We added about 6% more cash to our stock portfolio account. The cash was used to purchase shares of Costco (COST) and add one-third more shares to our ICICI Bank (IBN) holdings. Costco came down about 15% following company’s projection that 4Q earning will come in well below estimates. Costco as a discount retailer is a good place to bet money on even though the valuation is fairly high at 18 times forward earnings. ICICI Bank shares have come down about 60% from its peak due to the uncertainties regarding the credit crunch. ICICI Bank is India’s second largest lender and is a financial behemoth with interests in Insurance (life and general), Investment Banking, Venture Funds, and Home Finance in addition to its core banking business. As such, the company should continue to grow at a steady pace paralleling GDP growth in India.
Below is our updated portfolio:
| Stock | Buy Date | Buy Price | Current Price | Current % Of Portfolio | Unrealized % Return | Yield as % of BOY Portfolio Value Plus Deposits |
| Altria (MO) | Various | 16.69 | 20.90 | 3.48 | 25.26 | 0.15 |
| Philip Morris International (PM) | 1/4/2005 | 32.19 | 52.08 | 5.81 | 61.78 | 0.18 |
| Kraft Foods (KFT) | Various | 24.03 | 32.04 | 3.56 | 33.31 | 0.11 |
| Plum Creek Timber (PCL) | 5/12/2005 | 35.5 | 48.70 | 8.11 | 37.17 | 0.28 |
| Pfizer (PFE) | Various | 24.37 | 18.60 | 5.16 | (23.67) | 0.28 |
| ICICI Bank (IBN) | 5/18/2006 and 08/01/2008 | 28.30 | 30.40 | 6.75 | 7.40 | 0.06 |
| Taiwan Semi (TSM) | 7/27/2006 | 8.71 | 9.58 | 5.32 | 10.12 | 0.15 |
| Advantage Energy Fund (AAV) | 11/2/2006 | 11.22 | 10.70 | 3.86 | (4.67) | 0.39 |
| SunTech Power (STP) | 3/14/2007 | 36.73 | 33.51 | 3.72 | (8.76) | None |
| Central Europe & Russia Fund (CEE) | Various | 51.03 | 47.91 | 5.32 | (6.12) | 0.93 |
| Patni Computers (PTI) | 8/10/2007 | 20.85 | 10.58 | 2.94 | (49.30) | 0.03 |
| Itron Inc. (ITRI) | 11/07/2007 | 85.01 | 92.24 | 5.12 | 8.38 | None |
| Anthracite (AHR) | 11/09/2007 | 7.97 | 6.82 | 3.78 | (14.43) | 0.51 |
| ClickSoftware (CKSW) | 11/09/2007 | 4.61 | 2.43 | 1.35 | (47.29) | None |
| Harvest Energy (HTE) | 11/28/2007 | 21.01 | 19.37 | 4.30 | (7.83) | 0.59 |
| iRobot (IRBT) | 12/18/2007 | 18.65 | 13.86 | 3.08 | (25.05) | None |
| MCG Capital (MCGC) | Various | 10.86 | 4.78 | 2.12 | (55.99) | 0.32 |
| LDK Solar (LDK) | 01/22/2008 | 30.49 | 32.79 | 5.46 | 7.53 | None |
| Aegon N.V. (AEG) | 04/28/2008 | 15.99 | 11.59 | 3.86 | (27.50) | 0.20 |
| LM Ericsson (ERIC) (AEG) | 05/05/2008 | 23.65 | 21.18 | 4.70 | (10.46) | 0.14 |
| TD Ameritrade (AMTD) | 05/21/2008 | 17.68 | 20.73 | 4.60 | 17.22 | None |
| Trina Solar (TSL) | 06/06/2008 and 07/31/2008 | 45.61 | 27 | 3.75 | (35.89) | None |
| Costco (COST) | 08/01/2008 | 62.28 | 62.20 | 3.45 | (0.13) | 0.03 |
| Cash | 0.45 | |||||
| Total Portfolio | (6.54) | 4.36 |
- For SunTech Power (STP), we wrote covered calls for 2008 Dec 50 on 06/06/2008 at $5.20.
- For Taiwan Semi (TSM), we wrote covered calls for 2008 October 12.5 on 4/21/2008 at $0.45.
- For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info
- For Plum Creek Timber (PCL), we wrote covered calls for 2008 November 50 on 06/03/2008 at $1.70.
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