Equity Portfolio Activity for the Week Ended May 20, 2016

Equity Portfolio as of May 20, 2016

Commentary: The market showed this week that it can bend without breaking. I was surprised, for I thought it would break. I positioned my portfolio to capture significant gains from a dislocation to lower levels, and while I did move in and out as the market moved, my gains from the moves were muted by the lack of decline in the overall indexes and the softness in the price of the Precious Metal Mining group. At week’s end I paired back some of my short exposure and added to select equites, including two preferred issues that yield close to 6%. The volatility in the market is without conviction to higher or lower levels. This makes it difficult to navigate which drives many decisions to safety, such as the Preferred Issues I note above. At some point we will see this market move with purpose, either to challenge new highs or to retest recent lows. Sentiment wants to move the market higher, fundamentals are pointing lower. Technical indicators are short-term unbiased, but chart patterns of the indexes are mid-term bearish. It will be eventful in the not too distant future, so put on your seat belts and be careful, very careful.

Good Luck and have a great week!

New Additions
1. Bank of America
2. Bank of America Preferred C
3. JP Morgan Preferred D

Increase in Holdings
1. Brookfield Total Return
2. First Solar
3. Greenbrier
4. Hecla Mining
5. Netflix Put Option position
6. Square Inc
7. Synaptics
8. Twitter

Complete Dispositions
1. Proshares UltraPro Short S&P 500

Partial Decrease in Holdings
1. S&P 500 E-Mini Short Futures

Overall Equity Portfolio holdings

1. Alamos Gold
2. Apple
3. ASA
4. Arm Holdings
5. Alibaba
6. Bank of America
7. Bank of America Preferred C – Opened New Position
8. BB&T Corp
9. Brocade
10. Brookfield Total Return – Increased position
11. Chevron
12. Con Ed
13. Costamare
14. CISCO
15. Corning
16. Disney
17. Eastman Chemical
18. Endo Int’l
19. Ericsson
20. First Solar – Increased position
21. Ford
22. Frontline
23. General Electric
24. GLD
25. Golar LNG
26. GreatBatch
27. Greenbrier – Increased position
28. Halliburton
29. Hecla Mining – Increased position
30. Hershey
31. Ingredion
32. IROBOT
33. JP Morgan
34. JP Morgan Preferred D – Opened New Position
35. Matson
36. Microsoft
37. MTN Group
38. New Gold
39. Nokia
40. Nordic American Tanker
41. Norfolk Southern
42. Nucor
43. Olin Corp
44. PayPal
45. Phillips 66
46. Pro Shares Ultra Short – Closed position
47. Qualcomm
48. Reaves Utility Income Fund
49. S&P E-mini short futures – Reduced position
50. Square Inc – Increased Position
51. Synaptics – Increased position
52. Ten Cent Holdings
53. Travelers
54. Twitter – Increased position
55. Viacom
56. Wells Fargo
57. Yahoo
58. Yum! Brands
59. Zimmer Biomet Holdings

Author: Thomas Connolly

Tom possesses a rich and diverse background that includes deep investing experience, senior corporate executive positions, and roles as a Regional Managing Partner and Global Industry Leader within Ernst & Young. He has advised executives on some of the largest acquisitions and dispositions in the Media and Entertainment industry, including clients such as Comcast, Citibank, Sony, Dalian Wanda and Publicis. Tom is a Certified Public Accountant with a Masters Degree from Columbia University. His skills are further accompanied by a personal passion for the study of economic trends and evolving market dynamics.

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