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The 2021 Double Net Value Portfolio has had a great first two months as small-cap stocks in general have been hot.
The aggregate return of the 2021 Double Net Value Portfolio one month since inception is outpacing a handful of Russell indices.
Eighteen stocks make the cut for the 2021 portfolio, which is comprised of seemingly cheap names relative to net current assets.
Both, actually. But the one who came out way ahead might surprise you.
Six of the eight active names are in positive territory.
Since the last update, both portfolios are up about 9%, keeping the performance gap at about 1700 bps.
While Fitbit is still the best performer, other names are beginning to carry their weight.
While this experiment is still inconclusive, it's still nice to see both groups of triple nets outperforming.
The two portfolios, one active and the other passive, have sagged with the broader market but still are outperforming a pair of Russell value indices.
Can an active approach outperform a passive approach in small, deeper value names?
These companies are trading between 2x and 3x net current asset value, and with a market cap in excess of $100 million.
The 22 stocks in the Double Net Value Portfolio collectively outperformed the value components of the Russell 2000 and Russell Micro indices.
Most of the 22 largely small-cap stocks that make up the portfolio are now in positive territory, with Hibbett Sports leading the way.
One thing is certain: Triple-nets are not a common investment hunting ground, but some may be the recipe for the next ETF.
Luxury wine producer Crimson Wine Group is among them, as are a handful of manufacturers.
The portfolio of 22 smaller names has slid into negative territory, showing the pressure the market has put of late on smaller-cap stocks.
As we enter the dog days of summer, with lower volume and perhaps more volatility, portfolio performance may get interesting.
This is the first inception-to-date period that the portfolio has not outperformed its benchmarks.
These 22 stocks in the aggregate are still outpacing the Russell 2000 and Russell Microcap indices, but by a narrower margin than before.
These 22 stocks in the aggregate continue to outpace the Russell 2000 and Russell Microcap indices as all but three are in positive territory.
Titan Machinery is the top performer so far in 2019, up 38% since portfolio launch.
The 22 names in the portfolio as a group are outpacing the value components of the Russell 2000 and Russell Microcap indices.
Despite disappointing performance this year, the strategy has shown solid return in the past.
It was not a great year for this value portfolio, with only 5 stocks in positive territory for the year.
This mix of 20 deep-value names was outperforming a couple Russell indices three months back but is trailing them now.
Fossil Group has done most of the heavy lifting among the small stocks in the portfolio, though there are other winners, too.
FOSL is up 92% since I launched this group, while HIBB is ahead 27%.
It is always important see how such value screens perform in times of market stress.