Portfolio Notes for a Delay

By Travis Johnson, Stock Gumshoe, November 4, 2011


The article I had intended to publish today for your Friday File hasn’t come together as I had intended, so I thought I’d just quickly share my updated top holdings to update folks on where most of my investments are tied up. I’ll release a “real” Friday File on Monday after the market close once I’ve got a few more thoughts clear in my head.

So for now, what are my family’s investments? I continue to have about one third in gold and foreign currencies, though I’ve scaled back the foreign currency CDs lately and have relatively more in regular cash as I think through what to do with it. Of the remaining investments, I have a few substantial holdings in mutual funds that I don’t often write about — those are:

Third Avenue Value
Third Avenue Focused Credit
Formula Investing US Value
Formula Investing International Value

The top ten stock holdings in my portfolio are currently, in order of position size:

Sandstorm Gold
Seadrill
Berkshire Hathaway
Sprott Resource Corp
Lonrho
Altius Minerals
Google
Dorchester Minerals
Sprott Resource Lending
*Verizon
*Teva
*Apple
*Rayonier

*those last four holdings are all about the same size depending on how much hiccuping the market is doing at any given moment, so I included them all even though that brings us to lucky 13.

The four mutual funds noted above are comparable in position size to my largest holdings — so each individual fund would rank in the top five or six if I commingled the lists.

I hold a pretty diversified portfolio that’s usually in the neighborhood of 30 individual stocks and a handful of funds and/or ETFs, but it’s also quite concentrated at the top — those top holdings represent much more than half of my stock portfolio. You can clearly tell that there’s a heavy commodities focus in these holdings, though I like to think that most of these commodity-focused holdings have substantially less downside than your typical junior miners.

And though you’ve heard me talk quite a bit about Sandstorm Gold, it’s worth noting that if you also include my position in Sandstorm Gold warrants, then the common stock and the warrants would be my two largest holdings. I think gold belongs in every portfolio, and I think this streaming company is far ...

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