Strategy Update Q2 2007
7/13/07
June marked the completion of three years of live trading for some of
our strategies. All of our strategies performed well in the rapidly
changing market environment, which is a reflection of our disciplined,
yet adaptable approach to stock selection.
Performance
Please follow the links below to view strategy performance:
Dynamic Value Performance
Diversified Income Performance
Conservative Growth Performance
Dynamic Value
As the Housing Bubble continues to deflate, mortgage related stocks
and home builders continued to slide while mainly consumer cyclicals and
commodity stocks posted strong returns. Dynamic value has
significant exposures in these sectors, but this quarter's performance
was mainly driven by stock selection.
Based on preliminary calculations Dynamic Value returned about
11% for the quarter compared to 4.3% for the Russell 2000.
Current Holdings
|
Ticker |
Name |
Shares |
Price |
Value |
Sector |
Exposure |
|
BAK |
Braskem SA |
58580 |
$ 18.04 |
$ 1,056,783 |
BM |
|
|
SEO |
Stora Enso Oyj |
48838 |
$ 18.73 |
$ 914,736 |
BM |
|
|
SWM |
Schweitzer-Mauduit Intern |
20112 |
$ 31.00 |
$ 623,472 |
BM |
|
|
UPM |
UPM-Kymmene Oyj |
6746 |
$ 24.56 |
$ 165,682 |
BM |
16.8% |
|
ARM |
ArvinMeritor Inc |
46944 |
$ 22.20 |
$ 1,042,157 |
CC |
|
|
HOFT |
Hooker Furniture Corp |
8399 |
$ 22.44 |
$ 188,474 |
CC |
|
|
JAKK |
Jakks Pacific Inc |
35883 |
$ 28.14 |
$ 1,009,748 |
CC |
|
|
KTO |
K2 Inc |
59853 |
$ 15.19 |
$ 909,167 |
CC |
|
|
RUSHA |
Rush Enterprises Inc |
39552 |
$ 21.72 |
$ 859,069 |
CC |
|
|
TRW |
TRW Automotive Holdings C |
24214 |
$ 36.83 |
$ 891,802 |
CC |
29.8% |
|
EMS |
Emergency Medical Service |
30168 |
$ 39.13 |
$ 1,180,474 |
CS |
|
|
FDP |
Fresh Del Monte Produce I |
38847 |
$ 25.05 |
$ 973,117 |
CS |
|
|
KND |
Kindred Healthcare Inc |
25686 |
$ 30.72 |
$ 789,074 |
CS |
17.9% |
|
AEG |
Aegon NV |
44464 |
$ 19.65 |
$ 873,718 |
F |
|
|
AZ |
Allianz SE |
40806 |
$ 23.27 |
$ 949,556 |
F |
|
|
LFG |
LandAmerica Financial Gro |
11317 |
$ 96.49 |
$ 1,091,977 |
F |
|
|
RGA |
Reinsurance Group of Amer |
15046 |
$ 60.24 |
$ 906,371 |
F |
|
|
UNM |
Unum Group |
36616 |
$ 26.11 |
$ 956,044 |
F |
29.0% |
|
NWPX |
Northwest Pipe Co |
4463 |
$ 35.57 |
$ 158,749 |
I |
1.0% |
|
CBR |
Ciber Inc |
111049 |
$ 8.18 |
$ 908,381 |
T |
5.5% |
|
|
|
|
|
$ 16,448,549 |
|
|
Diversified Income
The Diversified Income portfolio outperformed the S&P 500 by about 1%
for the quarter, returning approximately 7% (preliminary estimate). This
portfolio seeks high dividend yields and a well diversified defensive
stance for more conservative investors.
Current Holdings
|
Ticker |
Name |
Shares |
Price |
Value |
Sector |
Exposure |
|
APD |
Air Products & Chemicals Inc |
728 |
$ 80.37 |
$ 58,509 |
BM |
|
|
PCU |
Southern Copper Corp |
949 |
$ 94.26 |
$ 89,453 |
BM |
|
|
ROH |
Rohm & Haas Co |
1045 |
$ 54.68 |
$ 57,141 |
BM |
|
|
WY |
Weyerhaeuser Co |
705 |
$ 78.93 |
$ 55,646 |
BM |
12.7% |
|
AT |
Alltel Corp |
856 |
$ 67.55 |
$ 57,823 |
C |
|
|
BLC |
Belo Corp |
3058 |
$ 20.59 |
$ 62,964 |
C |
|
|
GCI |
Gannett Co Inc |
902 |
$ 54.95 |
$ 49,565 |
C |
|
|
TRB |
Tribune Co |
1715 |
$ 29.40 |
$ 50,421 |
C |
10.7% |
|
GWW |
WW Grainger Inc |
720 |
$ 93.05 |
$ 66,996 |
CC |
|
|
HAS |
Hasbro Inc |
1798 |
$ 31.41 |
$ 56,475 |
CC |
|
|
MAT |
Mattel Inc |
2328 |
$ 25.29 |
$ 58,875 |
CC |
8.8% |
|
AVY |
Avery Dennison Corp |
825 |
$ 66.48 |
$ 54,846 |
CS |
|
|
MRK |
Merck & Co Inc |
1158 |
$ 49.80 |
$ 57,668 |
CS |
|
|
RAI |
Reynolds American Inc |
831 |
$ 65.20 |
$ 54,181 |
CS |
|
|
RRD |
RR Donnelley & Sons Co |
1461 |
$ 43.51 |
$ 63,568 |
CS |
|
|
SJM |
JM Smucker Co/The |
1092 |
$ 63.66 |
$ 69,517 |
CS |
14.5% |
|
CVX |
Chevron Corp |
1637 |
$ 84.24 |
$ 137,901 |
E |
|
|
ETP |
Energy Transfer Partners LP |
1027 |
$ 61.73 |
$ 63,397 |
E |
|
|
MRO |
Marathon Oil Corp |
1150 |
$ 59.96 |
$ 68,954 |
E |
|
|
NFG |
National Fuel Gas Co |
1253 |
$ 43.31 |
$ 54,267 |
E |
|
|
XOM |
Exxon Mobil Corp |
600 |
$ 83.88 |
$ 50,328 |
E |
18.2% |
|
BAC |
Bank of America Corp |
987 |
$ 48.89 |
$ 48,254 |
F |
|
|
CMA |
|
