Setback For the Special Situation Real Money Port

It’s been over a month since I’ve reported on the Special Situations Real Money Portfolio, so I figured I should give you an update. Things have not been great this past month.

I purchased Parlux Fragrances Inc. (PARL) on June 14th when the CEO announced he was intending to take the company private. Appartently, this wasn’t the first time that he has tried to do this and once again he withdrew his offer. Shares of Parlux Fragrances Inc. dropped from $10.865 (split adjusted) to $8.98 today. I plan on selling this stock shortly since is no longer a going private transaction play, but I still own it since a few hedge funds have made large stakes in this stock recently and one has announced that it will help finance a share buyback. I’ll wait and see for a week or two.

On a positive note, I received cash for Cumulus Media Inc (CMLS) odd-lot tender offer on June 23, 2006. I also bought an odd-lot position in Salomon Brothers Inflation Management Fund (IMF) that offered to pay 98 percent of net asset value (NAV) to shareholders who tendered their closed end fund. The tender offer period ended July 28th and the fund announced they will be paying out $17.42 per share tendered. Not a bad return given that I bought my 99 shares on July 11th for $15.94.

Performance

Now, let me get to the bottom line. Peformance definitely took an impact since I last reported a performance of 33.6 APY from inception until June 9, 2006. Now the rate of return for the Special Situations Real Money Portfolio has dropped to 21.0% APY since inception on October 19, 2004. Year to date, the rate of return has been 35.5%.

Here are the details:

Last Updated: August 1, 2006
Transaction History

Date

Action

Quant.

Description

Symbol

Price

Amount

07/28/06

Dividend

99

SALOMON BROTHERS INFLATION
MGT FUND

IMF

 

$5.94

07/14/06

Dividend

200

CENTRAL FEDERAL CORP

CFBK

 

$18.00

07/11/06

BOUGHT

99

SALOMON BROTHERS INFLATION
MGT FUND

IMF

$15.94

-$1,585.01

07/03/06

Interest

 

Money Market Fund

 

 

$11.44

06/23/06

Fee

 

CUMULUS MEDIA INC

CMLS

 

-$25.00

06/23/06

Cashout

99

CUMULUS MEDIA INC

CMLS

$11.50

$1,138.50

06/14/06

BOUGHT

200

PARLUX FRAGRANCES INC

PARL

$21.73

-$4,352.95

06/08/06

Cashout

99

DWS GLOBAL COMMODITIES

GCS

$18.88

$1,868.63

06/02/06

SOLD

5,000

EUPA INTERNATIONAL

EUPA

$0.32

$1,593.00

06/01/06

Interest

 

Money Market Fund

 

 

$9.16

06/01/06

BOUGHT

5,000

EUPA INTERNATIONAL

EUPA

$0.18

-$906.95

05/19/06

BOUGHT

99

CUMULUS MEDIA INC

CMLS

$10.99

-$1,094.96

05/08/06

SOLD

99

ENGELHARD CORP

EC

$38.15

$3,769.78

05/01/06

Interest

 

Money Market Fund

 

 

$7.34

04/26/06

BOUGHT

99

ENGELHARD CORP

EC

$38.78

-$3,846.17

04/19/06

BOUGHT

99

DWS GLOBAL COMMODITIES

GCS

$17.46

-$1,735.49

04/19/06

Fee

95

AUTONATION INC

AN

 

-$25.00

04/19/06

Cashout

95

AUTONATION INC

AN

$23.00

$2,185.00

04/17/06

Cashout

1,600

PVC CONTAINER CORP

PVCC

$2.39

$3,824.00

04/17/06

Dividend

200

CENTRAL FEDERAL CORP

GCFC

 

$18.00

04/03/06

Interest

 

Money Market Fund

 

 

$5.27

03/31/06

BOUGHT

95

AUTONATION INC

AN

$21.57

-$2,056.10

03/28/06

Cashout

999

MAJOR AUTOMOTIVE CO

MAJR

$1.90

$1,898.10

03/08/06

BOUGHT

1,600

PVC CONTAINER CORP

PVCC

$2.31

-$3,702.95

03/01/06

Deposit

 

CONTRIBUTION 2006

 

 

$2,000.00

03/01/06

Interest

 

Money Market Fund

 

 

$4.50

02/06/06

Cashout

1,999

TOUCHTUNES MUSIC CORP

TTMC

$0.50

$999.50

02/01/06

Cashout

99

JB OXFORD HOLDINGS INC

JBOH

$2.96

$293.04

02/01/06

Interest

 

Money Market Fund

 

 

$5.11

01/25/06

BOUGHT

999

MAJOR AUTOMOTIVE COS

MAJR

$1.60

-$1,605.35

01/17/06

Dividend

200

CENTRAL FEDERAL CORP

GCFC

 

$18.00

01/12/06

Cashout

1,999

REFOCUS GROUP INC

RFCG

$0.35

$699.65

01/03/06

Interest

 

Money Market Fund

 

 

$3.88

12/27/05

Cashout

499

FRAGRANCENET COM INC

FGNT

$0.97

$484.03

12/07/05

BOUGHT

1,999

TOUCHTUNES MUSIC CORP

TTMC

$0.42

-$846.53

12/05/05

BOUGHT

99

JB OXFORD HOLDINGS INC

JBOH

$1.90

-$195.05

12/05/05

BOUGHT

1,999

REFOCUS GROUP INC

RFCG

$0.28

-$566.67

12/01/05

Cashout

85

LYNCH INTERACTIVE CORP

LIC

$29.94

$2,544.49

12/01/05

Interest

 

Money Market Fund

 

 

$0.10

11/01/05

Interest

 

Money Market Fund

 

 

$0.79

10/14/05

Dividend

200

CENTRAL FEDERAL CORP

GCFC

 

$18.00

10/10/05

BOUGHT

85

LYNCH INTERACTIVE CORP

LIC

$25.70

-$2,191.45

10/07/05

Cashout

900

COLOR IMAGING INC

CIMG

$1.10

$990.00

10/06/05

Cashout

300

MERCURY AIR GROUP INC

MAX

$4.00

$1,200.00

10/03/05

Interest

 

Money Market Fund

 

 

$0.70

09/07/05

BOUGHT

900

COLOR IMAGING INC

CIMG

$0.90

$816.95

09/01/05

Interest

 

Money Market Fund

 

 

$2.19

08/29/05

SOLD

1,700

REFOCUS GROUP INC

RFCG

$0.35

$587.02

08/23/05

BOUGHT

300

MERCURY AIR GROUP

MAX

$3.45

-$1,042.95

08/02/05

Cashout

99

BESTWAY INC

BSTW

$13.00

$1,287.00

08/01/05

Interest

 

Money Market Fund

 

 

$0.45

07/22/05

BOUGHT

1,700

REFOCUS GROUP INC

RFCG

$0.25

-$432.95

07/18/05

Dividend

 

CENTRAL FEDERAL CORP

GCFC

 

$18.00

07/12/05

Cashout

1,990

CAPITOL FIRST CORP

CFRC

$0.18

$355.41

07/01/05

Interest

 

Money Market Fund

 

 

$0.03

06/24/05

Interest

 

Money Market Fund

 

 

$0.03

06/16/05

Interest

 

Money Market Fund

 

 

$0.51

06/13/05

Interest

 

Money Market Fund

 

 

$0.03

06/07/05

BOUGHT

499

FRAGRANCENET COM

FRGN

$0.58

-$297.37

05/16/05

Interest

 

Money Market Fund

 

 

$0.50

04/18/05

Interest

 

Money Market Fund

 

 

$0.44

04/15/05

Dividend

 

CENTRAL FEDERAL CORP

GCFC

 

$18.00

03/16/05

Interest

 

Money Market Fund

 

 

$0.44

02/16/05

Interest

 

Money Market Fund

 

 

$3.45

02/14/05

BOUGHT

200

CENTRAL FEDERAL CORP

GCFC

$12.39

-$2,485.95

02/07/05

BOUGHT

99

BESTWAY INC

BSTW

$11.01

-$1,102.94

02/01/05

BOUGHT

1,990

CAPITOL FIRST CORP

CFRC

$0.12

-$251.75

01/21/05

Deposit

 

CONTRIBUTION 2005

 

 

$2,000.00

01/18/05

Interest

 

Money Market Fund

 

 

$0.96

01/03/05

Interest

 

Money Market Fund

 

 

$1.38

12/08/04

Cashout

425

ASA INTERNATIONAL

ASAA

$5.00

$2,125.00

11/16/04

Interest

 

Money Market Fund

 

 

$0.27

10/22/04

BOUGHT

425

ASA INTERNATIONAL

ASAA

$4.55

-$1,946.70

10/19/04

Deposit

 

CONTRIBUTION 2004

 

 

$2,000.00

Current Holdings

Date

Quant.

Description

Price

Amount

08/01/06

 

Cash

$1.00

$876.87

08/01/06

99

SALOMON BROTHERS INFLATION

$16.00

$1,584.00

08/01/06

400

PARLUX FRAGRANCES

$8.98

$3,592.00

08/01/06

200

CENTRAL FEDERAL CORP

$8.00

$1,600.00

 

 

 

 

$7,652.87

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