Wednesday, March 4, 2015

Portfolio overview - February 2015

My top (>2%) positions in no particular order: FRFHF, JPM, LMCA, BRKB, BAC, STRZA, SFY bonds, TESB.BE, DRAGF, FRMO, MKL, LBTYA/K
In: BAC - bought more, STRZA - price increase,
SFY bonds - price increase, TESB.BE - price increase, LBTYA/K - bought more
Out: BKLN - sold, MHNC - sold

Fixed income: ~13%
Cash: ~17%

Sectors (kinda):
Insurance (including BRKB and FRFHF): 25%, Malone/media: 11%, Banks: 6%, Cars and parts: 1%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 10%

New positions: FMCKP, FNMAG, PRDGF, HAL, IBM
Positions increased: GDWN.L, AGIIL, FRFHF, LBTYA, LBRDA, BAC, FRMO
Positions reduced: MHNC
Positions eliminated: BKLN, VRSN

This month there was a lot of change in my top positions partially through price changes, partially through purchases. There were also a lot of changes in fixed income part of portfolio.

Fixed income: sold BKLN, sold MHNC - overpriced based on yield-to-possible-call. Bought more AGIIL - one of the few remaining somewhat attractive prefs.

I sold VRSN position - not cheap enough to hold.

On the buy side, I bought some lottery tickets:

FMCKP, FNMAG - Fannie Mae and Freddie Mac prefs that might be worth zero if status quo continues. I do not count these as fixed income. 
PRDGF - startup investment vehicle of CoBF founder, currently losing money and overpriced based on assets.

I decided to buy some IBM after continuing Buffett support and reviewing their 2014 10K.
I bought some HAL, which seems to be reasonably attractive and quality company.

I added GDWN.L, FRFHF, LBTYA, LBRDA, BAC, FRMO at rather mediocre prices. It's possible that I should have waited instead.

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