Welcome to the not-quite-famous MFI Diary. This is a diary/blog that I have been maintaining since early 2006 tracking my performance and thoughts about Magic Formula Investing. That, of course, is an investing approach from The Little Book That Beats The Markets by Joel Greenblatt.
Once a month, I do a bit of a post mortem/review of how things went in my MFI portfolios and sometimes offer some thoughts on my other investments. Keep in mind, I am not an investment advisor, just a retired actuary who is reasonable proficient with spreadsheets. So please do your own due diligence and if you ever think I'm smart, just read my December review.
Quick Monthly Overview
As my choice of pictures shows, my portfolios showed a little pop this month. Actually, a lot of pop. One of my best months I can remember. Of course, December was my worst month (ever? or at least since 2008), so I am still not back to where I was while enjoying pumpkin pie during Thanksgiving => there remains work to be done.
Here is a table showing performance for January:
| Component | YTD |
| Overall | +10.8% |
| MFI Select | +9.6% |
| MFI Formula | +11.2% |
| MFI Combined | +10.5% |
| Non MFI | +11.1% |
| Dividend Index | +6.5% |
| R3K Index | +8.5% |
| Blended Index | +7.8% |
| MFI Index | +10.9% |
| GARIX | +4.2% |
The first thing that should catch your eye is that it was just a good month. The Russell 3000 (R3K) was up 8.5%. My dividend index was up 6.5%. But (for a change) I did better (as did MFI). My two MFI portfolios were up a composite 10.5%. My MFI Index (a grouping of 50 stocks that I use to track how well MFI is doing) was up 10.9%. And my non-MFI holdings were up 11.1%.
I traded the least amount in a month probably ever. I bought the 5 stocks for my MFI Formula portfolio January 2nd. And then I sold some positions in my non MFI portfolio into the rally. That was it. My goal is to reduce my non MFI and increase my MFI holdings.
Here is a table of how the MFI Index has done over time. This is basically 50 stocks greater than $100m market cap reconstituted once a year. I am starting to think that if we started with a higher market cap, the results would be better... but I have no way of testing that (but will begin).
| Annual | Inception to Date | |||
| Year | Russell | MFI | Russell ITD | MFI ITD |
| 2006 | 11.4% | 15.0% | 11.4% | 15.0% |
| 2007 | 4.1% | -6.7% | 16.0% | 7.3% |
| 2008 | -37.0% | -38.0% | -27.0% | -33.4% |
| 2009 | 32.5% | 45.2% | -3.3% | -3.3% |
| 2010 | 18.4% | 22.8% | 14.5% | 18.7% |
| 2011 | -0.6% | -10.5% | 13.9% | 6.2% |
| 2012 | 16.4% | 9.7% | 32.6% | 16.6% |
| 2013 | 33.0% | 51.7% | 76.3% | 76.8% |
| 2014 | 12.3% | 12.1% | 98.0% | 98.1% |
| 2015 | 0.4% | -8.9% | 98.7% | 80.4% |
| 2016 | 12.5% | 13.2% | 123.5% | 104.2% |
| 2017 | 20.8% | 4.7% | 170.1% | 113.9% |
| 2018 | -5.4% | -3.4% | 155.5% | 106.6% |
| 2019 | 8.5% | 10.9% | 177.2% | 129.2% |
So while MFI is losing in total, 2018 and 2019 are looking more promising. Still, a lot of ground to make up.
Here is a table showing my dividend index results for the month:
| Ticker | 12/30/2018 | Current | Dividend | YTD Change | Yield |
| AMLP | 8.73 | 9.84 | - | 12.7% | 8.17% |
| NML | 6.69 | 7.66 | 0.06 | 15.3% | 8.62% |
| EPD | 24.59 | 27.67 | 0.42 | 14.2% | 6.23% |
| KMI | 15.38 | 18.10 | - | 17.7% | 4.01% |
| FDD | 11.94 | 12.71 | - | 6.4% | 4.09% |
| VGK | 48.62 | 51.87 | - | 6.7% | 4.16% |
| NVS | 85.81 | 87.52 | - | 2.0% | 3.41% |
| NOBL | 60.54 | 63.81 | - | 5.4% | 2.29% |
| VYM | 77.99 | 82.75 | - | 6.1% | 3.12% |
| MRK | 76.41 | 74.43 | - | -2.6% | 2.72% |
| PEP | 110.48 | 112.67 | - | 2.0% | 3.24% |
| VNQ | 74.57 | 83.41 | - | 11.9% | 4.65% |
| RQI | 10.36 | 12.12 | 0.08 | 17.8% | 8.03% |
| TCO | 45.49 | 49.80 | - | 9.5% | 5.15% |
| SLG | 79.08 | 92.43 | - | 16.9% | 3.60% |
| T | 28.54 | 30.06 | 0.51 | 7.1% | 6.85% |
| VZ | 56.22 | 55.06 | 0.56 | -1.1% | 4.47% |
| CHL | 48.00 | 52.47 | - | 9.3% | 4.15% |
| DSU | 9.77 | 10.49 | 0.07 | 8.1% | 7.92% |
| HIO | 4.38 | 4.83 | 0.03 | 10.9% | 6.78% |
| MUB | 109.04 | 109.45 | 0.42 | 0.8% | 2.41% |
| PRHYX | 6.16 | 6.35 | 0.03 | 3.6% | 5.40% |
| NEA | 12.31 | 12.86 | 0.06 | 5.0% | 5.15% |
| JNK | 33.59 | 35.35 | 0.33 | 6.2% | 5.64% |
| VWITX | 13.91 | 13.96 | 0.06 | 0.8% | 2.80% |
| PHMIX | 8.90 | 8.89 | 0.06 | 0.6% | 2.80% |
| UTG | 29.43 | 31.31 | 0.16 | 6.9% | 4.20% |
| XLU | 52.92 | 54.76 | - | 3.5% | 3.29% |
| DUK | 86.30 | 87.78 | - | 1.7% | 4.23% |
| EIX | 56.77 | 56.97 | - | 0.4% | 4.38% |
| PFF | 34.23 | 36.16 | 0.36 | 6.7% | 6.00% |
| JPC | 8.34 | 9.20 | 0.07 | 11.1% | 8.17% |
| TIP | 109.51 | 111.07 | 0.42 | 1.8% | 2.84% |
| SHY | 83.62 | 83.83 | 0.16 | 0.4% | 1.72% |
| TLT | 121.51 | 121.97 | 0.51 | 0.8% | 2.64% |
| Totals | - | - | 6.5% | 4.67% |
Again, this is just a benchmark, but it is interesting to see what is doing well. The MLPs (at very top, like EPD) really had a great 1st month. A bit of January effect as they had been sold off strongly in December. But Govt treasuries (TIP, SHY and TLT) were flattish.
Final table (promise) before i get into my numbers is my Baker's Dirty Dozen. This is 13 stocks I identified as bargains on December 21st (close to the bottom):
| Stock | Start | Current | Dividend | Gain/Loss |
| AMCX | 52.23 | 62.94 | - | 20.5% |
| AMAT | 30.31 | 39.08 | - | 28.9% |
| DLX | 37.11 | 46.97 | - | 26.6% |
| DXC | 50.48 | 64.12 | - | 27.0% |
| KLAC | 85.67 | 106.57 | - | 24.4% |
| LRCX | 127.16 | 169.58 | - | 33.4% |
| MU | 30.32 | 38.22 | - | 26.1% |
| SGH | 28.75 | 24.81 | - | -13.7% |
| WDC | 35.90 | 44.99 | - | 25.3% |
| ECA | 5.38 | 6.88 | - | 27.9% |
| GLNG | 21.72 | 22.27 | - | 2.5% |
| T | 28.31 | 30.06 | 0.51 | 8.0% |
| TGP | 11.82 | 12.86 | - | 8.8% |
| Total | 18.9% |
You'll note SGH (which I own) is the one bad performer here. While I had a very very good January - I actually had three stocks that dropped more than 20% in a single day in January (yuck).
- SGH on disappointing earnings
- GME on announcing sale process resulted in no buyers and
- TUP on a 60% dividend cut
Never fun to see a holding drop by 20%+ in a day.
MFI Select
MFI Select is one of my two real money MFI portfolios. It consists of 4 tranches, with each tranche containing 5 stocks. Each tranche is bought and held for a year. I allow myself to pick whatever stocks I want (though I note I may tweak that). I have been using MFI Select since August 2012. In July of 2011 I had quit MFI investing due to unsatisfactory results. I rebooted in August 2012 after studying what worked and what didn't work in MFI (focus on stocks with a more predictable income stream and perhaps dividends). It has been a successful reboot, although 2018 was pretty rugged (I began to take too much risk).
Here are the four current tranches, although I note that February 1st, 2018 will close on the 31st of January and I'll pick new stocks (perhaps more than 5) on the 1st.
| 2/1/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AGX | $43.55 | $42.29 | $1.00 | -0.6% | -2.4% |
| CASA | $18.81 | $11.64 | $0.00 | -38.1% | -2.4% |
| KLAC | $109.80 | $106.57 | $2.84 | -0.4% | -2.4% |
| THO | $136.33 | $65.11 | $1.52 | -51.1% | -2.4% |
| WDC | $87.74 | $44.99 | $2.00 | -46.4% | -2.4% |
| Totals | -27.3% | -2.4% | |||
| 5/2/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| CAAP | $12.19 | $8.06 | $0.00 | -33.9% | 3.7% |
| TGNA | $10.51 | $11.74 | $0.21 | 13.7% | 3.7% |
| DISCA | $23.85 | $28.38 | $0.00 | 19.0% | 3.7% |
| FTSI | $19.39 | $8.15 | $0.00 | -58.0% | 3.7% |
| ICHR | $21.96 | $20.57 | $0.00 | -6.3% | 3.7% |
| Totals | -13.1% | 3.7% | |||
| 8/15/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AGX | $39.45 | $42.22 | $0.50 | 8.3% | -4.7% |
| AMCX | $60.97 | $62.94 | $0.00 | 3.2% | -4.7% |
| CJREF | $3.08 | $4.26 | $0.06 | 40.4% | -4.7% |
| GME | $15.50 | $11.34 | $0.76 | -21.9% | -4.7% |
| SGH | $31.12 | $24.81 | $0.00 | -20.3% | -4.7% |
| Totals | 1.9% | -4.7% | |||
| 11/15/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AGX | $43.15 | $42.22 | $0.25 | -1.6% | 1.1% |
| DXC | $62.00 | $64.12 | $0.19 | 3.7% | 1.1% |
| MU | $38.49 | $38.22 | $0.00 | -0.7% | 1.1% |
| SGH | $29.67 | $24.81 | $0.00 | -16.4% | 1.1% |
| WDC | $44.92 | $44.99 | $0.50 | 1.3% | 1.1% |
| Totals | -2.7% | 1.1% |
So only 1 of the 4 is in the green. Did I mention 2018 was rugged? And you can see the impact of 20%+ drops in January on GME and SGH. MFI, in my analysis, has always had greater variability amongst individual stocks than say Russell 3000 or S&P 500. And Greenblatt himself told us that only 5 in 8 portfolios would "win". So it is here. The important part is to hang through the tough times and just be sure there isn't some bias you're bringing in that makes bad stock picks more likely.
Here is a table showing all tranches back to 2012 in an aggregate form:
| Category/Tranche | August | November | February | May | Total |
| Initial Investment | 25,000 | 25,000 | 25,000 | 25,000 | 100,000 |
| Current Tranche | 1.9% | -2.7% | -27.3% | -13.1% | -11.2% |
| Previous Tranche | 27.8% | -0.6% | 74.9% | -3.6% | 43.5% |
| Tranche -2 | -0.1% | 42.6% | 10.7% | 19.1% | 18.1% |
| Tranche -3 | 2.8% | 8.0% | -14.3% | -25.2% | -7.2% |
| Tranche -4 | 11.2% | 69.4% | 8.5% | 18.3% | 26.8% |
| Tranche -5 | 41.4% | 14.2% | 78.3% | 33.0% | 41.7% |
| Tranche -6 | 14.1% | 43.7% | 0.0% | 0.0% | 14.5% |
| MFI Overall Gain | 140.2% | 314.3% | 133.3% | 17.4% | 151.3% |
| Current Balance | 60,055 | 103,569 | 58,321 | 29,357 | 251,302 |
| R3K Current Tranche | -4.7% | 1.1% | -2.4% | 3.7% | -0.6% |
| R3K Overall Gain | 115.2% | 120.6% | 97.0% | 84.4% | 104.3% |
| R3K Balance | 53,793 | 55,142 | 49,242 | 46,092 | 204,268 |
| Annualized IRR | 14.5% | 25.7% | 15.2% | 2.8% | 14.5% |
So if you look at "current tranche" row, you'll see in total they are down 11.2%. But the previous 4 tranches (now all closed) were up a snappy 43.5%. And so forth. Overall, 100.000 put in first four tranches would be worth 251,302 today, a 14.5% annualized growth rate.
Here is another table showing how the $100,000 start would have grown (versus Russell 3000), quarter by quarter:
| 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 |
| 7/1/2018 | 68.20% | 273,125 | 204,921 |
| 10/1/2018 | 65.80% | 284,097 | 218,297 |
| 1/1/2019 | 39.77% | 228,246 | 188,479 |
| Current | 47.03% | 251,302 | 204,268 |
Here is a table showing how my Select stocks did during the past month:
| Stock | Last Month | Current | Dividend | Change |
| AGX | 37.84 | 42.22 | - | 11.6% |
| SGH | 29.70 | 24.81 | - | -16.5% |
| WDC | 36.97 | 44.99 | - | 21.7% |
| DISCA | 24.74 | 28.38 | - | 14.7% |
| TGNA | 10.87 | 11.74 | - | 8.0% |
| CJREF | 3.50 | 4.26 | - | 21.8% |
| KLAC | 89.49 | 106.57 | - | 19.9% |
| DXC | 53.17 | 64.12 | - | 20.6% |
| MU | 31.73 | 38.22 | - | 20.5% |
| ICHR | 16.30 | 20.57 | - | 26.2% |
| CASA | 13.13 | 11.64 | - | -11.3% |
| AMCX | 54.88 | 62.94 | - | 14.7% |
| GME | 12.62 | 11.34 | - | -10.1% |
| CAAP | 6.63 | 8.06 | - | 21.6% |
| THO | 52.00 | 65.12 | - | 25.2% |
| FTSI | 7.11 | 8.15 | - | 14.6% |
These are broadly in descending order of size of position. SGH and CASA were crushed in earnings and GME announced they were taking For Sale sign down as no buyers. Otherwise, pretty strong!
MFI Formula
As mentioned earlier, my 2nd real money MFI is MFI Formula. I started it in October 2014 and it is based on a formula and random number generator. The basic formula/screen is top 50 stocks over 130m. Then only pick 34 largest (by market cap) and then weed that out further by only picking those with yield > 2.4%. This has worked well in back testing. Only downside is I do get quite a few repeat names in tranches. Same tables.
| 4/3/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| AMGN | $166.46 | $187.11 | $3.96 | 14.8% | 5.4% |
| VIAB | $29.20 | $29.42 | $0.60 | 2.8% | 5.4% |
| GILD | $72.71 | $70.01 | $1.14 | -2.1% | 5.4% |
| TUP | $47.32 | $27.27 | $2.04 | -38.1% | 5.4% |
| EGOV | $13.29 | $16.40 | $0.24 | 25.3% | 5.4% |
| Totals | 0.5% | 5.4% | |||
| 7/2/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| CJREF | $3.90 | $4.26 | $0.25 | 15.7% | -0.1% |
| GILD | $70.80 | $70.01 | $0.57 | -0.3% | -0.1% |
| IPG | $22.80 | $22.75 | $0.42 | 1.6% | -0.1% |
| KLAC | $102.03 | $106.57 | $1.50 | 5.9% | -0.1% |
| TUP | $40.09 | $27.27 | $1.36 | -28.6% | -0.1% |
| Totals | -1.1% | -0.1% | |||
| 10/2/2018 | Start | Current | Dividend | Pct Gain | R3K Gain |
| CJREF | $3.36 | $4.26 | $0.06 | 28.6% | -7.0% |
| GILD | $78.13 | $70.01 | $0.00 | -10.4% | -7.0% |
| IPG | $22.80 | $22.75 | $0.21 | 0.7% | -7.0% |
| PETS | $31.56 | $23.68 | $0.27 | -24.1% | -7.0% |
| VIAB | $32.21 | $29.42 | $0.20 | -8.0% | -7.0% |
| Totals | -2.6% | -7.0% | |||
| 1/2/2019 | Start | Current | Dividend | Pct Gain | R3K Gain |
| EGOV | $12.54 | $16.40 | $0.00 | 30.8% | 9.9% |
| GILD | $62.01 | $70.01 | $0.00 | 12.9% | 9.9% |
| IPG | $20.50 | $22.75 | $0.00 | 11.0% | 9.9% |
| KLAC | $90.04 | $106.57 | $0.00 | 18.4% | 9.9% |
| OMC | $72.74 | $77.88 | $0.00 | 7.1% | 9.9% |
| Totals | 16.0% | 9.9% |
So of my 4 open tranches, two are trailing and two are winning. You can see the January 1st tranche is off to a stellar start, up 16%! Recall I try to avoid stinkers. Just one out there, TUP - which sold off last week with announced dividend cut.
| Category/Tranche | October | January | April | July | Total |
| Initial Investment | 249,820 | 249,939 | 250,180 | 249,728 | 999,667 |
| Current Tranche | -2.6% | 16.0% | 0.5% | -1.1% | 3.1% |
| Previous Tranche | 18.5% | -4.0% | 21.3% | 37.3% | 20.0% |
| Tranche -2 | 7.0% | 16.5% | 25.2% | 26.7% | 18.8% |
| Tranche -3 | 5.5% | 9.3% | -0.2% | -12.5% | 0.5% |
| Tranche -4 | 0.5% | 11.0% | 0.0% | 0.0% | 2.9% |
| MFI Overall Gain | 30.9% | 57.3% | 52.3% | 50.6% | 47.8% |
| Current Balance | 326,935 | 393,254 | 380,982 | 376,059 | 1,477,229 |
| R3K Current Tranche | -7.0% | 9.9% | 5.4% | -0.1% | 2.0% |
| R3K Overall Gain | 46.5% | 37.5% | 36.6% | 36.5% | 39.3% |
| R3K Balance | 366,022 | 343,670 | 341,715 | 340,876 | 1,392,283 |
| Annualized IRR | 6.4% | 11.7% | 11.6% | 12.1% | 10.4% |
You'll note my 4 current tranches are up 3.1% (a lot better than Select) whilst the benchmark is up 2.0%. My annualized IRR is 10.4% (so a bit worse than Select. But I think a lot of that was missing on 2012 and 2013, which were very strong years for MFI (recall at top I showed MFY Index was up 51.7% and 9.7% for those two years).
Here is how $100,000 has grown since 2014:
| 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 |
| 7/1/2018 | 2.28% | 141,126 | 138,849 |
| 10/1/2018 | -0.85% | 147,963 | 148,808 |
| 1/1/2019 | 3.90% | 132,405 | 128,506 |
| Current | 8.50% | 147,723 | 139,225 |
It is working. Not a huge margin, but slowly edging ahead! I do realize these things can move quickly in other direction, so no "mission accomplished" banners yet please.
Here is how current stocks did in January:
| Stock | Last Month | Current | Dividend | Change |
| GILD | 62.55 | 70.01 | - | 11.9% |
| IPG | 20.63 | 22.75 | - | 16.7% |
| EGOV | 12.48 | 16.40 | - | 31.4% |
| CJREF | 3.50 | 4.26 | - | 21.8% |
| KLAC | 89.49 | 106.57 | - | 19.3% |
| OMC | 73.24 | 77.88 | - | 6.3% |
| VIAB | 25.70 | 29.42 | - | 14.5% |
| TUP | 31.57 | 27.27 | - | -13.6% |
| AMGN | 194.67 | 187.11 | - | -3.9% |
| PETS | 23.26 | 23.68 | - | 2.9% |
Pretty surprising that I only have 9 unique names for the 20 positions. That does seem to be very concentrated. You can see EGOV really popped with their strong earnings yesterday.
Non MFI
Ok. For those here to read about MFI... you can quit. I will also comment briefly on my non MFI positions. While these stocks/securities did pretty well in January, I have decided that this is an area to shrink while I grow MFI. It just hasn't been pretty the past two years.
Right now I'd describe this portfolio as (1) Energy, (2) Shipping and (3) Dividend/Income. Energy and Shipping have been demolished with the crashing of oil prices in Q4 and the US/China trade war. Oil plays just don't seem "smart" longer term as we transition to EVs and solar. Shipping seems like a very opportunistic area, it can be really good or really bad... but more really bad as it is truly a commodity. So I am slowly going to be trimming these two areas as markets (hopefully) improve. I did close two energy and 2 shipping positions in January.
Here are my shipping holdings and how their their prices changed in January:
| Stock | Last Month | Current | Dividend | Change |
| GLNG | 21.76 | 22.27 | - | 2.3% |
| TK | 3.34 | 3.51 | 0.06 | 6.7% |
| DHT | 3.92 | 4.05 | - | 3.3% |
| TGP | 11.02 | 12.86 | 0.14 | 18.0% |
| CPLP | 2.09 | 2.25 | - | 7.7% |
| NMM | 0.85 | 0.99 | - | 16.6% |
| TK | 3.34 | 3.51 | - | 5.1% |
Here are Energy Holdings
| Stock | Last Month | Current | Dividend | Change |
| ECA | 5.78 | 6.88 | - | 19.0% |
| PXD | 131.52 | 142.32 | - | 8.2% |
| SEDG | 35.10 | 43.79 | - | 24.8% |
| CHK | 2.10 | 2.85 | - | 35.7% |
| AR | 9.39 | 10.06 | - | 7.1% |
| WPX | 11.35 | 12.26 | - | 8.0% |
| APA | 26.25 | 32.82 | - | 25.0% |
| FSLR | 42.46 | 50.59 | 19.2% |
Finally, here are income holdings. I do include OXY here and ET, although they are also Energy stocks. I may (at some time) transition some shipping names that I think are ok longer term (like TGP) over here as I wind down shipping.
| Stock | Last Month | Current | Dividend | Yield | Change |
| LADR | 15.47 | 17.31 | - | 7.9% | 11.9% |
| T | 28.54 | 30.06 | 0.51 | 6.8% | 7.1% |
| OXY | 61.38 | 66.78 | - | 4.7% | 8.8% |
| CTL | 15.15 | 15.32 | - | 14.1% | 1.1% |
| KCLI | 37.00 | 36.26 | - | 3.0% | -2.0% |
| GLOP-PB | 20.33 | 21.58 | - | 9.5% | 6.1% |
| ET | 13.21 | 14.71 | - | 8.3% | 11.4% |
| NRZ | 14.21 | 16.98 | 11.8% | 19.5% | |
| TOO-PE | 17.90 | 18.50 | 11.5% | 3.4% | |
| NTR | 47.00 | 51.82 | 3.3% | 10.3% | |
| TGONF | 11.38 | 12.10 | 6.0% | 6.3% | |
| O | 63.04 | 68.69 | 0.22 | 3.8% | 9.3% |
| INSW-PA | 23.10 | 24.35 | 8.7% | 5.4% | |
| TGP-PB | 21.84 | 22.81 | 9.3% | 4.4% | |
| DLNG-PB | 18.02 | 19.99 | 10.6% | 10.9% | |
| OIBAX | 5.36 | 5.57 | 0.02 | 5.0% | 4.4% |
So you can see it was a good month here. Onward to February!
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