My top 10-ish positions in no particular order: NRF-A/B, UVIC, GPOR, EBIX, IDCC, MHR-C, GILD, GFRE, COPJF, CSGH, DRAGF, PBEGF. Changes in top-10: In: GFRE, MHR-C, CSGH; Out: FR-J/K, GTE.
New positions: FMBL, FMR, FRFHF
Positions increased: MHR-C
Positions reduced: SPU, GPOR, GTE, FR-J/K, HRBN, GEOI
Positions eliminated: SBEAF
Flip-flops: BAC, ESI.
Biggest change is still in the fixed income. As the FR-prefs crept up, I kept reducing my position. I have added to MHR-C which switched to monthly payouts and stabilized at par. Not a great deal, but a decent place to park money at 10.25% yield.
I decided to buy back the FMBL position I sold during account move as an investment in small bank recovery. I flip-flopped on BAC and don't currently hold it. Same on ESI.
GFRE and CSGH crept up into top 10 as their prices increased. Still cheap.
I decided to enter some deals in insurance land, trying to pick well managed companies on the cheap. FMR is cheap and small and perhaps well managed. FRFHF is well managed, but not fantastically cheap. The main issue for insurance companies now is low bond yields for their float. FRFHF and L are somewhat insulated through their equity holdings. Of course, the usual big kahuna risks of insurance business remain - writing policies at any cost can ruin any company. Hopefully, the managements of these companies are smart enough to avoid it.
I sold or reduced a number of positions as prices ran up. HRBN received a take-under offer which still was higher than the price it was trading at. SPU recently ran up on the "ringing NASDAQ bell" news. GPOR, GTE, GEOI and SBEAF all ran up with the oil-commodity optimism. Just to note, part of my GPOR position is my first (I think) ten-bagger. Wooohooo? |
