You Can’t Make This Up

pjt

Purchased 28 March, at $24.0299 14:42 CDST

Closed $23.66, down 10.62% for the day at 15:00 CDST

I need to be careful announcing that I’m done with purchases for the month as I did last week.  Inevitably I’m proved wrong.  Well, in the back of my mind, I was hoping for a better entry point to increase my holdings in PJT Partners.  Today, one arrived – packaged like an American Greed episode.

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Recent Buy -PNC

pnc

I just couldn’t let March go by without making a purchase.  With the market generally up for the month, financials were the laggards.  So on March 24th I added to my existing PNC position at $84.08.  By averaging down, I effectively reduced my cost basis by about $.50.

Although I consider PNC a core position I haven’t been aggressive in getting it to my 3% target weight, primarily due to the 2.4% yield.  I’m still lacking in this regard but am considering this purchase a down payment.

  • Benefits: Poised to benefit with a continuation of interest rate increases
  • Negatives – economic slowdown will disproportionately impact

I believe any downsides are mitigated through their 20% ownership of Blackrock.

 

 

 

When Up Is Down

“Imagination is the only weapon in the war against reality.”
― Lewis Carroll, Alice in Wonderland

A funny thing happened this week.  The EU went deeper into negative territory yet the Euro strengthened against the US dollar.  The Fed issued dovish comments and oil prices rose.  Last week’s expectation of Euro / Dollar parity is in tatters.  Alas, a world only Lewis Carroll could love – one in which reality defies the norms.

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Recent Buy – SJI

A little late, but finally received notification of my purchase on February 29th.  This was purchased through the company sponsored DRIP as they currently offer a discounted price on reinvested dividends.  I debated last month when I purchased NJR so I figured a decision that difficult probably ought to be both.  SJI is a gas utility serving southern New Jersey.  A dividend contender, they are undergoing the permitting process for two natural gas pipelines – one a direct access to an electric company and the other a 20% stake in the PennEast pipeline.  Until approved, I would consider them a slightly higher risk than NJR.  New Jersey, as is most of New England, is currently highly dependent on heating oil which is why I consider their pipeline exposure a decent asset.

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Feb 2016 Update

February was a month that saw more volatility caused by oil prices, China, and negative interest rates – or a fear thereof.  This month I pretty much was able to buy  the dips.  At month end, Warren Buffet released his annual letter.  Call it coincidence, but his words seemed to have a calming effect.  Due to valuations (other than PEP), I did not add to my Anchor, Core, or Satellite positions.

Blog Updates

  • No major updates

Portfolio Updates

  • Added to AGU – with spring around the corner, I figured I might as well.  Besides, it placed my Canadian holdings at 3.02% (for the moment).  Now to keep that level for my year end goal.
  • Added to LB – weakness after announcing a special dividend and dividend increase
  • Added to PEP on confusion.  They announced a dividend increase in an earnings press release.  It took a few days for the market to realize and adjust.
  • Added to PJT after they initiated a dividend.
  • Added to HYH on the nasty drop yesterday (and it recovered today)

Dividends

  • February delivered a resounding 122.7% increase over Feb 2015.  This was due primarily to the efforts during the last half of 2015 to boost my February payers plus some increases
  • February was down slightly from last quarter due to two dividends being paid in March.

With the S&P recording its’ second monthly loss, I’m pleased to report I was able to eke out a 1.84% gain for the month putting my portfolio positive (.24%) YTD.