My top 10-ish positions in no particular order: UVIC, MHR-C/D, GST-A, GLW, EGY, GILD, IDCC, ARY, COPJF, DRAGF, MSFT. Changes in top-10: None
New positions: MHR, PETS, ENI, ETN, AXP, APA
Positions increased: CTEL, TOT, PWRD
Positions reduced: IDCC, NXY, DSX, UFPT
Positions eliminated: IGK, AEF, L
Flip-flop:
As market continues to gyrate up and down, my purchases and sales start to feel the same way. Some people might say that I am rebalancing the portfolio. Others may say that I am improving its quality. Still others may find it pointless exercise of losing the commissions and spreads while thrashing around. I think it's the mixture of three. My cash level has not changed substantially, not counting a large non-investment cash withdrawal that I had to make recently, so the sales and purchases mostly balanced out. Hopefully, the portfolio has indeed improved.
Fixed income. I decided to sell IGK and AEF as they approached par. Did not rebuy them yet. Kept MHRprefs, GST-A and ARY.
In energy, I swapped some NXY for APA, MHR and TOT. Still not sure if it was a good swap, but we'll see.
After discussions here on the thread, I decided to sell L. I also reduced my position in DSX since I am not sure how much it is exposed to Euro crisis. As IDCC price continues to dance around the somewhat-reasonable sellout value, I reduced the position again. Possibly weak UFPT's position lead to partial sale.
I added some CTEL and PWRD. PWRD was recently discussed here after big price drop.
New positions in PETS, ENI, ETN, AXP. All of these seem like good companies selling at rather cheap prices. I sold out of AXP in March 2010 for even cheaper price, but decided to return now.
In terms of errors of omission, I should have held CSR to the $6.4x current value. Might have been better gain and better sleep than a lot of other positions this year. At least one Chinese small cap that worked out for me and other holders who bought it below the buyout price. |
