Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Support MFO
Donate through PayPal
New Open Thread - What Are You Buying/Selling/Pondering?
Reply to @scott: Scott, you beat me to the punch. Every afternoon I look at the insider stats for my stocks using the link below. It's my favorite site for insider statistics. I was pretty surprised, actually shocked, to see such a large purchase in light of the rise the stock has already enjoyed this year. Probably 90% or more of insider purchases are in stocks that have been beaten up for one reason or another. I use to do quite a bit with insider statistics but never found any edge, especially insider sales which is mostly option related anyway. I would think the Walgreen purchase should get some ink and open some eyes over the next few days not just for its size but because it has been the first time in at least the past two years an insider has stepped up to the plate. You have read about their overseas expansion plans and the benefits of their recent hookup with ABC (what a trend that stock has enjoyed, even better than WAG) so I assume the insider is expecting a lot from these catalysts (or maybe something we don't know yet)
Pared back FAIRX, FOCIX, and ARLSX as I continue to move portfolio back to just 3-4 principal holdings: BOND, AQRIX, and FAAFX.
If COP and GE continue downward next week, will likely move into other stocks/ETFs I've mentioned previously. Both I believe have fallen recently to 200d levels.
This past week … I took no action within my portfolio other than tracking my investment sleeves. Overall my portfolio was down 1.0% for the week. In comparison the S&P 500 Index was down 2.1% and my bogey, the Lipper Balanced Index, was down 1.3%. With this, I am happy thus far with the performance of my portfolio and I feel I have already pretty much right sized my equity allocation in getting ready for the historical up coming soft period for stocks that usually runs form the first part of May through most of the summer with the better returns usually coming between November through April. (See my earlier post as to how I kept my equity allocation in check).
Right now, I plan no farther reduction in equities from their current allocation of about 45% of my portfolio. My normal range for equities ranges form a low of 40% to a high of 60% and is adjusted from time-to-time based upon varying stock market conditions, seasonality, and stock valuations being a big part of my thought process along with my risk tolerance.
Looks like Sell In May … and, Don’t Come Back Until St. Leger’s Day might be in fashion again this year. I look for the coming week to indeed be an interesting one as a good number of companies continue their reporting of 1Q2013 earnings.
Reply to @Investor: It must be an age thing as I am about the polar opposite around 72% bonds and 28% equity funds/individual stocks. Albeit never have done an x-ray and my largest position which I consider as bonds is probably considered stocks (PGINX) at 25%. PGINX is sort of a poor man's version of one of my equity funds - GASFX. I may have to run from both if utilities ever top out. My largest equity fund position is RYOIX and sure wish I was the younger more aggressive version of myself because I would have had a heck of a larger position there. I still have some PONDX, around 12%, and it just keeps chugging along.
Reply to @Hiyield007: Hi HY007, could you spell out your take on Pax Global Green a little more? I don't understand the reference to considering it as bonds, and being similar to a natural gas utility fund.
Reply to @AndyJ: Andy, thanks for catching this. Must be an age related thing or I am becoming dyslectic. I meant to type PGDIX *not* PGINX. PGDIX has something like 800 bonds and 300 stocks and in stocks it's very heavy in utilities. Also has some of the same gas MLPs held by GASFX. Instead of adding to my GASFX shares in the future will be taking a position in the Rydex utility fund RYUIX instead because it is commission free on shorter term trades. I worry about utilities being overloved but as long as they keep chugging higher will ride along.
Reply to @Hiyield007: Oh right, sure, makes sense. I sold a utility etf too early. Utes are still climbing, & the etf I had is ~ zero premium even now.
Exchanging FSPHX for PHSZX Wednesday am. Inherited Fidelity fund, and agreed to watch it and hold it for a while. There isn't much crossover in stocks, but I do hold three health care stocks, plus FBTIX. I have a tendency to hold more funds than I need, resulting in creating my own index, so this is a step in the right direction. Others have this syndrome?
In the bond portion of my portfolios sold most of my junk bond fund (WHIYX now at under 10%) and used proceeds to increase my exposure to PGDIX and PONDX. My other bond fund is NFRIX.
Reply to @Hiyield007: For those that are interested in PGDIX the A share class PGBAX is offered load waived NTF at Fidelity:
"This fund is now available NTF (No Transaction Fee) and offered load-waived through Fidelity"
The fund has about 300 stock positions 800 bond positions. The stocks are of high dividend payers in Utility, Real Estate, Energy and Financial sectors mainly. The bonds are high yield (junk). Basically the fund is investing in highly leveraged companies. The manager seems to try to control individual company risk by keeping positions very small. P/E for stock side is a bit on the high side (16.36) and PEG ratio is 2.47. So, it is expensive by those measures. The high yield bonds have given a kick in performance boost in recent years. But with the HY bonds losing momentum, the fund has been behaving more inline with Conservative/Moderate allocation balanced funds. I personally hold GLRBX and I like VWINX a lot. I get my HY bond exposure through specialist MWHYX fund at this time.
Reply to @Investor: Thanks, are you sure about its exposure to junk? It would explain a lot. But I had just been trying to get a better handle on its bond exposure on their web site but no luck. Yes, 300 stocks and 800 bonds but also another couple hundred in "other" bonds. I thought they had more floating rate (a good thing) than outright corporate junk (insanely overvalued) I like that they also have a lot of bonds outside of the U.S. There are better performers in this category ala your GLRBX but almost all of them have too heavy of an exposure to Treasuries for my taste. One reason I like PGDIX so much is it is about a smooth a non volatile trender as it gets and as you mentioned above, its large portfolio has a lot to do with that.
Edit - OK, you are correct 36.1% of their bond portfolio is junk = (high yield) Edit 2 - Make that 36.1% of their total portfolio and how much of that is floating rate I would love to know.
Comments
http://www.secform4.com/insider-trading/104207.htm
Edit: Lot of insider selling the past few days in RAD and not option related
Pared back FAIRX, FOCIX, and ARLSX as I continue to move portfolio back to just 3-4 principal holdings: BOND, AQRIX, and FAAFX.
If COP and GE continue downward next week, will likely move into other stocks/ETFs I've mentioned previously. Both I believe have fallen recently to 200d levels.
Nothing new right now.
This past week … I took no action within my portfolio other than tracking my investment sleeves. Overall my portfolio was down 1.0% for the week. In comparison the S&P 500 Index was down 2.1% and my bogey, the Lipper Balanced Index, was down 1.3%. With this, I am happy thus far with the performance of my portfolio and I feel I have already pretty much right sized my equity allocation in getting ready for the historical up coming soft period for stocks that usually runs form the first part of May through most of the summer with the better returns usually coming between November through April. (See my earlier post as to how I kept my equity allocation in check).
Right now, I plan no farther reduction in equities from their current allocation of about 45% of my portfolio. My normal range for equities ranges form a low of 40% to a high of 60% and is adjusted from time-to-time based upon varying stock market conditions, seasonality, and stock valuations being a big part of my thought process along with my risk tolerance.
Looks like Sell In May … and, Don’t Come Back Until St. Leger’s Day might be in fashion again this year. I look for the coming week to indeed be an interesting one as a good number of companies continue their reporting of 1Q2013 earnings.
Have a great weekend ... and, Good Investing.
Skeeter
As a result of portfolio changes and my contribution GLRBX is now 10.68% of my portfolio (largest position)
The portfolio is 69% equity per M* Portfolio x-ray. It just lost 1.07% this week
"This fund is now available NTF (No Transaction Fee) and offered load-waived through Fidelity"
The fund has about 300 stock positions 800 bond positions. The stocks are of high dividend payers in Utility, Real Estate, Energy and Financial sectors mainly. The bonds are high yield (junk). Basically the fund is investing in highly leveraged companies. The manager seems to try to control individual company risk by keeping positions very small. P/E for stock side is a bit on the high side (16.36) and PEG ratio is 2.47. So, it is expensive by those measures. The high yield bonds have given a kick in performance boost in recent years. But with the HY bonds losing momentum, the fund has been behaving more inline with Conservative/Moderate allocation balanced funds. I personally hold GLRBX and I like VWINX a lot. I get my HY bond exposure through specialist MWHYX fund at this time.
Edit - OK, you are correct 36.1% of their bond portfolio is junk = (high yield)
Edit 2 - Make that 36.1% of their total portfolio and how much of that is floating rate I would love to know.
https://secure02.principal.com/publicvsupply/GetFile?fm=MM5459&ty=VOP&EXT=.VOP
Below gives another breakdown as to % U.S stocks/non U.S. stocks and % U.S bonds/non U.S bonds.
http://www.principal.com/allweb/docs/RIS/investments/factsheet/PGBAX.pdf