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  1. Home
  2. / Investing

2021 Double Net Value Portfolio - Solid Performance With One Quarter Down

Perhaps for the first time since I've been doing this annual experiment, all names are in positive territory.
By JONATHAN HELLER
Mar 15, 2021 | 10:30 AM EDT
Stocks quotes in this article: ASYS, DNOW, RCKY, NTIP, KTCC, AE, HURC, ACTG, AVT, FF, TPC, AWRE, CWGL, DRQ, GENC, LAKE, POWL, VHC

With one wild quarter in the books since inception, my 2021 Double Net Value Portfolio is up just over 36%, following an 11% uptick since the February update. The portfolio is outperforming the Russell 2000 Index (up 22.7%) and is about in-line with the Russell Microcap Index (up 36.4%). It is currently beating the Russell 2000 Value Index (up 30.7%) but has fallen behind the Russell Microcap Value Index (up 41.3%), which itself is up more than 18% over the past month.

Double Net Value is a tracking portfolio I build every year that is comprised of companies that have the following attributes:

  • Companies trade at between 1 and 2 times net current asset value (NCAV)
  • Minimum market cap $75 million
  • No development stage pharmaceuticals/biotechs

Perhaps for the first time since I've been doing this annual experiment, all names are in positive territory. The top performer is now Amtech Systems (ASYS) (up 97%), which jumped 57% since the last update on the back of better than expected first quarter earnings. Now Inc (DNOW) (up 87%) is the second-best performer after rising 22% in the past month.

Rocky Brands (RCKY) (up 69%) jumped 34% over the month, after reporting much better than expected fourth quarter results, earning $1.41 versus the 82 cents "consensus" (just one analyst). Last week, the company announced a new share repurchase program, and shares are trading at an all-time high.

The worst performers since inception include Network-1 Technologies (NTIP) (up 1.5%), Key Tronic (KTCC) (up 9%), and Adams Resources (AE) (up 16%). Hurco (HURC) (up 16%) flipped into the black following a 26% jump since the last update. Last week the company raised the dividend 8% to 14 cents/quarter, and announced a new share buyback plan.

Here are the remaining names, and performance to date:

Acacia Research (ACTG) : up 69%

Avnet (AVT) : up 25%

FutureFuel (FF) : up 34%

Tutor Perini (TPC) : up 53%

Aware (AWRE) : up 14%

Crimson Wine Group (CWGL) : up 30%

Dril-Quip (DRQ) : up 21%

Gencor (GENC) : up 17%

Lakeland Industries (LAKE) : up 35%

Powell Industries (POWL) : up 29%

VirnetX Holdings (VHC)  : up 25%

So far, so good, although solid performance continues to occur on the back of rising small and microcap markets.

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At the time of publication, Jonathan Heller was Long CWGL, TPC.

TAGS: Investing | Markets | Stocks | Trading | Value Investing

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