April 2022


A General Overview

Things are not improving “busy wise”, but fortunately we are seeing the end of the house renovations that we started a long time ago. Tantrums form the 3 y.o. are killing us most of the time, but there isn’t much to do there, apart from hoping that they will soon stop.

On with the numbers, these months don’t allow for many written descriptions I am afraid…

LH FUND

Explanation of terminology and graphs is HERE.

Let’s see the numbers:

MonthTRYTERNYYoCForex
31 Dec 20140.00%0.00%0.00%0.00%
31 Dec 2015-3.33%1.22%-0.13%-1.00%
31 Dec 20167.06%1.14%1.16%-4.35%
31 Dec 20179.94%1.04%2.64%-5.94%
31 Dec 20183.28%1.24%2.70%-3.53%
31 Dec 201923.50%1.35%2.72%-1.40%
31 Dec 202015.76%1.28%2.70%-7.60%
31 Dec 202137.13%1.35%2.69%-2.05%
Jan 202235.83%1.34%2.61%-2.75%
Feb 202235.70%1.33%2.63%0.45%
Mar 202240.68%1.32%2.64%0.19%
Apr 202241.87%1.31%2.65%4.09%
LH Portfolio Milestones + Monthly current year

TR is increasing (vs. previous month) – 11bps not bad at all!

YTER is decreasing (vs. previous month) – 1bps, little steps… good steps

Net Yearly YoC is increasing (vs. previous month) – 1bps up, every little helps…

Forex is better (vs. previous month) – The rally in the dollar value vs the Euro is starting to make a huge effect on the PF…

Dividends and Options

Income this month was 1335 Euro

Dividends accounted for 968 Euro (+18% vs 2021) and Options ended up with a 367 Euro score (-30% vs 2021).

Dividends

April is normally “low” under the dividends point of view, managed to pass last year result, happy with that!

Options

Great result compared to the average that I did last year, but under 2021 April. Still ok as a result.

DCA/Increased Positions

Nothing to report

New Positions – Sold Position

Bought 100 BIPH @ 18.99 USD

Another ETD joins the portfolio, still from Brooksfield, a company that I really look up to. Nothing much to say here, rates are going up and junior bonds are falling, especially the young ones, it’s a good moment to start a position, will surely add when it falls more (I expect more interest rates drama and more downside here too).

The Financial Conclusions

April was a “bad” month for the stock market, finally (I’d like to say) we are coming down from the madness that we were seeing in terms of valuations. I have to say that I was pretty pleased to see that the Portfolio did not suffer any major losses, thanks to the rally of the dollar and I guess also to the fairly defensive nature of the portfolio itself. This doesn’t mean anything of course, the portfolio is not recession proof, or loss proof, but so far it’s managing to hold. This also means that I haven’t really bought anything, despite the more favorable valuations that we are seeing.

As a matter of fact, apart from the preferred stock that I’ve bought, I still cannot see any opportunity yet. On options it’s easier, trading at strikes 20% off current prices “opportunities” are there. Especially with high Volatility like now, it’s easier to find speculative trades on potential good “entry points”.

But buying… Not yet.

I still believe that 2022 will be a sort of “starter” of what will come in 2023, I really cannot see how it’s possible to avoid a recession (long or short doesn’t matter) in these conditions. At the time of writing (already May) central banks are finally saying that “maybe” they were too optimistic in judging the inflation, that “maybe” their measures are not going to be enough that “maybe” they should have stopped printing money earlier…

As usual we’ll see what happens, if in May I don’t get too many stocks due to options gone bad, I might hold the put selling activity for 1 month and see what happens.

That is if I will have time to do any trade, because in my current situation at home, even writing the blog is proving to be impossible…

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