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What's your current portfolio?


Graham Osborn

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Tetragon Financial

HRG 7 3/4% of 2022 Bonds, "fully hedged" with SPB puts and HRG puts

LUK Bonds (6 5/8% of 2043)

Berkshire Hathaway

Various equities roughly equal weighted (RESI, FOR, SIR, LUK, FCE, EQC)

Gold

Silver

Various Options and Hedges

Non transferable SWY CVR on Casa Ley

Short Indexes

 

I-Bonds

TIAA Stable Value Fund at 1.8%

 

 

 

 

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Portfolio is long only.  The following are each ~ 7% - 12% positions depending on the day, and total about ~70% of my portfolio:

 

Gaia (GAIA)

Rentech (RTK)

Howard Hughes (HHC)

Black Diamond (BDE)

Texhong Textiles (HK:2678)

Flybe (LN: FLYB)

Dream Office (D.UN; DRETF)

 

Smaller positions, some of which are in the process of being sold off:

 

Advant-E (ADVC)

PD-RX Pharmaceuticals (PDRX)

Fortune Industries (FDVF) [About to be cashed out in short-form merger]

IDW Media Holdings (IDWM)

Parkit Enterprises (PKT; PKETF)

Xpel Technologies (XPLT)

Macro Enterprises (MCR)

Judges Scientific (LN:JDG)

QVC (QVCA)

Keck Seng (HK:0184)

 

 

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Not going to list everything I own because I have lots of tiny positions, so here are my main ones. FYI - cash the biggest position by far at ~40%.

 

Generals

UNIQA Insurance Group (Austria)

Karelia Tobacco Company (Greece)

Brainjuicer (UK)

Yahoo Japan (Japan)

Eni (Italy)

Lloyds Banking Group (UK)

Wells Fargo (USA)

 

Special Situations

LXB Retail Properties Plc (UK)

Bowleven PLC (UK)

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For members of a site called: "Corner of Berkshire and Fairfax", I would expect to see a lot of Berkshire and Fairfax positions.  :-)

 

Fairfax hasn't been held in such high esteem among many members in recent years. Bets on Greek banks, short equities, and Blackberry have taken a lot of shine off the company in some people's eyes. I myself don't follow Berkshire much.

 

Major positions by order of capital committed:

 

Santander

Fairfax

PEFIX (Mutual fund that is long TRS index of value stocks in emerging markets and manages the collateral in fixed income. Heavy energy/EM exposure)

Altius Minerals

Sberbank

Short IWM (several SPY put options owned too)

PAUIX (heavy emerging market debt/equity exposure, also short the S&P for leveraged/non-correlated returns)

Pardee Resources

Fiat Chrysler

Lukoil

Gazprom

FNMAJ/FNMA

Chipotle

 

Those names cover 50-60% of the portfolio. There's probably a dozen more individual stocks (mostly energy/resource exposure) and a few mutual funds that all represent <2% positions individually. I also hold about 15% in cash at this point as I've been pairing down EM/resource profits.

 

 

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Wow some of you are quite concentrated. I wonder how many of those folks have a larger portfolio? Say more than a million bucks. No worries if you guys don't want to share. A decade ago , I would take quite a bit of concentrated positions but my portfolio was only $50K so it wasn't much of a risk. Now I dare not go over 10% even though I know it'll be a perfect Kelly's bet. I had turned into a complete wuss.

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Guest cherzeca

Wow some of you are quite concentrated. I wonder how many of those folks have a larger portfolio? Say more than a million bucks. No worries if you guys don't want to share. A decade ago , I would take quite a bit of concentrated positions but my portfolio was only $50K so it wasn't much of a risk. Now I dare not go over 10% even though I know it'll be a perfect Kelly's bet. I had turned into a complete wuss.

 

i have over 80% of my portfolio in low cost mutual funds and indexes, most rather conservative and too boring to list.  what i set forth is a more aggressive portfolio that i run, fwiw

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Financials: VRSK, BRK/B,Y,  ESGR

Metals: NGD, TAHO, IVN CN, U CN, BCN LN, PE CN, ATC CN, RPM, CN, GZZ CN, NUS CN

Oil Related: WPZ, MMLP, GST prf

Russia: LUKOY, OGZPY

Tankers: OSG, DHT, HPHT SP (ports)

Other: CBI, RICK, FIT, CDK

Odds and sods: BWEL, HRCR, MNPP

 

By size with in sector. I didn't list fixed income investments, or shares of the company I work for.

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Tetragon Financial

HRG 7 3/4% of 2022 Bonds, "fully hedged" with SPB puts and HRG puts

LUK Bonds (6 5/8% of 2043)

Berkshire Hathaway

Various equities roughly equal weighted (RESI, FOR, SIR, LUK, FCE, EQC)

Gold

Silver

Various Options and Hedges

Non transferable SWY CVR on Casa Ley

Short Indexes

 

I-Bonds

TIAA Stable Value Fund at 1.8%

 

The HRG setup is interesting.  The co looks kind of like a rollup which I guess partly explains the yields and hedging.  What's your "effective" yield after the hedge?

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Financials: VRSK, BRK/B,Y,  ESGR

Metals: NGD, TAHO, IVN CN, U CN, BCN LN, PE CN, ATC CN, RPM, CN, GZZ CN, NUS CN

Oil Related: WPZ, MMLP, GST prf

Russia: LUKOY, OGZPY

Tankers: OSG, DHT, HPHT SP (ports)

Other: CBI, RICK, FIT, CDK

Odds and sods: BWEL, HRCR, MNPP

 

By size with in sector. I didn't list fixed income investments, or shares of the company I work for.

 

MNPP - somebody else actually owns this puppy. I have got a few shares, but it's hard to buy - the stock does not trade every month.

 

My largest positions are LAACZ,BRKb, EEQ,BWP, WPZ,NSS,DISCK, SNI,GRVO.PA, BAC and about 30 more positions.

Edit - forgot about FMBL,QUCT and HNFSA (about 4% positions each)

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Tetragon Financial

HRG 7 3/4% of 2022 Bonds, "fully hedged" with SPB puts and HRG puts

LUK Bonds (6 5/8% of 2043)

Berkshire Hathaway

Various equities roughly equal weighted (RESI, FOR, SIR, LUK, FCE, EQC)

Gold

Silver

Various Options and Hedges

Non transferable SWY CVR on Casa Ley

Short Indexes

 

I-Bonds

TIAA Stable Value Fund at 1.8%

 

The HRG setup is interesting.  The co looks kind of like a rollup which I guess partly explains the yields and hedging.  What's your "effective" yield after the hedge?

 

my average cost on the actual bonds is about 98, i've spent about 2 points on hedges, and also shorted FGL (closed at a ~10% profit that made 3 points to the bonds), so all in (after taking into account the short profits) I'm in at the HRG 7 3/4% at about 97 (bought at 98, will lose 2 points on hedge but made 3 points on short, 8.3% YTW with optionality to a call in '17 or '18 if the FGL deal closes).

 

They currently trade in the mid 103's (call it 6.5% YTW) and I would be trimming a bit more if they weren't in my taxable and 2016 has been a year of lots of realized ST gains (same situation with the LUK's which have risen to par from the mid 80's). I'd like to see the FGL merger close before my options expire (this merger closing would make this a no net debt entity and they'll likely tender for the senior bonds ahead of mine and cause additional spread compression). If that doesn't happen, I'll probably sell more, though it probably won't be expensive to roll my SPB hedges given how much that stock has rallied and the bonds don't get impaired unless SPB falls by 60%+ (and FGL collapses / merger breaks).

 

 

 

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In order of value:

Fairfax Financial         FFH.TO

Brookfield Canada BOX.UN.TO

Royal Bank of Canada         RY.TO

Altius Minerals         ALS.TO

Clarke Inc.         CKI.TO

BlackBerry Ltd         BB.TO

Canfor Pulp Products Inc CFX.TO

Mullen Group Ltd MTL.TO

Chesapeake Energy Corp. CHK

Penn West Petroleum Ltd PWT.TO

 

+ Various mutual funds

 

Of stocks, FFH represents about 50%

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