Performance - Week Ending 03/04/2016
The Wax Ink Portfolio was up 3.0% for the week.
By comparison, the Dow was up 2.2%, the Nasdaq was up 2.8%, the S&P 500 was up 2.7%, the Russell 2000 was up 4.3%, and the Volatility Index, commonly known as the VIX, was down 14.9%.
Year to date, the Wax Ink portfolio is down 9.6%, the Dow is down 2.4%, the Nasdaq is down 5.8%, the S&P 500 is down 2.2%, the Russell 2000 is down 4.8%, and the VIX is lower by 7.4%.
The portfolio breakdown is 60% cash, 40% equities, and 0% bonds.
Baseline Valuation Estimates
Baseline Valuation Estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease in accordance with their individual risk tolerance or investing philosophy.
Financial data used in the creation of each Baseline Valuation Estimate is the most recent company ANNUAL financial information as filed with the U.S. Securities and Exchange Commission.
The average baseline valuation estimate of all equities currently held in the Wax Ink Portfolio is $36.00. For the current week ending, the average market valuation of all equities currently held in the Wax Ink Portfolio is $29.23, making the current value spread (18.79%).
Since many of the companies on my watch list (there are 1951 of them) have their fiscal years ending in December, the latter part of February and all of March can get pretty hectic for me as I work through reviewing these filings and updating baseline valuation estimates for these companies.
With the current market volatility, I hope to be able to find several companies that I can add to the portfolio, putting some of my cash to work.
Also, I continue to update my baseline valuation worksheets for the stocks I hold in the Wax Ink Portfolio with Schweitzer-Mauduit International, Inc., General Electric Company, and Agrium, Inc. the only stocks remaining to be updated.
WTI Crude ended the week at $35.92, up 9.6%, while Brent Crude ended the week at $38.72, up 10.3%, creating a crude price spread of $2.80. On the other side of the floor Natural Gas ended the week at $1.67, down 6.7%, and RBOB Gasoline ended the week at $1.3321, up
Year to date WTI Crude is down 3.0%, Brent Crude is up 3.9%, Natural Gas is down 28.6%, and RBOB Gasoline is up 4.8%.
Treasury and Bond Yields
The 5 Year Treasury ended the week at 1.35, up 9.8%, while the 10 Year Treasury ended the week at 1.85, up 6.3%. The 5 Year AAA Municipal Bond ended the week at 0.85, up 16.3%, and the 10 Year AAA Municipal Bond ended the week at 1.64, up 12.3%. Lastly, the 5 Year AAA Corporate closed the week at 1.54, up 37.5%, with the 10 Year AAA Corporate ending the week at 2.62, up 9.6%.
Year to date the 5 Year Treasury is down 29.3%, the 10 Year Treasury is down 22.7%, the 5 Year AAA Muni is down 41.1%, the 10 year AAA Muni is down 31.8%, the 5 Year AAA Corporate is down 41.1%, and the 10 Year AAA Corporate is down 18.2%.
This week's portfolio winners were offshore supply boat company Tidewater, Inc. (NYSE: TDW), up 76%, independent oil and gas company Marathon Oil Corporation (NYSE: MRO), up 37%, and offshore oil and gas contractor McDermott International (NYSE: MDR), up 22%.
The portfolio's worst performing stocks remain municipal construction company Layne Christensen down 56% since being added to the portfolio, and offshore supply boat company Tidewater, down 19% since being added to the portfolio, independent oil and gas company Marathon Oil Corporation, down 24% since being added to the portfolio, and building materials company Griffon Corporation down 18% since being added to the portfolio.
Baseline Valuation Worksheets
Archived worksheets may be downloaded by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.
Worksheets were either created or updated last week for the following companies. Please note that worksheets are updated or created basis the most current SEC 10-K ANNUAL filing.
McDermott International, Inc. - FYE 12/2015
Marathon Oil Corporation - FYE 12/2015
Estimate Revisions and Additions
Baseline value estimates were either created or revised this week for WR Grace ($34-$42), Holly Frontier ($66-$67), McDermott International ($12-$16), Marathon Oil ($13-$19), and Marathon Petroleum ($64-$65).
Have a great week.
Wax Ink is a baseline equity valuation company not licensed or registered with any government agency
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Disclosure: I am/we are long TDW,MRO,MDR,SWM,GRA,HFC.