My top 10-ish positions in no particular order: GPOR, COPJF, FR-J, IGK/ISF/IDG, NRF-B, RINO, UEPS.
New positions: EBIX, HRBN, UVIC, FRX
Positions increased: RINO, NRF-A/B, NEWN, LTUS, IGK, MAIL, TXIC, NE, RIG, CF, CEU, CSGH, FRX, GRVY, UEPS, NOK, GFRE, SPU, CPBY, GEOI, WH, CBEH, GILD
Positions reduced: GRMN, RIG
Positions eliminated: NBG-A, MUR
With a lot of volatility in past couple weeks, I average-increased a lot of positions:
- Income (IGK, NRF-A/B). IGK dropped during Euro panic and subsequently recovered. NRF-A/Bs are dropping presumably on risk avoidance.
- Chinese (RINO, NEWN, LTUS, TXIC, CEU, CSGH, GFRE, SPU, CPBY, WH, CBEH). So far only WH has reported very bad results, but the company is also trading at very cheap valuation. Others have not announced any bad news although dilution (NEWN, GFRE), huge A/Rs (CPBY) and unclear sources of financing for expansion (LTUS) have to be taken into account when investing. Some companies have not reported 2010 Q1 or even 2009 annual results (TXIC) yet.
- Oil (NE, RIG - traded in and out due to oil spill news, GEOI, WH, CBEH). After some consideration sold MUR and bought more GEOI instead.
- Other positions: MAIL, CF, GRVY, UEPS, NOK, GILD. Mostly no big news with old (known) risks and possibilities.
I also established new positions in EBIX - Bruwin long-time favorite which is trading somewhat cheap now. The attraction and issues were discussed in Bruwin's thread ( Message 26530489 ). UVIC - microcap that moved from Canadian listing to OB board. Still somewhat cheap based on past results although royalty expiration is coming in the future. It seems that management is shareholder friendly. HRBN has reported great results and I decided to dip a toe into the water. FRX is another exploratory position that probably won't be increased. However, I decided to watch it closer by being an owner of some shares.
In terms of sales, GRMN's issues have been discussed a lot. It is attractive if someone decided to take it over, but overall GPS market is becoming very competitive. RIG is also very cheap, but headline risk is getting worse so far. NBG-A is not cheap enough for another bout of Greece issues. I decided that MUR's refineries are not worth holding for me. |
