My top 10-ish positions in no particular order: NRF-A/B, UVIC, IDCC, EBIX, GFRE, GILD, COPJF, DRAGF. Changes in top-10: MHR-C - out
New positions: PTNR, GPS, BBD, EGY, ARY, AFSI
Positions increased: NXY, SDTH, AXS, MSFT, TPCS, AMGN
Positions reduced: NRF-A/B, MHR-C, GPOR, UFPT
Positions eliminated: SOHU, RIMM, FR-J
Flip-flops: ESTE, CCME
This was pretty active time for me.
In fixed income area, I have sold remaining FR-J, reduced NRF-A/B as they climbed up and sold a bunch of over-par MHR-C. Not much is attractive in fixed income right now, but I decided to dip a toe into MCsweet's ARY.
I flip-flopped into and out of CCME with minor gain. I decided that I don't like our old friend's ESTE's results and sold my position after buying at lower prices a week or couple ago.
On the sell side, I sold SOHU that has become richly valued. At least premier Chinese companies still provide nice returns. :)
I sold RIMM due to uncertainty in cell phone business, although they may benefit from disastrous NOK decisions.
I sold some more GPOR. Every time I sell, it goes up. ;) Maybe it will fall when I sell my last shares? ;) People can probably find out how big percentage I left on the table so far. Ah the Internet never forgets. ;)
UFPT - I said that I was not very psyched about it at $11... Shoulda bitten my tongue, since it started running up next day or so. Almost double in month and a half. Now I sold a bit just so it does not get into my top 10 positions. :) Getting fairly valued here.
In oil area, I bought some more unloved NXY and restarted my EGY position after two and half years. Not much has changed, has it? ;)
I bought an exploratory position in PTNR. Not very exciting company, definitely with political risk and some leverage.
GPS has been discussed here by Paul Senior. Pretty nice valuation. In for small position right now.
BBD - Brazilian bank discussed here. I don't particularly like banks, but I'll dip my toe for exploratory position.
AFSI was suggested and discussed here. I still don't like the P/Book ratio, but results are so far solid, so I bought a position.
Increased positions in SDTH, AXS, MSFT, TPCS, AMGN based on valuation.
IMHO MSFT is a great way to play NOK's "conversion". If it succeeds, which is very unlikely, MSFT will benefit a lot. If it doesn't, MSFT does not lose much either.
TPCS - a US small cap that looks remarkably like Chinese small cap. Oh, they even have a subsidiary in China. No wonder. Well, at least people will find someone to sue if a fraud is discovered. Apparently so far the management is in Massachusetts and Pennsylvania. If I was them, I'd get airline tickets and Chinese visas asap. :P |
