My top (>2.5%) positions in no particular order: GLW, MGDDY, JPM, MSFT, DRAGF, CYOU. In: CYOU - price increase
Fixed income: ~16%
Cash: ~20%
New positions: NOV, BAC, GS
Positions increased: INGR, TPCA, MHNB, YARIY, NICK, JOY, SPND, JPM, MKL, FMBL
Positions reduced: AMNF, UVIC
Positions eliminated: AAUKY, CJES, AHONY, DSX, CENJF, STO, TOT, CI, PMGLF, AHL
Flip-flop:
It's tough to be value investor... again. Market is rather expensive. Macro risks are there: we already have government shutdown and we still have the default risk. Even if default is avoided and government is reopened, there is a risk of short-term solution that repeats the circus in a month or two. All this could slow down economy or finally push the superoptimistic 2013-risk-on crowd to risk-off.
So overall, it's hard to make myself buy anything. It is easier to sell. But then market may march still higher leaving the cash and bonds underperforming.
In toto, I have raised cash again. Part of it wasn't my intention, part of it was.
I sold a lot of energy positions. PMGLF was acquired, but even with that I lost money on this position. I sold CENJF, STO and TOT that seemed to be a bit expensive based on recent results. I sold CJES that had mediocre recent results. I bought some SPND that seems to be cheap still. I also bought initial position in NOV that does not look cheap, but is favored by Buffett's lieutenants. I may buy some CVX even with their subpar results.
I also sold some low conviction positions: AAUKY, DSX, AHL.
Sold / reduced CI, AHONY and AMNF that have run up quite a bit and now seem expensive.
UVIC is a position that has not worked very well for me. I held it for long time and sold a bunch this year as the business seemed to be deteriorating. Now the stock is at highs and I am not benefiting much. They are promising positive growth next year, but I am not certain that they can deliver. In short: another example where large position did not work well for me.
I increased positions in banks: BAC, JPM, FMBL and GS. They still seem to be cheap'ish, even considering all the bad press, government enforcement and potential US default risk.
I also added to my various positions INGR, TPCA, YARIY, NICK, JOY, MKL mostly at so-so prices.
I bought a bit more of MHNB before it went above par. |
