Fat Pitch Financials Portfolio Third-Quarter 2008 Update
The Fat Pitch Financials Portfolio ended the third quarter battered. This Marketocracy portfolio ended the month down -7.10% versus -8.84% for the S%P 500. Over the past quarter, the portfolio is down -1.77% versus -7.05% for the S%P 500 over the same period. Thankfully, the portfolio is still up 18.51% since inception. The annualized performance of the FPF Portfolio since inception in 2004 is still a positive 4.30% versus 2.75% for the S%P 500 over the same period.
The following table provides a breakdown of my current holdings and their performance:
Fat Pitch Financials Holdings as of September 30, 2008
| Symbol | Price | Shares | Value | Portion of Fund | Inception Return |
| WU | $24.67 | 2290 | $56,494.30 | 4.75% | 13.09% |
| WEST | $14.40 | 5770 | $83,088.00 | 6.99% | 10.72% |
| MSFT | $26.69 | 8220 | $219,391.80 | 18.46% | 10.53% |
| KFT | $32.75 | 2000 | $65,500.00 | 5.51% | 8.99% |
| USB | $36.02 | 2940 | $105,898.80 | 8.91% | 5.81% |
| EBAY | $22.38 | 2760 | $61,768.80 | 5.20% | 2.69% |
| BID | $20.06 | 5540 | $111,132.40 | 9.35% | -11.20% |
| BR | $15.39 | 2600 | $40,014.00 | 3.37% | -20.26% |
| PFE | $18.44 | 2010 | $37,064.40 | 3.12% | -25.94% |
| MHP | $31.61 | 1610 | $50,892.10 | 4.28% | -27.42% |
| LENS | $2.41 | 12140 | $29,257.40 | 2.46% | -36.73% |
| MWRK | $13.88 | 6710 | $93,134.80 | 7.84% | -37.37% |
| USG | $25.60 | 1080 | $27,648.00 | 2.33% | -45.01% |
| PRXI | $1.80 | 13610 | $24,443.56 | 2.06% | -59.34% |
The total value of this paper portfolio was $1,188,528.29 (11.89 per share) on September 30, 2008. Of that amount, $1,005,728.36 was invested in stocks and $182,799.93 remained in cash. The cash position still represents 15% of the portfolio.
This past month this portfolio saw quite a bit of activity compared to normal. On September 17th, I added additional shares of Sotheby’s (BID) to the account at an average cost of $20.79 per share. Then on Septemeber 22nd, I started a new position in eBay (EBAY). I’ve been looking to add a few more stocks given all the chaos in the market. I’ll let you know how that develops.