My portfolio, as at end Jun 2010, contains the following stocks:
Broadway;
China Gaoxian;
HockLianSeng (HLS);
Viz branz
In the last quarter, my portfolio has experienced larger turnover, as I pared my positions during the downturn in May 2010 and increased my positions in June.
Sold: Best World, China Zaino, Metro, Fujian Zhenyun (FJZY), UOA
Metro and Zaino was sold to raise cash to buy other stocks. FJZY was sold when it announces that its auditors cannot close the accounting books within the stipulated timeline. Best World and UOA were sold so as to increase cash position during the downturn in May.
I have another reason for selling Best World -- Q1 results are below my expectations. I did somewaht regret refusing to buy Best World back at higher price (compared to my selling price), as Best World seems fundamentally more solid relative to my other positions. Nonetheless, I will not be buying Best World now, since the right issue is over.
Bought and Sold: AVI-Tech, Frencken and Saizen
All the above stocks are pruchased before and sold during the May downturn. In addition, these stocks are sold due to its relatively lower margin of safety (from my viewpoint). Hence, on average, I have made minor losses in these positions.
Insofar, I have not regretted not buying Frencken back despite its recent price increases. I attribute this incident as bad luck, rather than a mistake.
Reduced: Boardway, Techcomp
Have reduced my positions in Boardway (slightly) and Techcomp (by more than half) during the May downturn.
Bought: China Gaoxian, China Eratat, HLS, Ryobi, Roxy
HLS and Ryobi are bought in anticipation of possible strong construction demand in the next few years. Roxy is bought as an undervalued asset play. Gaoxian and Eratat are bought due to their low PERs.
Increased: Heeton
Increased my position in Heeton as it seems more undervalued than I originally thought.
Conclusion
Presently I am fully invested, as the current market valuations seem attractive. However, I am not certain if a fully invested position is wise, since the chance of double dip occurrence is not negligible.
