We doubled down on Trina Solar (TSL) today at $7.65. This is following our strategy to eliminate our exposure to Suntech Power (STP) while simultaneously increasing our holdings on a smaller player valued much lower. We previously liquidated our Suntech (STP) position late last year. The thinking is that Suntech has premium valuation despite the fact that both Suntech and Trina are in the vertically integrated polysilicon based solar cell manufacturing industry which is being quickly commoditized – Suntech is trading at an Enterprise Value to Revenue ratio of 1.37 while Trina solar is trading at roughly half that ratio making Trina Solar attractive on a relative basis. With this purchase, our cost basis on Trina Solar (TSL) has come down to just under $25.
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 | 16.84 | 4.58 | 0.93 | 0.16 |
| Philip Morris International (PM) | 1/4/2005 | 32.19 | 41.22 | 7.60 | 28.04 | 0.23 |
| Kraft Foods (KFT) | Various | 24.03 | 28.67 | 5.19 | 19.29 | 0.11 |
| Pfizer (PFE) | Various | 24.37 | 17.45 | 7.90 | (28.39) | 0.33 |
| ICICI Bank (IBN) | 5/18/2006 and 08/01/2008 | 25.28 | 14.81 | 6.71 | (41.41) | 0.17 |
| Taiwan Semi (TSM) – Call Value | 7/27/2006 | 8.71 | 7.50 | 6.79 | (13.77) | 0.24 |
| Advantage Energy Fund (AAV) | 11/2/2006 | 11.22 | 4.26 | 1.93 | (62.05) | 0.22 |
| Central Europe & Russia Fund (CEE) | Various | 39.23 | 14.80 | 4.69 | (62.27) | 1.85 |
| Patni Computers (PTI) | 8/10/2007 | 20.85 | 4.84 | 2.19 | (76.80) | 0.03 |
| Itron Inc. (ITRI) | 11/07/2007 | 85.01 | 58.10 | 5.26 | (31.73) | None |
| Anthracite (AHR) | 11/09/2007 | 7.97 | 1.61 | 0.73 | (79.80) | 0.35 |
| ClickSoftware (CKSW) | 11/09/2007 | 4.61 | 1.99 | 1.80 | (56.83) | None |
| Harvest Energy (HTE) | 11/28/2007 | 21.01 | 8.71 | 3.16 | (58.55) | 0.45 |
| iRobot (IRBT) | 12/18/2007 | 18.65 | 7.38 | 2.67 | (60.09) | None |
| LDK Solar (LDK) | 01/22/2008 | 30.49 | 11.50 | 3.13 | (62.29) | None |
| Aegon N.V. (AEG) | 04/28/2008 | 15.99 | 4.47 | 1.21 | (72.04) | 0.24 |
| LM Ericsson (ERIC) | 05/05/2008 | 11.83 | 7.50 | 5.66 | (33.97) | 0.20 |
| TD Ameritrade (AMTD) | 05/21/2008 | 17.68 | 11.97 | 4.34 | (32.31) | None |
| Trina Solar (TSL) | 06/06/08, 07/31/08, 01/23/09 | 24.78 | 7.79 | 3.53 | (68.64) | None |
| Costco (COST) | 08/01/2008 | 62.28 | 46.97 | 4.25 | (24.58) | 0.03 |
| Frontline Limited (FRO) | 10/06/2008 | 36.95 | 28.11 | 3.82 | (23.92) | 0.41 |
| DryShips Incorporated (DRYS) | 11.66 | 10.70 | 5.82 | (8.22) | 0.41 | |
| Companhia Siderurgica Nacional (SID) | 10/10/2008 | 11.47 | 14.93 | 5.41 | 35.38 | 0.02 |
| Cash | 1.75 | |||||
| Total Portfolio | (38.83) | 5.46 |
- For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info
- The yield column is current as of 11/21/2008.
- For Taiwan Semi (TSM), we wrote Feb 7.5 covered calls on them on 01/05/2009.
- For DryShips (DRYS), we wrote Feb 15 covered calls against half our holdings on 01/16/2009.
- For LM Ericsson Telephone Company (ERIC), we wrote Apr 7.5 covered calls on them on 01/21/2009.
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