My Personal Finance Journey

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April 2004 Month-End Holdings

Contributed by mm | May 1, 2004 8:13 AM PST

Month-End Investment Portfolio          

April 2004

      Type  Quantity   Avg Cost   Cost Basis   Current Price   Value   Gain (Loss)  % of Portfolio
After-Tax Accounts                
  OCA Orthodontic Centers of America Stock     1,000  $       4.77  $     4,770  $       7.17  $     7,170  $     2,400 10.6%
  PPD Prepaid Legal Service Stock        280  $     23.07  $     6,460  $     25.00  $     7,000  $        540 10.4%
  .ZMFME MSFT Jan 05 $25 Put Option     1,000  $       1.38  $     1,380  $       1.60  $     1,600  $        220 2.4%
  .YWZMD QQQ Jan 06 $37 Put Option        600  $       5.23  $     3,138  $       5.20  $     3,120  $         (18) 4.6%
  Cash (Estimate of Investable Cash) Cash          $   16,177   24.0%
  Subtotal              $   35,067  $     3,142 52.1%
Roth IRA Accounts                
  FDP Fresh Del Monte Produce Stock        148  $     26.04  $     3,854  $     23.35  $     3,456  $       (398) 5.1%
  TALK  Talk America Holdings Stock        290  $     10.41  $     3,019  $       8.92  $     2,587  $       (432) 3.8%
  .WDMG QQQ Jan 06 $33 Put Option        200  $       3.12  $        624  $       3.30  $        660  $          36 1.0%
  Cash   Cash          $     8,753   13.0%
  Subtotal              $   15,456  $      (794) 22.9%
401(k) Account                
  NIIVX ING International Value Fund        248    $     3,953  $     15.75  $     3,904  $         (49) 5.8%
  OAKBX Oakmark Equity and Income Fund          41    $        891  $     23.09  $        936  $          45 1.4%
  RYLPX Royce Low Price Stock Fund          10    $        142  $     14.33  $        137  $          (5) 0.2%
  FRTXX Fidelity Retire Money Market Cash     9,164    $     9,164  $       1.00  $     9,164  $          -   13.6%
  Subtotal              $   14,141  $          (9) 21.0%
Employment Stock Option Grant (ESOP) Option          $     2,686   4.0%
Total              $   67,350   100.0%
             Cash   $   34,094   50.6%
             Stock   $   20,213   30.0%
             Option   $     8,066   12.0%
             Fund   $     4,977   7.4%

BRIEF INTRODUCTION TO NEW FORMAT

Starting from this month, I will report my month-end portfolio in a new format to present my holdings in brokerage firms, Roth IRAs, 401(k) and ESOP in a holistic view. The total portfolio size will closely match what I will report in my monthly reviews of total personal finance picture.

At the bottom of the table, I also break out by portfolio by type of vehicle like cash, stock, mutual fund and stock options.

I found this to be a much better view than the previous views which only includes positions in actively-managed accounts (after-tax brokerage accounts and Roth IRA). By the end of the day, it is all the components in my portfolio, no matter actively-managed or passively-managed, that work together to achieve my financial goals.

TRANSACTIONS

TRADE #41 - Buy WDMG (QQQ Jan 06 $33 Put) 200s @ $3.00 in Roth IRA (April 15, 2004)
TRADE #40 - Sell OCA 500s @ $8.65 in Roth IRA (April 06, 2004)

DISCUSSIONS OF PORTFOLIO

During the month of April, I continued my drive to move my portfolio more defensive. As a result, now I am more than 50% in cash, the first time in 2004. I also increased a little bit of my PUT option exposure by buying more of bearish QQQ bets.

I am still 30% in stock but I am comfortable about my holdings at current basement price levels. Also, I have 8% of my portfolio value invested in bearish PUT options to hedge the market risk, which I expect to turn in considerable return in the next couple of years.

DISCUSSIONS OF INDIVIDUAL POSITIONS

- (OCA) OCA again offered a rollercoaster ride in a month. The stock started the month at $7.92, reached as high as $9.83 (and more than $10 intraday), only to fall to $7.17 at month close. It seems that I made the right choice to at least take some of the profit out of the table by liquidating my 500 shares in Roth IRA at $8.65 apiece. My OCA holding in Datek is already eligible for long-term capital tax treatment, but at the current price levels, I will hold for a while. I don't not see much downside risk from this level, and I think the recent event of changing auditors are a non-issue in the long run. My target price is $10.

- (PPD) PPD continues to make good progress in stablizing the persistency rate and buying back shares. Although its repurchase effort is currently limited by loan covenants, I see management can continue to ride the ship and realize good value for investors. My target price is $35.

- (FDP) FDP suffered a bit after a below-expection quarterly earning report, but I definitely see it as along-term value buy, and will potentially buy more if price drops further to $20 or so. I understand being in this industry of fresh produce means lots of short-term surprises but I am determined to hold this issue for a long term. Target price for FDP is $40.

- (TALK) The legal cloud has not been cleared up yet.The company delivered a solid quarter and triggered a short-term climb of stock price. I am mindful of the legal risks, but even if TALK has to pay a higher price to Baby Bells, I still think the company can continue to operate its business reasonably profitable. Target price is $17.

- (Various PUT LEAP options) I see these positions are long-term hedge to a very possible stock market meltdown moving forward, so I am in no hurry to sell them any time soon. I may, however, consider to switch my 1-year MSFT put option for 2-year QQQ put option.

DISCUSSION OF 401(k) ACCOUNT

401(k) provides me a good place to get some exposure in international equity market, and that's the reason I choose to have 5.8% of my portfolio in NIIVX, an international fund mainly investing in Europe and Japan. VIIVX actually dropped in the last month, partly due to unfavorable foreign exchange rate, but I sense US dollar will be depreciating anyway even with potential rate increase. I will continue to hold this for a while.

My other positions in 401(k) account, OAKBX and RYLPX, are just some water-testers.

Starting from May, all of my new 401(k) contributions will go to FRTXX (Fidelity Retire Money Market). I also increased my deduction from 6% to 15% in a hope to shielding more of my income from income tax from now on. I am always eligible for 3% extra employer contribution if I choose to deduct at least 6% of my salary for 401(k) contributions.

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