European Value Equity Portfolio ends down 14.7% in 2011

Last year was a difficult year for our European Value Equity Portfolio which underperformed the benchmark by a cumulative 3.4 percentage points.

• The European Value Equity Portfolio was down 3.1 percent in December and underperformed the MSCI Daily Gross TR Europe EUR which climbed 2.1 percent. Cumulative outperformance since inception is now 3.4 percentage points.
• The best performer in December was Boliden up 5.4 percent in EUR.
• The following stocks have been added to the portfolio for December: Persimmon, KGHM Polska Miedz and Michelin.
• The portfolio’s two largest positions are SCOR and Persimmon - a combined weight of 20.8 percent.

You can read the full January publication here.