My top 10-ish positions in no particular order: NRF-A/B, UVIC, IDCC, UFPT, GILD, EGY, MHR-C/D, COPJF, DRAGF, MSFT. Changes in top-10: In: EGY - bought more
New positions: LDRXF, ELD, AMX, CI, HPQ, STO, TRH
Positions increased: BBD, EGY, TOT, AFSI, UFPT, UVIC, PMGLF, ARY, MSFT, PTI, DELL, MHR-D, INTC, FRFHF, BRK, MAIL
Positions reduced: MHR-C
Positions eliminated: VSEC, AEH, AFL, IDG/IGK, DCIX, PSDMF, PTNR
Flip-flop: CSR, ARO
With market and especially energy drop it seems that I was pretty active.
Fixed income. Most fixed income securities ran up again, so I got rid of AEH, IDG/IGK, MHR-C. I bought some ARY, ELD and MHR-D instead.
In terms of themes, I am trying to figure out potential winners in insurance companies. A lot of them are trading below book due to a big catastrophe year and possible skepticism of investors about their fixed income portfolios earning next to nothing in treasuries and such. I added to my AFSI, BRK, FRFHF positions and initiated a small TRH position. I guess small CI position also fits this theme. I sold AFL though on pretty high price and their losses in Greek securities.
I still like high tech. Perhaps I am late to the cyclical ball, but I added to my MSFT, DELL, INTC, MAIL positions and initiated small HPQ position. I added to PTI that dropped hugely from the tender price. I think PTI is a risky position here, doubtfully a buy.
I added to some energy names as stocks dropped: EGY, PMGLF, TOT. I initiated positions in STO and LDRXF as these stocks dropped.
In telecom space, I bought some AMX and sold PTNR on disappointing results. I am still trying to figure out this space and possibly not doing very well. :)
In miscellaneous, I added to BBD, UVIC, UFPT positions as prices dropped.
I sold VSEC on an announcement of them buying a big company.
I sold tiny DCIX position I received as a spinoff from DSX.
I sold PSDMF on Asian rumor runup.
I bought more ARO and then sold part of position on disappointing earnings. I may sell the rest too.
I bought some CSR which is a Chinese company in the process of management buyout. The belief in buyout is shaky so the arbitrage margin is big. It is risky though. I sold part of my position as stock ran up and rebought as it dropped again. |
