Portfolio update - February/March 2020

My top (>2%) positions in no particular order: BRKB, FB, PSHZF, LSXMA, EXXRF, AAPL, JPM, GOOG,
In: PSHZF - bought
Out: TRRSF - sold, MKL - sold
 
Fixed income: 12%
Cash: 6%

Sectors (kinda): Insurance (BRK, MKL): 14%, Malone/media: 5%, Banks/financials: 13%, Stock funds: 6%, Cars: 0%, Oil: 1%, Medical/pharma: 1%, Tech: 27%, Various owner-operators (not included in other categories): 5%

New positions: GPOR bond, GPOR, BCSVX, SAVE, VTIQW, BITA, PSHZF
Positions increased: EXPE, V, BKNG, BRKB, IAC, GOOG, JPM, ICE, FB, AKREX, DFS, KKR, PROSY, MLSPF, CVS,
Positions reduced: BOMN, CHEK, TRRSF, MKL,
Positions eliminated: LBTYK, ANGI, EFFP:SE, FNMAG, BIDU, FWONA
Flip-flop: WEIN, BREW, TECD, OSSIF

Covid pandemic has brought a huge drop in stock prices, which led to a lot of activity in my portfolio. Interestingly enough the cash and fixed income percentages have not changed much so far, although considering that the portfolio size has dropped, this means I have invested cash/bonds into equities.

I have sold lower conviction holdings LBTYK, BIDU, FWONA and tiny positions in EFFP:SE and FNMAG. I sold ANGI and deployed cash into IAC.
I sold most of BOMN which I did not consider very attractive holding. I sold large parts of TRRSF and MKL - these are good companies, but also likely not the best investments going forward. I sold part of tiny CHEK position.

With merger arbitrage spreads increasing hugely, I bought and sold WEIN, BREW, TECD. I bought some BITA although the probability of its sale going through is likely lower.

I bought and sold some OSSIF as share price fluctuated during the drop.

In oil space, I bought some GPOR bonds and very few GPOR shares.No guarantee that GPOR won't  file.

I bought new position in fund BCSVX and added to AKREX. I bought a large position in PSHZF, which is trading well below NAV with Bill Ackman navigating the crisis well so far with timely hedges. PSHZF is currently unhedged though and future results may be volatile.

I bought a position in SAVE - an airline that might survive and produce good earnings if it does.

I bought a tiny tracking position in very speculative VTIQW.

Finally I added to a lot of stocks that I have held before and now were selling much cheaper:
EXPE, V, BKNG, BRKB, GOOG, JPM, ICE, FB, DFS, KKR, PROSY, MLSPF, CVS. Some of these are more attractive than others and the sizes of purchases differ a lot.

Keep washing your hands and stay healthy