Monday, April 7, 2014

Portfolio overview - April 2014

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

Fixed income: ~16%
Cash: ~15%

New positions: SMTUF, AGIIL, VRSN
Positions increased: LMCA, DISCA, BAMXY, BAC, GS
Positions reduced: TSCDY, BASFY, PFHO
Positions eliminated: EVK.DE, TWC, GAME

Not much valuation change in the market, which is somewhat surprising considering volatile international situation. It seems that bulls still somewhat rule the US stocks at least.

In fixed income, I bought some AGIIL - not very cheap, but nothing is.

In stocks, I am still a bit of net buyer. Part of it is additional money coming in although my cash/fixed income percentages dropped a tiny bit.

I sold EVK.DE - not great results and I did not have high conviction about the company. I sold TWC - decided that putting more money into LMCA/DISCA makes more sense. I sold the last bit of GAME - decided that tracking it is not very interesting anymore.

I reduced position in TSCDY based on low conviction, BASFY - valuation and Russian involvement. PFHO is still great performer, but the stock is expensive and I continue to sell as it runs up.

I increased positions in BAMXY, BAC, GS - still reasonable valuations. BAMXY also partially replaces EVK/BASFY German exposure.

I opened two new positions. I liked valuation of Spekulatius' SMTUF. I bought some VRSN - reasonable valuation (not cheap!) and Buffett lieutenant exposure.

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