Monday, July 15, 2019

Portfolio overview - June 2019

My top (>2%) positions in no particular order: BRKB, FB, JPM, LSXMA, EXXRF, DISCK, FRFHF, MKL, AAPL

Fixed income: 2%
Cash: 16%

Sectors (kinda): Insurance (FRFHF, BRK, MKL): 20%, Malone/media: 10%, Banks/financials: 12%, Cars: 0%, Oil: 0%, Medical/pharma: 1%, Tech: 22%, Various owner-operators (not included in other categories): 8%

New positions: LBTYK, MSFT, BRFRF
Positions increased: V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY
Positions reduced: BOMN, FRFHF, STNE

Positions eliminated: LTRPA, SYTE

Sold remaining shares of LTRPA - I don't see very likely future growth. It is quite possible that TRIP will be acquired though.

Sold SYTE position as the management continued to mostly self-destruct. It was an entertainment value sized position. I decided to be entertained from sidelines from now on.

Sold part of position in BOMN after annual meeting. The management are nice people. The businesses are OKish. The valuation is high considering most of the book value is cash (received from selling shares at above book). Tough to see a scenario where shareholders do well short/medium term.

Sold part of position in STNE as stock ran up. Sale based on valuation and position sizing.

Sold part of position in FRFHF - I believe FRFHF can achieve 7-10% returns going forward, but unlikely higher than that. This might be OK compared to opportunities in current market. I decided that I would rather look for possibly better returns elsewhere.

Rebought some LBTYK on presumed Vodafone deal approval in Europe. This position may be sold at any time.

Bought some MSFT - I completely messed up with Microsoft in the past. I sold just as Balmer was going out and company was experiencing kitchen sink quarters after Nokia purchase. Then I watched on sidelines as the company and stock performed very well under Nadella's leadership and turn towards open software, enterprise and cloud. I think that with Office 365 subscription model and with Azure, MSFT still has good future. The stock is not cheap though, so I bought just initial position.

Bought a tracking position in BRFRF.

Added to V, OSSIF, GOOG, OTCM, IVSBF, KKR, YY based on prices/valuations, prospects and existing position sizes.

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