Stock Portfolio and Watch List Updates for October 2012



Following are the activity from the previous month:

a)      Closed the following longs: Sold all of Johnson & Johsnson (JNJ) and all of Nucor Steel (NUE) for slight losses - total portfolio impact was around 0.15%. The former stake was established on 8/3/2012 and the latter stake was first purchased on 01/21/2011.  The NUE stake was called away as our Oct 40 2012 calls expired in the money.
b)      Increased/Added the following longs: Added one-third more to our holdings in Vringo (VRNG) on 10/9/2012 at $4.91 and two-third more to our holdings in Nokia (NOK) on 09/19/2012 at $2.68. Also, our QSII stake was increased by 50% as our Sep 30 2012 short puts expired in the money and so was put to us.
c)      Long Calls: None.
d)     Long Puts: None.
e)      Shorts: None.
f)       Short Calls: Nucor Steel (NUE Oct 2012 40) calls expired in the money as the stock closed well above $40 at expiry. Our long position was called away as a result. The transaction had a minor portfolio impact of just 0.07%.
g)      Short Puts: Added Intel (INTC Apr 2013 20) at $1 - the cash coverage requirement was slightly less than 2% of portfolio.
h)      Synthetic Longs: None.
i)        Synthetic Shorts: None.

The cash position in our portfolio has increased to over 35% as we liquidated sizable positions in JNJ and NUE during the month with no corresponding additions.

Long/Short Portfolio Update:



The overall portfolio has unrealized gains of around 5.33%.

2012 Transactions Summary:



 Excluding dividends, we have a realized gain of 7.70% in the portfolio YTD.

Option Position Updates:

Short Puts: ABB Ltd (ABB Dec 2012 15 @ 0.65), Nucor (NUE Jan 2013 34 @ 2.20), Marvell Technology (MRVL Jan 2013 10 @ 0.89), and Intel Corporation (INTC Apr 2013 20 @ 1.00). The short puts together have a cash coverage requirement of about 27% of our cash position.

Short Calls: Clearwire (CLWR Jan 2013 1.5 at 0.35) and SPDR Gold Trust ETF (GLD Jan 2013 167 at 6.9). The short calls exposure is ~4% 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 ~9% 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).

No comments:

Labels

401k (25) Advanced Placement (4) airlines (2) Akre Capital Management (6) AP (4) apartments (2) Appaloosa (6) Bangkok (2) barbuda (2) Baupost (2) Baupost Group (7) bay area (2) BDCs (4) beating inflation (16) Benjamin Graham Model (2) Berkshire Hathaway (16) best sites (9) Bill Ackman (9) books (4) Bruce Berkowitz (9) Business (11) Camcorders (3) canada (4) cancun (3) CANROYs (9) carl icahn (5) Carl Ichan (2) Carnival (25) Carnivals (21) casino (3) Casio (2) CEF (2) Charles Akre (5) Class Action Settlements (2) Consumer Product Reviews (30) coonoor (2) Covered Calls (24) credai (4) Credit (12) David Einhorn (12) David Swensen (8) David Winters (5) DCF (2) Digital Piano (3) Direxion (2) dry bulk shipping (4) Education (37) Egypt (2) Elementary Education (10) Elementary School Textbooks (5) eReaders (2) ESPP (6) ETF (2) ETN (2) Everyday Musings (63) Exam Prep (7) Exiting the rat race - how to? (22) Fair Value Estimates (4) Fairfax Financial (3) Fairfax Financial Holdings (5) Fairholme (9) Family Office (3) Financial Independence (196) Flash Camcorders (3) flat (4) flats (2) Flip (3) free (17) Frugal Living (79) Fund Holdings (178) futures (2) gambling (3) garmin (2) Genting (2) george soros (10) giveaway (15) Glenn Greenberg (6) gps (4) Greenlight Capital (12) Guitars (3) Hedge Funds (197) High School Education (7) High School Textbooks (6) hobby (47) home ownership (5) Homes (18) Homeschool (18) Houses (2) Housing (3) Hykon (2) Ian Cumming (8) Infinuvo (7) Investment Research (10) Investments (22) iRobot (3) Jerusalem (2) John Paulson (7) Joho Capital (6) Joseph Steinberg (8) Kakkanad (4) Kawai (2) Kids (73) Kids Yamaha (3) Kindle (2) Korg (2) Kuala Lumpur (2) KWA (2) laptop (5) Las Vegas (2) Leucadia (2) Leucadia National (6) Lou Simpson (5) Middle School Education (4) Middle School Textbooks (3) Mini Notebook (2) Mohnish Pabrai (11) mortgage (2) Music (6) Mutual Funds (4) Netbook (3) Notebook (2) Oahu (2) offers (2) online tax (3) passive income (43) Paulson and Company (6) Pershing Square (9) philately (61) Piano (9) Prem Watsa (7) product reviews (11) R2I (24) R2I Finances (3) R2I Housing (5) Raising Kids (63) Rat Race (16) reading (5) real estate (6) Reducing Expenses (24) REIT (3) Reviews (84) Robotic Vacuum (2) Roland (2) Roomba (10) Services - Reviews (37) Ski (5) Sled (4) Solar Stocks (27) Soros Fund Management (7) Southwest (2) SQ Advisors (5) stamp collecting (40) stamps (20) Stanley Druckenmiller (6) Statue of Liberty (2) Stock Analysis (124) stocks (25) summer (2) tax (6) Teacher's Editions (5) Technology (4) Test Prep (11) Time Square (2) toy train (1) Travel Reviews (67) trip report (19) UNESCO World Heritage (1) Vacations (28) value investing (9) Video (3) Warren Buffett (15) wilbur ross (8) Wintergreen Advisors (5) Yale Endowment (8) Yamaha (7)

Google Analytics