The past week has just proven to us, if it is still necessary, all the virtues of defensive values. Tandis que le monde est agité par les révolutions arabes et les catastrophes naturelles au Japon, tandis que le pétrole affiche une volatility importante en tendance haussière, nos titres, grâce à leur nature défensive et leurs dividendes, traversent l'orage paisiblement. Non seulement le valeurs de notre portfolio do not show sensitivity to these events, but they also progress over the week.
There performance of portfolio thus regains some color, both in CHF and in EUR, while The market has left a lot of feathers in the storm. In the single currency, our profitability is now again higher than that of the market, with obviously lower volatility, and therefore a Sharpe ratio also better than the market, which corresponds to our objectives. With the Swiss franc as a reference currency, we are still subject to the safe haven role of the CHF, but our profitability is no longer very far from that of the SMI.
In the stock market, attack is very rarely the best defense. Let us recall the internet bubble and the real estate bubble. Betting on defense is often more profitable in the long term.
Our values have not been in great demand lately. We were already talking about it in January. However Since the end of February our stocks have outperformed the S&P 500, thus breaking a negative trend compared to the market that began last September.
In addition, we returned to full dividend season, thus increasing the income generated by our portfolio. We are well on our way to reaching a 4th consecutive quarter of revenue increase, aidés par la croissance des distributions de chaque position mais aussi par notre achat de Coca-Cola.
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