AROW, HALO, PEO, PINE, PRPFX, VEU, WMB

I mentioned in a comment published on 1/28/26 that I had accidentally deleted an almost completed blog post. I hit a button somewhere on my keyboard, the entire post was deleted, and Google's Blogger immediately saved the change which is normal. 

I will discuss only a few trade trades. The discussion will be truncated since I will become very bored fast rewriting my prior discussion.  

I will not be discussing my purchases of T Bills (30) and corporate bonds (9). 

I will discuss in my next post corporate bond purchases made on 1/28 to the publication of my next post.  

I will not be discussing most of my small ball stock sales or buys made since my last post. 

There will be no political commentary, nor a discussion about recent material economic news. I am not going to rewrite those sections. 

I will discuss in my next post stock trades made starting today. 

So far the market likes my portfolio today.  

Some Trades: 

1. Pared PRPFX Again - Sold 5 at $82.05; 5 at $80.9:

Quote: Permanent Portfolio -Investor Class Overview 

PRPFX is classified as a moderate allocation fund. 

SEC Filing: Holdings as of 10/31/25 

The allocation target for gold and silver bullion is 25%, 30% for common stocks, 10% for Swiss Franc assets and 35% for Dollar Assets: Sponsor's website: The Permanent Portfolio Family of Funds

The "Dollar Assets" consist of investment grade corporate bonds and treasuries weighted at 33.3% as of 10/31/25, see Holdings at pags 5-8  Those holdings consist of investment grade corporate bonds, mostly short term, and U.S. treasuries (bills notes and bonds) 

Swiss government bonds were weighted at 7.42%.

Gold and silver bullion had a 25.93% weighting. 

Real estate and natural resource stocks were weighted at 14.6%. 

"Aggressive Growth" stocks were weighted at 18.03%, bringing the common stock allocation up to 32.63%. I would not characterize most of the stocks included in the "Aggressive Growth" category as fitting that description.  

Last Discussed: Item # 2.A. Sold 10 PRPFX at $74.05 (10/18/25 Post)(profit snapshot = $330.87) 

SEC Filings

SEC Filed Annual Report for the F/Y Ending 1/31/25

PRPFX-Morningstar (5 stars, classified as a moderate allocation fund). The rating is based on performance within that classification. 

PRPFX Portfoli0 -Morningstar Lists top 10 equity holdings. Click the "Others" tab to see the gold and silver bullion data. Click the "Bond" tab to see the top 13 bond holdings. 

Profit Snapshots: +$405.13

Remaining Shares: 180+ with an average cost per share unchanged at $40.96

Snapshot after last pare/Closing price on 1/27/26

Dividends: A significant part of my total return has originated from the annual dividends. 

PRPFX Stock Dividend History & Date | Seeking Alpha

Dividends Paid 2020-2025: $8.51 per share

I have been taking the dividends in cash.  

Last Ex Dividend: 12/4/25 ($2.4457 per share)

Other Sell Discussions: Item # 5.E. Sold 2 PRPFX at $72.67 (9/27/25 Post)(profit snapshot = $63.41); Item # 2.C. Pared PRPFX - Sold 5 at $68.4 (8/5/25 Post)(profit snapshot = $137.19); Item # 1.B. Sold 10 PRPFX at $68.09 (7/3/25 Post)(profit snapshot = $271.28); Item # 3.E. Pared PRPFX - Sold 10 at $67.16 (6/12/25 Post)(profit snapshot = $261.97); Item # 2.A. Sold 125+ PRPFX at $40.22 (8/7/2017 Post)(profit snapshot = $308.84); Item # 1. Sold 10 of 237+ PRPFX at $66.01 (5/16/25 Post)(profit snapshot = $250.48)(In that post, I included  snapshots of prior realized gains including $590.26 in 2015 which is also included in the total below)

PRPFX Realized Gains to Date: $2,619.43

2. Restarted VEU - Bought 5  at $77.31: 

Quote: Vanguard FTSE All-World ex-US ETF Overview 

Cost: $386.55

I have periodically traded this ETF with restrained enthusiasm. The primary reason is that the U.S. stocks have outperformed international stocks over a long period. The past may not be prologue for the future however. The U.S. stock market is richly priced now IMO. 

I would not used the S&P 500 index to compare performance data but a total U.S. stock market ETF like VTI. 

Vanguard Total Stock Market ETF Overview 

15 Year Annual Average Total Return (through 1/28/26): 13.61%

VTI – Performance – Vanguard Total Stock Market ETF | Morningstar

VEU – Performance – Vanguard FTSE All-Wld ex-US ETF | Morningstar

15 Year Annual Average Total Return: 6.61%

Foreign stocks are also priced in their local currencies which adds currency risks when the ETF is priced in USDs. I become more receptive to owning this ETF when the U.S.D. is losing value which has been the case since Trump started his second term. 

Most foreign countries will levy a tax on dividends paid by their domestic companies. I can recover most of that tax through a foreign tax credit, with the percentage dependent on my marginal tax bracket.  

Sponsor's website: Vanguard FTSE All-World ex-US ETF 

Expense Ratio: .04%

Owned Stocks as of 12/31/25:  3,872

Top 20 Holdings as of 12/31/25:  

Holdings by Region: "North America" is Canada. 

Dividends: Paid Quarterly at a variable rate

Prior Round Trip Trades Starting in 2007: 

2007 100 $401.91

2010: 100 +$862.98

2011: 100 +$144.55

2013: 50 +$204.95

I started to lose interest after the 2013 sale. The next round trip was a 25 share lot sold in 2015

2015: 25 +$52.73

Other Sells 2017-2021: 23+ shares +$117.42

VEU Realized Gains to Date (taxable accounts only): $1,731.81 

Last Transaction: Item #1.L. Eliminated VEU - Sold 1 at $63.29 and 5 at $63.57 (9/17/21 Post) Since that elimination, I had not owned any shares until this 5 share buy on 1/23/26. 

I own a similar mutual fund in my Fidelity Account that has a zero expense ratio: 

Price as of 1/28/26 Close

Last Discussed: Item # 2.D. Sold 10 FZILX at $13.56 (6/15/25 Post)(profit snapshot = $47.86) 

Sponsor's website: FZILX - Fidelity ZERO ® International Index Fund | Fidelity Investments

FZILX – Fidelity ZERO International Index Fund Morningstar - Rated at 3 stars

3. Pared WMB - Sold 5 at $64.85: 

Quote: Williams Cos. (WMB) - Energy Infrastructure 

Proceeds:  $324.25

WMB SEC Filings

Last Buy Discussions: Item # 2 Added 95 WMB at $24.98 and 5 at $23.8 (8/20/21 Post); Item # 3.B. Added 5 WMB at $24.2 (10/8/21 Post) There have been some ROC adjustments to the original tax cost basis for those shares.  

Last Discussed: Item # 1.B. Pared WMB - Sold 5 at $61.1 (4/4/25 Post)(profit snapshot = $188.44) 

Profit Snapshot: $209.09

Average cost per share: $22.8 (35+ shares)

Price intraday 1/23/26/Position after pare 

Dividend: Quarterly at $.525 per share ($2.1 annually), last raised from $.50 effective for the 2026 first quarter payment. 

WMB Stock Dividend History & Date | Seeking Alpha

Yield at $22.8: 9.21%

Next Ex Dividend: 3/13/26

Last Earnings Report (Q/E 9/30/25): 

SEC Filed Press Release 

Some Other Sell Discussions: Item # 1.F. Pared WMB - Sold 5 at  $58.27 (3/18/25 Post)(profit snapshot = $175.26); Item # 3.E. Pared WMB - Sold 5 Shares at $55.55 (2/2/25 Post); Item # 4.D. Sold 5 WMB at $58.08 (1/15/25 Post); Item # 4.A. Pared WMB Again- Sold 5 at $55.58 (11/14/24 Post)(profit snapshot = $158.39); Item # 6.C. Pared WMB - Sold 5 at $56.69 (1/9/25 Post)(profit snapshot = $163.25); Item # 4.D. Sold 5 WMB at $52.28  (10/24/24 Post)(profit snapshot = $141.2); Item # 3.C. Pared WMB Again - Sold 5 at $50.3; 5 at $51.31 (10/16/24 Post)(profit snapshots = $267.84); Item # 2.A. Pared WMB - Sold 5 at $47.32; 5 at $49.33 (10/10/24 Post)(profit snapshots = $251.11); Item # 1.B. Sold 5 WMB at $45.29 (9/5/24 Post)(profit snapshot = $106.34); Item # 3.C. Pared WMB - Sold 4 at $40.27 (5/17/24 Post)(profit snapshot = $65.02); Item # 1.A. Pared WMB - Sold 10 at $36.12 (1/12/2024 Post)(profit snapshot = $127.61); Item # 6.A. Eliminated WMB Duplicate Positions - Sold 10+ at $35.23; 5 at $35.33 (8/12/23 Post)(profit snapshot = $190.8)   

WMB Realized Gains to Date: $2,376.7

Currently Owned WMB SU Bonds:  

2 of the  3.7% SU Maturing on 6/15/27 - FINRA Page 

2 of the 4.9% SU Maturing on 3/15/29 -FINRA.org

The 4.9% SU was the last one purchased. Item # 2.V. (2/5/25 Post) The total cost was slightly below par value. 

WMB SU Bonds that matured in 2025: 

4. Pared PINE in Schwab Account - Sold 10 at $18.04: 

Quote: Alpine Income Property Trust Inc. (PINE) - Single Tenant Net Lease REIT

Proceeds: $180.4

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

10-Q for the Q/E 9/30/25 

I own this stock in several accounts.  

I sold my highest cost shares which lowers my average cost per share, increases my dividend yield, lower my risk exposure and mitigates the tax bite.   

Management: Externally managed by a wholly owned subsidiary of CTO Realty Growth Inc (CTO). CTO owns, in the aggregate, 1,223,854 OP Units and 1,138,621 shares of PINE's common shares. 10-Q at page 30 

As of 9/30/25, PINE "owned 128 properties, including the three properties classified as commercial loans and investments, with an aggregate gross leasable area of 4.1 million square feet, located in 34 states, with a weighted average remaining lease term of 8.7 years." 

Occupancy was at 99%.  

PINE will also make commercial loans and investments. 10-Q at page 18.

Profit Snapshot: $6.95

Average cost per share this account: $14.87 (67+ shares)

Snapshot after pare on 1/22/26

Dividend: Quarterly at $.285 per share ($1.14 annually), last raised from $.28 effective for the 2025 first quarter payment. In 2020, the dividend was at $.20. 

PINE Stock Dividend History & Date | Seeking Alpha 

Yield at $14.87 this account: 7.67%

Last Ex Dividend: 12/11/25

Last Earnings Report (Q/E 9/30/25): I discussed this report in a recent post. Item # 1.A. Added 25 PINE  at $13.7 -Fidelitly Account and Item # 1.B. Added to PINE in Schwab Account - Bought 5 at $13.73+(11/1/25 Post); SEC Filed Press Release  

Last Sell Discussion: Item # 4.E. Pared PINE - Sold Highest Cost 15 Shares at $18.47 (8/29/24 Post)

5. Pared PEO - Sold 10 at $24.27 - Schwab Account: 

Quote: Adams Natural Resources Fund Inc. Overview - Stock CEF

Proceeds: $242.7

I sold my highest cost lot. 

This CEF was formed in 1929 just prior to the stock market crash. The fund shares office space and personnel with the Adams Diversified Equity Fund Inc. (ADX) that was founded at about the same time. 

Last Discussed: Item # 1.E. Added to PEO - Bought 5 at $21.15 (10/18/25 Post) 

SEC Filings

SEC Filing: Holdings as of 9/30/25 

Primary Portfolio Changes 2025 third quarter: 

SEC Filed 2024 Annual Report

SEC Filed Semiannual Report for the Q/E 6/30/25 

Sponsor's website: Adams Funds

Top 10 Holdings as of 12/31/25 - Heavy concentration in XOM and CVX

Profit Snapshot: $15.1

Average cost per share: $21.75 (30+ shares)

Snapshot after pare on 1/22/26

Dividends: Variable and Paid Quarterly

PEO Stock Dividend History & Date | Seeking Alpha

"The Board . . . adopted a Managed Distribution Policy (“MDP”) to enhance long-term shareholder value by paying level quarterly distributions at a committed rate of 8% of average net asset value (“NAV”) per year. Distributions in accordance with the MDP began in the third quarter of 2024."

Last Ex Dividend: 1/26/26 at $.495 

Dividends Paid in 2025 per share: $2.05

Data as of 1/22/26 Trade: 

Closing Net Asset Value Per share: $26.33

Closing Market Price: $24.27

Discount: -7.82% 

Average 3 year discount: -13.28%

Source:  PEO-CEF Connect (Click "Pricing Information" Tab)

Some Sell Discussions: Item # 2.B. Eliminated PEO-Sold 15 at $23.94 (4/12/24 Post)(profit snapshot = $50.72); Item # 1. Eliminated PEO - Sold 182+ at $22 (1/16/23 Post)(profit snapshot = $853.25); Stocks,Item # 1. Sold 104+ PEO at $27.06 (8/10/2013 Post)(profit snapshot = $205.95); Item # 3. Sold 100 PEO at $26.19 (11/15/2010 Post)(profit snapshot = $144.29) 

PEO Realized Gains to Date: $1,294.08 Some minor sales were not discussed.  

WTI Crude Oil Prices - 10 Year Daily Chart | MacroTrends

Natural Gas Prices - Historical Chart | MacroTrends

6. Eliminated AROW - Sold 10 at $33.5: 

Quote: Arrow Financial Corp. (AROW)  - A Small Bank Holding Company (22.067M shares outstanding as of 12/31/25)

Proceeds: $335

Investment Category: Regional Bank Basket Strategy

Last Discussed: Item # 1. (11/1/25 Post) 

AROW SEC Filings

AROW  Analyst Estimates | MarketWatch There is only 1 analyst estimate for this small bank holding company. As of 1/28/26, the E.P.S. estimate for 2026 was at $2.96.

Profit Snapshot: $62

Dividend: Quarterly at $.30 per share ($1.20 annually), last raised from $.29 per share effective for the 2026 first quarter payment.  

AROW Stock Dividend History & Date | Seeking Alpha

Last Earnings Report (Q/E 12/31/25): This report was released today, 1/29/26. 

SEC Filed Press Release 

E.P.S. = $.85

NIM (TE): 3.25%

Efficiency ratio = 58.94%

Charge off ratio: .08%

Coverage ratio: 405.94%

NPL Ratio: .24%

NPA Ratio: .2%

Tangible Book Value Per Share: $24.71

ROTC: 13.92%

Overall this was a good report IMO. 

Sell Discussions: Item # 6.A. Eliminated AROW - Sold 12 at $27.15 (7/22/25 Post)(profit snapshot = $13.55); Item # 2.C. Eliminated AROW - Sold 25+ at $30.11 (7/26/24 Post)(profit snapshot = $126.87); Item # 2.K. Eliminated AROW in Schwab Taxable Account - Sold 10 at $32.7 and Item # 2.L. Eliminated AROW in Vanguard Taxable Account-Sold 5 at $33.15 (2/5/23 Post)(profit snapshots = $121.87); Item # 1.C. Sold 15 AROW at $36.1 (2/10/22 Post)(profit snapshot = $16.99); Item # 1. Sold 52+ AROW at $37.5 (7/2/18 Post)(profit snapshot = $661.34); Item # 5.A. Sold 100 AROW at $34.7 (4/23/18 Post)(profit snapshot = $62.04) 

Prior History of 3% Stock Dividends: In the past, AROW paid several 3% annual stock dividends. The last one was in 2023. Arrow Financial Corporation Declares Stock Dividend; Arrow (AROW) Stock Split History - Investing.com

AROW Realized Gains to Date: $1,087.72

7. Started HALO as Lotto - Bought 2 at $71.77: 

Quote: Halozyme Therapeutics Inc. (HALO) 

Cost: $143

Investment Category: Lottery Ticket Basket

Website: Reinventing the patient experience. | Halozyme

Drug Delivery Technologies | Halozyme This is the primary business. 

Commercial Products | Halozyme There are 2: Hylenex and Xyosted.  

HALO SEC Filings 

10-Q for the Q/E 9/30/25 

2024 SEC Filed Annual Report The technology, products and product candidates are described at pages 8-23. A summary of risk factors starts at page 24. Patent protection is discussed at page 32.  

HALO Analyst Estimates | MarketWatch As of 1/29/25, the consensus E.P.S. estimate for 2025 was at $5.06; at $6.73 for 2026 and at $8.5 in 2027. 

While HALO has not yet reported 2025 4th quarter earnings, I did provide an update on 1/28/26 and raised its 2026 guidance. Halozyme Raises 2025 Revenue Estimates, Raises 2026 and Multi-Year Financial Guidance

This will be a truncated discussion. In the event I buy more, I will go into more depth. 

This stock came up on a screen where the search terms were relatively low P/E ratios and high anticipated E.P.S. growth rates. I have never  owned any shares. 

Taking into account my near total lack of medical knowledge, my initial impression about HALO's business was a concern about its long term durability, which explains starting a position with a 2 share buy notwithstanding the current positive financial metrics. The durability issue involves the drug delivery business. 

When buying this kind of stock that pays no dividends and where I have zero expertise, I focus just on the financial metrics and the financial condition, possibly requiring some interest in what the company is doing even though I do not have sufficient  knowledge to understand it. 

Last Earnings Report (Q/E 9/30/25):  

SEC Filed Press Release 

Revenues: $354.264M 

Cash and Marketable Securities: $701.963M

Debt is through low coupon convertible securities that mature on 3/1/2027 (.25%)  and on 8/15/2028 (1%), see pages 26-29, 10-Q. It remains to be seen whether the owners will exercise their conversion rights into common stock and whether similar financing can be arranged given the patent issues.    

Maximum Position: 5 shares due to patent expirations (p. 32 Annual Report) and an inability to assess the potential revenue and profit declines.   

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 sale 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 my family members.