Following are the activity from the previous month:
a)
Closed the following longs: Sold 20% of Vonage (VG), ~25%
of Aegon (AEG), 25% of Nokia (NOK), and the whole of DrysShips (DRYS) for returns
of 38.95%, -67.77%, -71.79%, and -68.17% respectively for a total portfolio
impact of negative 2.04%. Ocean Rig UDW Inc. (ORIG), a very small position
established due to the spin-off from DryShips (DRYS) was also disposed-off this
quarter.
b)
Increased/Added the following longs: Added 50% more to
our holdings in Intel Corporation (INTC) on 09/14/2012 at $23.42, and doubled
our holdings in Waste Management (WM) on 09/19/2012 at $32.75. Also established
a 1% of the portfolio long position in Vringo, Inc. (VRNG) at $3.69 on 9/24/2012.
c)
Long Calls: The long calls on ProShares Ultra Short
S&P 500 (SDS Sep 16 @ $1.02) and iPath S&P 500 VIX Short Term Futures
ETN (VXX Sep 15 @ $1.79) expired worthless for a combined portfolio impact of a
negative 0.6% of total portfolio value.
d)
Long Puts: None.
e)
Shorts: None.
f)
Short Calls: Established short calls on SPDR Gold Trust
ETF (GLD Jan 2013 167 @ $6.90) against the whole of our long position in GLD.
Also, closed Nokia (NOK Oct 2012 3), DryShips (DRYS Jan 2013 2.5), and Alcoa (AA
Jan 2013 12.5) positions for a combined portfolio impact of -0.07%.
g)
Short Puts: None.
h)
Synthetic Longs: None.
i)
Synthetic Shorts: None.
The cash position in our portfolio is at just under 30%.
Long/Short Portfolio
Update:
The overall portfolio has unrealized gains of around 1.30%.
2012 Transactions
Summary:
Excluding dividends, we have a realized gain of 7.78% in the
portfolio YTD.
Option Position
Updates:
Short Puts: ABB
Ltd (ABB Dec 2012 15 @ 0.65), Nucor (NUE Jan 2013 34 @ 2.20), and Marvell
Technology (MRVL Jan 2013 10 @ 0.89). The short puts together have a cash
coverage requirement of about 21.63% of our cash position.
Short Calls: Clearwire
(CLWR Jan 2013 1.5 at 0.35), Nucor (NUE Oct 2012 40 at $1.10), and SPDR Gold
Trust ETF (GLD Jan 2013 167 at 6.9). The short calls exposure is ~6% of the
portfolio.
Long Calls: None.
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), Cigna Corporation (CI), NTT Docomo (DCM), Diageo (DEO), DaVita
(DVA), Dream Works Animation (DWA), Emerson Electric (EMR), Forest Laboratories
(FRX), General Motors (GM), Jefferies Group (JEF), 3M Company (MMM), Nestle
(NSRGY), PepsiCo (PEP), Polypore International Inc. (PPO), State Auto Financial
(STFC), Teva Pharmaceuticals (TEVA), Vivendi (VIVHY), and Whirlpool (WHR).
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