Tuesday, September 9, 2014

Portfolio overview - September 2014

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

Fixed income: ~16%
Cash: ~16%

New positions: MBNC, RYAM, 7399:JP, TESB:BE, PGN
Positions increased: DE
Positions reduced: GLW, STX, AITPF,
Positions eliminated: VASTN:NL, DNOW

Though the market did not do much this month, I bought and sold more than in previous months. It remains to be seen if the activity was worthwhile.

I sold DNOW distribution from NOV. It seemed to be expensive and not attractive.
Sold Euro REIT
VASTN:NL - not impressed with results for the last couple years and did not see bright future either.
Continued reduction of GLW - not clear to me that it's worth current valuation, no clear positive outlook except perhaps auto-industry option.
Sold some STX - WDC+STX is a bit large position and I decided to reduce.
Sold some AITPF on valuation
Sold some BASFY on valuation and Russia involvement.

Bought more DE as the stock drops/goes nowhere. Company is shedding employees and predicting bad results. I might be early, but I plan to buy more.

Established initial positions in
MBNC was mentioned on SI Value Investing thread. I don't believe it's very cheap, but it's interesting.
RYAM is a spinoff that's also not cheap, but rather interesting for future prospects.
7399:JP - Japan industrial co., not great results, no moat, but cheap. Might be value trap. Discussed on Corner of Berkshire and Fairfax.
TESB:BE - Belgian chemical company, now run by turnaround owner/CEO. Discussed on Corner of Berkshire and Fairfax. Not great current results.
PGN - another spinoff discussed on
SI Value Investing board. Risky offshore drilling small cap.

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