In an earlier entry I wrote that Fiat Fantasy was up .75% in March; however, the correct number is actually 3.3%. The spreadsheet goblin goofed me up.
I sold shares of PRPFX today to scale back our exposure. PRPFX has been a star performer, now a victim of it's own success. It's still a core holding.
I don't have the same warm feelings for CSJ, a short term bond fund we also lightened up on today. After about six months, we essentially broke even on this one. CSJ is as a good bond fund but that's not a great place to be right now.
And that's the problem isn't it? Where's a good place to be right now. For lack of a better idea, we hooked up again with the Brazil equity ETF EWZ. The last time we traded EWZ it worked out great so we're looking for a repeat. After several months of middling to slightly down performance, the emerging markets are showing some life. Fundamentals don't interest me much, but I would note that Brazil is largely immune to oil price hikes as they grow and use so much sugarcane ethanol. Next year GDP is expected to grow 4 - 5%. The dividend payout is 3.8%. After not moving much since November, we're betting on an assault of the old high near 100. Unfortunately, we're off to a poor start as EWZ was off about 1% today. I'd post the EWZ chart but blogger has developed a hiccup.
The end result of this maneuvering is all portfolio asset classes are within bounds except we're overweight in cash and precious metals.
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