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Secondly, my belief on what is going on is that the US and UK fund managers are selling Aixtron to take the tax loss in year end to offset their tax gains from their winners.
In US, the wash sale rules prohibit you taking the tax loss benefit if you buy back the same stock within 30 days. I believe similar rule exists in UK. In Germany, there is no such rule but correct me if I am wrong. In Germany you can sell Aixtron to take a loss and immediately buy them back and you can still deduct your tax loss.
If I were a US fund managers, of course I would offload my loser Aixtron in December and back them back in January. That is a ~20% gain in taxes.
From Aixtron's 2018 annual report:
As of December 31, 2018, approximately 26% of AIXTRON shares were held by private individuals, most of whom are domiciled in Germany. Approximately 73% of AIXTRON?s outstanding shares were held by institutional investors. The majority of institutional investors (approximately 37%) was located in the United Kingdom, followed by Germany (23%) and the United States (21%). The remaining investors came from other parts of Europe and the world. At the end of 2018, the largest shareholders according to the most recent notifications were T. Rowe Price Group, the Oppenheimer Global Opportunities Fund and Deutsche Asset Management, each holding more than 5% of AIXTRON shares. 99% of the shares were in free float as defined by Deutsche Börse and approximately 1% of AIXTRON?s shares were held by the Company.
According to the voting rights notifications and public disclosures pursuant to Section 26 para. 1 WpHG, the following institutional investors held shares of more than 3% in AIXTRON SE at the end of 2018: ? T. Rowe Price International Funds, Inc., Baltimore, Maryland, USA, 5.2%. ? OppenheimerFunds, Inc., Denver, Colorado, USA, 5.2%. ? Deutsche Asset Management Investment GmbH, Frankfurt, Germany, 5.1%. ? Argonaut Capital Partners LLP, Edinburgh, United Kingdom, 4.9%. ? Ministry of Finance on behalf of the State of Norway, Oslo, Norway, 4.9%. ? Baillie Gifford & Co, Edinburgh, United Kingdom, 4.9%. ? Citigroup, Inc., Wilmington, Delaware, USA, 4.6%. ? BlackRock, Inc. in Wilmington, Delaware, USA, 4.3%. ? Oppenheimer International Small-Mid Company Fund, Wilmington, Delaware, USA, 3.1%. ? Varma Mutual Pension Insurance Company, Helsinki, Finland, 3.1%. ------------------------------------------------ You could see that 22.4% of Aixtron shares are held by the US institution investors. Another 10% by the UK. That is about 30m shares and most of them likely to have tax loss. If I were their money managers, I sell Aixtron and buy back in after 30 days. This is my theory, but I have no proof. If I were right, expect a January rally.
CWL, I think you are not alone (on 2 fronts). 1. I added to my position today as well, so hi-5! 2. The tax loss hypothesis is a wider spotted phenomenon, see here: https://www.investopedia.com/terms/j/...20they%20are%20less%20liquid. Lets see what happens in January (add to that CES in Las Vegas) and what happens around Aixtrons Q4 results and 2020 guidance on 27.02.
CWL, as mentioned earlier, that makes at least three of us who took advantage of today?s price action to increase the Aixtron position. Let?s see in a couple of months whether ?advantage? is a good word in this context...
Re/ your Tax comments: I have no clue on the Tax situation for investment funds domiciled in Germany, but from a private investor perspective I can confirm that it could make sense to do such a tax-driven sale. Assuming you have realized 10k profits with other stocks throughout the year (on which you paid taxes already) and sit on 10k losses with your Aixtron investment - which you intend to hold for several years anyway - you might be inclined to sell Aixtron right now, get the taxes back for the time being and buy the shares again (however, some limitations: https://www.bauer-treuhand.de/Services/Aktuelles/...ten-Aktien.html). Obviously just a liquidity/timing effect, but nevertheless worth to consider.
On top of the Tax considerations, one could also mention the usual ?window dressing? phenomenon towards year-end, i.e. in your year-end portfolio you rather want to show a star performer like e.g. Apple instead of the laggard/underperformer Aixtron. So that might play a role currently as well.
Werde auch aufstocken. Aber erst im Januar. Wenn der kurs noch unter 9 ist.
WÜrde gerne mal einen VERSUCH starten. Wenn hier an einem Tag alle mal 2 000 bis 3000 Aktien kaufen ob man so den kurs an einem Tag beeinflussen kann. Sozusagen ForumFonds. . Wahrscheinlicher macht eh keiner mit und wahrscheinlich auch Albern
irgendwie kommt mir das Spanisch vor. Diese Lücke hätte der deutsche Fiskus doch längst geschlossen?! Wer weiß was dazu? Betrifft zwar Aixtron nur indirekt, weil ich sie ja nicht aus dem Depot werfen will, andererseits wenn sich mal die Gelegenheit ergibt dem deutschen Fiskus eins auzuwischen...
Wird dir nicht viel bringen die Aktie aus steuerlichen Gründen zu verkaufen. Du machst den Verlust und danach kaufst du Neu. Bedeutet dass du auf den niedrigeren Kurs bis zum hoffentlich höheren kurs 25 % zahlen darfst. Die darfst du dann mit deinen 25 % Verlsustvortrag verrechenen. NULLSUMMENSPIEL.
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