Monday, June 8, 2015

Portfolio overview - May 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

Fixed income: ~10%
Cash: ~18%

Sectors (kinda):
Insurance (including BRKB and FRFHF): 23%, Malone/media: 12%, Banks: 6%, Oil 11%, Tech 2%, Various owner-operators (not included in other categories) 16%

New positions: CHK, AXP, KHTRF
Positions increased: PRDGF, FMCKP, DNR, FRFHF, SFTBY
Positions reduced: DRAGF
Positions eliminated: TPRE, AGIIL, MHNC, SRLN

I have eliminated most of my fixed income positions (
AGIIL, MHNC, SRLN) not counting SFY bonds. I think that holding cash might be preferable here compared to holding various bond, bank loan, pref positions.

I sold TPRE after deciding that their (re)insurance results and 2/20% cost headwind are too adverse for holding this position.

I sold some more DRAGF after they announced the official bid for the company and the stock ran up. I am still holding some.

Put some of DRAGF money into my oil basket with CHK, DNR purchases. After reviewing my oil positions, I don't think they are very attractive, so I might not buy more at current prices. In particular, I don't think that CHK, DNR are the best places to put future money. :)

Increased positions in
PRDGF, FMCKP, FRFHF, SFTBY at flat to lower prices.

Bought exploratory position in AXP. I don't think the price is very attractive yet, but the company still has a good franchise and brand, so I'd like to have my toes in waiting for possibly better prices.

Bought a small position in KHTRF - Canadian biotech/pharma holding company at a price close to cash assets with shareholder oriented management.

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