Sunday, July 3, 2016

Portfolio overview - June 2016

My top (>2%) positions in no particular order: FRFHF, BRKB, JPM, EXOSF, DISCK, ISTB, LSXMA, TESB.BE, MKL, AAPL

Fixed income: 4%
Cash: 10%
Sectors (kinda): Insurance(FRFHF, BRK, MKL): 30%, Malone/media: 12%, Banks/financials: 8%, Oil: 5%, Tech: 3%, Various owner-operators (not included in other categories): 15%

New positions: OTCM, IPGP, CFRUY
Positions increased: LMCA, LBTYK, JLL, JPM
Positions reduced: BATRK, AGXKF, BUD
Positions eliminated: DNR, MU

First part of this month was relatively quiet and then came the sad news about Brexit.

I sold remainder of DNR position - it's not clear if the risk/reward is attractive here.
Sold small MU position - though company is cheap on asset replacement basis, it is not clear whether its business is going to do well. Management is not attractive based on their past decisions.
Sold some BATRK - exchanged into LMCA which I find more attractive from business point of view.
Sold some AGXKF on runup.
Sold some BUD - high valuation even considering approved merger.

Bought initial positions in
OTCM, IPGP, CFRUY all of which may be attractive businesses to hold long term and are managed by owner operators.
Added to LBTYK, JLL and JPM on Brexit drops.

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