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Author: TMFBigFrog Big red star, 1000 posts Old School Fool Home Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 418  
Subject: Just Checking in Date: 3/19/2007 11:53 PM
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Hi everyone,

I haven't really been following my sample portfolio that I kept for this contest since I posted this update: http://boards.fool.com/Message.asp?mid=24410677 , but I figured I could at least do a quick checkup on the dividends of the companies I was following for it.

HR: Still at $0.66 -- same as throughout the contest.
TPP: Still at $0.675 -- same as throughout the contest.
HCP: Raised to $0.445 in Feb. 2007 -- a raise of 4.7% not needed to make the 2006-2007 inflation adjusted contest expectations.
AMY: Still at $0.0414 -- same as throughout the contest.
DRE: Raised to $0.475 in Aug. 2006 -- a raise of 1.1% not needed to make the 2006-2007 inflation adjusted contest expectations.
HME: Raised to $0.65 in Nov. 2006 -- a raise of 1.6% not needed to make the 2006-2007 inflation adjusted contest expectations.
KMP: Raised to $0.83 in Jan. 2007 -- a raise of 2.5% not needed to make the 2006-2007 inflation adjusted contest expectations.
FUN: Still at $0.47 -- same as since Apr. 2006.
LRY: Raised to $0.62 in Sep. 2006 -- a raise of 0.8% not needed to make the 2006-2007 inflation adjusted contest expectations.
CLP: Still at $0.68 -- same as since Feb. 2006.
GGP: Raised to $0.45 in Oct. 2006 -- a raise of 9.8% not needed to make the 2006-2007 inflation adjusted contest expectations.

Other than KMP (which I own its surrogate twin KMR) and GGP (which my wife owns), I haven't really been paying close attention to the fundamentals and financials of any of the other companies since the end of this contest. However, a top-line view shows that the portfolio still looks to be on track to meet even the inflation adjusted target income. The best part is that GGP's distribution did rise at a very decent clip in its most recent dividend hike. After all, the reason it got added to this portfolio from the "excess" cash at the end of last year was specifically for its potential to increase its dividend to help fight inflation.

For those keeping track, that makes six dividend hikes that were not strictly needed to meet the 2006-2007 inflation-adjusted targets (but would be very helpful in providing "excess" cash to reinvest for the hypothetical 2007-2008 inflation-adjusted targets). Additionally, there is one company (FUN) that is due to hit the one year mark since its last distribution increase soon -- we will see what the company decides to do.

That leaves 4 companies -- HR, AMY, TPP, and CLP -- that are in my dog house. If you remember from my annual review ( http://boards.fool.com/Message.asp?mid=24293462 ), HR and AMY were in my dog house at the annual review and remain there. CLP just hit 5 consecutive quarters of identical distributions -- not enough to warrant the boot, but enough to invite scrutiny. TPP has hit the 7 consecutive quarter line -- the same length as HR. The doghouse is getting quite crowded now, and were I really paying attention, I'd probably be scoping out a watch list to replace at least 2, maybe 3 of the dog-house companies.

On a marginally related note -- (it's related because if I were to sell, my selling price would matter) the total stock value of the Lily Pad Port is now $568,331.61 -- not including the cash that remained after buying GGP and that which has built up since the end of the contest year. All the companies in the dog house are showing a slight capital gain over their adjusted basis except for HR, which is only showing a loss of 1.5%. That bodes well for any effort I would have had to make to replace one or more of the companies in the portfolio.

All in all, even with utter negligence on my part since I stopped paying attention, the Lily Pad portfolio has continued to perform to expectations.

Best regards,
-Chuck
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