241130 Novo down but Two Crows Up
DKK INR NOK and SEK portfolio performance for November 2024
Merry Christmas all, and welcome to the 11th monthly performance report for Two Crows Systematic long-only Week#2 equity portfolios. Quick, and to the point, as I am writing to you on Christmas day itself, and there’s merry-making to be had:
November 2024 Week#2 Commentary
An inversion of the outcomes over October, this month saw 3/4 of the Two Crows Systematic Week#2 portfolios deliver positive returns, with only the SEK portfolio slightly down for the month.
The TCS DKK portfolio experienced a nice 5% jump vs -1% for the Danish market, which has been somewhat shaken up by the recent slump in Novo Nordisk. After an incredible few years and already up another 40% by June 2024, Novo has since suffered a fairly brutal turn around. The share price has dropped drastically recently, and is now down as much as -15%.
Comprising approximately 6% of our DKK portfolio, Two Crows has not been immune to this downturn, especially as we only recently purchased shares. Novo has for several years been a kingmaker for any investor in its shares… now we wait to see if it becomes the guillotine?
The TCS Week#2 portfolios continue to perform very well against their benchmarks, delivering between 50% and 200% more return than their respective baselines.
Held up against HedgeNordic Long-Only Equity portfolios, Week#2 and TCS in aggregate, rank well. With luck, we can close out 2024 in excess of a 20% TWRR — if Santa treats us well, that is.
The TCS aggregate portfolio now sits below the HedgeNordic aggregate. Asilo and HCP Focus have had each had an incredible year, putting them in what is almost certain to be an unassailable position for the #1 and #2 spots by years end.
Week#2 Performance Tearsheets for November 30 2024
In addition to the performance figures stated above, PDF tearsheets for TCS Week#2 DKK, INR, NOK and SEK Model Portfolio performance figures and overview for the month of November 2024 follow:
DKK Portfolio & Benchmark:
INR Portfolio & Benchmark:
NOK Portfolio & Benchmark:
SEK Portfolio & Benchmark:
As always thanks for reading, more soon…