Sold Out of Taiwan Semiconductor Manufacturing Company Limited (TSM) Holdings

We sold our Taiwan Semi (TSM) shares yesterday taking advantage of the mild rally in the shares following its pact to manufacture processors based on Intel’s Atom design . The transaction resulted in a long-term loss of roughly 10%. Our cash position now stands just under 20% of our total portfolio value. We will attempt to deploy some of the cash when we start seeing signs of a bottom.

Below is our updated portfolio:












































































StockBuy DateBuy PriceCurrent PriceCurrent % Of PortfolioUnrealized % ReturnYield as % of BOY Portfolio Value Plus Deposits
Altria (MO) Various16.6914.625.04(12.38)0.16
Philip Morris International (PM)1/4/200532.1932.349.200.460.23
Kraft Foods (KFT)Various24.0321.945.04(8.71)0.11
Pfizer (PFE)Various24.3711.876.81(51.29)0.33
ICICI Bank (IBN)5/18/2006 and 08/01/200825.2811.136.39(55.97)0.17
Advantage Energy Fund (AAV)11/2/200611.221.891.09(83.16)0.22
Central Europe & Russia Fund (CEE)Various39.2312.024.83(69.33)1.85
Patni Computers (PTI)8/10/200720.854.312.47(79.34)0.03
Itron Inc. (ITRI)11/07/200785.0141.614.78(51.11)None
Anthracite (AHR)11/09/20077.970.550.32(93.10)0.35
ClickSoftware (CKSW)11/09/20074.612.743.15(40.56)None
Harvest Energy (HTE)11/28/200721.0141.84(80.97)0.45
iRobot (IRBT)12/18/200718.657.173.29(61.23)None
LDK Solar (LDK)01/22/200830.495.061.74(83.41)None
Aegon N.V. (AEG)04/28/200815.992.891.00(81.92)0.24
LM Ericsson (ERIC) – Call Value
05/05/200811.83 7.506.85(36.93)0.20
TD Ameritrade (AMTD)05/21/200817.68 11.355.21(35.82)None
Trina Solar (TSL)06/06/08, 07/31/08, 01/23/09
24.78 6.513.74(73.80)None
Costco (COST)08/01/200862.28 40.694.67(34.67)0.03
Frontline Limited (FRO)10/06/200836.95 16.402.82(55.61)0.41
DryShips Limited (DRYS)02/09/20086.96 2.792.24(59.94)0
Cash








19.26





Total Portfolio











(51.63)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 LM Ericsson Telephone Company (ERIC), we wrote Apr 7.5 covered calls on them on 01/21/2009.
And, below is the list of transactions done during the year:































StockBuy DateBuy PriceSell DateSell Price% Gain (Loss)% Portfolio Return*
DryShips (DRYS) Various11.66 01/29/2008 8.96 (23.29) (1.42)
DryShips Feb 15 Calls (OOCBC) 01/29/20090.20 01/16/2008 2.50 922 0.58
Companhia Siderugica Nacional (SID) Various11.03 01/29/2008 16.01 44.86 1.73
Taiwan Semi Feb 7.5 Calls (TSMBU) ExpiredNA 01/09/2009 0.90 NA 0.77
Taiwan Semi (TSM) 07/27/20068.70 03/03/2009 7.74 (10.21) (0.78)
Total 2009 Stock Transactions - Gain/(Loss) -----0.88
Income (Dividends, Interests, etc.) -----NC
Net Realized 2009 Gain/(Loss)-----0.88


  • % Gain/Loss Relative to Portfolio Value at Beginning of Year + Deposits
  • The table assumes realization of profits associated with selling options only after the option is exercised or expiry.

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