Finally a new PORTFOLIO UPDATE:
PORTFOLIO UPDATE JUNE 12:
For new lurkers, I update my portfolio from time to time so you can see how I have distributed my holdings among sectors, and track the winners and losers. This is a real portfolio – no smoke, mirrors, newsletters or other hype jobs. All of my trades are recorded for the thread.
The market continues to drift and the 50% portfolio is following, dragged down a little by Internet and tech stocks.
Lesson learned so far this year: I would be up a lot more if I had sold my Internet stocks in mid-May and not bought any new ones. But that would go against my philosophy of long-term Core Holdings and maintaining a healthy Internet exposure. I should have shorted some or bought puts instead.
In dollar terms, the portfolio is less than 10% off its high for 1999 – which is more than I can say for a lot of individual stocks.
New additions (since 5/23): CMCSK, STRM, PRVT, AIB, HSAC, WEIR, USAB, SONE, more FNDTF, IFSX and VUSA, BWT short, CUST November 17.5 puts, PTEK August 15 calls, CS July 10 calls.
Out: TVGIA, LPGL, JOF, TTF, SCOT, BNGO, DIAL, IACO, DIA short, RACE short, PAIR July 15 calls.
Now holding 56% techs and 48% non-tech stocks (with 4% margin balance). Buying tech stocks that look cheap tilted the balance.
Portfolio currently ahead 52.5% YTD, down from +60% on May 23. Dow is up 14%, NASDAQ 11% and S&P about 5%. The Internet Index is only up 40% YTD now.
According to the Bloomberg Mutual Fund Center, the 50% Gains portfolio would rank 12th among all US mutual funds for YTD performance (though six of the others are Asia or Russia-based funds). The one-year performance (100%) ranks 9th. bloomberg.com
Core holdings: AOL, BRKB, CMGI, EGRP, FNDTF, FRNT (new), MFNX, MSFT, MSGI, RNWK, SILK, URBN (new), VRIO, WCOM: 46%.
50% Gains Candidates: AIB (new), AMG, BINC, BTGC, CMCSK (new), CYPLF, HSAC (new), IATV, IFSX, IMCL, LWIN, LPAC, MMPT, PRVT (new), RIG, SBTV, SONE (new), STRM (new), TGLO, USAB (new), VUSA: 50%.
Tradin' Trash: NORE, WEIR (new): 2%.
Options: CS July 10 calls, PIXR July 50 calls, PTEK August 15 calls, HMK Sept 16.6 calls, BTIM September 12.5 puts, CUST November 17.5 puts, WMB January 2001 40 LEAP calls, T January 2001 56.6 LEAP calls: 6%.
Cash: -4%.
Current shorts: ENMD, VLNC, BWT and ICCSA. Equals 10% of portfolio value long, down from 20% on May 23. The short portfolio finally turned a profit as ICCSA collapsed under the weight of discount convertible holders starting to dump their shares. ENMD offsets my IMCL long position, and it fell nicely this week.
SECTORS: Communications back to even with the Internuts and Financials. Options holdings are included.
Broadcasting/Communications: WCOM, IATV, MFNX, LWIN, PIXR calls, LPAC, T calls, SBTV, HSAC, CMCSK (25%)
Internet Services: AOL, CMGI, RNWK, VRIO, MMPT, MSGI, VUSA, TGLO, PRVT, STRM (25%)
Financial/Insurance: AIB, AMG, BRKB, EGRP, IFSX, USAB, SONE (24%)
Software: FNDTF, SILK, MSFT (9%)
Biotech: BINC, IMCL, BTIM puts, BTGC (8.5%)
Energy: WMB calls, RIG (5%)
Retailers: URBN, WEIR, HMK (3.3%)
Gaming: NRAG, CYPLF (2.5%)
Travel: FRNT (1.3%)
Hardware: CS calls (.4%)
Currently 20 winners, 3 break even and 14 losers, or 23, 4 and 14 if you count shorts (options are too volatile to include week to week).
Comments, questions and suggestions more than welcome as always. |
