TGV Rubicon Stockpicker Fund’s H1 2019 Shareholder Letter

TGV Rubicon Stockpicker Fund, a Germany-based fund managed by Investmentaktiengesellschaft für langfristige Investoren TGV, released its shareholder letter for the first half of 2019. A copy of the said letter is available for download below. The fund, which was launched in 2016, is invested in 8 companies. As of June 28, 2019, its cash position is at 3.5% and its top investments include InVision AG (22.3%), Eurotech (20.1%), Gruppo MutuiOnline (15.8%), La Francaise de l’Energie (14.5%), and Amaysim Australia LTD (12.4%).

“Dear co-investors,

As usual, we would like to take stock at mid-year to review the evolution of the TGV Rubicon Stockpicker since the beginning of the year and provide our perspective on the current positioning of the TGV.

The TGV Rubicon Stockpicker funds is currently invested in 8 companies. The cash position as of 28/06/2019 was 3.5%.”

In its H1 2019 Shareholder Letter, the fund reported a 9.4% return since its launch in October 2016 until June 28. The German Large Cap Index (Dax 30) returned 16.3% for the same duration.

“Performance overview

Since its launch in late October 2016 up until 28/06/2019 the fund returned 9.4%. The German Large Cap Index (Dax 30) returned 16.3% over the same period.

For H1 2019 the TGV shows a performance of 5.1% compared to 17.4% for the Dax.

The performance of the TGV is below the performance of the DAX. At the same time, the volatility of the TGV seems low. This comes as a surprise and strikes us as rather random. The analysis of the different portfolio companies shows a very different and much more dynamic perspective – both in a positive and in a negative sense.

On the positive side: Gruppo MutuiOnline has delivered a share price appreciation of +97%, Mediqon Group of +165%, La Française de l’Energie of 55%, and Eurotech has shown a considerable performance at +249%.

These beautiful successes are juxtaposed – on the negative side – to a -37% loss in value for Amaysim and a very painful -70% loss for Max21. But equally, InVision has experienced a price reduction of currently -27%, impacting the TGV performance materially as it is still today the TGV’s biggest position.”

You can download a copy of TGV Rubicon Stockpicker Fund’s H1 2019 Shareholder Letter here:

TGV Rubicon Stockpicker Fund’s H1 2019 Shareholder Letter