Monthly Archives: March 2015

Short Interest in Transocean (Symbol/Ticker RIGN RIG)

One of the reasons Transocean is so volatile:

Short Interest; currently over 10 days would be needed to cover the short interest in Transocean. transocean-rign-rig-short-interest-2015-2014

 

transocean-3-year-stock-chart-2014-2015

Another reason Transocean shares are so volatile:

Oil Price

crude-oil-3-year-chart-2012-2015

This makes Transocean an interesting candidate for an investor looking for exposure to the oil price and a change in sentiment (based for example on Transoceans financing becoming more solid, capital increases out the way etc).

6month Chart indicates a leveling off of selling pressure:

transocean-6month-chart-2014-2015

 

BNP Switzerland Advertising: 325% Participation on Dividendstocks (Dividend Pearls)

BNP_Outperformance two pager v5 – DE

This ad was published on the cash.ch website today.325prozent

The ad leads to the website

http://www.bnpparibasmarkets.ch/DE/Showpage.aspx?pageID=601

bnp-paribasbnp-paribas-2

 

What surprised me was this payoff diagramm published in the two-pager for the 325% product.

payout-diagram-outperformance-tracker

What the investor needs to understand with this type of product: BNP will use the dividends to buy calls. This means that in a down market or one with sinking volatility, the return from this strategy will be 3-4% (the dividend yield of the stocks in the index) LOWER for the investor than if he’d have invested directly in the underlying stocks. That’s BEFORE costs of the structured product (outperformance tracker).

Cheap way to copy this strategy: Buy the high dividend paying stocks (dividend pearls) and whenever they pay the dividend reinvest that in call options.

Partizipation an
steigenden Kursen* Währung Valor Symbol ISIN
300% EUR 27420457 OPDIVE CH0274204574
225% CHF 27420456 OPDIVC CH0274204566
325% USD 27420460 OPDIVU CH0274204608

iSTOXX Europe Next Dividend Low Risk 50

The iSTOXX Europe Next Dividend Low Risk 50 Index monthly selects companies from the STOXX Europe 600 that will pay a dividend in the near future and have historically shown low volatility. In the first step, a liquidity filter of 10 million euros is applied. In the next step, remaining companies are sorted by increasing volatility and the top third (i.e. with low volatility) are selected. From that selection list, the 50 highest ranked companies that are going to pay a dividend in the next month are chosen as index components. If less than 50 companies will pay a dividend in the next month, the highest ranked companies which are not paying a dividend are selected to complete the index. All stocks are risk-weighted.

Züblin Immobilien (ZUBN) – A play on ECB QE for 2015-2016

Züblin Immoblien has a large part of its property portfolio in France, Holland and Germany (next to Switzerland).

As the company has announced it wants to sell the commercial properties in France, which are in somewhat of a slump, it can be expected that ECB QE will lead to more liquidity and therefor a higher probability of being able to sell the properties.

As it’s currently not clear where the NAV of Züblin stands (last publicly available data was around 1.70-1.80 in October 2014), but the portfolio was valued then, and since further pressure on prices in France should have subdued, it could be an interesting play – at these depressed levels around CHF 1.10 – to bounce, to move back to its NAV.

Last data available from INSEE show that the property market in January ’15 was already on the mend. The last news in 2014 regarding the commercial office rental market around Paris had been negative.

There’s also a trend of property developers to buy unused commercial rent properies and turn them into appartements or hotels. This has been rising according to this report by keops.fr (page 7). Also the same report shows that asset mangers and funds have been becoming more active with purchases.

***

March 24th Update:

“ECB President Mario Draghi says he’s already seen the benefits from the QE program, with borrowing costs for businesses and households coming down and new investment projects becoming more attractive. Purchasing managers index for the eurozone for March out on Tuesday also confirmed that the dark clouds are evaporating from the region.” source marketwatch.com

High Yielding Swiss Dividend Stocks (SMI and below Mid & Small Cap) – Top 20

Often prospects will enquire about what ideas I have for investments; one of the first places I look is in the dividend yield list. Then liquidity and free float to eliminate unattractive companies.

Company Yield % Historic % Ex-Date
Swiss Re 8,1 8,08 27.04.2015
Zurich 5,5 5,47 09.04.2015
UBS 4,4 2,89 13.05.2015
Swisscom 4,0 3,99 15.04.2015
Transocean 3,6 3,11 18.03.2015
SGS 3,5 3,51 18.03.2015
Syngenta 3,3 3,33 05.05.2015
Roche 3,1 3,08 10.03.2015
CS 3,0 2,99 24.04.2015 (AGM)
Nestlé 2,9 2,89 22.04.2015
Company Yield % Historic % Ex-Date
Nebag 6,9 6,90 08.05.2015 (AGM)
Intersport 6,5 6,30 06.02.2015
Bellevue Group 6,5 6,54 20.03.2015
APG SGA 6,0 3,00 27.05.2015
Dätwyler 5,9 1,66 23.04.2015
Walter Meier 5,9 5,90 31.03.2015
Banque Cantonale Vaudoise 5,8 5,82 29.04.2015
Valora 5,7 5,74 14.05.2015
Gavazzi 5,6 11,31 28.07.2015 (AGM)
Kardex 5,6 5,57 23.04.2015 (AGM)
Compagnie Financière Tradition 5,5 5,31 22.05.2015 (AGM)
Alpine Select 5,4 5,39 20.05.2015 (AGM)
Energiedienst 5,3 5,30 02.04.2015
Cembra Money Bank 5,2 5,17 06.05.2015
Intershop 5,2 5,25 09.04.2015
Lem 5,1 5,11 02.07.2015
Schweiter 5,0 4,95 12.05.2015
Kühne + Nagel 4,9 2,81 12.05.2015
Basler Kantonalbank 4,7 4,66 05.05.2015
Edmond de Rothschild 4,5 4,47 29.04.2015 (AGM)
Zuberbühler Associates AG

Zenit Fund – Brummer & Partners – Long/Short Hedge Fund

Over 10 years ago this Brummer and Partners fund caught my eye, as it had a performance record that was over 300% at the time already. Now, by chance, I checked on it again. It has since trebled. This must be one of the most amazing franchises in the hedge fund sector at the current moment in time. And they are based in Stockholm. This could be an indication that location must have only minor impact, if any, on talent and performance.

zenit_fund_brummer-and-partners

2003 Document: Zenit-Fund_Brummer (I was sorting through my papers, after having bought a top Kodak Scanner 3200.)

Depotgebührenvergleich

Depotgebührenvergleich    
Excel: Gelb markierte Felder ausfüllen
Depotgebühren International %  
LUX
Dexia BIL 0.25 5’000
CH
UBS 0.35 7’000
CS 0.30 6’000
ZKB 0.25 5’000
Swissquote 0.10 2’000
Postfinance 0.00 0
Corner Trader * 0.00 0
UK
HSBC InvestDirect 0.00 0
D
ING Diba 0.00 0
Deutsche Bank Maxblue 0.00 0
Einsetzen:
Vermögen 2’000’000
Aktuelle Depotgebühr 0.21 4’200
Bemerkungen
Inland-Verwahrung von Werten
z.B. Schweizer Aktien
* achtung Auszahlungsgebühr: 0.5% !
© Zuberbühler Associates AG, Vermögensverwaltung

Depotgebührenvergleich