One year results:
ANAD - 52.125 24.14% to 90.375 8.62% - 82.97% total return
CPN - 36.375 60.17% to 94.875 8.59% - 170.81% total return
ICGE - 35.0 65.94% to 63.50 49.85% - 96.54% total return
PMCS - 64.25 16.83% to 98.625 4.27% - 59.33% total return
RFMD - 78.0 13.52% to 100 3.75% - 33.00% total return
SFE - 57.75 22.6% to 91.50 8.63% - 67.09% total return
SEPR '07 - 49 24.97% to 94.375 6.92% - 103.80% total return
SEPR '06 - 54.375 23.93% to 95.875 7.26% - 86.89% total return
SEPR '05 - 76.125 17.13% to 103 redemption - 44.49% total return
TERN - 60.0 17.77% to 87.0 9.13% - 52.5% total return
TQNT - 77.125 10.70% to 89.5 7.58% - 21.22% total return
VTSS - 72.0 19.20% to 97.0 6.24% - 39.77% total return
As to the SEPR '05, it was only out 9 months so an annualized calculation would have put its total return around 60%.
So, if I had bought all of these a year ago I would have done very well. My biggest mistake, by far, was selling the CPN when things looked bad for the company. I took a loss from my purchase price, which was higher than the start here a year ago.
I also was too scared to buy the other very high risk bonds that did the best - ICGE and ANAD. I still have a smallish position in the SEPR '07, which did very well. I also am holding the SFE bond that did well.
In almost all the cases, the underlying common did much better than the bond. The common results are as follows:
VTSS - 516.86%
SEPR - 394.03%
PMCS - 379.89%
TERN - 295.93%
SFE - 272.82%
ANAD - 189.32%
CPN - 155.27%
ICGE - 100%
TQNT - 91.52%
RFMD - 57.47%
Only in CPN have the bondholders done better than the stockholders (though ICGE is a push). As to the top 5 stocks (VTSS, SEPR, PMCS, TERN, and SFE) you would have done at least 4 times better in the stock. VTSS common did ~13 times better than its bond.
Since I have a lot of SEPR common (it is the only common that I own from this list, except for a small position in TQNT), I feel that I have had a decent participation in this run. I surely would not commit much to the common of these stocks at these prices, and am only interested in the TQNT bond right now. For other reasons, I own the RBAK bond and am looking closely at a VECO bond. |
