Consensus Portfolio Updates

Here are the updated portfolios for the Hedge Fund Consensus, and Activist Consensus Portfolios. Performance from 12/31/2006 – 2/21/2007 is below:

Hedge: 5.76%
Activist: 2.61%
SP500: 2.72%
Rus2k: 4.79%

AMP was the best HFC stock up 24.29%, and the worst performner was AXP at -3.66%.
AKS was the best AC stock up 26.27%, and the worst performer was SLI at -19.4%.

There was a good article the other day in the NY Times about Hedge Fund Activism, and a new paper titled, “Hedge Fund Activism, Corporate Governance and Firm Performance.” The article confirms that activists generate statistically significant excess returns.

Barron’s also featured a good overview of San Diego based activist Relational Investors.

On to the portfolios.

HEDGE PORTFOLIO (names in bold are new, names below in italics are removed). UNH is the most often repeated stock (6 times), with QCOM second at 5 times. All the rest are 4 or less.

AAPL
AMP
AMT
AMX
AXP
BRK
CMCSK
FDC
GOOG
MSFT
QCOM
TYC
UNH
WMT
WU

AZO
BBBY

ACTIVIST PORTFOLIO (names in bold are new, names below in italics are removed)

BBI
BGP
DADE
FD
HLT
LCAPA
LGND
LINTA
MCD
MSFT
PDLI
SHLM
SYMC
TNS
TWX
UIC
UNM
WLT
WMB

AKS
FDC
GY
IKN
SHLD
SLI
WU