My top 10-ish positions in no particular order: NRF-A/B, UVIC, MHR-C, IDCC, EBIX, GFRE, GILD, COPJF, DRAGF. Changes in top-10: None.
New positions: ESTE, PSDMF, TSP
Positions increased: PWRD, MAIL, FRFHF, FSR, AXS, MSFT, GAME
Positions reduced: NRF-A/B, CSGH
Positions eliminated: STPJF, GS, HOG, GXDX
Even though I established and increased some positions, there was not much to buy recently. Maybe this is changing with the Egyptian crisis. We will see.
My fixed income pref sales continue with NRF-A/B climbing almost to par. MHR-C is now over par with investors probably expecting that the company is getting overlevered and will not be able to replace C prefs at first opportunity in December. If it is called in December, yield to maturity sucks (~7.5%). I am not selling yet, but I'm definitely thinking about it.
I did not like CSGH report and lightened a bit.
I sold STPJF on valuation.
I did not like poor GS earnings and the fact that they made most money on trading their own accounts, so I sold the whole position.
I finished selling HOG. The turnaround is somewhat there, but the company is still struggling. I am sure HOG would be a good acquisition for someone and it might even make a good turnaround, but I am not so confident in it at this price.
GXDX announced a buyout. First buyout for me this year. I should have kept full position instead of selling half at $21 when they announced shopping for buyer. Sold the last half after announcement.
New positions:
ESTE - our old friend BSIC renamed. Reacquired position that I previously sold higher.
PSDMF - interesting drama for popcorn. Not a value stock. Exploratory position.
TSP - pretty cheap if they can figure a way to maintain or grow their earnings. Initial position.
MAIL has announced new agreement with GOOG and it looks like they are going to make tons of cash for coming couple years. Bought more.
MSFT is still very cheap. Added after earnings.
The rest are increases on valuation and attempts to productively deploy money: PWRD, FRFHF, FSR, AXS, GAME. Most of them will announce earnings sometime in coming two weeks. I don't expect anything spectacular. Hopefully no blowups either. |
