My top 10-ish positions in no particular order: GTE, GFRE, TIP, GLW, GPOR, FR-J/K, IACAF, HOG, EMB, IGK/IND, NXY, OXY, PKX, SDTH, JNJ.
New positions: EMB, CELM, NEWN, DYP.
Positions increased: CPBY, NXY, TXIC, FUQI, GEOI, RIG.
Positions reduced: PBEGF, IGK, SPPRO, CHBT.
Positions eliminated: DDR-G, TLM, NBG-A.
Purchases were concentrated in undervalued Chinese companies (CELM, NEWN, DYP, CPBY, TXIC, FUQI) and cheap oil related companies (RIG, NXY, GEOI).
I reorganized the income part of the portfolio a bit, not necessarily in a positive direction by buying a position in EMB and selling some IGK, SPPRO, DDR-G, NBG-A. This move probably should be called di-worse-fication. :) Unfortunately, currently there are no good long positions to play the income side of market. Assuming the coming rise in interest rates and unclear direction of US$, almost nothing looks good. Few convertibles offer high enough interest and possible capital appreciation. Funds like TIP or EMB may suffer as rates rise, since TIP only protects from inflation but not rate risk and EMB may become less attractive compared to higher US rates. One could short long-term treasuries perhaps, but I don't advocate or take short positions.
On the sell side, PBEGF is rather expensive although very well executing company. I sold TLM to switch to more oily companies. CHBT is somewhat expensive if we go with GAAP results and don't discount their derivative losses. |
