Happy Memorial Day Weekend everyone. Beautiful time of year here in New England. Still haven't had to turn the AC on... probably when we hit June. I have a quote that expresses how the month of May has been for my investing, "OCTOBER: This is one of the peculiarly dangerous months to speculate in stocks in. The other are July, January, September, April, November, May, March, June, December, August, and February."
I know Greenblatt agreed, saying investing on your own was like running through a TNT factory with a lit match. It seems the two of them are right more than they're wrong. I am saying it has been tough sledding for my portfolios these past couple weeks. Few things seem to be going right.
Welcome to the occasionally amusing MFI Diary. This is a diary I have been maintaining since February 2006 (damn, that is a long time) tracking my "experiences" in investing real money in the methods discussed in "The Little Book That Beats The Markets". I also spend some time discussing my MFI (Magic Formula Investing) Index and various MFI tracking portfolios that I have created over time.
I did create a guide recently for new readers to my blog that point you to some fascinating/interesting
And as a free bonus, I also discuss how my non-MFI investments are doing (generally poorly) in 2nd half of my blog.
Onwards.
Last Week
2nd straight week I have been bummed about how my investing is faring. I do think I am going to step back and no more transactions until July 1st when new MFI tranche is due. I don't think I am adding much value.
It is not a disaster, but after pulling even/passing the benchmark the middle of last week - I have slid right back down to where I was. And it isn't exactly like the benchmarks are knocking the cover off the ball. Then also circle May 31st on your investing calendars. Kevin Muir, the Macrotourist, believes that Fed unwinding is causing some of the bigger down days... and May 31st is next big scheduled day for Fed to unwind. Here is how I have fared for the week, quarter and year:
| Component | YTD | 2nd Quarter | Week Change |
| Overall | -0.9% | +2.2% | -0.4% |
| MFI Select | -3.9% | -5.6% | -0.3% |
| MFI Formula | +2.9% | +1.6% | -0.2% |
| MFI Combined | -0.7% | -2.2% | -0.3% |
| Miscellaneous | -2.8% | +7.5% | -1.4% |
| Dividend | -0.2% | +3.1% | -0.1% |
| Dividend Index | -3.1% | +0.5% | +0.2% |
| R3K Index | +2.8% | +3.5% | +0.3% |
| Blended Index | +0.1% | +2.2% | +0.3% |
| MFI Index | +11.3% | +4.2% | +0.1% |
| GARIX | +0.2% | +0.1% | +0.8% |
Well, you can look at table and see my angst. I was down 0.4% during the week while Blended Index was up 0.3%. These stomach churns will happen and I know I have conviction in the way I am investing. But it still bums me out. But I still sleep very well at night (with windows open).
MFI Select
I have two portfolios of real money in MFI approaches. The first is MFI Select, which I began in August of 2012 (I had quit MFI in July 2011). It consist of 4 tranches of 5 stocks apiece. The stocks are all held for a year and all have MFI qualities, though not necessarily from official screen. THis approach has worked very well, but is definitely in a slump right now (you can see from table above, down 5.6% this quarter).
Here are the 4 open (and underperforming) tranches:
| 8/15/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| GHC | $591.10 | $598.20 | $3.81 | 1.8% | 12.6% |
| ICHR | $19.80 | $24.88 | $0.00 | 25.7% | 12.6% |
| MD | $43.00 | $46.77 | $0.00 | 8.8% | 12.6% |
| SIMO | $43.05 | $48.98 | $0.90 | 15.9% | 12.6% |
| RHI | $44.15 | $63.62 | $1.04 | 46.5% | 12.6% |
| Totals | 19.7% | 12.6% | |||
| 11/15/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| MSGN | $16.67 | $19.95 | $0.00 | 19.7% | 7.4% |
| CELG | $100.60 | $78.63 | $0.00 | -21.8% | 7.4% |
| EVC | $5.78 | $4.30 | $0.10 | -23.9% | 7.4% |
| SIMO | $46.88 | $48.98 | $0.60 | 5.8% | 7.4% |
| VIAB | $24.41 | $27.50 | $0.40 | 14.3% | 7.4% |
| Totals | -1.2% | 7.4% | |||
| 2/1/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AGX | $43.55 | $39.15 | $0.25 | -9.5% | -2.2% |
| CASA | $18.81 | $19.89 | $0.00 | 5.7% | -2.2% |
| KLAC | $109.80 | $114.32 | $1.34 | 5.3% | -2.2% |
| THO | $136.33 | $94.92 | $0.37 | -30.1% | -2.2% |
| WDC | $87.74 | $86.35 | $0.50 | -1.0% | -2.2% |
| Totals | -5.9% | -2.2% | |||
| 5/2/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| CAAP | $12.19 | $11.71 | $0.00 | -3.9% | 3.8% |
| TGNA | $10.51 | $10.64 | $0.00 | 1.3% | 3.8% |
| DISCA | $23.85 | $22.34 | $0.00 | -6.3% | 3.8% |
| FTSI | $19.39 | $19.96 | $0.00 | 2.9% | 3.8% |
| ICHR | $21.96 | $24.88 | $0.00 | 13.3% | 3.8% |
| Totals | 1.4% | 3.8% |
Bit of a struggle. The November tranche has really hit the skids. I always harp on idea that my goal is to avoid "stinkers" - stocks that drop 30% or more. Well, THO, EVC and CELG are all moving in that direction... that largely explains my struggles.
Here is table showing in aggregate all my tranches:
| Category/Tranche | August | November | February | May | Total |
| Initial Investment | 25,000 | 25,000 | 25,000 | 25,000 | 100,000 |
| Current Tranche | 19.7% | -1.2% | -5.9% | 1.4% | 1.8% |
| Previous Tranche | -0.1% | 42.6% | 74.9% | -3.6% | 27.7% |
| Tranche -2 | 2.8% | 8.0% | 10.7% | 19.1% | 10.2% |
| Tranche -3 | 11.2% | 69.4% | -14.3% | -25.2% | 10.3% |
| Tranche -4 | 41.4% | 14.2% | 8.5% | 18.3% | 20.6% |
| Tranche -5 | 14.1% | 43.7% | 78.3% | 33.0% | 42.3% |
| MFI Overall Gain | 120.7% | 323.5% | 202.0% | 37.1% | 170.8% |
| Current Balance | 55,165 | 105,886 | 75,507 | 34,267 | 270,824 |
| R3K Current Tranche | 12.6% | 7.4% | -2.2% | 3.8% | 5.4% |
| R3K Overall Gain | 115.7% | 120.1% | 97.3% | 84.7% | 104.5% |
| R3K Balance | 53,925 | 55,023 | 49,336 | 46,172 | 204,456 |
| Annualized IRR | 14.7% | 29.8% | 23.1% | 6.4% | 18.5% |
The current tranches struggling (at +1.8% vs 5.4% for benchmark). But still overall have to be happy with 18.5% annualized IRR.
Here is what $100,000 invested in 2012 would look like:
| Date | Differential | MFI Value | R3K Value |
| 1/1/2013 | -1.78% | 102,798 | 104,575 |
| 4/1/2013 | -0.43% | 106,804 | 107,234 |
| 7/1/2013 | 4.29% | 114,888 | 110,597 |
| 10/1/2013 | 19.67% | 138,655 | 118,990 |
| 1/1/2014 | 26.63% | 157,138 | 130,503 |
| 4/1/2014 | 30.38% | 162,991 | 132,616 |
| 7/1/2014 | 39.23% | 177,971 | 138,740 |
| 10/1/2014 | 29.38% | 168,321 | 138,944 |
| 1/1/2015 | 28.17% | 174,306 | 146,140 |
| 4/1/2015 | 29.95% | 178,565 | 148,612 |
| 7/1/2015 | 62.69% | 211,437 | 148,743 |
| 10/1/2015 | 43.12% | 181,175 | 138,052 |
| 1/1/2016 | 63.33% | 209,514 | 146,186 |
| 4/1/2016 | 47.34% | 195,770 | 148,430 |
| 7/1/2016 | 50.41% | 201,092 | 150,680 |
| 10/1/2016 | 42.98% | 198,563 | 155,582 |
| 1/1/2017 | 45.60% | 209,503 | 163,936 |
| 4/1/2017 | 55.70% | 229,473 | 173,735 |
| 7/1/2017 | 60.28% | 239,060 | 178,782 |
| 10/1/2017 | 75.60% | 262,489 | 186,886 |
| 1/1/2018 | 92.19% | 291,114 | 198,926 |
| 4/1/2018 | 96.21% | 293,665 | 197,451 |
| Current | 66.37% | 270,824 | 204,456 |
Quite a pullback (293 to 270) in Q2. We soldier on. Here are how individual stocks did during the week:
| Stock | Last Week | Current | Dividend | Change |
| ICHR | 24.32 | 24.88 | - | 2.3% |
| SIMO | 49.25 | 48.98 | - | -0.5% |
| CASA | 20.76 | 19.89 | - | -4.2% |
| MSGN | 20.05 | 19.95 | - | -0.5% |
| VIAB | 27.24 | 27.50 | - | 1.0% |
| DISCA | 22.57 | 22.34 | - | -1.0% |
| AGX | 39.10 | 39.15 | - | 0.1% |
| KLAC | 109.39 | 114.32 | - | 4.5% |
| FTSI | 21.44 | 19.96 | - | -6.9% |
| CAAP | 11.24 | 11.71 | - | 4.2% |
| WDC | 84.75 | 86.35 | - | 1.9% |
| TGNA | 11.04 | 10.64 | - | -3.6% |
| RHI | 64.37 | 63.62 | - | -1.2% |
| THO | 101.44 | 94.92 | - | -6.4% |
| CELG | 78.37 | 78.63 | - | 0.3% |
| EVC | 4.30 | 4.30 | - | 0.0% |
| MD | 47.02 | 46.77 | - | -0.5% |
| GHC | 594.00 | 598.20 | - | 0.7% |
CASA continues melt down, now down 32% in second quarter. FTSI dropped with the entire energy sector. I do believe that is a head fake, time will tell. And THO has just been a bad pick. What was I thinking... RVs?
MFI Formula
This is my 2nd real money MFI portfolio. It uses a formula approach (larger market caps with dividends) plus a random number generator. It has generally been neck and neck with benchmark. I started in October 2014 - so keep in mind this has been a stretch where Value stocks have been out-of-favor.
| 7/1/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| CSCO | $30.98 | $43.26 | $0.91 | 42.6% | 14.2% |
| GME | $20.95 | $12.67 | $1.14 | -34.1% | 14.2% |
| HPQ | $17.60 | $21.91 | $0.40 | 26.7% | 14.2% |
| RGR | $60.70 | $63.15 | $0.99 | 5.7% | 14.2% |
| SYNT | $16.21 | $31.46 | $0.00 | 94.1% | 14.2% |
| Totals | 27.0% | 14.2% | |||
| 10/1/2017 | Start | Current | Dividend | Pct Gain | R3K Gain |
| DIN | $43.14 | $65.69 | $1.60 | 56.0% | 9.3% |
| GILD | $82.85 | $67.38 | $1.09 | -17.4% | 9.3% |
| GME | $20.50 | $12.67 | $0.76 | -34.5% | 9.3% |
| HPQ | $20.22 | $21.91 | $0.27 | 9.7% | 9.3% |
| OMC | $74.80 | $71.96 | $1.15 | -2.3% | 9.3% |
| Totals | 2.3% | 9.3% | |||
| 1/2/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AMGN | $177.11 | $178.24 | $2.64 | 2.1% | 2.2% |
| GME | $18.06 | $12.67 | $0.38 | -27.7% | 2.2% |
| GILD | $71.64 | $67.38 | $0.57 | -5.2% | 2.2% |
| HRB | $26.34 | $27.93 | $0.24 | 6.9% | 2.2% |
| OMC | $72.81 | $71.96 | $0.60 | -0.3% | 2.2% |
| Totals | -4.8% | 2.2% | |||
| 4/3/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AMGN | $166.46 | $178.24 | $1.32 | 7.9% | 5.6% |
| VIAB | $29.20 | $27.50 | $0.00 | -5.8% | 5.6% |
| GILD | $72.71 | $67.38 | $0.00 | -7.3% | 5.6% |
| TUP | $47.32 | $44.97 | $0.00 | -5.0% | 5.6% |
| EGOV | $13.29 | $15.25 | $0.00 | 14.8% | 5.6% |
| Totals | 0.9% | 5.6% |
Wow, that July tranche has been fabulous... I will be sad to see it retire, that will make my open tranches look a lot worse. SYNT is almost a double. I also have almost 3 stinkers, all GME. (I tend to get more repeats in MFI Formula as I use random number generator). GME does report earnings pretty soon (May 31st) - expectations are so low, hopefully we get a pop.
| Category/Tranche | October | January | April | July | Total |
| Initial Investment | 249,820 | 249,939 | 250,180 | 249,728 | 999,667 |
| Current Tranche | 2.3% | -4.8% | 0.9% | 27.0% | 5.2% |
| Previous Tranche | 7.0% | 16.5% | 21.3% | 26.7% | 17.7% |
| Tranche -2 | 5.5% | 9.3% | 25.2% | -12.5% | 6.9% |
| Tranche -3 | 0.5% | 11.0% | -0.2% | 0.0% | 2.8% |
| MFI Overall Gain | 16.0% | 34.5% | 52.9% | 40.8% | 36.1% |
| Current Balance | 289,839 | 336,167 | 382,421 | 351,727 | 1,360,154 |
| R3K Current Tranche | 9.3% | 2.2% | 5.6% | 14.2% | 7.8% |
| R3K Overall Gain | 46.7% | 37.9% | 36.8% | 32.9% | 38.6% |
| R3K Balance | 366,390 | 344,641 | 342,314 | 332,008 | 1,385,353 |
| Annualized IRR | 4.1% | 9.1% | 14.4% | 12.5% | 10.0% |
You can see even with great July tranche, my current tranches are trailing benchmark by 2 1/2 points. It has been a struggle here of late as well.
| Date | Differential | Value | R3K Value |
| 10/1/2014 | 0.00% | 100,000 | 100,000 |
| 1/1/2015 | -0.33% | 100,664 | 100,995 |
| 4/1/2015 | 5.09% | 106,781 | 101,695 |
| 7/1/2015 | 4.82% | 106,423 | 101,604 |
| 10/1/2015 | 6.39% | 100,703 | 94,312 |
| 1/1/2016 | -3.36% | 96,830 | 100,012 |
| 4/1/2016 | 0.34% | 102,371 | 101,548 |
| 7/1/2016 | -0.19% | 103,022 | 103,216 |
| 10/1/2016 | -0.85% | 106,377 | 107,230 |
| 1/1/2017 | 1.57% | 113,406 | 111,832 |
| 4/1/2017 | -1.86% | 116,227 | 118,091 |
| 7/1/2017 | -2.40% | 119,144 | 121,545 |
| 10/1/2017 | -2.56% | 124,448 | 127,007 |
| 1/1/2018 | -3.63% | 131,460 | 135,086 |
| 4/1/2018 | -0.16% | 133,734 | 133,898 |
| Current | -2.52% | 136,015 | 138,536 |
Back to trailing by 2.5 points. Recall in mid April I was up 3 points, so I've slipped. I think that is all the MFI stuff I can stomach for now. I will be posting my May 2017 MFI tracking results later this week, so stay tuned.
Dividend Portfolio
Now I will spend a little time documenting my other two investing portfolio, Dividend and Misc. Neither of these are MFI focused, so don't blame you if you stop here.
My Dividend portfolio is my largest portfolio as I am retired and have attempted to create an income stream. So my concern here is more about sustainability of income rather than capital gains. I do have some securities that I know will be challenged in a rising rate environment. I also measure this portfolio against a basket of 40 income holdings recommended by Barron's at start of 2018.
| Dividend Stocks | Start | Current | Divvy | Overall Pct Gain | Weekly Pct Gain | 12/30/17 Price | Yield | 2018 | Adj 2018 |
| TK | 8.63 | 7.63 | 0.11 | -10.3% | -5.2% | 9.32 | 2.9% | -18.1% | -3.1% |
| OIBAX | 5.91 | 5.70 | 0.27 | 1.0% | 0.0% | 5.96 | 4.6% | -4.4% | -4.4% |
| LADR | 13.35 | 15.20 | 0.61 | 18.4% | -1.4% | 13.63 | 8.3% | 11.5% | 10.5% |
| KCLI | 48.14 | 41.50 | 0.79 | -12.1% | 3.8% | 45.25 | 2.6% | -8.3% | -7.8% |
| NS | 29.19 | 22.62 | 1.47 | -17.5% | -0.7% | 29.95 | 10.6% | -24.5% | -12.0% |
| CPLP | 3.50 | 3.11 | 0.22 | -4.9% | 0.6% | 3.36 | 10.3% | -7.4% | -7.1% |
| AMID | 13.25 | 10.05 | 0.82 | -17.9% | -9.9% | 13.35 | 16.4% | -24.7% | 0.1% |
| TGP | 18.28 | 17.75 | 0.28 | -1.3% | -1.1% | 20.15 | 3.2% | -11.9% | -11.5% |
| GLOP-PB | 25.36 | 25.90 | 0.33 | 3.4% | -0.7% | 25.36 | 8.0% | 2.1% | 2.1% |
| KNOP | 21.30 | 20.50 | 1.04 | 1.1% | 1.2% | 20.75 | 10.1% | -1.2% | -1.2% |
| JQC | 8.18 | 8.09 | 0.84 | 9.2% | 0.0% | 8.22 | 6.1% | -1.6% | -1.6% |
| ISBC | 13.33 | 13.59 | 0.26 | 3.9% | 0.4% | 13.88 | 2.6% | -2.1% | -2.1% |
| PSXP | 47.39 | 50.72 | 2.42 | 12.1% | 1.0% | 52.35 | 5.6% | -3.1% | -3.1% |
| EVG | 14.46 | 13.12 | 0.70 | -4.4% | -0.9% | 14.35 | 5.9% | -8.6% | -8.6% |
| FDEU | 18.40 | 16.96 | 1.30 | -0.7% | -2.9% | 18.83 | 8.6% | -9.9% | -9.9% |
| NRZ | 16.56 | 18.10 | 1.67 | 19.3% | 0.2% | 17.88 | 11.0% | 1.2% | 1.2% |
| SBRA | 22.15 | 20.32 | 0.89 | -4.3% | 6.2% | 18.77 | 8.9% | 8.3% | 8.5% |
| DSL | 19.47 | 19.96 | 2.59 | 15.8% | -0.5% | 20.19 | 9.0% | -1.1% | -1.1% |
| OCSI | 8.68 | 8.42 | 0.52 | 3.1% | 0.4% | 8.40 | 6.9% | 0.2% | 0.2% |
| TGONF | 11.04 | 12.75 | 2.14 | 34.9% | -0.1% | 13.30 | 5.6% | -4.1% | -4.1% |
| TOO | 2.33 | 2.77 | 0.02 | 19.5% | 1.8% | 2.36 | 1.4% | 17.4% | 14.7% |
| DDR | 14.15 | 14.74 | - | 4.1% | 1.2% | 14.00 | 5.2% | 5.3% | 5.3% |
| O | 26.15 | 52.84 | 21.57 | 184.5% | -0.3% | 57.02 | 5.0% | -7.3% | -7.2% |
| Totals | 1.9% | -0.1% | 6.7% | -0.2% |
Funny, I had some technical difficulties there as I had not adjusted this table for the fact that DDR split 1:2. I all of a sudden had 102% gain for DDR. You'll see AMID was down a shocking 9.9% during the week. I had noted at end of last week that I had lost faith in AMID, so thankfully I sold 60% of my position at start of week before the slide. TK has also really caused me some pain of late, down another 5% this week. It is definitely oversold (IMHO) and if I was super active in my dividend portfolio, I'd be buying here at $7.63. I do encourage people to look at DDR, it is another stock that I think is undervalued and has a catalyst (spinoff) later this year that should unlock some value. (at this time, it is fair to invoke another Mark Twain quote "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so").
With my sale of AMID, I did start a position in ETP at $13.82. It is not yet in table above. Another (and pretty successful so far) component of my dividend portfolio are my small banks. I started this in December 2017, so I show both results since I started and since January 1st:
| Bank | Start | Current | Dividends | Change | 2018 Change | Yield |
| ACBI | 16.99 | 21.00 | - | 23.6% | 19.3% | 0.0% |
| ASB | 25.69 | 27.65 | 0.15 | 8.2% | 8.9% | 2.2% |
| FBIZ | 23.69 | 26.03 | 0.28 | 11.1% | 17.7% | 2.2% |
| FULT | 18.81 | 17.85 | 0.23 | -3.9% | -0.3% | 2.8% |
| FNB | 14.47 | 13.56 | 0.12 | -5.5% | -1.9% | 3.7% |
| MSBI | 32.96 | 32.84 | 0.44 | 1.0% | 1.1% | 2.7% |
| NRIM | 37.47 | 39.70 | 0.45 | 7.2% | 17.3% | 2.7% |
| PACW | 48.30 | 53.97 | 1.10 | 14.0% | 7.1% | 4.4% |
| SONA | 17.13 | 17.24 | 0.16 | 1.6% | 7.5% | 2.1% |
| WNEB | 10.88 | 10.70 | 0.08 | -0.9% | -1.8% | 1.5% |
| Total | 5.6% | 7.5% | 2.4% |
Up 7.5% this year. That is like a home run! Finally, here is the index I benchmark against:
| Ticker | 12/30/2017 | Current | Dividend | YTD Change | Weekly Change | Yield |
| AMLP | 10.79 | 10.13 | 0.41 | -2.3% | -2.5% | 8.24% |
| NML | 9.38 | 8.80 | 0.28 | -3.3% | -3.4% | 7.50% |
| EPD | 26.51 | 27.87 | 0.84 | 8.3% | -0.5% | 6.08% |
| ETP | 17.92 | 18.55 | 1.13 | 9.8% | -2.3% | 12.12% |
| FDD | 13.73 | 14.00 | 0.15 | 3.0% | -2.0% | 2.50% |
| VGK | 59.15 | 58.78 | 0.38 | 0.0% | -1.8% | 2.72% |
| DDAIF | 84.57 | 76.02 | 3.25 | -6.3% | -4.1% | 5.93% |
| NVS | 83.96 | 76.10 | 2.75 | -6.1% | -1.2% | 3.93% |
| NOBL | 64.04 | 62.85 | 0.33 | -1.3% | 0.1% | 1.85% |
| VYM | 85.63 | 84.23 | 0.62 | -0.9% | 0.2% | 2.91% |
| MRK | 56.27 | 59.09 | 0.48 | 5.9% | -0.1% | 3.21% |
| PEP | 119.92 | 100.31 | 0.81 | -15.7% | 2.9% | 3.19% |
| VNQ | 82.98 | 77.73 | 0.98 | -5.2% | 2.5% | 4.66% |
| RQI | 12.65 | 11.48 | 0.40 | -6.1% | 3.0% | 5.49% |
| TCO | 65.43 | 53.54 | 0.63 | -17.2% | 3.2% | 4.74% |
| SLG | 100.93 | 95.86 | 0.78 | -4.3% | 1.7% | 3.32% |
| T | 38.88 | 32.51 | 0.98 | -13.9% | 1.4% | 6.09% |
| VZ | 52.93 | 48.52 | 1.12 | -6.2% | 1.6% | 4.84% |
| CHL | 50.54 | 45.63 | - | -9.7% | -2.0% | 4.47% |
| DTEGY | 17.66 | 15.57 | - | -11.8% | -1.5% | 4.93% |
| DSU | 11.70 | 11.31 | 0.35 | -0.4% | 0.0% | 4.84% |
| HIO | 5.07 | 4.78 | 0.15 | -2.9% | -1.2% | 5.21% |
| MUB | 110.74 | 108.85 | 1.05 | -0.8% | 0.5% | 2.28% |
| PRHYX | 6.76 | 6.54 | 0.12 | -1.5% | -0.2% | 5.40% |
| NEA | 13.75 | 12.96 | 0.30 | -3.6% | 1.1% | 5.47% |
| JNK | 36.72 | 35.70 | 0.83 | -0.5% | 0.1% | 5.60% |
| VWITX | 14.13 | 13.86 | 0.16 | -0.8% | 0.4% | 2.80% |
| PHMIX | 9.09 | 9.04 | 0.16 | 1.2% | 0.6% | 2.80% |
| UTG | 30.94 | 28.21 | 0.80 | -6.2% | 0.2% | 4.20% |
| XLU | 52.65 | 50.48 | 0.42 | -3.3% | 3.0% | 3.39% |
| DUK | 84.11 | 75.81 | 1.78 | -7.8% | 2.7% | 4.69% |
| EIX | 63.24 | 62.98 | 0.54 | 0.4% | 2.8% | 3.64% |
| PFF | 38.07 | 37.16 | 0.90 | 0.0% | 0.5% | 5.60% |
| JPC | 10.34 | 9.76 | 0.33 | -2.5% | 0.8% | 5.33% |
| WFC-PL | 1,309.99 | 1,268.00 | 18.75 | -1.8% | 0.2% | 5.80% |
| TIP | 114.08 | 111.96 | 1.05 | -0.9% | 0.5% | 2.67% |
| SHY | 83.85 | 83.36 | 0.40 | -0.1% | 0.2% | 1.16% |
| TLT | 126.86 | 119.62 | 1.28 | -4.7% | 2.1% | 2.59% |
| Totals | - | - | - | -3.1% | 0.3% | 4.53% |
You'll note ETP is in the index, so we'll have one overlap.
Miscellaneous
After a strong run in Q2, I had some setbacks this week, down 1.4%. This is a riskier and more traded portfolio. Probably declines in NMM, EGC and SLSDF were biggest culprits. I did start two new positions: ECA and EGO (guess I like the letter E). ECA was bad timing as all energy stocks declined in the week, so I am down almost 10% already. (Doh!). EGO was a good buy, in at $1.00. EGO was part of my gold/miners basket and was down 18% when I sold that basket. But I knew their biggest overhang was getting Greek regulatory approval on some of their Greek operations. They announced earlier this week that they were making progress on that, so I started a new position. It is up 13% and I believe (but see Mark Twain quote above) that if it is remediated in a favorable fashion that there is still significant upside.
My other very small cap that I think is interesting is ANW. This is a firm that supplied services to shipping companies. They announced a new Chairman of the Board this week (from MS) and I am hopeful he'll take some actions to unlock some value. The stock trades at $3.10. They are in arrears in getting out 20F (their 10K), but I believe it could show a book value north of $6 a share. So there is value to unlock. Interestingly, even trading at $3, I could sell Dec $5 calls for 30 cents. So there are option traders that believe there is potential upside north of $5.
Ok, that is a wrap!
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