We went a little bit more on margin to purchase about one-third more shares of ICICI Bank (IBN) at $13.16 per share and about 40% more Central Europe & Russia Fund (CEE) at $14.84 per share. Our existing holding in both of these holdings got crushed during this emerging market correction but the valuation has become compelling. We also went aggressive and wrote near-the-money covered calls on our Plum Creek Timber (PCL) holdings (Nov 35 at $2.75). Plum Creek Timber is a very good defensive holding for any portfolio but with valuations across the board at compelling levels, it makes less sense to hold on to defensive names. We will use the same strategy with other defensive names in the portfolio if this rebound continues.
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 | 19.53 | 5.31 | 17.05 | 0.14 |
| Philip Morris International (PM) | 1/4/2005 | 32.19 | 42.58 | 6.94 | 32.27 | 0.15 |
| Kraft Foods (KFT) | Various | 24.03 | 28.88 | 5.24 | 20.16 | 0.10 |
| Plum Creek Timber (PCL) – Call Value | 5/12/2005 | 35.5 | 35 | 9.52 | (1.42) | 0.20 |
| Pfizer (PFE) | Various | 24.37 | 17.82 | 8.08 | (26.87) | 0.27 |
| ICICI Bank (IBN) | 5/18/2006 and 08/01/2008 | 28.30 | 14.81 | 6.72 | (41.41) | 0.04 |
| Taiwan Semi (TSM) | 7/27/2006 | 8.71 | 7.77 | 7.05 | (10.68) | 0.12 |
| Advantage Energy Fund (AAV) | 11/2/2006 | 11.22 | 5.67 | 3.34 | (49.49) | 0.21 |
| SunTech Power (STP) | 3/14/2007 | 36.73 | 13.25 | 2.40 | (63.92) | None |
| Central Europe & Russia Fund (CEE) | Various | 51.03 | 16.72 | 5.31 | (57.37) | 0.57 |
| Patni Computers (PTI) | 8/10/2007 | 20.85 | 5.50 | 2.49 | (73.24) | 0.15 |
| Itron Inc. (ITRI) | 11/07/2007 | 85.01 | 47.53 | 4.31 | (44.15) | None |
| Anthracite (AHR) | 11/09/2007 | 7.97 | 3.07 | 2.78 | (61.48) | 0.23 |
| ClickSoftware (CKSW) | 11/09/2007 | 4.61 | 2.41 | 2.19 | (47.72) | None |
| Harvest Energy (HTE) | 11/28/2007 | 21.01 | 8 | 2.90 | (61.93) | 0.24 |
| iRobot (IRBT) | 12/18/2007 | 18.65 | 11.31 | 4.10 | (38.84) | None |
| MCG Capital (MCGC) | Various | 10.86 | 0.66 | 0.48 | (93.92) | 0.04 |
| LDK Solar (LDK) | 01/22/2008 | 30.49 | 15.86 | 4.32 | (47.99) | None |
| Aegon N.V. (AEG) | 04/28/2008 | 15.99 | 4.32 | 2.35 | (72.98) | 0.08 |
| LM Ericsson (ERIC) (AEG) | 05/05/2008 | 11.83 | 7.10 | 5.15 | (39.97) | 0.10 |
| TD Ameritrade (AMTD) | 05/21/2008 | 17.68 | 11.93 | 4.33 | (32.54) | None |
| Trina Solar (TSL) | 06/06/2008 and 07/31/2008 | 45.61 | 10.20 | 2.31 | (75.78) | None |
| Costco (COST) | 08/01/2008 | 62.28 | 57.48 | 5.21 | (7.71) | 0.03 |
| Frontline Limited (FRO) | 10/06/2008 | 36.95 | 28.50 | 3.88 | (22.86) | 0.61 |
| DryShips Incorporated (DRYS) | 10/09/2008 | 19.30 | 14.05 | 3.82 | (27.21) | 0.08 |
| Companhia Siderurgica Nacional (SID) | 10/10/2008 | 11.47 | 12.93 | 3.52 | 12.70 | 0.07 |
| Cash | (14.86) | |||||
| Total Portfolio | (43.53) | 3.22 |
- 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 35 on 10/28/2008 at $2.75.
0 Comments::
Post a Comment