My top 10-ish positions in no particular order: NRF-A/B, UVIC, IDCC, EGY, UFPT, GILD, MHR-C/D, CSR, COPJF, DRAGF, GST-A, MSFT. Changes in top-10: In: GST-A - bought more
New positions: None
Positions increased: GLW, GST-A, RE, ENTR, RGA
Positions reduced: CSR, IDCC, MHR-C, UFPT, COPJF
Positions eliminated: TPCS, GPS, IACAF, RIMM, TRH, PBEGF, FRX
Flip-flop: None
Another summer month, another market meltdown. Or maybe it just seems like it. ;)
Fixed income: I sold remaining MHR-C, keeping just MHR-D. Added to GST-A.
While waiting for debt ceiling resolution, I sold marginal / low conviction positions in GPS, IACAF, RIMM, TRH, PBEGF, FRX. None of these stocks are expensive, but I am not sure if I will buy the positions back. I also trimmed UFPT and COPJF at the same time and with the same motive. I may rebuy shares in UFPT after good Q2 results.
I sold TPCS, since it does not seem cheap at fully diluted basis.
Two stocks came through this year: IDCC ran up on Nortel patent portfolio pricing and takeover speculation. I sold a substantial part of the shares. The stock is overvalued based on earnings, but may end up acquired at higher price. CSR - a Chinese RTO going private play - so far is going private and the arbitrage margin has decreased to $.60-.70 per share. I sold a substantial part of the shares and may sell remainder soon.
As market was dropping, I added to GLW, RE, ENTR and RGA. I may add to other positions if market continues downward trajectory. |
