Friday, January 25, 2019

3K Greek Value Domestic Equity Fund: positive performance in the face of adversity

Author: 3K Investment Partners

Despite the adversities in the Greek stock market the fund 3K Greek Value Domestic Equity Fund*  delivered positive return in 2018, as it did also in 2017 and 2016.

The fund performed a positive return of 2.68% in 2018, while at the same period its benchmark, ASE Total Return General Index, retracted by 21.97%. The outperformance is even more profound in 3 years period (2015-2018) as the fund has delivered a return of +44.49% against a +3.62% of its benchmark

The fund has no limitations, regarding the size of the capitalization of the stocks it invests in. Therefore, it has the ability to identify opportunities, which are outside the horizon of many analysts and hence are ignored by the vast majority of the investors. 31 holdings within the fund’s portfolio contributed positively in the overall return, while 16 contributed negatively.  In the Athens Stock Exchange (ASE) 77 out of the 173 listed companies recorded a positive performance in the previous year.

The position in the stocks of Iktinos Marbles SA had the biggest positive contribution in the fund’s performance, followed by PaperPack Tsoukarides, during 2018. On the contrary, Eurobank had the most negative impact in the performance of the fund.

Iktinos Marbles SA, Terna Energy and Jumbo were the 3 top holdings of the fund’s portfolio in terms of weight, while the level of cash hovered around 10% of total assets, throughout 2018.

The portfolio manager of the fund Mr. George Koufopoulos says: “Our focus is more on the fundamentals of the companies and on a much lesser extent to the general conditions prevailing from time to time in the market. Currently the average P/E of the fund’s portfolio is close to 10, taking into account the expected corporate results of 2018. We are looking for new opportunities and trusted businesses to invest in by paying emphasis in the financial performance and the quality of the management teams and the human capital of the companies. Furthermore many of the companies we invest in or looking at, are not in the focus of the analysts, allowing us to exploit opportunities at attractive valuations overlooked by the conventional investors”.


*Decision No. 240/13.05.2015 of the Head of the Hellenic Capital Market Commission’s Directorate of Capital Market Intermediaries

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The Morningstar Rating is an assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision.



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