Tuesday, May 5, 2015

Portfolio overview - April 2015

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

Fixed income: ~12%
Cash: ~16%

Sectors (kinda):
Insurance (including BRKB and FRFHF): 24%, Malone/media: 12%, Banks: 5%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 13%

New positions: CLKFF, WOPEY, PSHZF
Positions increased: SFTBY, PRDGF, AAPL, BRK, FMCKP
Positions reduced: BAC
Positions eliminated: IBM, GLRE, ISIG

A rather quiet month for shuffling the portfolio.

I sold IBM after Q1 results. I did not think they were good and I don't have conviction to hold the shares. This might work fine for Buffett and me through BRK/FRFHF, but I won't hold shares directly.

Sold GLRE - I don't like GLRE, TPRE (re)insurance results. I think they are weak (re)insurance companies and recently Einhorn/Loeb investment results are not great either. IMHO, it will be tough for them to outperform with hedge fund fee headwind.

Sold ISIG - results not attractive to me.

Sold a bit of BAC - I think BAC is not bad investment, so this is just portfolio adjustment move.
Bought more SFTBY, PRDGF, AAPL, BRK, FMCKP. Not great prices, but possibly good enough for adding.

Bought Canadian value investment company CLKFF shares for long term holding.
Bought WOPEY to add to my oil portfolio.
Bought PSHZF - although I am concerned about PSHZF hedge fund fees, I think that
PSHZF might do better than GLRE/TPRE.

No comments: