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 |
IMF |
|
$5.94 |
|
07/14/06 |
Dividend |
200 |
CENTRAL FEDERAL CORP |
CFBK |
|
$18.00 |
|
07/11/06 |
BOUGHT |
99 |
SALOMON BROTHERS INFLATION |
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 |
AN |
$23.00 |
$2,185.00 |
|
|
04/17/06 |
Cashout |
1,600 |
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 |
AN |
$21.57 |
-$2,056.10 |
|
|
03/28/06 |
Cashout |
999 |
MAJR |
$1.90 |
$1,898.10 |
|
|
03/08/06 |
BOUGHT |
1,600 |
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 |
TTMC |
$0.50 |
$999.50 |
|
|
02/01/06 |
Cashout |
99 |
JBOH |
$2.96 |
$293.04 |
|
|
02/01/06 |
Interest |
|
Money Market Fund |
|
|
$5.11 |
|
01/25/06 |
BOUGHT |
999 |
MAJR |
$1.60 |
-$1,605.35 |
|
|
01/17/06 |
Dividend |
200 |
CENTRAL FEDERAL CORP |
GCFC |
|
$18.00 |
|
01/12/06 |
Cashout |
1,999 |
RFCG |
$0.35 |
$699.65 |
|
|
01/03/06 |
Interest |
|
Money Market Fund |
|
|
$3.88 |
|
12/27/05 |
Cashout |
499 |
FGNT |
$0.97 |
$484.03 |
|
|
12/07/05 |
BOUGHT |
1,999 |
TOUCHTUNES MUSIC CORP |
TTMC |
$0.42 |
-$846.53 |
|
12/05/05 |
BOUGHT |
99 |
JBOH |
$1.90 |
-$195.05 |
|
|
12/05/05 |
BOUGHT |
1,999 |
RFCG |
$0.28 |
-$566.67 |
|
|
12/01/05 |
Cashout |
85 |
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 |
LIC |
$25.70 |
-$2,191.45 |
|
|
10/07/05 |
Cashout |
900 |
CIMG |
$1.10 |
$990.00 |
|
|
10/06/05 |
Cashout |
300 |
MAX |
$4.00 |
$1,200.00 |
|
|
10/03/05 |
Interest |
|
Money Market Fund |
|
|
$0.70 |
|
09/07/05 |
BOUGHT |
900 |
CIMG |
$0.90 |
$816.95 |
|
|
09/01/05 |
Interest |
|
Money Market Fund |
|
|
$2.19 |
|
08/29/05 |
SOLD |
1,700 |
RFCG |
$0.35 |
$587.02 |
|
|
08/23/05 |
BOUGHT |
300 |
MAX |
$3.45 |
-$1,042.95 |
|
|
08/02/05 |
Cashout |
99 |
BSTW |
$13.00 |
$1,287.00 |
|
|
08/01/05 |
Interest |
|
Money Market Fund |
|
|
$0.45 |
|
07/22/05 |
BOUGHT |
1,700 |
RFCG |
$0.25 |
-$432.95 |
|
|
07/18/05 |
Dividend |
|
CENTRAL FEDERAL CORP |
GCFC |
|
$18.00 |
|
07/12/05 |
Cashout |
1,990 |
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 |
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 |
GCFC |
$12.39 |
-$2,485.95 |
|
|
02/07/05 |
BOUGHT |
99 |
BSTW |
$11.01 |
-$1,102.94 |
|
|
02/01/05 |
BOUGHT |
1,990 |
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 |
ASAA |
$5.00 |
$2,125.00 |
|
|
11/16/04 |
Interest |
|
Money Market Fund |
|
|
$0.27 |
|
10/22/04 |
BOUGHT |
425 |
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 |
I like this article and your site. I would like to exchange links with you, I think your site will benifit my visitors. If you are interested please visit my site and then send me an email. http://your-finances.blogspot.com/
regards,
Dennis
Did you buy PARL before the split? The institutional and mutual fund ownership of PARL is high, so if you’re not looking for a long-term hold strategy watch MACD. If the institutional guys got in because of a buy-back that is no longer going to happen, sometimes they will try to stimulate little bull runs in the stock buy buying low volumes to push the price up and then dumping more. You might be able to time your sales right to take advantage of those little bull runs. On the other hand, equity is moving up with PARL so maybe it’s a good stock to hold and will eventually go public — but I know nothing about them or their industry so I haven’t dug in deeply.
I did buy Parlux before the split. I appreciate the technical advice on exiting this position.