Brief Portfolio Update Apr 2011

Jae Jun

At the end of April, the OSV portfolio remained flat at 2.72% YTD total return. Markets are resilient and performing well. The year isn’t over yet and my portfolio has near term catalyst that should propel the performance if it plays out as expected.

This update will be short as I’ll provide more up to date updates int he May review.

Old School Value Stock Portfolio Performance

Transactions in April

  • Sold GGP – Reduced my stake in GGP by half to move the money into HHC.
  • Bought HHC – Bought after full year earnings disappointed Wall Street.
  • Sold BOLT – Sold out completely. Don’t see much value in new acquisition SeaBotix.
  • Bought DLB – A company that I’ve had on my watchlist for 3 years. Not a value stock, but a GARP stock I am comfortable with. Great business, strong moat, margins and continuing to expand into growing industries such as mobile devices.

Yukon Nevada Gold (YNGFF)

Definitely the toughest stock pick since VVTV. In March YNGFF tumbled down 10%. As mentioned in previous monthly updates, YNGFF is in desperate need of cash to continue the improvement to its mining facilities.

Originally, cash from operations would have been enough to handle the required working capital, but with the extremely cold winter this year, YNGFF went idle. Meaning, no cash generation. Thus the solution was to lower the warrant exercise price causing a sudden increase in selling pressure.

So what now? Well, nothing. The overall thesis of YNGFF has not changed. I have yet to see failure or success by YNGFF. Until then, price is a tool and not a guide.

Retail Holdings (RHDGF)

The biggest gainer in April helping to offset a lot of losses was RHDGF, up 25%.

No significant news broke for the price to jump that much other than a brief letter to shareholders discussing 2010 results. If you read the letter you’ll see why.

Read the letter now.



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