Stock Portfolio and Watch List Update for July 2012


Following are the activity from the previous month:

a)      Closed the following longs: Sold CPFL Energia (CPL), Citigroup (C), and Walmart (WMT) at profits of 4.92%, 7.21%, and 34.94% respectively. The sales had a combined portfolio impact of 0.86%.
b)      Increased/Added the following longs: Added one-third more to our holdings in Nokia (NOK) on 07/19/2012 at $1.82.
c)      Long Calls: None.
d)     Long Puts: None.
e)      Shorts: None.
f)       Short Calls: Closed short calls on Quality Systems (Sep 2012 45), Gold Miners ETF (GDX Jan 2013 59), Alcoa (AA Jan 2013 12.5), Nucor (NUE July 2012 43), Intel Corp (Oct 2012 27), and Microsoft (Aug 2012 31) for modest gains for a combined portfolio impact was 0.65%. We also established short calls against our entire Nucor long pong position (NUE Oct 2012 40 @ $1.1).
g)      Short Puts: Closed short puts on Apple (Sep 2012 550), CVI Energy (CVI Dec 2012 25), and Procter & Gamble (PG Jan 2013 57.5) for modest gains for a combined portfolio impact of 0.27%. We still have the CVI Energy 25 long calls open. So, the net effect of that transaction was conversion of the synthetic long position to a long call position. We also established short puts on Apple (Oct 2012 560 @ $22.60) on 7/3/2012 and Nucor (Jan 2013 34 @ $2.20) on 7/12/2012.
h)      Synthetic Longs: The Corning long calls (Jan 2014 12) were converted to synthetic longs by establishing short puts with the same expiry & strike price. The net cash outlay of the transactions stand at ~0.1% of portfolio.
i)        Synthetic Shorts: None.

The cash position in our portfolio is at about 36%.

Long/Short Portfolio Update:



The overall portfolio is 4.34% down compared to our cost-basis.

2012 Transactions Summary:



Excluding dividends, we have a realized gain of 11.01% in the portfolio YTD.

Option Position Updates:

Short Puts: Apple (AAPL Oct 2012 560 @ 22.60), ABB Ltd (ABB Dec 2012 15 @ 0.65), Quality Systems (QSII Dec 2012 30 @ 2.15), and Nucor (NUE Jan 2013 34 @ 2.20). The short puts together have a cash coverage requirement of about 40.5% of our cash position.

Short Calls: Itron (ITRI Aug 2012 40 at $4.20), Alcoa (AA Jan 2013 12.5 at $0.64), Dryships (DRYS Jan 2013 2.5 at $0.65), Clearwire (CLWR Jan 2013 1.5 at 0.35), and Nucor (NUE Oct 2012 40 at $1.10). The short call exposure is ~5% of the portfolio.

Long Calls: CVI Energy (CVI Dec 2012 25 @ 2.10).

Synthetic Longs: JC Penney (JCP Jan 2014 25) and Corning (GLW Jan 2014 12) with a net exposure of ~4% of portfolio and ~10% of cash.

Watch List: Assured Guaranty Limited (AGO), Air Products & Chemicals (APD), Bemis Company (BMS), Canon (CAJ), Dell Inc (DELL), Diageo (DEO), Emerson Electric (EMR), Forest Laboratories (FRX), Gafisa SA (GFA), Bank of Ireland (IRE), Jefferies Group (JEF), McGraw Hill (MHP), 3M Company (MMM), NovaGold (NG), Nestle (NSRGY), PepsiCo (PEP), State Auto Financial (STFC), Teva Pharmaceuticals (TEVA), Vivendi (VIVHY), and Whirlpool (WHR).

No comments :

Labels

401k ( 15 ) Abad Turtle Beach ( 1 ) Abrams Capital Management ( 5 ) Acoustic Electric Guitars ( 1 ) Acoustic Guitars ( 1 ) ACT ( 1 ) Activist ( 4 ) Address Change ( 2 ) Advanced Placement ( 4 ) air asia ( 2 ) airlines ( 2 ) Akre Capital Management ( 18 ) Alex Roepers ( 5 ) AP ( 4 ) apartments ( 2 ) Appaloosa ( 15 ) ARIUS ( 1 ) Arlington Value Capital ( 3 ) Atlantic Investment Management ( 5 ) Ayemenem ( 1 ) Bangalore ( 3 ) Bangkok ( 2 ) Bannerghatta National Park ( 1 ) barbuda ( 2 ) Battery Park ( 1 ) Baupost ( 2 ) Baupost Group ( 17 ) bay area ( 2 ) BDCs ( 3 ) Benjamin Graham ( 2 ) Benjamin Graham Model ( 2 ) Berijam Lake ( 2 ) Berkshire Hathaway ( 31 ) best sites ( 9 ) Bill & Melinda Gates Foundation ( 17 ) Bill Ackman ( 19 ) Bill Gates ( 18 ) Blue Ridge Capital ( 16 ) Blum Capital Partners ( 12 ) books ( 4 ) Boone Pickens ( 2 ) BP Capital Management ( 2 ) Brave Warrior ( 3 ) Brave Warrior Advisors ( 12 ) british honduras ( 2 ) Bruce Berkowitz ( 19 ) Bruce Fund ( 15 ) Camcorders ( 3 ) canada ( 4 ) cancun ( 3 ) CANROYs ( 7 ) Cantillon ( 12 ) carl icahn ( 9 ) Carl Ichan ( 8 ) casino ( 3 ) Casio ( 2 ) CBRE ( 2 ) CEF ( 2 ) Charles Akre ( 15 ) Charlie Munger ( 18 ) Chase Coleman ( 16 ) Chou Associates ( 22 ) Christmas gifts ( 7 ) Christopher H. Browne ( 7 ) Chuck Akre ( 13 ) Cisco ( 2 ) Class Action Settlements ( 2 ) CLEP ( 1 ) Coatue Management ( 17 ) Cochin ( 2 ) coin collecting ( 266 ) collectibles ( 266 ) Consumer Product Reviews ( 29 ) cook islands ( 2 ) coonoor ( 2 ) Covered Calls ( 2 ) credai ( 4 ) Daily Journal ( 18 ) Dalal Street ( 8 ) Dan Loeb ( 10 ) DAT ( 1 ) David Abrams ( 5 ) David Einhorn ( 22 ) David Swensen ( 17 ) David Tepper ( 15 ) David Winters ( 15 ) DCF ( 2 ) Digital Piano ( 3 ) Dinakar Singh ( 17 ) Donald Yacktman ( 10 ) dry bulk shipping ( 2 ) Duquesne ( 22 ) Education ( 37 ) Edward Lampert ( 18 ) Egerton Capital ( 17 ) Egypt ( 3 ) Elementary Education ( 10 ) Elementary School Textbooks ( 5 ) eReaders ( 2 ) Eric Mindich ( 13 ) ESL Investments ( 13 ) ESPP ( 6 ) ETF ( 2 ) ETN ( 2 ) Eton Park ( 13 ) Everyday Musings ( 58 ) Exam Prep ( 7 ) Exiting the rat race - how to? ( 19 ) EXPLORE ( 1 ) Fair Value Estimates ( 4 ) Fairfax Financial ( 4 ) Fairfax Financial Holdings ( 14 ) Fairholme ( 19 ) Fairpointe ( 17 ) Family Office ( 6 ) FD Laddering ( 1 ) Financial Independence ( 93 ) Fisher Asset Management ( 10 ) Flash Camcorders ( 3 ) flat ( 4 ) flats ( 2 ) Flip ( 3 ) Francis Chou ( 22 ) free ( 17 ) frugal ( 3 ) Frugal Living ( 34 ) Fund Holdings ( 835 ) futures ( 2 ) FVE ( 2 ) gambling ( 3 ) garmin ( 2 ) Genting ( 2 ) george soros ( 22 ) giveaway ( 15 ) Glenn Greenberg ( 16 ) Glenview Capital ( 10 ) GMAT ( 1 ) Google ( 2 ) Gotham Asset Management ( 7 ) gps ( 5 ) GRE ( 1 ) Greenlight Capital ( 22 ) Guitars ( 3 ) Half Marathon ( 2 ) Hawaii ( 2 ) Hedge Funds ( 857 ) HELOC ( 1 ) High School Education ( 7 ) High School Textbooks ( 6 ) HOA ( 3 ) hobby ( 17 ) holiday shopping ( 7 ) Holidays ( 3 ) Holyland ( 11 ) Home Improvement ( 2 ) home ownership ( 5 ) Homes ( 18 ) Homeschool ( 18 ) Houses ( 2 ) Housing ( 3 ) Hykon ( 2 ) Ian Cumming ( 15 ) Icahn Enterprises ( 6 ) india real estate ( 5 ) Infinuvo ( 6 ) Insurance ( 2 ) invesco ( 17 ) investing strategies ( 2 ) Investment Portfolio ( 94 ) Investment Research ( 10 ) Investments ( 7 ) iRobot ( 5 ) Irving Kahn ( 10 ) israel ( 5 ) Jason Maynard ( 10 ) Jefferies ( 2 ) Jeffrey Bruce ( 17 ) Jeffrey Ubben ( 12 ) Jerusalem ( 2 ) Jim Chanos ( 17 ) Joel Greenblatt ( 7 ) John Armitage ( 17 ) John Griffin ( 16 ) John Paulson ( 17 ) Joho Capital ( 15 ) Jordan ( 3 ) Joseph Steinberg ( 9 ) Julian Robertson ( 4 ) Kahn Brothers ( 10 ) Kakkanad ( 4 ) Kanyakumari ( 2 ) Kawai ( 2 ) Ken Fisher ( 10 ) kerala real estate ( 5 ) Kids ( 49 ) Kids Yamaha ( 3 ) Kindle ( 2 ) kochi ( 8 ) Kodaikanal ( 2 ) Korg ( 2 ) Kraft ( 2 ) Kuala Lumpur ( 2 ) KWA ( 2 ) Kynikos ( 17 ) laptop ( 5 ) Larry Robbins ( 10 ) Las Vegas ( 2 ) Leon Cooperman ( 18 ) Leucadia ( 2 ) Leucadia National ( 13 ) Lone Pine Capital ( 9 ) long ( 6 ) long call ( 2 ) long puts ( 3 ) Lou Simpson ( 15 ) LSAT ( 1 ) Mahabalipuram ( 2 ) Malaysia ( 3 ) Marathon ( 2 ) Mark McGoldrick ( 10 ) Markel ( 18 ) Mason Hawkins ( 4 ) MCAT ( 1 ) Melinda Gates ( 10 ) memorabilia ( 266 ) MFP Investors ( 17 ) Michael Dell ( 19 ) Michael Price ( 17 ) Middle School Education ( 4 ) Middle School Textbooks ( 3 ) Mini Notebook ( 3 ) MODUS ( 1 ) Mohnish Pabrai ( 21 ) mortgage ( 2 ) Mount Kellett ( 10 ) MSD Capital ( 19 ) Music ( 6 ) Mutual Funds ( 5 ) mysore ( 2 ) Nelson Peltz ( 9 ) Netbook ( 4 ) Notebook ( 3 ) numismatics ( 266 ) O-Duster ( 1 ) Oahu ( 2 ) offers ( 2 ) Ole Andreas Halvorsen ( 10 ) Omega Advisors ( 18 ) online tax ( 4 ) ooty ( 2 ) Options ( 4 ) Pabrai Fund ( 17 ) passive income ( 7 ) pattaya ( 2 ) Paulson & Company ( 7 ) Paulson and Company ( 9 ) PEG ( 2 ) Pershing Square ( 19 ) Phil Fisher ( 5 ) philately ( 283 ) Philippe Laffont ( 17 ) Piano ( 9 ) PLAN Test ( 1 ) portfolio ( 4 ) Prem Watsa ( 17 ) product reviews ( 13 ) Property Taxes ( 2 ) PSAT ( 1 ) R2I ( 24 ) R2I Finances ( 3 ) R2I Housing ( 5 ) Raising Kids ( 41 ) Rat Race ( 15 ) RBS Partners ( 16 ) reading ( 5 ) real estate ( 6 ) Reducing Expenses ( 2 ) REIT ( 3 ) Retirement Portfolio ( 9 ) Reviews ( 81 ) Richard C. Blum ( 12 ) Robert Bruce ( 17 ) Robert Karr ( 15 ) Robotic Vacuum ( 4 ) Roland ( 2 ) Roomba ( 10 ) schooling ( 2 ) Sears ( 11 ) seeking alpha ( 2 ) Services - Reviews ( 33 ) Seth Klarman ( 19 ) Shipping ( 5 ) Shopping ( 3 ) short ( 5 ) short calls ( 2 ) short put ( 2 ) short puts ( 2 ) short selling ( 10 ) Ski ( 5 ) Sled ( 4 ) Solar Stocks ( 13 ) Soros Fund Management ( 14 ) Southeastern Asset Management ( 4 ) Southwest ( 2 ) spin-offs ( 2 ) SQ Advisors ( 15 ) stamp collecting ( 283 ) Stanley Druckenmiller ( 22 ) Statue of Liberty ( 2 ) Stephen Mandel ( 9 ) Stock Analysis ( 84 ) Stock Investments ( 4 ) Stock Portfolio Updates ( 6 ) stocks ( 3 ) summer ( 2 ) tax ( 6 ) TaxAct ( 3 ) TaxCut ( 1 ) Teacher's Editions ( 5 ) Technology ( 4 ) Test Prep ( 11 ) Thailand ( 3 ) Thekkady ( 2 ) theme park ( 2 ) Third Point ( 10 ) Thomas Gayner ( 18 ) Thyra Zerhusen ( 17 ) Tiger Cub ( 32 ) Tiger Global ( 17 ) Tiger Management ( 13 ) Time Square ( 2 ) TOEFL ( 1 ) TPG-Axon ( 17 ) Travel ( 278 ) Travel Reviews ( 82 ) Trian Fund Holdings ( 9 ) trip report ( 21 ) TurboTax ( 3 ) Tweedy Browne ( 10 ) Vacations ( 28 ) value investing ( 12 ) ValueAct ( 5 ) ValueAct Holdings ( 6 ) Vancouver ( 2 ) Video ( 3 ) Viking Global ( 10 ) Wallace Weitz ( 10 ) Warren Buffett ( 31 ) Wayanad ( 4 ) Weitz Investment Management ( 9 ) wilbur ross ( 17 ) William Von Mueffling ( 12 ) Wintergreen Advisors ( 15 ) Yacktman Asset Management ( 10 ) Yale Endowment ( 17 ) Yale University ( 7 ) Yamaha ( 7 ) YDP ( 1 ) YPG ( 1 )