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My portfolio is still a ways off the ~12% return of the S&P 500 YTD — mainly with some of my top holdings still acting as huge underperformers… Looking exclusivity at the bottom of the list — MDP and DLX have been big detractors for the year (not all of these names have been owned for the entire period).
You’ll notice above that nearly all of these stocks at the bottom of the YTD performance list have 1 of 2 characteristics — low price/cash flow multiple or low price/book. My thesis for each as to “why the market has it wrong” is still in session…
Here’s the portfolio as it looks today…
Some tidbits:
- BEBE is still a work in progress but a new deal announcement tells me the owners are still watching over this one
- RBCN may have a legit operating business on top of the negative EV which could make for a real winner long-term
- MYL is closing in on the merger with Pfizer’s legacy drug business — today actually!
- ADES might convert from an option bet to a general with a new customer win that puts them in financial viability mode — still evaluating the LT impact from this agreement
- PNC is now deploying the BLK sale cash into BBVA US operations — this is a well managed bank so don’t let the headlines on “missed BLK proceeds” deceive you…
- XPER finally settled a patent lawsuit with Comcast which should allow them to focus on the TiVo merger
- SONM and GOGO are new entrants to the group…
Perhaps naïve but I still feel that most/all of these positions have 50-100% upside from here.