While second quarter 10-Q’s haven’t all been filed with the SEC yet, I am disappearing off on holiday tonight with Mrs OM, so it made sense to run a NCAV screen before I departed. Another will be run in September, to make sure we catch anything that might have slipped through the net.
The disappointing news is that there were no new stocks to add to the portfolio, though existing holding BXG passed the screen (with updated Jun-10 data) and hence it’s sell-by date is extended. Five other existing holdings passed the screen (AVTR, LTON, QXM, TWMC and XING) but in all cases the Financial Statements were stale and as such their sell-by dates are unchanged. As a reminder, the sell-by dates represent 12-months from when a company last passed the screen (with up-to-date data) and is when the holding will be sold should none of the other “sell rules” come into effect before then. The current sell-by dates for the existing holdings are:
1st April 2011: AVTR
7th May 2011: CNTF, LTON, TWMC, XING
12th August 2011: BXG
The following stocks also passed the screen but were rejected for qualitative reasons; FMD, MYRX, NINE, NUHC and NCTY were all rejected due to stale Financial Statements (largely as they were using December 2009 Financials) and PCC & STU was rejected as 'Financial Companies' (i.e. the screen used total assets, not current assets, to calculate the Net Current Asset Value).
Given that I’m away for the next couple of weeks, expecting posting to be non-existent barring a major move in the markets.
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