250101 Year 2 for Two Crows
Stock picks for AUD EUR JPY and USD
Hi all, and welcome to this rather special milestone — today we mark the end of our first year of portfolios and launch enthusiastically into 2025.
The Christmas period and various projects have kept me quite busy so todays release will be (again) brief, but events are shaping up such that I expect to be post some longer-form updates again in the new future. (Overdue) topics include the AI-grifter investor scammers, Michael Saylor’s ramblings that made me want to stab out my eardrums with a spoon, some analysis and reflection on current Two Crows portfolio composition, and thoughts on what we can expect in 2025.
Monthly portfolio commentary
With the start of a new year and upcoming financial statement releases for calendar-year-issued companies (which is many if not most European, USA etc stocks), I started to do a little housecleaning. This month I trim out many more stocks than typical, as some companies start to report consecutive years of slowing growth, declining profits, or similar worrying signs that trigger warnings and/or sale alerts in Two Crows algorithm.
Our EUR portfolio, covering the most diverse collection of stocks and countries and cultures, continues to disappoint, and be the most challenging to assess: is the current underperformance merely the result of negative sentiment towards Europe as investors globally have fallen increasingly in love with USA markets and European markets struggle with energy, political and other dramas? Or alternatively, is there a structural flaw in our Two Crows ranking algorithm, when applied to such a non-homogenous collection of markets?
The EUR portfolio remains largely untouched with no sales, although many share prices continue to bleed lower despite earnings holding (fairly) steady (thus far). It will be interesting to see what happens as offical earnings statements start appearing in our data feed and affect the ranking algorith scores. I expect though, that our EUR portfolio will continue to suffer poor performance for the short-term, until the underlying business economics have time to push the signal through the noise. Time will tell.
On to this month’s stock selections for the Two Crows Systematic AUD, EUR, JPY and USD “Week#1” portfolios.
Monthly Trades for AUD, EUR, JPY and USD
AUD denominated stocks (50 000 AUD + divs/sales)
SELL ALQ.AX - ALS Ltd: 377 shares @ $15.28
BUY CTT.AX - Cettire Ltd: 2462 shares @ $1.51
BUY MAD.AX - Mader Group Ltd: 622 shares @ $5.98
BUY LOV.AX - Lovisa Holdings Ltd: 121 shares @ $30.7
BUY TEA.AX - Tasmea Ltd: 1199 shares @ $3.1
BUY IPG.AX - IPD Group Ltd: 961 shares @ $3.87
BUY LYL.AX - Lycopodium Ltd: 370 shares @ $10.04
BUY JIN.AX - Jumbo Interactive Ltd: 265 shares @ $14.04
BUY CUV.AX - Clinuvel Pharmaceuticals Ltd: 308 shares @ $12.05
BUY PWH.AX - PWR Holdings Ltd: 469 shares @ $7.92
BUY VLS.AX - Vita Life Sciences Ltd: 1957 shares @ $1.9
BUY HIT.AX - HiTech Group Australia Ltd: 1977 shares @ $1.88
BUY NCK.AX - Nick Scali Ltd: 244 shares @ $15.22
BUY SIQ.AX - Smartgroup Corporation Ltd: 483 shares @ $7.7
BUY IRI.AX - Integrated Research Ltd: 8449 shares @ $0.44
BUY DTL.AX - Data#3 Ltd: 581 shares @ $6.4
EUR denominated stocks (50 000 EUR + divs + sales)
BUY ADYEN.AS - Adyen N.V.: 2 shares @ $1437
BUY ALC.MC - Altia Consultores, S.A.: 604 shares @ $4.6
BUY ATSI.MC - Aplicaciones y Tratamiento de Sistemas: 747 shares @ $3.72
BUY ASML.AS - ASML Holding N.V.: 4 shares @ $678.7
BUY AOF.DE - ATOSS Software AG: 24 shares @ $114.2
BUY CYB.MI - Cyberoo S.p.A.: 1310 shares @ $2.12
BUY ELG.DE - Elmos Semiconductor SE: 41 shares @ $68
BUY E3G1.SG - Evolution AB: 37 shares @ $74.4
BUY GOFORE.HE - Gofore Oyj: 125 shares @ $22.2
BUY HMU.DE - HMS Bergbau AG: 94 shares @ $29.4
BUY ROVI.MC - Laboratorios Farmaceuticos Rovi: 44 shares @ $62.95
BUY LIK.DE - LIMES Schlosskliniken AG: 8 shares @ $332
BUY MC.PA - LVMH Moët Hennessy: 4 shares @ $635.5
BUY MELE.BR - Melexis NV: 49 shares @ $56.5
BUY PHN.MI - Pharmanutra S.p.A.: 51 shares @ $54.4
BUY PLNW.PA - PLANISWARE PROMESSES: 99 shares @ $28.12
BUY QTCOM.HE - Qt Group Oyj: 41 shares @ $67.2
BUY TISG.MI - The Italian Sea Group S.p.A.: 375 shares @ $7.41
JPY denominated stocks (5 000 000 JPY + divs/sales)
SELL 4771.T - F&M Co.,Ltd.: 238 shares @ $1515
SELL 4848.T - Fullcast Holdings Co., Ltd.: 274 shares @ $1483
SELL 4975.T - JCU Corporation: 126 shares @ $3845
SELL 4063.T - Shin-Etsu Chemical Co., Ltd.: 412 shares @ $5296
SELL 7849.T - Starts Publishing Corporation: 123 shares @ $2931
SELL 6432.T - Takeuchi Mfg. Co., Ltd.: 77 shares @ $4980
SELL 4792.T - YAMADA Consulting Group Co.,Ltd.: 205 shares @ $1929
BUY 5032.T - ANYCOLOR Inc.: 185 shares @ $2816
BUY 4481.T - BASE CO., LTD.: 181 shares @ $2876
BUY 4413.T - baudroie,inc.: 106 shares @ $4935
BUY 6532.T - BayCurrent Consulting, Inc.: 98 shares @ $5320
BUY 4980.T - Dexerials Corporation: 211 shares @ $2471.5
BUY 2326.T - Digital Arts Inc.: 86 shares @ $6040
BUY 7148.T - Financial Products Group Co., Ltd.: 180 shares @ $2895
BUY 4722.T - Future Corporation: 281 shares @ $1852
BUY 9341.T - GENOVA, Inc.: 397 shares @ $1312
BUY 3150.T - gremz,Inc.: 201 shares @ $2587
BUY 6036.T - KeePer Technical Laboratory Co., Ltd.: 109 shares @ $4760
BUY 9552.T - M&A Research Institute Holdings Inc.: 256 shares @ $2037
BUY 7033.T - Management Solutions co.,Ltd.: 308 shares @ $1689
BUY 3901.T - MarkLines Co., Ltd.: 239 shares @ $2176
BUY 4071.T - Plus Alpha Consulting Co.,Ltd.: 273 shares @ $1909
BUY 3923.T - Rakus Co., Ltd.: 280 shares @ $1858
BUY 6323.T - Rorze Corporation: 340 shares @ $1530
BUY 4431.T - Smaregi, Inc.: 195 shares @ $2670
BUY 6196.T - Strike Company,Ltd: 143 shares @ $3655
USD denominated stocks (50 000 USD + divs/sales)
SELL IFCN.SW - INFICON Holding AG: 6 shares @ $1145.56
SELL OTCM - OTC Markets Group Inc.: 176 shares @ $51.21
SELL CASH - Pathward Financial, Inc.: 83 shares @ $73.58
SELL TXN - Texas Instruments Incorporated: 31 shares @ $187.51
SELL USLM - United States Lime & Minerals, Inc.: 110 shares @ $132.74
BUY ADBE - Adobe Inc.: 23 shares @ $444.68
BUY AMAT - Applied Materials, Inc.: 64 shares @ $162.63
BUY AZO - AutoZone, Inc.: 3 shares @ $3202
BUY ACLS - Axcelis Technologies, Inc.: 149 shares @ $69.87
BUY KNSL - Kinsale Capital Group, Inc.: 22 shares @ $465.13
BUY MEDP - Medpace Holdings, Inc.: 31 shares @ $332.23
BUY MELI - MercadoLibre, Inc.: 6 shares @ $1700.44
BUY ODFL - Old Dominion Freight Line, Inc.: 59 shares @ $176.4
BUY PAYC - Paycom Software, Inc.: 51 shares @ $204.97
As always, thanks for reading, and please feel free to get in touch if you’re interested in systematic investment and modelling.