My top 10-ish positions in no particular order: IGK/IDG, NRF-A/B, UVIC, GPOR, EBIX, GILD, FR-J/K, COPJF.
New positions: MA
Positions increased: UVIC, PBEGF
Positions reduced: AEH
Positions eliminated: CPBY, MILL, OXY
With market mostly going up, the number of cheap companies has gone down. I have started a small position in MA. MA is not cheap and faces regulatory fee restrictions. It is also affected by worldwide consumer recession that lowers the transaction amount. Finally, I am not sure whether competition with V, AXP and novel payment solutions is as benign as expected. So I wouldn't say that MA is a great buy. However, it is attractive for more research and investigation.
I sold my gambling position in MILL. MILL's financial statements are pretty weird in my opinion and I'd rather not hold the stock of a cat in a big bag.
CPBY is another company with not pretty financial statements. Over 80M billed and unbilled (2/3!) A/R is too much for my peace of mind. Sold.
I did not like OXY's purchase of Citi's commodities trading operation, so I finally exited the position. Somewhat too late though.
With the pref share runup, I have reduced my AEH position and may reduce others.
I purchased some PBEGF to partially replace the OXY and MILL positions. |
