Performance 2016

There performance in CHF from portfolio in 2016, amounts to 11.8%. Au cumul, cela nous amène à une rentabilité annuelle depuis lancement (03.02.2010) de +12.95%. Le portfolio fait un peu moins bien que le marché (S&P 15.07% en CHF) durant cette année, mais avec une volatility presque 2x moindre.

Cette année aura été marquée par un marché qui a battu de nouveaux records, aidé notamment par l'élection de Trump, avec sa politique prévue de relance économique. Les acteurs du marché ont ainsi retrouvé le goût du risque, alors même que les valorisations des actions étaient déjà très hautes.

In this context, it is difficult to compete with the market with a portfolio that plays it safe. Indeed, the portfolio's values are selected for their low beta, i.e. they are not very sensitive to market variations, thanks to their activity in non-cyclical sectors, such as health, food, consumer goods or tobacco.

On the other hand, the establishment of the Trading Auto Signal at the end of last year, aimed to take advantage of and protect against trendless or bearish markets. By playing in both directions (buy-sell) when stocks are breaking record after record, it is not easy to do better than the benchmark index.

That being said, I prefer to lose a few percentage points in a bull market and have peace of mind for the future. Playing the game of who will buy the highest is no longer my habit since the bursting of the Internet bubble.

La croissance des dividendes du portfolio demeure toujours élevée, avec 10.23% par an. Grâce à cela, le rendement sur coût d'achat du portfolio est monté à 3.81%, alors même que le rendement courant est seulement de 2.23%. Précisons également que le Trading Auto Signal a fait baisser, temporairement du moins, le rendement sur coût d'achat. En effet, le capital qui y est engagé ne génère des dividendes que lorsque la position est haussière. Le dividend yield du SPY est par ailleurs relativement faible par rapport aux autres titres du portefeuille. Par contre, grâce à la forte croissance escomptée avec ce signal, celui-ci devrait rapidement permettre une augmentation importante du rendement sur coût d'achat.

THE distribution ratio The average portfolio ratio remains at quite interesting levels, with 59,65%. The measures taken this year, by selling certain black sheep, have made it possible to significantly reduce this ratio which had progressed significantly in recent times (it was close to 100% in the first half, in particular because of certain companies active in the energy sector).

During the year, CHF 6,781 in net dividends were generated, compared to CHF 5,713 the previous year. I am thus progressing ever more towards financial independence, today being 19% away from the objective that will allow me to completely retire from the professional world.

My progress was slow in the early years, but I have been growing exponentially lately. I am now waiting for a market correction that will allow me to invest heavily in new good dividend-paying stocks. If that time comes soon enough, perhaps I will be able to reach my ambitious goal in due time.

I would like to take this opportunity to thank you for your loyalty and to wish you a 2017 filled with stock market, family and, incidentally, professional satisfaction.