBF owner are: Les membres de la convention d’actionnaires de JBF Finance SA (ayant-droits économiques) sont :
BERTALLO Françoise, BERTALLO Nicole, BOBST Jean-Pascal, BOBST Marie-Françoise, BOBST Olivier, BREAUD Eric, BREAUD Laurence, BREAUD-VUILLEMIER Marie-Noëlle, BREAUD Philippe, BRUSTLEIN Christian, BRUSTLEIN Dominique, CHANSON Corinne, Fondation Jacqueline de Cérenville, DE KALBERMATTEN Bruno, DE KALBERMATTEN François, DE KALBERMATTEN Josette, DE KALBERMATTEN Thierry, DEMONT Marie-Claire, DE PREUX Antoine, DE PREUX Christian, DE PREUX Grégoire, DE PREUX Michèle, DE PREUX Philippe, DUFOUR Christophe, DUFOUR Isabelle, DUFOUR Bernard, DUFOUR Michel, DUFOUR Raymond, GALLETTI Renato, GUTTMANN Alain, HERZOG Nicole, JOLLIET Patricia, JOLLIET Pierre, MERCIER Jean-Philippe, MERCIER-PFAU Nicole, MOSER Monique, PFAU Jean, RICCI Aline, RICCI Giulia, RICCI Marc, RIVIER Laurent, RIVIER Nicolas, RUTTIMANN Hervé, RUTTIMANN Xavier, RUTTIMANN Yves, TEMLER Eliane, VERREY François.

Banks: HSBC Trinkaus & Burkhardt Expanding Corporate Banking in Germany

An article in today’s FAZ highlights the fact that HSBC Trinkaus & Burkhardt is one of the few banks to be expanding in the current environment when many are reducing balance sheet risks. HSBC with its strong presence in emerging markets is a good fit for many corporate customers looking to do business worldwide at competitive prices and with a solid bank behind them.

HSBC is going to invest EUR 500m, create 500 new jobs and open 4 new offices in the German cities of Hanover, Dortmund, Nürnberg and Mannheim.

hsbc-trinkaus-burkhardt

Banks: Customers Transitioning To Mobile & Internet Banking – Historic Figures & Estimates for the Future

Interesting facts regarding use of banks from the large German bank Hypo-Vereinsbank (HVB) mentioned in the FAZ (Frankfurter Allgemeine Zeitung) today. Whereas 70% of customer contact in the year 2000 was physical, by 2010 it had dropped to 30% and by 2015 it’s expected to drop to just 5%! The figures below are quotes from the chairman of HVB, Theodor Weimer:

HVB-Theodor-Weimer-FAZ

Stay away from: Cacao-investment.de , Lifeforestry.com , InvestInvent.ch

Today I was reading the online financial news on http://www.nzz.ch and came across some ads deployed by Ligatus which is part of Gruner + Jahr GmbH & Co. KG which in turn is the largest European printing and publishing firm. Its headquarters is in Hamburg, Germany. Ligatus generates a lot of revenue from ads like this:

Teak-Kakao

These ads basically promise 9-12% guaranteed or sure returns. Considering the current low interest rate (risk free rate) that is somewhere below 1% such promises or guarantees seem too good to be true.

In addition to http://cacao-investment.de (run by Agrofinanz GmbH) and http://ligatus-ch.lifeforestry.com other companies run ads on large news websites like http://www.nzz.ch and http://www.tagesanzeiger.ch :

InvestInventAG

InvestInvent AG is supposedly (according to their website) only targeting HNWI, institutional investors and energy companies. This seems a strange way to target those people, i.e. with an ad telling you to call them (where promises and false statements can be made and less evidence is collected).

As a financial analyst and portfolio manager also looking out for private investors, I would have to advise against anyone handing over any money to these companies. Additionally I would put a question mark behind Ligatus and Gruner & Jahr ethics standards!