2024 performance review for our student managed investment fund: +28,7% return vs. +4,6% benchmark (European Small & Mid Cap Equities)
The MSMIF Fund of the TU Investment Club e.V. has significantly outperformed in 2024! As Co-CEO of the MSMIF GmbH together with Michael Gilch, we are very proud of the achievements this year. We currently hold 15 positions in our 𝗹𝗼𝗻𝗴-𝗼𝗻𝗹𝘆 𝗲𝗾𝘂𝗶𝘁𝘆 𝗳𝘂𝗻𝗱 focusing on undervalued small and mid caps in the European region (majority DACH).
2 Stocks to highlight this year have achieved "multi-bagger returns":
𝗔𝗹𝘇𝗰𝗵𝗲𝗺 𝗚𝗿𝗼𝘂𝗽´𝘀 +121% was driven by strong operating results & earnings revisions, a justified multiple expansion (from 7x to 11x 2025E Earnings, balance sheet is net cash positive) and new inflows through an inclusion to the SDAX in October. Based in Bavaria, this german Hidden Champion in the specialty chemicals industry is a prime example for companies we are targeting in our value-based equity fund.
𝗩𝗲𝗿𝘃𝗲 𝗚𝗿𝗼𝘂𝗽 (prior Media & Games Invest, based in Sweden, operates an advertising technology platform) returned +221% in 2024 and we reduced our position a few weeks ago (35% higher than current share price) to realize a return of +300% YTD and a 125% CAGR since entering the position. Drivers? Strong double-digit growth rates achieved from prior stagnant business expectations, operating leverage became visible, transformative M&A and a multiple expansion to current levels of 8x EV/EBIT for 25E.
We are deeply grateful for the incredible opportunities this non-profit fund vehicle provides to students in Munich who share a passion for investing and finance. As we look ahead to 2025, we are excited to:
1️⃣ Analyze more fascinating companies and invest in high-quality value stocks,
2️⃣ Build on our solid investment framework and professionalized processes and
3️⃣ Enhance member education and collaboration with our valued sponsors.
Here’s to an even more impactful and rewarding year 2025! 🚀
