Tuesday, November 11, 2014

Portfolio overview - October 2014

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

Fixed income: ~16%
Cash: ~19%

New positions: EVC, DVDCY
Positions increased: SPND, PGN, TPRE, DISCA
Positions reduced: INGR, MBNC, DE
Positions eliminated: AITPF, BK, TDF, CMI, EMC

With market volatility, my portfolio also saw some activity. I can't say the activity was very positive though. Most of the purchases and sales continue to be small sum thrashing around. All this while trying to find some interesting place to put the money in or a position to remove the money from.

Exploratory new positions in EVC and DVDCY - neither stock is cheap.

Bought more SPND and PGN as oil continues to flounder. Bought some TPRE as valuation is somewhat attractive. Bought some DISCA on continued decline.

Sold remaining AITPF on valuation. Sold CMI on valuation. Sold TDF after holding for a long time and losing my belief in this fund and its manager. Sold BK - my lower conviction bank holding. Sold EMC - my low conviction tech holding.

Sold some INGR and DE - low conviction, continued headwinds. Sold some MBNC - possibly mistake on this microcap.

Overall, there are positions in my portfolio that I like, but there's a lot of stuff that I am unsure about. I might do some house cleaning soon. We'll see.

The market is high and there are very few attractive stocks. I continue to hold quite a bit of cash and fixed income and continue to underperform SP500.

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