Treading into 2023

07/21
For some reason, been a little nervous and wary of the market all week. Still, some buys, some sells

  • Trimmed GSM at start of the week
  • Another ZIM nibble
  • Nibbled on FLNG
  • Another TMC nibble
  • Slashed BNS stake in Roth ac
  • Trimmed NAT on price bounce
  • Good news from GSM at end-of-week. Still decided to trim stake - first in Roth ac. Then in taxable ac.
    Reason: Yes, there is a big insider. But still expected better reaction from market. Didn’t materialize, so I reacted.

Week ending 07/28
Some ideas beginning to hit targets.

  • While NAT could climb higher, once $4 got breached, it was time to take some off the table. Small NAT stake left.
  • Another TRMD nibble (Roth ac)
  • QCOM reached its target - trimmed in taxable ac
  • Another BROS nibble
  • BNS nibble in DRIP ac
  • SBLK trim in DRIP ac - bad, reactionary
  • FRO trim in Roth ac - loss, but acceptable as averaging lower move
  • Nibble new idea - NPWR
  • Taxable ac VATE nibble
  • Another VEEV nibble (Roth ac)
  • Idea from distant past, NOK, … worth a nibble
    Cash position increasing. But generally, I’m comfortable with these developments (except for maybe SBLK a little)

Tanker companies starting to perk up ahead of earnings

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What do you think about LPG? I found this one because of its huge dividend…doc

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@physician
Regarding LPG - have not followed the company closely. Maybe 10-12 years ago, I followed Dorian more closely. Their principal backer had a strategy similar to Economou and Fredriksen (multiple flavors of shipping). IIRC, Fredriksen even tried to buy some newbuilds (VLGCs or VLCCs) from a Hadjipateras-backed entity. LPG used to have some smaller LPG carrying vessels. I guess they were sold off in the interim years.

Quick perusal - Dorian seem to have an augmented fleet i.e. there are references to charter-in expenses. Then there is mention of a tanker pool that focuses on VLGC vessels. Current margins (operating and net) look really good.

Tanker companies seem to be seeing an uplift the last few weeks - like 10 - 20% so I am happy with the developments

08/01
Mention elsewhere, received an interesting SeekingAlpha article in my inbox–
Nasdaq Rebalance: What You Need To Know | Seeking Alpha

Of the “Magnificent Seven”, AAPL is a Top 5 holding in my self-managed port. I do also own smaller stakes of AMZN, NVDA & TSLA. That said, there have been more interesting developments in names I have owned prior e.g. UPST, AI. Others I have put on a watchlist - AEHR,

08/03
Port had a negative day yesterday, then gets whacked by a 2-by-4 (in the form of QCOM’s 8% plunge) - Ack!
Nibbled on DRVN yesterday
On bounce, trimmed more FRO in Roth ac
Started a BROS stake in Roth ac
Another WU nibble for the DRIP ac
Exited NAT yesterday
Another VZ nibble

08/04

  • Bad news from IEP: distribution was reduced to $1/unit. Glad I had trimmed the Roth ac stake in early July
  • Side effect of above - caused me to rethink my AY position. Trimmed position in DRIP ac on bounce
  • Further nervousness caused monetizing Roth ac stakes - RA, SBLK, COHR.
  • There was some buying. More QYLD
    Was happier at the start of the week - before the QCOM, IEP & AAPL pummels

08/07
Shake-out of the DRIP ac continues

  • Trimmed RA on slight jump
  • Trimmed AY when shares bounced over $23
  • Trimmed RA again
  • Then I added to my BROS position
  • The RA trims cause it to drop out of Top 10. Maybe I wait till mid-Sept to see whether they confirm the next few months.

08/08- 08/09

  • Hedged INSW bet. Sold half position before and after results. Today’s sale on the bounce worked really well
  • Should have hedged RYAM in a similar manner. Small stake, but it still is rough given I had a position 25% positive, but now very red.
  • Nibbled on NVDA for Roth start.
  • More BNS for DRIP ac

08/14

  • Confidence wanes on the tech materials - exit MRVL
  • Added to IEP
  • Like with MRVL, closed COHR in taxable, most shares in Roth ac
  • More WU in both DRIP ac & Roth ac
  • More RYAM
  • Had been thinking of adding to NVDA. Bounce occurred to quickly.

08/15

  • Glad I waited a day on my other tech materials play, GSM. Announced Q2 earnings yesterday, shares bounced. Took some gains today in both Roth ac and taxable ac
  • Reloaded some AY in taxable/DRIP ac
  • Another FRO trim
  • SE takes a major thumping - nibble in Roth ac

8/17-18
Small moves to end the week

  • More TRMD (for replacement strategy)
  • More IEP (after ex-div, also for more medium term replacement strategy)
  • TSLA in Roth ac

8/21
More small moves

  • DRVN in taxable ac
  • Another go around with SB - maybe a trading fish??
  • More SE in Roth ac
  • RYAM nibble in Roth ac
  • More BNS in Roth ac

Had considered another COHR nibble, but paused.

08/29
Been a few weeks, since the port has managed a nice bounce. This one was across sectors - RYAM, TRMD, NVDA, QCOM, TSLA, BNS.

On the flip side, I have VinFast (VFS) on my watchlist - Yikes! That’s a nasty whack.

GOGL reported today. Quick scan says decent results with a small div (10c/sh). Had forgotten about the pace of newbuild deliveries - 6 Kamsarmax delivered in 2023.

08/29 After hours
The inevitable occurred - RA announces a distribution cut, Since RA had provided quarterly guidance, the cut starts with the Oct 2023 payout.
Rate goes from $0.199 to $0.118, or > 40% hair-cut
Brookfield Real Assets Income Fund Inc. Sets Distribution Rate and Declares Monthly Distributions (yahoo.com)

Not too surprised with the major selling today. Any day when a big position retreats > 20% is not pleasant. If I had not done some major trimming of my RA position in early Aug 2023, I would have been extremely unhappy. Quite bad … but not as ugly as it could have been.
Didn’t sell today because of the panic-in-the-air. I do plan on clearing the RA position from both accounts over a short time, waiting the month, and possibly restarting a small position in the DRIP ac. I suspect increased interest rates caused problems for RA.

08/31

  • More SE in Roth ac
  • More RYAM in taxable ac
  • On positive results, nice VEEV bounce - harvested some Roth ac gains
  • After the RA slapdown the last two days, decided to go out on the edge a little. Nibbled on VFS.
  • More QYLD too.
    Self-managed port had a rough Aug 2023 - down around 5%. OTOH, pro-active actions e.g. trimming RA, COHR, and exiting NAT, INSW, were helpful.
  • Trimmed TRMD and ZIM last week. In hindsight, good timing.
  • Another VFS nibble
  • Another QCOM nibble (roth ac)
  • Limited activity on the short week - until Friday (09/08). Then more PFE, BROS, BNS
  • ABEV restart at the upper-limit $2.75/sh

9/18
Very odd day for some holdings in the port. Market was up for much of the day, then sold off near the end of the day. Accounts went from negative to positive, then back to negative. Variety of shipping names were up 2.5 - 5%, though some seemed to ease off towards the end of the trading day.

  • Trimmed TRMD in both Roth ac and DRIP ac
  • More VATE in DRIP ac
  • Trimmed FRO in DRIP ac
  • Another RYAM nibble in Roth ac
  • Almost sold ZIM on its nice bounce (company received an upgrade). Didn’t after price pulled back

Behavior of market has me also changing my thoughts on a few ideas.
Mid-week I tossed my entire SBLK position out of the DRIP ac. Was looking good yesterday. Then, today (09/22), the company announce a share buyback and other news

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares (yahoo.com)

The share selling party is an entity related to major shareholder Oaktree. Decided to monetize on most of my remaining SBLK stake in Roth ac.

Exited ZIM in mid-week too
Add more ABEV
Exited BHP

09/25

  • More ABEV in taxable ac
  • On SE price bounce today, exited position in taxable ac
  • Restarted ABEV in Roth ac
  • Somewhat of a DRIP ac purge. Last week- SBLK; this week - RA. Shares trading ex-div for the last $0.199 distribution. Will let the dust settle after the lowered distribution, then figure out whether RA is appealing enough.
  • Nice RYAM bounce today

9/28
Mentioned on the Shipping News board - BDI hit an 11-month high on the back of 4 days of BCI improvement. Then, today it tailed off a little. Still, the sector seems more positive. What to do with the market data and what investment options?

Per some somewhat impatient SBLK moves, that idea is in a “time-out box” for about a month. Held my nose, and nibbled on DSX. Seems like the excessive share issue is more on the spin-off side, and not on the parent entity. Almost $200M in cash, plus a reasonable div were two additional factors. Another choice is GOGL. This idea, I nibbled a little in June-July. Reading up, GOGL mgmt seem to have hedged their Q3 bet by taking short term coverage on more than 95% of the Panamax category vessels. 6 of 10 newbuilds have delivered and financing has already been obtained. Skimmed PANL Q2 results. Undecided - share price has held up well.

Taxable ac - picked up some TSLA.
Add to COHR (Roth ac)

IEP distribution was received - ugly yield trap. On a “make lemonade” moment, the payout means I am at 89% of my (edit) total dividend target (that’s prior to the FRO div which arrives tomorrow). Another idea that has been pummeled in 2023 - AY - added more today.

Yay for RYAM :slight_smile:

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