Saturday, July 25, 2020

AIO, CIBR, CS, HTIA, IGR, MFCPRM:CA, MGK, MNR, RVT, STWD, UBS, XT, VLY



++++++

Markets and Market Commentary: 

 The S & P trailing 12 month P/E based on actual GAAP earnings closed at 30.59 yesterday. The P/E is 25.47 using non-GAAP forward 12 month estimates. 

 Gold went back over $1900 per oz yesterday. 

Gold prices approach highest settlement in history as silver futures take a breather - MarketWatch (7/23) The all time high occurred in September 2011. Silver had crossed $40 per share in September 2011, but is lagging now the percentage surge in gold prices. Item # 1 Recent Gold and Silver Sales (9/15/11 Post); What is Gold's "Fair Value"? 4/13/2013 Post I commented on gold's recent price surge in relation to the U.S. Dollar Index decline in a 7/22/20 comment. 

 July 2020 Treasury Yield Curve Rates: 
Daily Treasury Yield Curve Rates

Meltdown risks rising due to virus surge and China, Ed Yardeni warns

 Risks are mounting for U.S. stocks. Here’s where investors should look instead, says BlackRock - MarketWatch

Only a Few Stocks Are Fueling the Market's Rise. Watch Out.-Barron's (subscription publication) Amazon, Apple, Microsoft, Google and Facebook make up 21.77% of the S & P 500 index. 

 Vanguard comes to defense of the 60/40 portfolio as it forecasts stock market returns for the next decade - MarketWatch It is hard for me to see the attraction of either bonds or stocks at current prices. Stocks have IMO more long term potential at current prices. I own a lot of bonds but have not been purchasing any as of late. My bond portfolio allocation is declining significantly every month now  due to no new purchases and issuer redemptions. 

 Microsoft reports record revenue to wrap up a record-breaking fiscal year - MarketWatch

 Intel (INTC) earnings Q2 2020 The company delayed its next generation of chips. Intel admits another defeat with unprecedented manufacturing issues - MarketWatch

Fund manager defends tech stock valuations as he picks four to benefit from disruption - MarketWatch One of his 4 stock recommendations is Square (SQ). 

 Donald is legislating through Executive Orders. The orders signed yesterday relating to drug prices are the latest: 

 Pharma stocks fall as Trump targets drug prices with executive orders-MarketWatch; 

 Trump expected to sign drug pricing executive orders Friday, angering pharma - The Washington Post; 

 Trump signs limited drug pricing orders after last-minute debate - POLITICO 

 Trump unveils four executive orders aimed at lowering drug prices 

 If those orders are legal, then why can't Donald just start setting other product prices by executive fiat? Donald is trying to boost his reelection chances with these orders. Their timing is not a coincidence.    

 If the Big Five Falter, the Rest of the Stock Market Could Be Deep-Sixed - Barron's I have been making this point in some comments recently. 

+++++


George Will's Opinion Column: The nation is in a downward spiral. Worse is still to come. - The Washington Post ("Under the most frivolous person ever to hold any great nation’s highest office, this nation is in a downward spiral. . . The nation’s floundering government is now administered by a gangster regime. . . Making a preemptive strike against civic confidence, Trump has announced that the 2020 election will be the "most corrupt" in U.S. history." Mr. Will correctly notes that the GOP is engaged in widespread voter suppression.) It is impossible to be a true conservative and a member of the republican party, which explains why Will and many others have left that party. 

 PolitiFact | Fact-checking Donald Trump on the Joe Biden, Bernie Sanders unity platform Given the velocity of his recent lies, I am expecting Donald to easily exceed 25,000 false and misleading statements before inauguration day in January 2021. He will lie more as the election moves closer in time.  

 Trump’s False, Recurring Claim About Biden’s Stance on Police - FactCheck.org

 Some Family Members Surprised Voters Believed Donald Trump Image-YouTube

 Trump Misleads on H1N1 Swine Flu Testing-FactCheck.org

 At least we know what is really important to Senate republicans: Senate GOP set to ramp up Obama-era probes

 Trump may not accept the election results if he loses. Transcript: 'Fox News Sunday' interview with President Trump-Fox News Donald also claimed in that interview that he would be signing a "complete health care plan" in two weeks. There is no plan moving forward in the Congress. After doing everything that he could possibly do to repeal DACA, Trump also claimed that he was going to come up with a plan to save those children from deportation.  

 Ohio House Speaker Larry Householder (R) Arrested In $60 Million Bribery Scheme: NPR At least he is not a piker. The former chair of Ohio's republican party, Matt Borges, was also arrested. Who is Matthew Borges and what is he accused of in the Ohio Statehouse bribery case? - cleveland.com; Read the criminal complaint against Ohio House Speaker Larry Householder, aide, lobbyists charged with racketeering conspiracy - cleveland.com

 House passes bill to remove Confederate, racist statues and busts - Roll Call 113 republican representatives voted to keep the statues. 

 Trump's cognitive test: the truth about it Anyone who is not suffering from dementia can pass this test. I am suspicious that Trump answered all of the questions correctly, notwithstanding his claim. Contrary to Trump's assertion, the last few questions are not hard. The cognitive test Trump claims to have aced 

 Michael Cohen: Judge orders former Trump lawyer's release from prison; Top Experts: DOJ's Bureau of Prison Blocking Michael Cohen Book about Trump Violates First Amendment The Court found that the Trump Administration had sent Cohen back to prison in retaliation for writing a tell all book. 

 Judge Salas Shooting Suspect Left Pro-Trump Paper Trail - The Atlantic

 No, a reporter didn't call McEnany a "lying b**ch," but Fox ran with it anyway The two Fox Fake News programs that ran the false claim were hosted by Sean Hannity and Tucker Carlson, just a couple of propagandists for the GOP and Trump. 

 Donald cancelled his planned Mass Infection Event in Tallahassee claiming that he was deeply concerned about the health of attendees and the people of Florida. Trump cancels Jacksonville portion of Republican National Convention (7/23/20)
He was not concerned a month ago when he held his Mass Infection Event in Tulsa. 

 And, in his recent Chris Wallace interview, which occurred on 7/19/20, Donald whined that liberal Democrats were not allowing him to hold indoor rallies. Trump’s Chris Wallace Interview: The 23 Most Surreal Moments; Chris Wallace's Trump interview: The 55 most shocking lines; Transcript: 'Fox News Sunday' interview with President Trump | Fox News 

 Quotes 7/19/20 Trump  interview:  
Fact check: Trump again tells story about being booed at 2015 event he didn't attend
+++++

 Trump and other Republican Politicians Engage in Demagoguery to Fan Fear and to Appeal to Voter's Worse Instincts: 

 In the last election, Republicans appealed to voter's worst instincts, trying to generate a fear response to caravans of impoverished people moving toward the U.S. border. 

 With no caravans in 2020, Republicans have shifted their demagoguery to blowing way out of proportion the violence and looting that occurred for a few days after George Floyd was killed by the police.  

 Marsha Blackburn (R-TN), a 100% pure Know Nothing Trumpster, won the 2018 Tennessee senate race with ads focusing on the caravan.  

Who Is Marsha Blackburn? Narrated by SNL's Chris Parnell | NowThis - YouTube

 In the 2020 Tennessee race, which will likely be won by the 100% pure Trumpster Bill Hagerty, the campaign ads focus on the new republican fear tactic. Hagerty praises federal response in Portland in joint online appearance with Trump - The Daily Memphian

 Hagerty and Blackburn are far right, reactionary demagogues, but that is what a majority of Tennessee voters want now. Similar type ads were successfully used by Bill Brock to beat Senator Albert Gore Sr. in 1970 and have been working on Tennessee voters ever since.  

 In a recent poll, almost 1/2 of republicans believe that Bill Gates is plotting to use a Covid-19 vaccine to plant tracking devices in their brains. Almost half of Republicans believe a debunked conspiracy theory about Bill Gates-MarketWatch; Poll shows coronavirus conspiracy theories spreading on the right may hamper vaccine efforts ("44 percent of Republicans believe that Bill Gates is plotting to use a mass COVID-19 vaccination campaign as a pretext to implant microchips in billions of people and monitor their movements.") That explains in part why the preceding commercials work and why Donald may be reelected to another 4 year term. 

 Trump’s staunchest allies in Congress lash out at Wyoming Republican Liz Cheney - MarketWatch

 Trump is trying to create a campaign issue by sending Homeland Security law enforcement officers to American cities, notwithstanding protests by mayors and governors. IMO, Trump and other republicans want to create more violence for political purposes.    

A Navy Veteran Had a Question for the Feds. They Beat Him in Response; Navy vet says he was beaten, pepper sprayed by authorities at Portland protest - YouTube

 "Police" shoot Portland protester in head with impact weapon whose hands were in the air, causing severe injuries - oregonlive.com; 

Portland protests grow larger after President Trump sends feds in: USA Today (7/22); 

Portland protests fueled by Oregon's 'very dark history' of racism: USA Today; 

More than a dozen mayors join Portland in asking Trump administration to withdraw federal forces; 

 Nothing Can Justify the Attack on Portland - The Atlantic  

 Anne Applebaum correctly described Trump's action in Portland as "performative authoritarianism". Anne Applebaum on how authoritarians try to discredit the media - CNN Video;  Anne Applebaum's Latest Book: 'Twilight Of Democracy'-NPR

 Federal Officers Deployed in Portland Didn’t Have Proper Training, D.H.S. Memo Said-The New York Times That is of course irrelevant to Trump and his acting Homeland Security secretary Chad Wolf. 

Trump:"We’re looking at Chicago, too. We’re looking at New York All run by very liberal Democrats. All run, really, by the radical left. This is worse than anything anyone’s ever seen. And you know what? If Biden got in, that would be true for the country. The whole country would go to hell."

 Videos Show How Federal Officers Escalated Violence in Portland - The New York Times

 I would view the federal officers being deployed by Donald into cities governed by his political rivals as his private militia.

 Fauci says that he and his family have experienced 'serious threats' during pandemic | TheHill
+++

 Covid-19 Updates:
As of 7/24/20
U.S. infections increased by 508,876 since last Friday (7/17/20).  

 The CDC has succumbed to Trump's political pressure by downplaying the health risks associated with in person classrooms. C.D.C. Calls On Schools to Reopen, Downplaying Coronavirus Risks - The New York Times We will see soon enough whether the CDC was correct in kowtowing to Donald. The CDC did not mention the South Korean study that found that children between the ages of 10 to 18 spread the virus as easily as adults. Study: Kids 10 And Older Spread COVID As Effectively As Adults | Kaiser Health News Just deep six that study and others and pretend they do not exist. 

 This is the most effective Lincoln Project ad regarding Trump's handling of the pandemic: Failure - YouTube

AP FACT CHECK: Trump's alternate reality on COVID-19 threat (7/20/20) 

 Fact check: Trump continues to dishonestly downplay the pandemic 

 Donald started his Covid-19 briefings again, but did not invite Dr. Fauci. It was Donald's TV show with no one else being allowed to talk. This was a campaign event. 

 It is simply beyond my comprehension why anyone would rely on representations made by Donald. He is easily the most untrustworthy, well known person in the world. 

 I would just note that Donald stated last Tuesday that the pandemic "probably" get worse before getting better. Trump says coronavirus may 'get worse'  

 After his disastrous interview with Chris Wallace, Donald apparently come to an epiphany that continuing to live in his Alternate Reality about the pandemic was hurting his reelection chances, so he at least acknowledged something was happening. In U-turn, Trump doubles down on effectiveness of social distancing and face masks: ‘I have no problems with the masks’ - MarketWatch (Tuesday 7/21/20 article; over 143K Americans dead from Covid-19 infections out of 3.9M infected people)
7/21/20
Coronavirus: Trump says U.S. 'in the process' of crafting strategy (7/21/20); Coronavirus updates: US death toll rising, 18.7% higher than last week (7/24); U.S. surpasses 4 million COVID-19 cases (7/23)

During the question and answer session, Donald was asked about Ghislaine Maxwell who was recently arrested for her alleged involvement in securing underage girls for the child molester Jeffrey Epstein.

 There was no teleprompter with a prepared response for the Duck to read as he had been doing. 

Donald replied as follows: "I just wish her well, frankly. I've met her numerous times over the years, especially since I lived in Palm Beach. I guess they lived in Palm Beach, but I wish her well."  Trump on Accused Child Sex-Trafficker Ghislaine Maxwell: 'I Wish Her Well' | PEOPLE.com

 Maxwell - YouTube (Lincoln Project ad)

 Maxwell 2 - YouTube

 5 takeaways from Trump’s return to the coronavirus briefing stage Among other false statements, Donald falsely claimed that the U.S. has one of the lowest mortality rates in the world. Trump's new coronavirus talking point isn't even close - The Washington Post; 

Fact check: At his first coronavirus briefing since April, Trump repeats a handful of classic false claims 

 Trump Keeps Bragging About America’s Covid-19 Death Rate. It’s Among the World’s Worst.

 White House seeks to block funds for testing in coronavirus relief bill 

 Covid-19 Testing Is Broken and There's No Plan to Fix It

Larry Hogan (R): Trump left Maryland vulnerable to the pandemic - The Washington Post Hogan is a republican and is currently the Governor of Maryland. This article written by Hogan is a scathing indictment of Trump's handling of the pandemic. Hogan heard Donald refer to the South Koreans as "terrible people", and that Trump did not know "why the United States had been protecting them all of these years". That reminded me of the story that Sarah Palin had to told  why there were two Koreas. Sarah Palin on Foreign Policy

85 infants under age 1 tested positive for coronavirus in one Texas county

Texas day care coronavirus cases rising-more than 300 | The Texas Tribune (7/1/20)

 In separate rallies, Utahns protest mask mandate and demand in-person classes - The Salt Lake Tribune

 As Deaths Rise, Trump Sticks with Old Numbers - FactCheck.org

 Lying again about the pandemic, Trump made 200 false claims from early June to early July 

Trump Leans Into False Virus Claims in Chris Wallace Interview - The New York Times

 Donald deliberately misinforms the public about the pandemic. Lying about almost everything has worked for him so far. 

 U.S. hospitals scramble to adopt new HHS coronavirus data system, some states see 'data blackout' In order to get an allocation of remdesivir, Trump ordered that hospitals and other health providers had to quit providing Covid-19 information to the CDC.  

 Study: Middle and high schoolers can spread coronavirus as well as adults - Axios; Older Children Spread the Coronavirus Just as Much as Adults, New Study Finds - The New York Times

 The republican governor of Missouri claimed that students will become infected when attending in person classes starting this fall, but that they will get over it. Missouri Gov. Mike Parson says kids will 'get over' COVID-19 they'll catch at school The fact that they will spread it to school staff, their parents and others is irrelevant in Trump's America. 

 Dr. Don asserted in his Chris Wallace interview that young people are causing the spike in cases, but they will get over it within a day with just some "sniffles". Trump Fox News Interview Recap: COVID-19, Confederate Flags-NPR 

 Trump says COVID patients 'have the sniffles,' 'many cases shouldn't be cases' - Business Insider; 

 Trump Compares Coronavirus to 'Sniffles' as U.S. Death Toll Tops 140,000 - EcoWatch

The crisis that shocked the world: America’s response to the coronavirus

 Trump says U.S. would have half the number of coronavirus cases if it did half the testing This is just another lie designed to manipulate the weak minded. 

 Despite Trump claim, 13 states say some orders for coronavirus supplies still unfilled - ABC News

 A Texas county's only hospital forced to choose "who is sent home to die" as ICU beds near capacity - CBS News (7/24)

 ++

I am not an anti-vaxxer. I have taken the flu shot every year for as long as I can remember. I have already taken the vaccine shots for shingles and pneumonia.

 While we are being told corners are not being cut on Covid-19 vaccines, and safety is the highest priority, I do not believe that is the case. Speed is the highest priority. 

 Moderna's vaccine has entered a Phase 3 trial after enrolling just 120 participants in Phase 1. The results released so far only include 45 test subjects. There were only 15 people in the group receiving the 100 microgram (μg) doses, and that is the dose being advanced now into a Phase 3 trial. CIDRAP

 Side Effects Noted So Far with a Handful of Test Subjects:
He had a severe reaction to Moderna Covid-19 vaccine. He's still a believer The assumption made by Moderna and others  is that the larger dose given to this individual, which was 200 micrograms may have triggered this severe reaction, when it may just be the vaccine, irrespective of dosage, on this one individual.  

 An mRNA Vaccine against SARS-CoV-2 — Preliminary Report | NEJM

 It looks to me that a vaccine will be approved by the FDA that will be given to millions without fully understanding the potential side effects and balancing those effects with the protection afforded by the vaccine.

 I will not receive a Covid-19 vaccine shot until I can assess for myself both the safety and effectiveness, which is not likely to occur until several months after the mass vaccination starts.   

 Coronavirus vaccine from Oxford and AstraZeneca shows positive response in early trial

Pfizer and BioNTech's potential coronavirus vaccine shows promise

 +++

 Spying, election hacks, assassinations: British report details scale of Russian subversion campaigns

 The Intelligence and Security Committee of Parliament;

++++

All trades are commission free except as otherwise noted.

1. Small Ball: 

A. Eliminated MNR-Sold Remaining 21 Shares (10 sold at $15.14+; 10 at $14.88; 1 at $13.1: 


Profit Snapshots: +$62.07 (21 shares)

Last Substantive Buy Discussion: Item # 1.I. Bought 10 MNR at $11.4 (5/23/20 Post) I discussed the last earnings report in that post. SEC Filling I also mentioned selling 100 MNR in that post.  

 Dividend: Quarterly at $.17

 Last Ex Dividend: 5/14/20

 I currently own 80 shares of MNR's 6.125% preferred stock, which is last discussed in this post: Item # 4.B. Added 10 MNRPRC at $20.46; 10 at $15.31; 10 at $18 (5/9/20 Post); Monmouth Real Estate Investment Corp. 6.125% Cumulative Preferred Series C Stock

 MNR-PC $25.20 +$0.05 +0.20% 

 B. Started MGK as a Placeholder-Bought 1 at $162.32: 
Quote: MGK | Vanguard Mega Cap Growth ETF Overview
Closing Price 7/24:MGK $170.07 -$0.67 -0.39% 

 Sponsor's Website: MGK - Vanguard Mega Cap Growth ETF

 Expense Ratio: .07%

 Purchase Restriction: Each subsequent purchase has to be at the lowest price in the chain. 

 Dividend Reinvestment: No

 Some Holdings as of  6/30/20:

C. Added to STWD-Bought 1 at $15.66; 1 at $15.12; 1 at $14.82; 1 at $13.74: 



Quote: Starwood Property Trust Inc.  (STWD)

 Closing Price 7/24: STWD $14.47 -$0.29 -1.96% 

 Website: Starwood Property Trust

 SEC Filings

Last Substantive Buy Discussion: Item # 1.H. Added 2 STWD at $17.18; 2 at $16.91; 1 at $15.24, 1 at $10.36; 1 at $9.3; 1 at $8.74; 1 at $12.45 ( 4/18/20 Post)

 Last Sell Discussion: Item # 1.A. Sold 10 STWD at $25.96  (2/16/2020 Post)

 Dividend: Quarterly at $.48 per share and on shaky ground IMO ($1.92 annually)

 Last Ex Dividend Date: 6/29/20 (all shares owned as of)

 Dividend Yield at Average cost: 10.97%

 Dividend Reinvestment: Yes until there is a cut.

 Current Position this Account: 53+ shares

 Average Cost Per Share: $17.5

 Last Earnings Report (Q/E 3/31/20): Starwood Property Trust Reports Results for the Quarter Ended March 31, 2020

 "The Company had a first quarter 2020 GAAP net loss of $66.8 million, or $(0.24) per diluted share, and Core Earnings of $162.1 million, or $0.55 per diluted share. GAAP net loss includes the unrealized, non-cash impacts of mark-to-market adjustments and the recently implemented CECL accounting standard, totaling $148.6 million ($0.53 per diluted share) and $48.7 million ($0.17 per diluted share), respectively, both of which reflect the market volatility and dislocation caused by the COVID-19 pandemic." 
10-Q for the Q/E 3/31/20  

 D. Eliminated UBS-Sold 70 at $11.15: 
Quote: UBS Group AG  (U.S.: NYSE)

 Closing Price 7/24: UBS $12.17 +$0.01 +0.08% 

 Profit Snapshot: $41.75
Item # 3.A. Bought 50 UBS at $10.93; 10 at $10.41; 5 at $9.71; 5 at $7.9(3/28/20 Post)

 I will consider restarting a position when and if the price falls below $10 again. I wanted to reset the initial purchase at a lower price than the first 2 purchases referenced above.

 Prior Round Trip: Item # 1.E. Eliminated UBS-Sold 50 at $13.16  (2/16/20 Post)-Item # 3.B. Bought 50 UBS at $10.66 (9/14/19 Post)

 Dividend Received 70 Shares: 
Swiss Withholding Issue: 
Last Earnings Report (Q/E 6/30/20): Quarterly reporting | UBS Global topics

E. Eliminated CS-Sold 25 at $10.11: 
Quote: CS | Credit Suisse Group AG ADR Overview

 Closing Price 7/24: CS $10.57 -$0.03 -0.28% 

 CS | Credit Suisse Group AG ADR Analyst Estimates 

 Profit Snapshot: +$73.55
Item # 1.E. Restarted CS-Bought 10 at $7.68; 2 at $7.07; 10 at 7 (4/18/20 Post) 

 I discussed this trade in a 6/24/20 comment 

 Investor relations – Credit Suisse

 Credit Suisse Group AG (ADR) Key Developments | Reuters

 Last Elimination: Item # 3.C. Eliminated CS-Sold 50 at $13 (11/27/19 Post)(profit Snapshot = $73.73)-Item# 1 Bought 50 CS at $11.49 (10/11/19 Post)

Last Earnings Report (3/31/20):  Quarterly results – Credit Suisse
F. Bought 5 CIBR at $32.39: 

Quote: CIBR | First Trust NASDAQ Cybersecurity ETF Overview

 Closing Price 7/24: CIBR $34.07  -$0.44 -1.27% 

Sponsor's Website: First Trust Nasdaq Cybersecurity ETF (CIBR)

 Holdings: First Trust Nasdaq Cybersecurity ETF (CIBR)

 Expense Ratio: .6%

 Holdings as of  6/22 (greater than 1% weighting): 

 G. Bought 10 AIO at $19.36: 

Quote: AIO | AllianzGI Artificial Intelligence & Technology Opportunities Fund Overview 

 Closing Price 7/24: AIO $20.20 $0.00  0.00% 

 AIO SEC Filings 

 I mentioned this purchase in a 6/30/20 comment.

 Sponsor's Website: AllianzGI Artificial Intelligence & Technology Opportunities Fund (AIO)

 Last SEC Filed Shareholder Report: Period ending 2/28/20 

 Dividends: Monthly at $.1083

Last Ex Dividend Date: 7/10/20

 Data Date of 6/29 Purchase: 
Closing Net Asset Value Per Share: $21.8
Closing Market Price: $19.27
Discount: -11.61%

Sourced: AIO AllianzGI AI & Tech Opportunities Fund-CEF Connect 

 Public Offering: November 2020 at a $20 public offering price

 Top 10 Holdings as of 5/31/20:
All holdings as of 5/31/20 can be downloaded from the sponsor's website.

 Holdings as of 2/28/20 are included in the last SEC filed shareholder report linked above.

 H. Restarted RVT-Bought 10 at $12.43:
Quote: Royce Value Trust Inc. (RVT)

 Closing Price 7/24: RVT $12.96 -$0.02 -0.15% 

 Sponsor's Website: Royce Value Trust (RVT)

 RVT SEC Filings

 Portfolio as of 3/31/20

 Last SEC Filed Shareholder Report (period ending 12/31/19)

 Composition and Top 10 Holdings:
As of 6/30/20
Dividends:
The tax characteristics of the 2020 distributions are currently estimated and will change based on what happens during the year. 

 Last Ex Dividend Date: 6/10/20

 Data Date of 7/1/20 Trade: 
Closing Net Asset Value Per Share: $14.19
Closing Market Price: $12.46
Discount: -12.19%

 Source: RVT Royce Value Trust- CEF Connect

 Last Elimination: Item # 3.C. Sold 100 RVT at $14.51 (5/22/19 Post)(profit snapshot = $87.61)-Item # 1 Bought 100 RVT at $13.63-Used Commission Free Trade (3/31/19 Post)

 Prior Elimination: Item # 1 Sold 505+ RVT at $15.89 (8/3/13 Post)(profit snapshot = $436.03)

 Royce Value Trust (RVT)-Morningstar

 I. Started XT as a placeholder-Bought 1 at $44.78:

Quote: XT | iShares Exponential Technologies ETF Overview 

 Closing Price 7/24: XT $46.67 -$0.54 -1.14% 

 Sponsor's Website: iShares Exponential Technologies ETF | XT ("Access global companies with significant exposure to exponential technologies, which displace older technologies, create new markets, and have the potential to create significantly positive economic benefits . . . The fund’s index employs a unique process that evaluates global stocks of technology producers and users across nine technology themes.") 

Expense Ratio: .47%

 Dividends: Semi-annually
Some Holdings as of 7/22/20: 
Total: 198 stocks

 Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain. 

 J. Added 10 IGR at $6.08; 20 at $5.92:
Quote:  IGR | CBRE Clarion Global Real Estate Income Fund Overview-A Leverage CEF

 Closing Price 7/24: IGR $5.92 +$0.05 +0.85% 

 IGR SEC Filings 

 Last Substantive Buy Discussion: Item # 1.E. Added 5 IGR at $3.75; 50 at at $5.69; and 10 at $5.1 (5/16/20 Post)

 Dividend: $.05 per share (heavy ROC support)

 Last Ex Dividend Date: 7/17/20 (all shares owned as of)

 Dividend Reinvestment: Yes, as long as the likely reinvestment price is at greater a greater than 10% discount to net asset value per share. 

 IGR Recent Price History 

 Holdings as of 3/31/20 

 Last SEC Filed Shareholder Report - period ending 12/31/19

 Current Position This Account: 298+ shares

 Average Cost Per Share: $6.22

 Yield at Average Cost: 9.65% 

Leveraged: Yes at about 12.77% 

 Data Date of 7/13/20 Trade:
Closing Net Asset Value Per Share: $7.05
Closing Market Price: $5.82
Discount: -17.45%

 Sourced: IGR-CEF Connect

 Last Sell Discussions: Item # 1. I. Eliminated IGR Vanguard Account-Sold 100 at $5.95 and Eliminated IGR in Schwab Account-Sold 100 at $5.96 (6/13/20 Post)(profit snapshots= $113.32); Item # 1.C. Sold 9 IGR at $8.33 (2/19/20 Post)(shares purchased with dividends, profit on each lot with a $4.99 total profit); Item # 2.A. Sold 100 IGR at $8.01 (12/28/19 Post)(profit snapshot = $42.98)

 Goal:  Harvest several monthly dividends and then exit the position at a share profit before ROC adjustments to the taxable cost basis. 

 K. Added 5 VLY at $6.79:

Quote:  Valley National Bancorp  (VLY)

 Closing Price 7/24: VLY $7.78 -$0.01 -0.13% 

 VLY | Valley National Bancorp Analyst Estimates

 Last Discussed: Item # 1.I. Restarted VLY-Bought 10 at $7.66 (6/6/20 Post) I discussed the first quarter report in that post. 

 Last Sell Discussions: Item # 1.A. Eliminated VLY-Sold 102+ at $10.51 (9/11/2019 Post);  Item # 2.A. Eliminated VLY Sold 51+ VLY at $12.76 (7/25/18 Post); Item # 2.B. Sold 60 VLY at $12.52 (1/28/18 Post)

 Investment Category: Regional Bank Basket Strategy

VLY SEC Filings

 10-Q for the Q/E 3/31/20

2019 Annual Report

Dividend: Quarterly at $.11 per share

 I view a dividend increase this year or in 2021 as highly unlikely. 

 Last  Ex Dividend: 6/12/20 (owned 10 as of)

 Current Position: 15 shares 

 Average Cost Per Share: $7.37

 Dividend Yield at Average Cost: 5.97% 

 Last Earnings Report (Q/E 6/30/20): This report was released after my purchases and was okay IMO under the circumstances. 

 Valley National Bancorp Reports a 25 Percent Increase in Second Quarter 2020 Net Income and Strong Operational Efficiency 

 Quotes from Release: 

 "net income for the second quarter 2020 of $95.6 million, or $0.23 per diluted common share, as compared to the second quarter 2019 earnings of $76.5 million, or $0.22 per diluted common share, and net income of $87.3 million, or $0.21 per diluted common share, for the first quarter 2020. 

 net interest margin on a tax equivalent basis of 3.00 percent for the second quarter 2020 decreased by 7 basis points from 3.07 percent for the first quarter 2020

 Non-accrual loans increased $4.7 million during the second quarter 2020 as compared to the first quarter 2020 and represented 0.65 percent and 0.68 percent of total loans at June 30, 2020 and March 31, 2020,

 efficiency ratio was 48.01 percent for the second quarter 2020 as compared to 50.75 percent and 57.19 percent for the first quarter 2020 and second quarter 2019, respectively. Our adjusted efficiency ratio was 46.84 percent for the second quarter 2020 as compared to 49.26 percent and 54.57 percent for the first quarter 2020 and second quarter 2019, respectively."

 ROA:      .92%
ROE:     8.54%
ROTE: 12.66%

 Coverage Ratio: 147.03%  (Allowance for losses on loans as a % of non-accrual loans)

 Total Risk Based Capital Ratio: 12.19%

 Tangible Common Equity to Tangible Assets = 6.98%

 "Net loan charge-offs totaled $14.8 million for the second quarter 2020 as compared to $4.8 million for the first quarter 2020 primarily due to the partial charge-off of one impaired commercial loan relationship and lower collateral valuations related to non-performing taxi medallion loans."

2. Canadian Reset Equity Preferred Stocks: 

 A. Bought 100 MFCPRM:CA at C$15.14: 

Quote: MFC-PM.TO

 Closing Price 7/24: MFC-PM.TO C$16.10 -C$0.05 -0.31% 

 Last Elimination: Item # 4.A. Sold 50 MFCPRM at C$20.51 (1/21/17 Post)(profit snapshot = C$113)

 Issuer: Manulife Financial Corp.

 Coupon: 2.36% + the 5 Year Canadian Bond Yield, resetting every 5 years. 

 Coupon Reset in December 2019:  The new penny rate will be based on a 3.8%  coupon per annum, paid on a C$25 par value. This rate will remain in effect until December 2024. 
Next Reset: December 2024

 Per Share: C$.2375 per quarter and C$.95 annually 

 Yield at C$15.14 = 6.27%

 Dividends: Non-cumulative 

 MFC preferred stocks are currently rated at BBB+ (S & P) and BBB- (Fitch):
Credit Ratings | Manulife Financial

 3. REIT Equity Preferred Stocks:

 A. Bought 10 HTIA at $20.25; 5 at $19.6:

Quote: HTIA | Healthcare Trust 7.375% Cumulative Preferred Series A Overview

 Closing Price 7/24: HTIA $20.73 0.00 0.00% 

 Investment Strategy: Equity REIT Common and Preferred Stock Basket Strategy

 Ex Dividend: 7/1/20 (owned 10 as of; 5 bought after ex date)

The security closed at $20.28, down $.47 for the day. When that happens, I do not view the purchase the day before the ex dividend date to be buying a taxable event.  

 I briefly mentioned the 10 share purchase in a previous post: Stocks, Bonds & Politics: Portfolio Management-Cash Flow Fidelity Taxable Account 6/29-7/1/2020

 The common shares are not traded on a stock exchange. The issuer is NOT Healthcare Trust of America Inc. (HTA).  

 Issuer SEC Filings

 10-Q for the Q/E 6/30/20
p. 45
p.47
Debt is discussed at pages 19-25

 Issuer Management: External

 Last November, HTIA was sold to the public at $25 per share. Prospectus (risk factor discussion starts at page 12 and ends at page 53)

 During the March 2020 meltdown, the price briefly fell below $8.

 Viewed as a high risk equity REIT security which is confirmed by its current yield and trading history so far.

 Par Value: $25
Issuer Optional Call: on or after 12/11/24
Stopper Clause: Yes at pate 90
Dividends: Cumulative

 Provision relating to stock exchange delisting:
Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sell of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and family members.
Posted by at 25 comments:
Labels: , , , , , , , , , , , , , ,
Subscribe to: Posts (Atom)