Poetic Portfolios

I just received my proxy statement for Jupitermedia (NASD: JUPM) regarding the sale of their Jupiterimages division to Getty. The division is being sold for $96 million. Jupitermedia’s current market cap is $18 million, but there are some good reasons for this.

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At the end of 2007, the NAV for the Two Roads Diverged Portfolio was $86.71. The portfolio trails the S&P 500 by 5.85% since inception in 2004. This is significant because the portfolio was beating the S&P 500 at the end of 2007.

Much of the declines are a result of the small cap concentration of this portfolio. The current portfolio and returns are noted in the table below.

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2008 was certainly a difficult year to start a portfolio. The Net Asset Value of the portfolio fell from $100 to $70.32, a decline of 29.7%. The Against the Sky Portfolio still outpaced the S&P 500 by 1.19%. However, this is due in large part to the deliberate pace of investment of the portfolio’s cash rather than any investment skill.

A chart of the portfolio’s performance is at icarra.

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The first REIT that I’m taking a closer look at is Lexington Realty Trust (NYSE: LXP). Lexington Realty Trust owns 288 properties totaling 48.8 million square feet in 44 states. The company focuses on triple-net leased properties, which would normally suggest a high percentage of retail properties. However, Lexington’s portfolio is 74% office, 18% industrial, and 8% retail. At the end of their most recent quarter, their portfolio was 93.8% leased.

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