Unfortunately, over the past month the F-Score portfolio performance has only deteriorated.
A dividend of $0.375 per Noble Corp share was paid to investors on February 6. The dividend totaled $18. There have been no other dividends paid since. Including this contribution, the portfolio’s year to date decline has now increased to 26.67%, from -21.6% as reported at the beginning of February. Month-on-month the portfolio has declined 6.40%. The S&P 500 lost 1.74% over the same period. The F-Score portfolio has underperformed the S&P 500 by 26.23% year to date.
Vantage Drilling and Nuverra Environmental continued to push the overall portfolio lower, declining by around 600bps and 700bps respectively during the period. Willis Lease Finance lost 1231bps during the period, which was by far the worst performance. Speedway Motorsports, OM Group and Ducommun led the pack for the fourth month in a row as a lack of exposure to the oil industry allowed the three companies to benefit from wider equity market strength.
Leading the pack, Ducommun Inc gained 312bps during the period continuing its positive performance for the year.
I’m tempted here to provide some commentary on how the companies have performed and why they have performed as such but that’s not the point. The Piotroski F-Score is designed to be used with financials only and no fundamental analysis…
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