241231 Crushed our benchmarks in 2024
DKK INR NOK and SEK portfolio returns for full-year 2024
Hello all. Following up from last weeks release, I am happy to present to you full year performance figures for Two Crows Systematic, Week#2 portfolios over 2024.
Tldr;
all portfolios were strongly positive with double-digit returns
all portfolios crushed their corresponding benchmarks on a TWRR basis
December 2024 Week#2 Commentary
Most noteworth of the December outcomes was the fairly brutal decline in the DKK benchmark portfolio, falling -11% over the month on a TWRR basis. The Copenhagen benchmark has fallen rapidly over the recent quarter, meaning that purchases made in the middle of the year, at elevated prices, disproportionately sting now. This is possibly (probably?) largely due to the rapid decline in Novo Nordisk, which weighs heavily on the index. Despite some exposure to Novo in our Two Crows DKK portfolio, we largely sidestepped the mayhem and fell a mere -1% in comparison.
This rapid decline means on a time-weighted basis, the Danish benchmark actually returned -6.7% for 2024, whereas our Two Crows DKK portfolio achieved a very respectable 17.0% neat.
This theme of relative TWRR outperformance continued across our other Week#2 portfolios:
Two Crows INR at 16.2% vs Indian Nifty 50 at 7.9%
Two Crows NOK at 33.6% vs Norwegian Oslo Bors at 7.8%
Two Crows SEK at 19.6% vs Swedish index at 5.4%
In other words, on a time-weighted investment basis, 2024 has been a stellar level of outperformance for Two Crows. We have bested the major benchmark indices of all 4 portfolios by a factor of 2-4x.
Held up against HedgeNordic Long-Only Equity portfolios, Week#2 and TCS in aggregate, rank well but cluster around the median, but fall below the mean. Asilo and HCP were too damned good in 2024.
Coincidentally, as I had hoped last letter, we managed to close out 2024 in excess of a 20% TWRR — thank you, Santa. That said, in aggregate Two Crows was pipped at the post by HedgeNordic Long-Only Equity managers: 21.9% vs our 20.7%. Missed it by → ← that much!
Week#2 Performance Tearsheets for December 31 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 December and full year 2024 follow:
DKK Portfolio & Benchmark:
INR Portfolio & Benchmark:
NOK Portfolio & Benchmark:
SEK Portfolio & Benchmark:
As always thanks for reading, more soon for 2025!