Current Holdings

[james22]

No tilt to EM value?

[TwoCitiesCapital]

No tilt to EM value?

 

I'm assuming this was directed at me? PEFIX is probably 75% of my EM exposures via funds and is entirely a leveraged "smart-beta" play on value EM.

[james22]

Ah, I was unfamiliar with PEFIX ("incorporating active insights into quality, momentum, style and size"). Nice.

 

Just bumped my (beta-only) EM to near 20%.

[Guest ajc]

 

At 22% cash.

Sold Box, KT Corporation, & Micron, recently

Holdings are Stitch Fix (38%), Spotify (28%), & Facebook (12%)

Bearish on tech & IPO valuation levels generally, might trim further

 

 

 

[The Investor]

AAPL   Apple Inc.

BRK.B Berkshire Hathaway

GOOG Alphabet Inc

RYM    Ryman Healthcare Ltd.

WFC   Wells Fargo

 

 

Top 5 positions

 

Interesting to revisit after a couple of years and a major crisis. Not much has changed after a lot of reading and not a lot of doing:

 

Apple

Berkshire Hathaway

Trupanion

Alphabet

Ryman Healthcare

 

Sold out of WFC at $45.17 on 26 Feb, just as the market started to tumble. Added to BRK B, TRUP, GOOGL/GOOG, and reduced my position in AAPL slightly. Also established a position in CDLX during the market lows (I surprised myself by increasing my position after the stock went up around 30% in one day from the absolute low, that's a tough thing to do!). More recently I've been buying WINE.

[willie2013]

BYD (owned since I started this thread), ANGI, ATEX, FFXDF, RP, ROOT, SPT, STNE, and a basket of gold miners ( ARNGF, CMCL, DPMLF, and IAG) .  Wanted AYR and other MJ names but they moved up quickly too much.  Thanks all!

[shamelesscloner]

BYD (owned since I started this thread), ANGI, ATEX, FFXDF, RP, ROOT, SPT, STNE, and a basket of gold miners ( ARNGF, CMCL, DPMLF, and IAG) .  Wanted AYR and other MJ names but they moved up quickly too much.  Thanks all!

 

Funny that you bought BYD thinking that Pabrai was buying. I'd love to own it if it ever goes on sale again! Hey you might know the answer to this. Why is there a $12bn delta between Himalaya's AUM on Adviser Info and equity holdings in TIKR Terminal? What is Li Lu up to?

[thowed]

Why is there a $12bn delta between Himalaya's AUM on Adviser Info and equity holdings in TIKR Terminal? What is Li Lu up to?

 

Isn't this just that his China and HK investments don't show up on this??

[Guest cherzeca]

majority in cash. of rest, majority in SPY and similar, and minority in FNMAS.

[thepupil]

this is a bit stale, but pretty much the same, I think people will be surprised how the real estate has decreased.

 

I feel naked, having revealed the entire pupil book. i'll keep the family's accounts I manage a secret to maintain some option of fudging reported performance numbers.

 

PERSHING SQUARE HOLDINGS LTD 9.4%      ~25% discount, in Ackman we trust

TETRAGON FINANCIAL GROUP LTD 9.1%      ~60% discount, in Reade we trust

BERKSHIRE HATHAWAY INC-CL B 8.6%      ~20% discount, in Warren we trust

EQUITY COMMONWEALTH                 7.1%      ~5% discount to NAV most of which cash, in Sam we trust

ALEXANDER'S INC                         6.0%      ~25-35% discount, much of which cash, in Steve we trust

Cash                                        5.4%     

JBG SMITH PROPERTIES                 5.1%     

VANGUARD TOT STK MKT-ADM         5.0%     

PARAMOUNT GROUP INC                 4.2%     

OLD REPUBLIC INTL CORP                 4.1%   

APARTMENT INVT & MGMT CO -A         4.0%   

BLACK STONE MINERALS LP         3.9%   

JARDINE STRATEGIC HLDGS LTD           3.7%   

GRIFFIN INDUSTRIAL REALTY IN           3.3%   

SPDR GOLD SHARES                         3.0%   

BROOKFIELD ASSET MANAGE-CL A 2.6%   

LAACO LTD-UNITS OF LTD PRTNS 2.3%

CEDAR REALTY TRUST INC                 1.7%

January 22 Calls on BERY US         1.7%

UNITED DEVELOPMENT FUNDING I 1.6%  <---should be $0

HAW PAR CORP LTD                  1.6%

PLAYMATES TOYS LTD                         1.4%

FARMERS & MERCHANTS BANK/CA 1.4%

ISHARES SILVER TRUST                 1.2%

JARDINE MATHESON HLDGS LTD         1.2%

March 21 Calls on JOE US                 0.6%

January 23 Puts on BRK/B US         0.3%

March 21 Calls on VNO US                 0.3%

January 22 Calls on BERY US         0.2%

January 22 Calls on BERY US         0.1%

 

[Gregmal]

this is a bit stale, but pretty much the same, I think people will be surprised how the real estate has decreased.

 

PERSHING SQUARE HOLDINGS LTD 9.4%      ~25% discount, in Ackman we trust

TETRAGON FINANCIAL GROUP LTD 9.1%      ~60% discount, in Reade we trust

BERKSHIRE HATHAWAY INC-CL B 8.6%      ~20% discount, in Warren we trust

EQUITY COMMONWEALTH                 7.1%      ~5% discount to NAV most of which cash, in Sam we trust

ALEXANDER'S INC                         6.0%      ~25-35% discount, much of which cash, in Steve we trust

Cash                                        5.4%     

JBG SMITH PROPERTIES                 5.1%     

VANGUARD TOT STK MKT-ADM         5.0%     

PARAMOUNT GROUP INC                 4.2%     

OLD REPUBLIC INTL CORP                 4.1%   

APARTMENT INVT & MGMT CO -A         4.0%   

BLACK STONE MINERALS LP         3.9%   

JARDINE STRATEGIC HLDGS LTD           3.7%   

GRIFFIN INDUSTRIAL REALTY IN           3.3%   

SPDR GOLD SHARES                         3.0%   

BROOKFIELD ASSET MANAGE-CL A 2.6%   

LAACO LTD-UNITS OF LTD PRTNS 2.3%

CEDAR REALTY TRUST INC                 1.7%

January 22 Calls on BERY US         1.7%

UNITED DEVELOPMENT FUNDING I 1.6%  <---should be $0

HAW PAR CORP LTD                  1.6%

PLAYMATES TOYS LTD                         1.4%

FARMERS & MERCHANTS BANK/CA 1.4%

ISHARES SILVER TRUST                 1.2%

JARDINE MATHESON HLDGS LTD         1.2%

March 21 Calls on JOE US                 0.6%

January 23 Puts on BRK/B US         0.3%

March 21 Calls on VNO US                 0.3%

January 22 Calls on BERY US         0.2%

January 22 Calls on BERY US         0.1%

 

Where do I buy this real estate ETF?

[thepupil]

to benefit from this underperforming, now overly diversified, pretty much outsourced to various investor vehicles portfolio, you must marry me. i like you gregmal, just not that much.

[TwoCitiesCapital]

Based on current market values:

 

Altius - ATUSF/ALS - 8.9%

Sberbank - SBRCY - 6.9%

Fairfax - FRFHF/FFH - 7.1%

Fiat Chrysler - FCAU & Options - 5.8%

Freddie Mac - FMCCJ - 5.7%

Santander - SAN/BSBR/BSMX/BSAC - 4.4%

Exor - EXO - 4.3%

Lukoil - LUKOY - 3.1%

Gazprom - OGZPY - 3.1%

Seritage - SRG - 2.9%

 

 

EM Betas - VEMIX/PEFIX/FFXDF - 34.6%

European Betas - PTSIX - 8.0%

 

Doesn't sum to 100% - all options are valued at notional exposure and smaller positions plus cash were left out

 

Macro Themes reflected in the portfolio:

 

Long Real Assets & Real Asset Producers (O&G companies, base metal royalties, REITS, massive EM overweight)

Expectation for higher interest rates (Fairfax Financial)

Long Global Equities vs U.S. equities (massive overweight to EM and little U.S. exposure)

 

Short Duration Bond Funds - 24%

EM Value Funds - 15%

Fannie/Freddie Preferreds - 10%

International Value Funds - 6.0%

Exor - 5.9%

Sberbank - 5.4%

Altius Minerals - 4.5%

Mortgage REITS - 3.5%

GBTC - 3.5% (I trade around the growth/contraction in NAV premium - primary BTC allocation not disclosed here or considered in overall portfolio totals)

Fairfax Financial - 2.5%

Fairfax India - 2.5%

Santander - 2.45%

Rolls Royce - 2%

High Yield Bond Funds - 2%

Emerging Markets Bond Funds - 2%

Eurobank - 1.5%

Gazprom - 1.35%

 

GLD/SLV call spreads - 9% @ notional (currently ITM)

TLT call spreads - 1.9% @ beta adjusted notional (currently OTM)

 

Slight amount of leverage gained through option spreads. Short a couple of names using put spreads too, but collectively only 3-4% of portfolio in beta-adjusted notional and all OTM after recent rally.

 

Not many changes in 2020. Basically a broker record in this regard because it's been similar themes driving me since 2015 because the same stuff is cheap.

 

Exited Fiat for increased exposure to Exor. Also was fortunate to have been called out of my Seritage position at $30+ and never restablished given Covid.

 

Added Rolls Royce (probably one of my best moves this year - better to be lucky than smart ) Reestablished a position in Fairfax sub-$300 after closing out the whole position in early 2019 deciding I was wrong on rates (next best move)

Added slightly to Fannie/Freddie Preferreds, Santander bank, Altius Minerals, and Exor during the crash.

 

General macro themes are basically unchanged:

Long real assets/producers

Dramatically overweight international vs US

 

Ultimately waiting for fatter pitches. Was 1/2 cash for the crash, which was great. Still missed my opportunity to add as I didn't think 2,300 was gonna be the bottom. Basically bought high yield bonds, emerging markets bonds, and added modestly to a handful of equity positions waiting SPY to hit 2,000 before adding heavily to equities, but the market started climbing the very next day.

 

Was also still very long puts on SPY/QQQ which I didn't cover for a few months because I'm a stubborn skeptic of this rally/valuations which definitely hurt performance this year.

 

 

[Gregmal]

My core stuff really doesnt change much over time. I trade everything non core and a have a lot of different strategy stuff typically going on. But 60-70% core is wrapped up in MSG entities, HTL, PCYO, BRK, and recently added OMG. There's one more in there thats been such a POS I refuse to even mention it. Got a handful of bigger than 2% but sub 10% positions like AYR, ESRT, BAM, FRPH, GOOG, JBGS, SPG, CRISPR basket. Most other stuff changes so frequently its not worth listing.

[KJP]

Excluding cash:

 

US Cable/Broadband:  23%

Charter:  15%

Altice USA:  5.5%

LICT:  2.5%

 

 

US Real Estate: 22%

Griffin Industrial Realty:  9%  [This was 17+% until sold half recently]

FRP Holdings: 7%

Paramount Group: 3%

PCYO: 3%

 

 

US Energy Midstream:  8.5%

Williams: 5.75%

Enterprise Products:  3%

 

 

Others

Huntington Ingalls:  8% [Growing increasingly uncertain about this; likely will go]

IAC:  7%

IES Holdings:  6.5%

Hill International:  5.75%

Black Stone Minerals:  5%

Quorum Information Technologies:  4%

Wells Fargo:  4%

Advant-E:  4%

IDW Media Holdings:  1%

General Dynamics: 0.5%

 

 

Glancing over this, it appears that the biggest decision here is one I didn't consciously make:  Massive overweight to the United States (I am a US resident).

[james22]

60% Jockeys (in Buffett/Munger, Flatt/Marks, and Gayner I trust)

20% Indices (in Fama/French and Modern Portfolio Theory I trust)

10% Speculation (in the Rule of Law I trust)

10% Dry Powder (in volatility/opportunity I trust)

[rosemontseneca]

Jardine Strategic 9.3%

CK Hutchison            8.1%

Gold miners         7.4%

Tetragon Financial 5.6%

Berkshire B         5.0%

Graham Holdings 4.5%

Magellan Midstream 4.2%

Onex Corp                 3.7%

Vornado                 3.1%

Black Stone Minerals 2.5%

Dassault Aviation 2.1%

Lassonde Industries 2.0%

Fraser & Neave         2.0%

Telekom Austria         1.9%

Haw Par                 1.9%

Befimmo                 1.8%

Lukoil                 1.7%

Telefonica Brazil         1.7%

Equity Residential 1.5%

Williams                 1.4%

KT Corp                 1.4%

Marathon Petroleum 1.3%

BAE Systems         1.2%

Photronics                 1.2%

Cash                         23.7%

 

[thepupil]

Jardine Strategic 9.3%

CK Hutchison            8.1%

Gold miners         7.4%

Tetragon Financial 5.6%

Berkshire B         5.0%

Graham Holdings 4.5%

Magellan Midstream 4.2%

Onex Corp                 3.7%

Vornado                 3.1%

Black Stone Minerals 2.5%

Dassault Aviation 2.1%

Lassonde Industries 2.0%

Fraser & Neave         2.0%

Telekom Austria         1.9%

Haw Par                 1.9%

Befimmo                 1.8%

Lukoil                 1.7%

Telefonica Brazil         1.7%

Equity Residential 1.5%

Williams                 1.4%

KT Corp                 1.4%

Marathon Petroleum 1.3%

BAE Systems         1.2%

Photronics                 1.2%

Cash                         23.7%

 

Berkshire, office, tetragon, mineral royalties, asian conglomerates!

 

[ourkid8]

What do you guys think of my portfolio? Any feedback? to give an idea on size of portfolio, it is between $500k - $2m

 

Atlas - 27.35%

Trisura - 20.10%

Fairfax - 19.71%

CN Rail - 10.22%

Royal Bank - 8.34%

Blackberry - 5.88%

Chou Associates - 4.36%

Wells Fargo - 3.38%

Premier Diversified Holdings - 0.55%

[Gregmal]

What do you guys think of my portfolio? Any feedback? to give an idea on size of portfolio, it is between $500k - $2m

 

Atlas - 27.35%

Trisura - 20.10%

Fairfax - 19.71%

CN Rail - 10.22%

Royal Bank - 8.34%

Blackberry - 5.88%

Chou Associates - 4.36%

Wells Fargo - 3.38%

Premier Diversified Holdings - 0.55%

 

Quick glance, first thing that comes to mind is that you've got a lot of unnecessary overlap. Concentration is fine if you know what you're doing.

[rosemontseneca]

Jardine Strategic 9.3%

CK Hutchison            8.1%

Gold miners         7.4%

Tetragon Financial 5.6%

Berkshire B         5.0%

Graham Holdings 4.5%

Magellan Midstream 4.2%

Onex Corp                 3.7%

Vornado                 3.1%

Black Stone Minerals 2.5%

Dassault Aviation 2.1%

Lassonde Industries 2.0%

Fraser & Neave         2.0%

Telekom Austria         1.9%

Haw Par                 1.9%

Befimmo                 1.8%

Lukoil                 1.7%

Telefonica Brazil         1.7%

Equity Residential 1.5%

Williams                 1.4%

KT Corp                 1.4%

Marathon Petroleum 1.3%

BAE Systems         1.2%

Photronics                 1.2%

Cash                         23.7%

 

Berkshire, office, tetragon, mineral royalties, asian conglomerates!

 

 

Great minds think alike! But seriously, big fan of your write-ups and the idea generation on this site more broadly.  I source most of my PA ideas on here, VIC and fintwit. Look forward to contributing more.

[DocSnowball]

Getting more simplified in 2020 (ballparks):

VOO 20%

VEA 18-20%

INDA 10%

FXI 10%

BRK-B 5%

Fannie preferreds 5%

DIS 4%

2U 2%

Cash/Short term treasuries waiting to be deployed 25%

 

[shamelesscloner]

Why is there a $12bn delta between Himalaya's AUM on Adviser Info and equity holdings in TIKR Terminal? What is Li Lu up to?

 

Isn't this just that his China and HK investments don't show up on this??

 

Very likely, but there must be a way to see those somewhere yeah? We live in the information age!

[deleuze68]

Current holdings are pretty much dominated by cash and microcap Canadian stocks, with a bit of exposure to the US through S&P and Nasdaq ETFs

 

Cash  35.6%

BRM.V  10.8%

BRTL.V  6%

CAF.V  5.9%

XSP.TO  3%

XQQ.TO  2.6%

AHC.TO. 2.2%

CWL.TO  2.1%

HMM/A.TO  1.5%

AWI.V. 1.5%

MR/DB/B.TO. 1.5%

NIF/UN.TO  1.3%

 

Then a bunch of random stuff (including a basket of Canadian REITs) below 1%

[kab60]

Berkshire - 22 pct

Linamar (CA) - 14 pct

Clipper Logistics (UK) - 13 pct

Altria - 12,5 pct

Cambria Automobiles (UK) - 9 pct

Ulta Beauty - 9 pct

Lion Rock Group (HK) - 8 pct

Cast SA (FRA) - 7 pct

Asbury Automotive - 6 pct

Park Aerospace - 5 pct

Berry Global - 5 pct

Alliance Data Systems - 4 pct

Brookfield Asset Management - 4 pc

Analogue Holdings (HK) - 2 pct

Cash: -20 pct.

 

It has been a crazy year. Portfolio isn't all that different since February, but I've been in and out of most of the stuff during the year trading relative value and I've flipped a lot of Companies fast (Cimpress, Motorpoint, AMA Group, Williams, Ship Finance, KKR, FPH, BSM, PCYO, ESRT). Stayed fully invested during March and added most of the margin to buy (more) Berkshire, Altria and Brookfield in the fall before the vaccine news (cash never below -20 pct). In normal circumstances I'd look to dial down the margin, but I expect to sell our apartment and summerhouse during the next year which would take cash to some 40-50 pct. of the portfolio, so I'll probably just hold on instead of paying even more taxes.

 

In March I felt like a Kid in a candyshop who'd forgotten his money (being fully invested). Two months ago I still saw quiet some good bargains (like Brookfield, Altria and Berkshire). Now there's very little I get excited about. Luckily HK is in a bear market, so there's still some hunting to do there, but otherwise I consider most of the portfolio pretty fairly valued.

 

Any thoughts are very much appreciated.