The model portfolio owned 25 securities at 06/30/07. Returns earned quarter to date assumed that an investor held an equal % weighting in every security at the beginning of the quarter, or when purchased.
All investments, unless otherwise indicated, are priced in US dollars. Several securities are held in currencies other than US dollars, and were converted into US funds at the quarter close.
| Stock Symbol |
Opening Price on 04/01/07, or when recommended in quarter |
Closing Price on 06/30/07 |
Dividends Paid in Quarter (per share) |
Total % return in Quarter |
| GNRL |
$14.30 |
$16 |
0 |
11.8 |
| WHG |
$23.01 |
$34.16 |
$.20 |
49.3 |
| IMFD |
$.82 |
$1.00 |
0 |
21.9 |
| ZGCO |
$28.50 |
$32.75 |
0 |
14.9 |
| NEM |
$3.80 Can. |
$3.78 |
0 |
(1) |
| UNH |
$52.97 |
$51.14 |
.03 |
(3.4) |
| KEY.BH |
$15.50 |
$15.00 |
$.15 |
(2.3) |
| APFC |
$11.6 |
$15.29 |
0 |
31.8 |
| MFW |
$47.61 |
$66.58 |
0 |
39.8 |
| ABG |
$3.17 Can. |
$2.47 |
0 |
(22.1) |
| IOX.OL |
$8.64 |
$8.38 |
0 |
(3) |
| PAC |
$43 |
$49.32 |
$1.34 |
17.8 |
| ARSD |
$4.15 |
$6.45 |
0 |
55.4 |
| KALU |
$78 |
$72.88 |
0 |
(6.6) |
| NTB.BH |
$59 |
$60 |
$.48 |
2.5 |
| BJCHF |
$1.01 |
$1.43 |
0 |
41.5 |
| AKZOY |
$75.92 |
$85.83 |
$1.22 |
14.6 |
| KEGS |
$16.35 |
$18.53 |
0 |
13.3 |
| ADP.PA |
$96.28 |
$116.3 |
$1.23 |
22 |
| IGM |
$48.68 Can. |
$51.77 |
$.4275 |
7.2 |
| BHL.BH |
$23.80 |
$22.50 |
$.2025 |
(4.6) |
| PONR/PVD* |
$27.64 / $29.28 |
$34.25 / 31.32 |
0 |
23.9 / 7 |
| TAY.UN |
$8.90 Can. |
$9.00 |
$.1875 |
3.2 |
| KAZ.L |
$23.85 |
$25.39 |
0 |
6.4 |
| SPND |
$4.75 |
$5.50 |
0 |
15.7 |
| Avg. return for quarter |
|
|
|
14.28 |
* PONR was sold in quarter and replaced with PVD. The prices quoted represent PONR's opening price on April 1st, the sale price and the return earned for the quarter. The price quoted for PVD represents the price paid when purchased in quarter, the closing price at the quarter end, and the subsequent return earned in that period.
The blog model portfolio generated a 14.28% return for the quarter ending June 30th, 2007.
This return is somewhat lower than the 18.7% return generated from the portfolio in the first quarter of 2007. The return earned YTD on the model account now stands at 32.98%.
As the model account now holds 25 securities, I consider it appropriate to benchmark the portfolio to 5 star and 4 star INTERNATIONAL VALUE FUNDS (as appraised by Morningstar).
8 of the securities in this model account are large cap and 17 are small cap or mid-cap. This suggests that the appropriate benchmarks are small/mid cap international value funds. The two top rated small/mid cap international growth and small/mid cap international value benchmarks (according to Morningstar) are OSMAX ($33.39) and NTKLX (($62.94).
Large cap benchmarks include TWWDX ($22.09), ABIYX ($25.10), DODFX ($48.90) SAHMX ($19.79) & DODGX ($162.09).
In my peer sample, the top performing large cap mutual fund for the past six months was the SA International Fund. SAHMX returned 13.9% YTD. The top performing small/mid cap peer was the highly acclaimed OSMAX, which returned 24.2% YTD.
Conclusion.
If one does not provide a suitable peer group for comparison, the returns from the blog account appear respectable. Given the 22.5% return earned YTD from NTKLX and the 24.2% return earned YTD from OSMAX, the model portfolio gains earned over the quarter and year to date, while strong, were only moderately better than peers.