Select Industries
New Select Industries Group Position: Reinsurance
Many stocks had outperformed in October and were retained in the Select Industries Portfolio, but there were enough sales to build new holding in Reinsurance.
Buying Deep Value Theme in Select Industries Portfolio
Proceeds from the sales of the Rails were used to establish a new 8.1% position in “Deep Value” stocks.
Commodity Inflation = OWN MATERIALS STOCKS; Commodity Deflation = OWN MATERIALS STOCKS!!
There remains considerable macro support for industrial commodities.
New Select Industries Group Position– Life Science Tools & Services
New group holding established in Life Sciences Tools & Services, a relatively new S&P group that provides products and services to the Pharmaceutical and Biotech industries.
Undervalued & Unloved
Value investing, and this U&U quant screen discipline in particular, has proven to be a superior investment strategy over the long term. It is not superior to growth stocks nor the broad market every year, but it has lower downside risk in bad markets and solid strength in up markets.
New Select Industries Group Positions - Undervalued & Unloved and Industrial Gases
Group deactivations allowed for purchase of two new equity groups: Undervalued & Unloved and Industrial Gases.
New Select Industries Group Position– Homeland Security
Establishing new Select Industries Equity Portfolio position in Homeland Security, which replaces the deactivated Home Entertainment Software.
View From The North Country
Metals stocks have already had a good strong run, and have been held in our portfolio for four years now. Despite the strong gains there is still significant upside when looking at inflation adjusted prices, and the strong demand/limited supply.
Adding A Position In Home Entertainment Software
Group has rated Attractive for the past two months, after bouncing between Neutral and Attractive throughout 2005.
Reducing Exposure To Independent Power Producers
Reducing exposure to Independent Power Producers in the all equity Select Industries Portfolio. GS Scores still rank group Attractive, but we are concerned about the “spark spread”.
New Position In Application Software
Proceeds from group reductions were used to establish a new position in Application Software, which is currently one of four Attractively rated Tech groups.
Adding A Position In Biotechnology
Adding new 6% holding in Biotech stocks, replacing holdings from Distillers & Vintners as well as Fertilizers & Ag Chemicals (both groups deactivated).
Adding A Position In The Airlines
Taking off with a flight on the Airlines. Added this contrarian play as a 5% portfolio holding. Group Selection Scores moved this group to Attractive in September, and most Airlines have made real progress reducing operating costs.
Riding The Rails - New Select Industries Group Position
Buying new position in Railroad stocks, to replace deactivated Steel and Agricultural Product groups.
Big Pharma Finally Added To Portfolio
As contrarians, we have been looking for an opportunity to establish holdings in this down and out equity group. May GS Scores finally ranked it as Attractive for the first time since July 2003.
Adding Small Dose Of Generic Pharmaceuticals To Portfolio
Injecting small starter position of Generic Pharmaceuticals into the Select Industries Portfolio, bringing exposure to Health Care sector to a modest overweight position.
View From The North Country
Steve presents some his very long term worries. These include debilitating and dangerous inflation, run away government spending, and an impending crush of personal debt.
Adding Tech Back To Select Industries
New portfolio group position being established in Computer Storage & Peripherals, giving us our first tech holding in eight months.
New Select Industries "Small Group" Holding: Distillers & Vintners
Adding Distillers & Vintners to “Small Group” holdings.
Impressive Select Industries Performance
Performance of the Select Industries Portfolio was very impressive during November (+10.7%), and easily outperformed the S&P 500 (+4.0%).
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March 2026 Issue
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March 2026 Issue
