The Concentrated GARP portfolio saw another good month of returns in October as the portfolio returned 2.5% in October, ahead of the S&P 500 Index (SPX) which fell by 1.3%. A few companies reported earnings during October or the first few days of November.
Gigamedia’s (GIGM) management pre-announced earnings for the third quarter of 2012 and the gaming business is now generating cash.
Corelogic (CLGX) is an information provider which specializes in data about real
estate related industries. A large part of their data centers on property and mortgage
information services. In addition, they provide credit information in a variety of industries as well. The company announced strong results and raised their guidance for the rest of 2012.
Cass Information Systems (CASS) provides information, invoice, and payment processing
services to a wide variety of enterprises in the United States. Cass also has a small banking
division as well. The company reported better-than-expected earnings on October 18,2012 and announced a 10% stock dividend as well as a regular dividend.
Dolby Laboratories (DLB) provides audio and video products for the entertainment industry on a global scale. Much of their revenues come from licensing their technologies on personal
computers, laptops, tablets, and smartphones. In addition, they make sound systems for a wide variety of customers, from movie studios, theatres, and network and satellite television providers.
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Disclosure: Performance discussed is net of advisory fees. The index comparisons herein are provided for informational purposes only and should not be used as the basis for making an investment decision. There are significant differences between client accounts and the indices referenced including, but not limited to, risk profile, liquidity, volatility and asset composition. The S&P 500 is an index of 500 stocks chosen for market size, liquidity and industry, among other factors.
The investments discussed are held in client accounts as of October 31, 2012. These investments may or may not be currently held in client accounts.The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or that investment decisions we make in the future will be profitable.
Certain of the information contained in this presentation is based upon forward-looking statements, information and opinions, including descriptions of anticipated market changes and expectations of future activity. The manager believes that such statements, information, and opinions are based upon reasonable estimates and assumptions. However, forward-looking statements, information and opinions are inherently uncertain and actual events or results may differ materially from those reflected in the forward-looking statements. Therefore, undue reliance should not be placed on such forward-looking statements, information and opinions.