My top 10-ish positions in no particular order: NRF-A/B, UVIC, IDCC, UFPT, GILD, MHR-C, NXY, COPJF, DRAGF, MSFT. Changes in top-10: Out: EBIX - sold part, GFRE - price drop; In: MSFT - bought more.
New positions: INTC, ASBRF
Positions increased: CHL, GFRE, MSFT
Positions reduced: PBEGF, CGPI, EBIX, FSR, CSGH
Positions eliminated: SPU, CLLZF, CEU
Flip-flop: NEWN
This period was marked with complete meltdown of Chinese RTOs. Most of it was warranted and the jury is out on the remaining couple. I have sold most of my positions (SPU, CEU, CSGH, CGPI) - way too late. I still have positions remaining in CGPI (tiny), CSGH (medium), LTUS (tiny), NEWN (small), GFRE (large), SDTH (halted), CELM (halted).
Another blowup was EBIX - a great lesson where margin of safety or buying cheap saves the day. Even after the ~25% haircut, I sold partial position at a gain. Of course, I should have sold some on the runup to $30, but I thought that EBIX was a great long term hold.
Finally, FSR seems like a risky bet even with assurances of limited exposure to Japanese reinsurance claims. I sold part of position on runup to mid 9ish.
I sold part of PBEGF since I am not sure it presents attractive value. I also sold tiny CLLZF position, since the stock was not attractive for position increase.
On the buy side, tech megacaps INTC and MSFT are cheap. But then we all know that computers are obsolete and everyone will use iPads.
I also bought a bit more CHL as it dropped.
I initiated a small position in ASBRF as a toe-dip into Japanese market. Beer that glows in the dark - great concept, don't you think? :) |
