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Author: trader2012 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35351  
Subject: A Part-year Portfolio Review Date: 4/27/2012 3:28 PM
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So far this year, I’ve made 42 purchases, which works out to roughly 3 buys per week (once my two-week vacation is set aside), or not a very onerous research pace. (I get up, run some scans, buy or not, and then have breakfast, after which I do my back-office work, and then I’m done for the day.) Below is a more detailed break-down of this year's purchases (so far).

SP Amt CY YTM Paid Value P/L
--------------------------------------------------------
AA- 5000 6.5% 7.7% $3,973 $4,200 6%
A- 1000 8.0% 8.1% $988 $1,008 2%
BBB 1000 12.3% 10.6% $1,111 $1,090 -2%
BBB- 1000 7.0% 8.4% $789 $780 -1%
BBB- 2000 6.3% 8.4% $1,718 $1,704 -1%
BBB- 2000 7.2% 8.5% $1,592 $1,569 -1%
BB+ 1000 5.2% 10.2% $860 $905 5%
BB+ 5000 6.6% 6.0% $5,209 $5,175 -1%
BB 5000 7.4% 7.8% $4,873 $4,812 -1%
BB- 1000 7.9% 8.5% $964 $1,002 4%
B+ 1000 7.8% 9.2% $926 $945 2%
B+ 1000 7.5% 11.6% $795 $927 17%
B+ 1000 7.0% 8.9% $924 $972 5%
B+ 5000 7.5% 7.4% $5,010 $4,937 -1%
B+ 5000 9.0% 10.7% $3,811 $3,875 2%
B+ 1000 10.2% 9.7% $1,026 $1,027 0%
B+ 1000 10.3% 10.1% $1,015 $990 -2%
B+ 2000 7.8% 8.0% $1,968 $1,945 -1%
B 3000 7.8% 8.6% $2,844 $2,835 0%
B 1000 8.8% 7.9% $1,050 $1,014 -3%
B 2000 8.1% 8.0% $2,030 $2,015 -1%
B- 5000 13.1% 20.2% $3,348 $3,325 -1%
B- 1000 10.8% 15.3% $730 $680 -7%
B- 5000 9.8% 12.7% $4,611 $4,625 0%
B- 1000 10.6% 11.2% $965 $947 -2%
B- 1000 10.7% 9.3% $1,070 $1,039 -3%
CCC+ 1000 11.2% 20.0% $615 $742 21%
CCC+ 1000 12.2% 15.7% $555 $467 -16%
CCC+ 2000 8.0% 13.1% $1,698 $1,642 -3%
CCC+ 5000 9.8% 19.9% $2,923 $2,862 -2%
CCC+ 1000 8.0% 9.3% $921 $894 -3%
CCC+ 1000 8.3% 10.1% $891 $880 -1%
CCC 1000 38.6% 68.0% $308 $333 8%
CCC 1000 8.5% 8.5% $1,000 $1,012 1%
CCC 1000 6.8% 16.5% $810 $807 0%
CCC 1000 32.5% 58.6% $365 $333 -9%
NR 5000 11.5% 13.7% $3,686 $3,525 -4%
NR 3000 4.5% 48.9% $1,991 $2,151 8%
NR 1000 9.9% 9.4% $1,013 $987 -3%
NR 5000 7.1% 17.7% $3,517 $3,437 -2%
NR 3000 11.9% 9.9% $3,285 $3,210 -2%
NR 1000 4.2% 51.7% $710 $745 5%
----------------------------------------------------

$93,000 8.8% 13.1% $78,486 $78,370 0%
Amt CY YTM Paid Value P/L

My buying this year has been more heavily toward junk than I’d prefer. But the top-tier and upper-tier invest-grade stuff (Treasuries, Agencies, Munis, or Corporates) just hasn’t been attractively enough priced this year to make a bigger commitment. (Future years and buying will correct that imbalance and get me closer to my preferred 60%/40%, invest-grade to spec-grade weighting.)

Also, as you can see, my P/L is flat with no huge winners or losers as is characteristic of a trading-range market in which prices drift up a bit, or go down a bit, but are mostly directionless as traders await the outcome of Nov’s election or, maybe Godot, or whatever motivates bond traders to do the things they do, because it sure isn't Austrian School economics, otherwise they'd be selling this market short, instead of treading water.
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