Against the Sky 3rd Quarter 2009 Performance
Earnings season is well under way, but before I turn to some of the my holdings and watchlist stocks, I thought I’d look back at the performance of the Against the Sky Portfolio and share some thoughts on the market. I recently updated my Performance page as Icarra seems to no longer be supported (Take a look here).
During the third quarter, the net asset value of the Against the Sky Portfolio rose from $7.70 to $8.99, a 16.8% return. This compares to the S&P ETF (SPY) which increased 14.8% during the quarter. Since inception, the Against the Sky Portfolio is down 10.1% as of quarter end. This compares to the S&P’s loss of 17.9%.
Against the Sky Performance Graph as of 9/30/09
I have to say that I don’t mind being down 10% since inception given the time period for this portfolio. There are still some risks in this economy, so I have spent some time during the third quarter and following the third quarter selling some holdings to build up cash. At the end of the quarter cash comprised 16.9% of the portfolio. I have sold both Baidu and Ctrip based on valuation concerns since the quarter’s end. I’ve picked up shares of Assurant and CapitalSource as I look for more value. Cash now stands at 13.9% of the portfolio. Below is a table showing current holdings in the portfolio.
| Security | Ticker | Portfolio % | Return |
|---|---|---|---|
| Lexington Realty Trust | LXP | 6.04% | 37.54% |
| Markel | MKL | 5.88% | -4.65% |
| Proctor & Gamble | PG | 5.52% | 16.72% |
| ADP | ADP | 4.51% | 3.61% |
| Middleby | MIDD | 4.01% | -16.10% |
| CapitalSource | CSE | 3.84% | -48.25% |
| Assurant | AIZ | 3.44% | -1.83% |
| InVentiv Health | VTIV | 3.39% | 3.99% |
| Apple | AAPL | 3.38% | 21.40% |
| Chipotle | CMG.B | 3.26% | 14.97% |
| RGA | RGA | 3.03% | -9.76% |
| S&P Mid Cap 400 | MDY | 2.68% | -24.05% |
| Genessee & Wyoming | GWR | 2.62% | -8.01% |
| Jones Lang Lasalle | JLL | 2.29% | -31.11% |
| Under Armor | UA | 2.16% | -2.34% |
| Dawson Geophysical | DWSN | 1.93% | -47.48% |
| Otter Tail | OTTR | 2.17% | -34.69% |
| Frontier Communications | FTR | 2.11% | -36.28% |
| Duke Energy | DUK | 2.11% | -12.74% |
| Smartpros | SPRO | 1.85% | 14.64% |
| MGGBX | 10.87% | -2.54% | |
| Harbor International | HIINX | 9.04% | -18.97% |
| Cash | 13.85% |
I’d like to pick up some larger companies that pay good dividends in a vein similar to Proctor and Gamble, but companies of that quality are just not available cheap right now. I’ll likely stray a little further down the quality spectrum in search of some good values. I may have strayed a bit too far on CapitalSource, but I really like the recent additions of Assurant and InVentiv Health.
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