Sunday, May 17, 2020

Portfolio update - April/May 2020

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, AAPL, EXXRF, GOOG,
In:
Out: JPM - sold, LSXMA - sold

 
Fixed income: 12%
Cash: 16%

Sectors (kinda): Insurance (BRK, MKL): 12%, Malone/media: 4%, Banks/financials: 9%, Stock funds: 7%, Cars: 0%, Oil: 2%, Medical/pharma: 1%, Tech: 27%, Various owner-operators (not included in other categories): 4%

New positions: OXY bond, TCEHY
Positions increased: FB, AKREX

Positions reduced: JPM, IPGP, MAR, PCTY, NICE, AAPL, OSSIF, SHOP
Positions eliminated: SAVE, BITA, CFRUY, FMCKP, GGG, SFTBY, AXP, BX, LSXMA, KKR, TECD, PAR, NPSNY

Flip-flop: STNE, AER, KNOP

The market and a lot of stocks ran up since March. I mostly added to positions in late March and early April. Then mostly sold positions in late April and May. I don't think the economy will recover quickly. A lot of stocks are expensive, the market seems to be very optimistic, so I have raised cash.

I sold merger arbitrage positions in BITA, TECD. 
Sold airline related stocks: SAVE, bought and then sold AER as it ran up.
Sold a lot of positions that I thought to be expensive, low conviction, or impacted by pandemic: CFRUY, FMCKP, GGG, SFTBY, AXP, BX, LSXMA, KKR, PAR.
Also reduced positions for similar reasons: JPM, IPGP, MAR, PCTY, NICE, AAPL, OSSIF, SHOP
Some of these are good companies and I might buy back the positions, especially if prices drop (significantly).

Added to STNE position at lows and then sold partial position as the price ran up.

I decide to switch from NPSNY to TCEHY. Still holding PROSY.

Added to FB and AKREX for long term holding.

Bought initial position of OXY bond at low prices. It has run up since.

 


Thursday, March 26, 2020

Portfolio update - February/March 2020

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, LSXMA, EXXRF, AAPL, JPM, GOOG,
In: PSHZF - bought
Out: TRRSF - sold, MKL - sold

 
Fixed income: 12%
Cash: 6%

Sectors (kinda): Insurance (BRK, MKL): 14%, Malone/media: 5%, Banks/financials: 13%, Stock funds: 6%, Cars: 0%, Oil: 1%, Medical/pharma: 1%, Tech: 27%, Various owner-operators (not included in other categories): 5%

New positions: GPOR bond, GPOR, BCSVX, SAVE, VTIQW, BITA, PSHZF
Positions increased: EXPE, V, BKNG, BRKB, IAC, GOOG, JPM, ICE, FB, AKREX, DFS, KKR, PROSY, MLSPF, CVS,

Positions reduced: BOMN, CHEK, TRRSF, MKL,
Positions eliminated: LBTYK, ANGI, EFFP:SE, FNMAG, BIDU, FWONA

Flip-flop: WEIN, BREW, TECD, OSSIF

Covid pandemic has brought a huge drop in stock prices, which led to a lot of activity in my portfolio. Interestingly enough the cash and fixed income percentages have not changed much so far, although considering that the portfolio size has dropped, this means I have invested cash/bonds into equities.

I have sold lower conviction holdings LBTYK, BIDU, FWONA and tiny positions in EFFP:SE and FNMAG. I sold ANGI and deployed cash into IAC.
I sold most of BOMN which I did not consider very attractive holding. I sold large parts of TRRSF and MKL - these are good companies, but also likely not the best investments going forward. I sold part of tiny CHEK position.

With merger arbitrage spreads increasing hugely, I bought and sold WEIN, BREW, TECD. I bought some BITA although the probability of its sale going through is likely lower.

I bought and sold some OSSIF as share price fluctuated during the drop.

In oil space, I bought some GPOR bonds and very few GPOR shares.No guarantee that GPOR won't  file.

I bought new position in fund BCSVX and added to AKREX. I bought a large position in PSHZF, which is trading well below NAV with Bill Ackman navigating the crisis well so far with timely hedges. PSHZF is currently unhedged though and future results may be volatile.

I bought a position in SAVE - an airline that might survive and produce good earnings if it does.

I bought a tiny tracking position in very speculative VTIQW.

Finally I added to a lot of stocks that I have held before and now were selling much cheaper:
EXPE, V, BKNG, BRKB, GOOG, JPM, ICE, FB, DFS, KKR, PROSY, MLSPF, CVS. Some of these are more attractive than others and the sizes of purchases differ a lot.

Keep washing your hands and stay healthy


Tuesday, February 18, 2020

Portfolio overview - January 2020

My top (>2%) positions in no particular order: BRKB, FB, LSXMA, EXXRF, AAPL, JPM, TRRSF, GOOG, MKL,
In: TRRSF - price increase
Out:

 
Fixed income: 11%
Cash: 6%

Sectors (kinda): Insurance (BRK, MKL): 17%, Malone/media: 7%, Banks/financials: 12%, Stock funds: 3%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 27%, Various owner-operators (not included in other categories): 6%

New positions: VVNTWS, BITA, DFS, XROLF, MLSPF, NICE
Positions increased: JPM

Positions reduced: FMCKP, SPCEWS
Positions eliminated: PRDGF


Rolled more cash into MINT and BSV.


Finally gave up and sold PRDGF position. It is likely that equity holders will be wiped out. 

Sold some FMCKP as the future return is unclear.

Sold some SPCEWS as stock and warrants have been shooting up.

Added some JPM and bought initial position in DFS. 

Bought a small position in BITA merger arbitrage.

Bought tracking positions in XROLF, MLSPF and NICE.

Bought some VVNTWS warrants that promptly ran up.

Monday, January 20, 2020

Portfolio overview - December 2019

My top (>2%) positions in no particular order: BRKB, FB, LSXMA, EXXRF, AAPL, JPM, GOOG, MKL,
In:
Out:
FRFHF, DISCK - sold

Fixed income: 10%
Cash: 9%

Sectors (kinda): Insurance (BRK, MKL): 17%, Malone/media: 7%, Banks/financials: 11%, Stock funds: 3%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 26%, Various owner-operators (not included in other categories): 6%

New positions: GGG, AKREX, FSPHX, FIGFX, GISOX
Positions increased: CMCSA, ACHN, BKNG, GOOG, ICE

Positions reduced: SPCEWS
Positions eliminated: FRFHF, DISCK, CLKFF, AMCX

Bought a bunch of short-term fixed income ETFs: MINT, FLOT, BSV.

Sold
FRFHF, DISCK, CLKFF, AMCX - unsure about future prospects and returns.
Sold a part of tiny position in SPCEWS as the warrants ran up hugely.
Bought tracking position in GGG.
Added to CMCSA, BKNG, GOOG, ICE although stocks are not cheap.
Added to ACHN during stock weakness.

Bought positions in AKREX, FSPHX, FIGFX, GISOX as a partial move to investing via mutual funds.

Monday, December 16, 2019

Portfolio overview - November 2019

My top (>2%) positions in no particular order: BRKB, FB, LSXMA, EXXRF, AAPL, DISCK, JPM, FRFHF, GOOG, MKL,
In:
Out:

Fixed income: 2%
Cash: 15%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 11%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 25%, Various owner-operators (not included in other categories): 7%

New positions:
Positions increased: CVS
Positions reduced: VMW, JPM
Positions eliminated: WBA, REGN

Not much activity in terms of number of companies, but somewhat significant changes in some positions.

Sold WBA - not certain about future prospects. Added a bit to CVS where future potential seems more positive.
Sold REGN - I probably should admit that I don't understand pharmas and I don't bring any insight when investing in pharmas. I'll have to attempt to not buy pharmas in the future.
Reduced VMW to a tracking position - I think that further move to cloud infrastructure and containers will reduce VMW business. Pivotal acquisition may counter this trend, but I think growth is not assured.
Reduced JPM position significantly. Although I think JPM may provide positive return in the future, I doubt it will be high return. Considering that I have a large exposure to banks through BRK, I decided to reduce JPM position significantly.

Monday, November 18, 2019

Portfolio overview - October 2019

My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, AAPL, DISCK, FRFHF, GOOG, MKL,
In: GOOG - added
Out:

Fixed income: 2%
Cash: 12%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 13%, Cars: 0%, Oil: 0%, Medical/pharma: 2%, Tech: 25%, Various owner-operators (not included in other categories): 7%

New positions: ACHN, ANGI, MAR
Positions increased: GOOG, REGN, OTCM, CHEK, V, EXPE
Positions reduced:
Positions eliminated: IBKR

Sold remainder of IBKR position.

Bought new position in ACHN - merger arbitrage. Bought position in ANGI. Bought initial tracking position in MAR.

Added to GOOG, REGN, OTCM, V, EXPE. Added very tiny bit to tiny and indefensibly speculative position in CHEK.

Tuesday, October 8, 2019

Portfolio overview - September 2019

My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL
In:
Out:

Fixed income: 2%
Cash: 16%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 19%, Malone/media: 9%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 23%, Various owner-operators (not included in other categories): 7%

New positions: AYRSF, BX, PCTY
Positions increased: VMW, IAC, BKNG, PROSY, KKR

Positions reduced: IBKR

Sold most of IBKR position, mostly before zero-commissions announcements.

Added to VMW, IAC, BKNG, PROSY, KKR positions.
Bought initial positions in AYRSF, BX, PCTY.