Stock Portfolio Update – Sold ClickSoftware (CKSW)

As we twittered previously, we sold our ClickSoftware (CKSW) holdings on 7/1/2009 at $6.85. The shares were purchased on 11/9/2007 at $4.61. The net gain on the transaction was around 50%. With this sale, the cash position has gone above 30%.

Direxion Financial 3x Bull (FAS) and Bear (FAZ) saw a 5 to 1 and 10 to 1 reverse splits respectively on July 9th. This is interesting because the action seems to discourage small investors actively trade these shares and options on it – it gets much more expensive to purchase a few 100 shares to be able to write covered calls and similarly it is much more expensive to write cash covered puts as cash for a few 100 shares will get tied up.

Below is our updated portfolio – it is more than 20% in the red:

Stock	Buy Date	Buy Price	Current Price	Current % Of Portfolio	Unrealized % Return	Yield as % of Portfolio Value
Altria (MO)	Various	16.69	17.22	3.59	3.20	0.38
Philip Morris International (PM)	1/4/2005	32.19	43.28	8.86	34.44	0.45
Kraft Foods (KFT)	Various	24.03	27.40	3.80	14	0.23
Pfizer (PFE)	Various	24.37	14.95	5.19	(38.63)	0.30
ICICI Bank (IBN)	5/18/2006 and 08/01/2008	25.28	33.03	11.46	30.68	0.30
Advantage Energy Fund (AAV)	11/2/2006	11.22	5.01	1.74	(55.36)	0.17
Central Europe & Russia Fund (CEE)	Various	39.23	24.21	5.88	(38.28)	0.03
Patni Computers (PTI)	8/10/2007	20.85	12.19	4.23	(41.58)	0.08
Itron Inc. (ITRI)	11/07/2007	85.01	54.61	3.79	(35.84)	None
Anthracite (AHR)	11/09/2007	7.97	0.63	0.22	(92.03)	0.00
Harvest Energy (HTE)	11/28/2007	21.01	5.27	1.46	(74.92)	0.22
iRobot (IRBT)	12/18/2007	18.65	13.17	3.66	(28.78)	None
LDK Solar (LDK)	01/22/2008	30.49	9.68	2.02	(68.26)	None
Aegon N.V. (AEG)	04/28/2008	15.99	6.56	1.37	(58.97)	0.00
TD Ameritrade (AMTD)	05/21/2008	17.68	17.69	4.91	0.03	None
Costco (COST)	08/01/2008	62.28	47.51	3.30	(23.71)	0.07
Frontline Limited (FRO)	10/06/2008	36.95	21.87	2.28	(40.80)	0.17
DryShips Incorporated (DRYS)	02/09/2009	6.96	5.93	2.88	(14.85)	0.00
Cash				32.22
Total Portfolio					(21.37)	2.54

• For Altria and Philip Morris International, assumed spin-off ratio of 30.83:69.17. Altria is yet to supply the cost-basis info

Below is a summary of transactions during the year:

Stock	Buy Date	Buy Price	Sell Date	Sell Price	% Gain (Loss)	% Portfolio Return*
DryShips (DRYS)	Various	11.66	01/29/2009	8.96	(23.29)	(1.39)
DryShips Feb 15 Calls (OOCBC)	01/29/2009	0.20	01/16/2009	2.50	922	0.58
Companhia Siderugica Nacional (SID)	Various	11.03	01/29/2009	16.01	44.86	1.73
Taiwan Semi Feb 7.5 Calls (TSMBU)	Expired	NA	01/09/2009	0.90	NA	0.77
Taiwan Semi (TSM)	7/27/2006	8.70	03/03/2009	7.76	NA	(0.78)
Direxion Financial Bull 3X Shares (FAS)	03/16/2009	5.09	03/19/2009	6.53	28.31	1.26
Direxion Financial Bull 3X Shares (FAS)	03/23/2009	5.94	03/23/2009	6.22	4.63	0.19
Direxion Financial Bull 3X Shares (FAS)	03/24/2009	6.45	03/24/2009	7.12	10.30	0.44
Direxion Financial Bear 3X Shares (FAZ)	03/26/2009	19.67	03/27/2009	19.91	1.22	0.05
Direxion Financial Bull 3X Shares (FAS)	03/30/2009	5.49	03/31/2009	5.20	(5.35)	(0.23)
Direxion Financial Bear 3X Shares (FAZ)	04/09/2009	10.47	04/13/2009	11.03	5.40	0.22
RQCDU – Ericsson April 7.5 Calls	1/21/2009	NA	04/18/2009	7.50	NA	0.65
Ericsson ADR (ERIC)	5/5/2008	11.83	04/18/2009	7.48	(36.80)	(3.04)
FASEB – May 10 calls on FAS	4/27/2009	0.58	04/22/2009	0.90	NA	0.14
FASEJ – May 8 calls on FAS	5/01/2009	0.93	04/30/2009	1.47	NA	0.14
Direxion Financial Bull 3X (FAS)	4/13/2009	9.86	06/18/2009	8.78	(10.95)	(0.47)
FASFI – June 9 calls on FAS	6/18/2009	0.28	05/18/2009	1.52	NA	0.54
Trina Solar (TSL)	Various	24.90	6/20/2009	22.50	(9.65)	(1.05)
TSLFX – June 22.5 calls on TSL	6/20/2009	0	05/27/2009	2.77	NA	1.21
CKSW	11/09/2007	4.61	07/01/2009	6.84	48.37	1.95
Realized Gain/(Loss) YTD	-	-	-	-	-	3.30

• % 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.