Professional Documents
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At 1363, market p/e’s are at 17.6x. We continue As we mentioned last month, the number of
to believe that there is limited upside and lots of companies making it through our screen has
downside potential from here. The Fed’s low diminished significantly making the sector
interest rate policy is the primary factor weights appear a little more dramatic than
levitating the market at these levels. usual. For instance, this month no healthcare or
discretionary stocks made it through the screen
Earnings are above trend by about +12% and to the buy list. Part of the reason for this is that
still rising. We expect this to continue for a few healthcare stocks have been the best performing
PAGE 3 MARKET HAVEN MONTHLY
sector over the last three months—up +18%, Materials companies have continued to perform
even more than energy stocks. This has made well and still offer attractive valuations even as
the stocks in that sector less attractive. commodity prices retreat from higher levels.
Commodities
names in the long portfolio and 60 or more in Argentina offering traditional banking products
our short portfolio. We let the ideas that are and services. It has a market cap of $2 billion
working continue to run. Conversely, the ideas and a nice yield of 5.6%. There is some risk in
that are not working become a smaller this stock, but we believe it is priced cheaply
proportion of the portfolio simply by the enough to compensate investors for the risk.
February 2011
LHC Group (LHCG) – buy
There were no trades in the short portfolio. Compania Cervecerias Unidas SA (CCU) – hold
November 2010
Global Payments (GPN) - hold
October 2010
Alpha Natural Resources (ANR) - hold
Long Portfolio
Portion Of Current
Symbol Name Price Fund Shares Held Value Rating
NOV National Oilwell Varco Inc $76.69 5.6% 800.00 $61,352.00 Hold
WDC WESTERN DIGITAL $39.80 5.1% 1,400.00 $55,720.00 Hold
DECK DECKERS OUTDOOR $84.86 4.2% 540.00 $45,824.40 Hold
JOYG Joy Global Inc $100.95 4.2% 450.00 $45,427.50 Hold
COH COACH INC $59.81 3.8% 690.00 $41,268.90 Hold
INT WORLD FUEL SERVICES $39.58 3.2% 880.00 $34,830.40 Hold
HLF Herbalife, Limited $89.78 3.2% 390.00 $35,014.20 Hold
ESV Ensco PLC $59.57 3.1% 560.00 $33,359.20 Hold
FCX FREEPT-MCMO COPPER & GOLD CL B $55.02 3.1% 620.00 $34,112.40 Hold
NEM Newmont Mining Corp Holding Co $58.61 2.8% 520.00 $30,477.20 Hold
ABT ABBOTT LABORATORIES $52.04 2.7% 560.00 $29,142.40 Hold
MUR MURPHY OIL $77.48 2.6% 360.00 $27,892.80 Hold
AFL AFLAC INC $56.19 2.6% 500.00 $28,095.00 Buy
NTRI NUTRI/SYSTEM INC $15.04 2.5% 1,820.00 $27,372.80 Hold
MIDD MIDDLEBY CORP $89.67 2.5% 300.00 $26,901.00 Hold
MA Mastercard Inc $275.89 2.5% 100.00 $27,589.00 Buy
PCP PRECISION CASTPARTS $154.52 2.4% 170.00 $26,268.40 Hold
ARLP ALLIANCE RESOURCE PARTNERS LP $82.36 2.4% 320.00 $26,355.20 Hold
RIO RIO TINTOPLC ADS $73.21 2.3% 350.00 $25,623.47 Buy
HRS HARRIS CORP $53.13 2.3% 470.00 $24,971.10 Buy
MSFT MICROSOFT CORP $25.92 2.3% 970.00 $25,142.40 Buy
GPN Global Payments Inc $53.24 2.2% 460.00 $24,490.40 Hold
BHP BHP Billiton Ltd $101.24 2.2% 240.00 $24,297.60 Hold
BAP CREDICORP LTD $96.52 2.2% 250.00 $24,130.00 Buy
KCI Kinetic Concepts,Inc. $59.03 2.1% 380.00 $22,431.40 Hold
TPC Tutor Perini Corp $26.66 2.0% 830.00 $22,127.80 Hold
GD GENERAL DYNAMICS $72.82 2.0% 300.00 $21,845.97 Buy
ANR Alpha Natural Resources Inc $58.17 2.0% 370.00 $21,522.90 Hold
BYI Bally Technologies Inc $38.99 1.9% 540.00 $21,054.60 Hold
CEPH CEPHALON INC $77.02 1.9% 270.00 $20,795.40 Hold
FRX FOREST LABORATORIES INC $33.16 1.8% 580.00 $19,232.74 Hold
JCOM J2 GLOBAL COMMUNICATIONS NEW $29.46 1.8% 650.00 $19,149.00 Hold
ENDP ENDO PHARMACEUTICALS HLDS INC $39.16 1.7% 460.00 $18,013.55 Hold
ACN Accenture Plc $57.13 1.7% 320.00 $18,281.60 Hold
WMT WAL-MART STORES $54.98 1.4% 280.00 $15,394.40 Hold
AMED AMEDISYS INC $33.32 1.3% 420.00 $13,994.40 Hold
ALGT Allegiant Travel Company $44.87 1.2% 280.00 $12,563.60 Hold
LHCG LHC Group, LLC $29.62 1.2% 460.00 $13,625.20 Hold
MDT MEDTRONIC INC $41.75 1.1% 290.00 $12,107.50 Hold
ESLT ELBIT SYSTEMS $55.92 1.0% 200.00 $11,184.00 Hold
BBY BEST BUY CO INC $31.22 0.8% 290.00 $9,053.80 Hold
MARKET HAVEN MONTHLY
Short Portfolio
Portion Of Current
Symbol Name Price Fund Shares Held Value Rating
WY WEYERHAEUSER CO $23.01 4.1% -3,541.00 ($81,478.41) Short
ARMH ARM HOLDINGS ADS $31.46 3.8% -2,410.00 ($75,818.60) Short
MF MF Global Holdings Ltd $8.41 2.8% -6,670.00 ($56,094.70) Short
PEGA PEGASYSTEMS INC $37.12 1.9% -1,030.00 ($38,233.60) Hold
PTIE PAIN THERAPEUTICS $9.51 1.9% -4,020.00 ($38,230.20) Hold
DNDN DENDREON CORP $43.43 1.9% -860.00 ($37,349.80) Short
NATI NATL INSTRUMENTS $30.32 1.9% -1,215.00 ($36,838.80) Hold
PXD PIONEER NATURAL RES $102.23 1.8% -350.00 ($35,780.50) Short
MNTA Momenta Pharmaceuticals Inc $18.86 1.8% -1,850.00 ($34,891.00) Short
REV REVLON INC'A' $17.22 1.7% -2,010.00 ($34,612.20) Short
OCN OCWEN FINANCIAL $11.97 1.7% -2,850.00 ($34,114.50) Short
CPTS CONCEPTUS INC $15.43 1.7% -2,170.00 ($33,483.10) Short
QDEL QUIDEL CORP $13.27 1.7% -2,510.00 ($33,307.70) Short
COG CABOT OIL & GAS 'A' $56.28 1.7% -590.00 ($33,205.20) Short
DXCM DexCom, Incorporated $16.65 1.7% -1,990.00 ($33,133.50) Short
FL Foot Locker Inc $21.52 1.7% -1,530.00 ($32,925.60) Hold
FXEN FX ENERGY INC $8.21 1.7% -4,010.00 ($32,922.10) Hold
MCHP MICROCHIP TECHNOLOGY $41.04 1.6% -790.00 ($32,421.60) Hold
LTD Limited Brands $41.16 1.6% -770.00 ($31,693.12) Hold
EXEL EXELIXIS INC $12.26 1.6% -2,570.00 ($31,508.20) Short
HOT STARWOOD HOTELS&RESWORLDWIDE $59.57 1.6% -520.00 ($30,976.40) Short
EVR Evercore Partners Inc $34.89 1.6% -880.00 ($30,703.20) Short
GDOT Green Dot Corp $43.16 1.5% -710.00 ($30,643.53) Short
RDEA Ardea Biosciences Inc $28.35 1.5% -1,080.00 ($30,618.00) Short
LEN LENNAR CORP $18.99 1.5% -1,550.00 ($29,434.35) Short
TLM TALISMAN ENERGY $24.10 1.5% -1,210.00 ($29,161.00) Short
CMO CAPSTEAD MORTGAGE(NEW) $13.24 1.5% -2,190.00 ($28,995.60) Hold
CDXS Codexis Inc $10.49 1.4% -2,720.00 ($28,532.80) Short
TIF TIFFANY & CO $69.44 1.4% -410.00 ($28,470.40) Hold
FICO Fair Isaac Inc $29.88 1.4% -910.00 ($27,190.80) Short
SRSL SRS LABS $8.15 1.4% -3,330.00 ($27,139.50) Short
FO FORTUNE BRANDS $65.08 1.3% -410.00 ($26,682.80) Short
LUX LUXOTTICA GROUP ADS $33.19 1.3% -780.00 ($25,888.20) Short
NOVL NOVELL INC $6.10 1.3% -4,220.00 ($25,737.78) Short
RIGL RIGEL PHARMACEUTICALS $9.11 1.3% -2,800.00 ($25,508.00) Hold
MSCC MICROSEMI CORP $23.60 1.3% -1,080.00 ($25,488.00) Short
EQT EQT Corp $52.62 1.3% -480.00 ($25,257.60) Short
MAN ManpowerGroup $66.25 1.3% -380.00 ($25,175.00) Short
STEI STEWART ENTERPRISES INC CL A $8.11 1.3% -3,080.00 ($24,978.80) Short
KW Kennedy-Wilson Holdings Inc $11.45 1.3% -2,180.00 ($24,961.00) Hold
ACXM ACXIOM CORP $14.56 1.3% -1,710.00 ($24,897.60) Hold
FDX FEDEX CORP $95.67 1.3% -260.00 ($24,874.20) Hold
NSM NATL SEMICONDUCTOR $24.12 1.3% -1,030.00 ($24,843.60) Short
LGF LIONS GATE ENTERTAINMENT $6.34 1.2% -3,860.00 ($24,472.40) Hold
EXP Eagle Materials Inc $29.09 1.2% -830.00 ($24,144.70) Short
GKSR G & K SERVICES CL'A' $33.10 1.2% -710.00 ($23,501.00) Hold
ALE Allete Inc $40.49 1.2% -580.00 ($23,484.20) Hold
BMS BEMIS CO $31.34 1.1% -720.00 ($22,564.80) Hold
PFS Provident Financial $14.52 1.1% -1,510.00 ($21,925.20) Hold
CFR CULLEN/FROST BANKERS $59.24 1.1% -360.00 ($21,326.40) Hold
CADX Cadence Pharmaceuticals, Incorporated $8.48 1.1% -2,510.00 ($21,284.80) Hold
CBSH COMMERCE BANCSHARES $42.56 1.1% -497.00 ($21,152.32) Hold
WTR Aqua America Inc $22.55 1.1% -930.00 ($20,971.50) Hold
HTLD HEARTLAND EXPRESS $17.25 1.0% -1,200.00 ($20,700.00) Hold
NVEC NVE Corporation $58.96 1.0% -350.00 ($20,636.00) Hold
TXI TEXAS INDUS $42.17 1.0% -480.00 ($20,241.60) Hold
MYGN MYRIAD GENETICS $21.44 1.0% -920.00 ($19,724.80) Hold
PC Panasonic Corp $12.29 1.0% -1,590.00 ($19,540.94) Hold
CYN CITY NATIONAL $57.11 0.9% -320.00 ($18,275.20) Hold
AA ALCOA INC $17.00 0.9% -1,060.00 ($18,020.00) Hold
CMA COMERICA INC $37.93 0.9% -470.00 ($17,827.10) Hold
MARKET HAVEN MONTHLY