Since 1 January 2023 up to date, only Podravka out of all CROBEX10 constituents outperformed the index more than 50% of the time. However, a few notable constituents outperformed the index overall.
For today, we decided to look at how often each CROBEX10 constituent outperform/underperform the index. The figures relate from 1 January 2023 to date.
It should be noted that just looking at this does not tell the whole story, as investments in individual stocks usually have higher costs and fees, as compared to investing in the entire index. Also, some stocks might outperform the index on fewer days, but still, come out better than the index since their returns were either higher on those days, or their declines were lower on other days.
Since the beginning of 2023, the CROBEX10 index recorded a solid return of 26.8%, actually outperforming the SBITOP index (excl. dividends), which also noted a solid double-digit return of 17.2%. This growth was driven by many different companies, but certainly, the ones that stand out are Podravka (+71.1% YTD), Končar (+62% YTD), Span (+38.3% YTD), Atlantic Grupa (+19% YTD).
How much did individual constituents outperform/underperform compared to the index (YTD, p.p.)
Source: Bloomberg, InterCapital Research
This would mean that even though CROBEX10 recorded a solid return, HPB outperformed it by over 45 p.p., Podravka by 44 p.p., Končar by almost 35% and Span by over 11 p.p. YTD. On the other hand, the worst performer thus far has been Ericsson NT, which recorded a decrease of 13.7% YTD, thus meaning that it underperformed the index by over 40 p.p., followed by Atlantska Plovidba, even though was in the positive with a 5.5% growth YTD, still lagged by over 21 p.p. compared to the index.
During this period, there were 229 total working days in Croatia. Out of all of the observed companies, only Podravka managed to outperform the index in terms of better returns on these days, while the rest underperformed more than 50% of total trading days as compared to the index. Podravka outperformed the index on 55.9% of the days, and consequently, underperformed 44.1% of the days. On the other hand, Atlantska Plovidba, outperformed the index on only 44.1% of the days, Valamar 44.5% of the days Ericsson NT on 45% of the days each, while Končar outperformed it on 46.3% of the days.
How often did CROBEX10 constituents outperform the index (amount of days YTD, %)
Source: Bloomberg, InterCapital Research
