Monday, March 3, 2014

Portfolio overview - March 2014

My top (>2%) positions in no particular order: MGDDY, JPM, MHNC, GLW, DRAGF, BKLN, CF, BRKB, WDC.

In: BRKB - added

Fixed income: ~17%
Cash: ~17%

Positions increased: LMCA, MHNC, MDT, BRKB, TPRE. GLRE
Positions reduced: GLW, CF
Positions eliminated: SIRI, CYOU, MHNB, AFSI-A, UVIC

Without much of a correction, market continues the rise, which means that there's not much to buy cheaply.

On the income side, I have simplified my holdings by selling MHNB and AFSI-A as they went up and adding a bit of MHNC.

On the stocks side, I have increased my positions in Malone companies, by buying LINTA, LBTYA, STRZA, DISCA and adding to LMCA. I sold SIRI position, since I did not see much benefit to holding it rather than LMCA. These are not really value investing positions.

I added to MDT - not cheap, but looks like a long-term resilient company.

I also added to investor run insurance companies: BRKB, TPRE, GLRE. All of them have run up a bit, but they don't look expensive if the respective portfolio managers can continue to perform. Buffett has underperformed S&P500 last year, but promised overperformance over business cycle in the future.

I sold some CF and GLW. The positions were large and I reduced them as slow conviction.

Closed CYOU and UVIC positions. UVIC ran up while their results remained so so. I decided that holding CYOU is no longer a worthwhile idea though the stock remains cheap based on past results. It is not clear what results will the company produce going forward though. Both of these positions were sold at a profit, but not outstanding one.

No comments: