My Personal Finance Journey

Personal finance observation, musing and decisions in a journey toward financial independence by 2020 with at least $3 million.


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May 2004 Month-End Holdings

Contributed by mm | June 1, 2004 4:01 PM PST

Month-End Investment Portfolio           May 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  $       8.55  $     8,550  $     3,780 12.0%
  PPD Prepaid Legal Service Stock        280  $     23.07  $     6,460  $     23.56  $     6,597  $        137 9.2%
  .ZMFME MSFT Jan 05 $25 Put Option (Bearish)     1,000  $       1.38  $     1,380  $       1.80  $     1,800  $        420 2.5%
  .YWZMD QQQ Jan 06 $37 Put Option (Bearish)        600  $       5.23  $     3,138  $       4.60  $     2,760  $       (378) 3.9%
  Cash (Estimate of Investable Cash) Cash          $   12,200   17.1%
  Subtotal              $   31,907  $     3,959 44.6%
Roth IRA Accounts                
  FDP Fresh Del Monte Produce Stock        148  $     26.04  $     3,854  $     24.68  $     3,653  $       (201) 5.1%
  MO Altria Group Stock          50  $     45.14  $     2,257  $     47.97  $     2,399  $        142 3.4%
  TALK  Talk America Holdings Stock        290  $     10.41  $     3,019  $       9.41  $     2,729  $       (290) 3.8%
  .WDMH QQQ Jan 06 $34 Put Option (Bearish)     1,000  $       3.54  $     3,538  $       3.30  $     3,300  $       (238) 4.6%
  .WDMG QQQ Jan 06 $33 Put Option (Bearish)        200  $       3.12  $        624  $       3.00  $        600  $         (24) 0.8%
  Cash   Cash          $     8,753   12.2%
  Subtotal              $   21,433  $      (611) 30.0%
401(k) Account                
  NIIVX ING International Value Fund        248    $     3,953  $     15.75  $     3,904  $         (49) 5.5%
  OAKBX Oakmark Equity and Income Fund          41    $        891  $     23.09  $        936  $          45 1.3%
  RYLPX Royce Low Price Stock Fund          10    $        142  $     14.33  $        137  $          (5) 0.2%
  FRTXX Fidelity Retire Money Market Cash   10,535    $   10,535  $       1.00  $   10,535  $          -   14.7%
  Subtotal              $   15,512  $          (9) 21.7%
Employment Stock Option Grant (ESOP) Option (Bullish)          $     2,686   3.8%
Total              $   71,538   100.0%
           Cash     $   31,488   44.0%
           Stock     $   23,927   33.4%
           Option (Bullish)   $     2,686   3.8%
           Option (Bearish)   $     8,460   11.8%
           Fund     $     4,977   7.0%

TRANSACTIONS

TRADE #43 - Buy WDMH (QQQ Jan 06 $34 Put) 1000s @ $3.50 in Roth IRA
TRADE #42 - Buy MO 50s @ $45.04 in Roth IRA

DISCUSSION OF PORTFOLIO

At this moment, my actively managed accounts (consisting of After-Tax Accounts and Roth IRA Accounts), are essentailly market-neutral now: the equity positions are sufficiently hedged by the bearish option plays and I am expecting the cash-flow-rich positions to come ahead of the market to bring me the portfolio gain. On the 401(k) front, the portfolio continues to be very defensive. Overall, I'm satisfied with the 44% cash position and 12% bearish option hedge.

DISCUSSION OF INDIVIDUAL POSITIONS

OCA - OCA displayed another rollercoast ride in May by touching a low of $6.34 and finishing the month at $8.55. During the month, OCA delivered its (delayed) Q1 report and annouced policy change to simplify its accounting. I view the accounting change as positive while remain neutral about the fundamentals. I still don't see the case for the bears -- OCA apparently has enough cash flow to continue its business, and certain expansion initiatives may bring back organic growth. My target price is $10 but I may sell at $9.50 or so.

PPD - Not much news of PPD in May and I still love the solid cash flow from the business. Price target remains at $35.

FDP - FDP recovered from a mid-May low of $22.90 and closed the month at monthly high of $24.68. Since the fundamentals do not change, I keep my target of $40.

MO - My newest position already delivered 6% capital appreciation in one week. Multiple research reports confirmed the fundamentals are still strong and legal exposure is still minimal. My price target is $60 as stated in my trade comments.

TALK - TALk reclaimed lost grounds and ended the month at $9.41 after a mid-May low of $7.53. The upcoming June will bring more clarity in its negotiation with SBC and FCC's policy standing. While TALK remains to be a very risky bet at the moment, I still think TALK will survive. Price target is $15 compared to $17 in the last month.

Various PUT LEAP Options - NASDAQ added 3.5% during the month while S&P 500 only gained 1.3%. My bearish option plays were mostly losing ground during the month. However, I still all bets as long-term hedges against a very likely market downturn, so I am not considering liquidating them any time soon.

DISCUSSION OF 401(k) ACCOUNT

My 401(k) portfolio stays very defensive. While I boosted my 401(k) contribution percentage, all the new contributions fly to the money market fund yielding 0.8%

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