I decided to take profits in a variety of junk bonds today, raising my cash to 43%:
HECKMANN CORP SR NT 9.87500% 04/15/2018
BEAZER HOMES USA INC SR NT 9.12500% 06/15/2018
HOVNANIAN K ENTERPRISES INC 8.62500% 01/15/2017 SR NT
FIRST DATA CORP SR SB NT 11.25000% 03/31/2016
ENERGYSOLUTIONS INC/ENERGYSOLU 10.75000% 08/15/2018 SR NT
DYNCORP INTL INC SR NT 10.37500% 07/01/2017
ALLIANCE HEALTHCARE SRVCS INC 8.00000% 12/01/2016 SR NT
EXIDE TECHNOLOGIES SR SECD 8.62500% 02/01/2018
RADIAN GROUP INC SER NTS MAKE WHOLE 5.375% 06/15/2015
The profits ranged from 6.5% to 67% plus accrued interest. Some bonds I could not sell due to lack of a market at the time I was selling. I’m also holding a number of losers, including OSG bonds which are beginning the bankruptcy process. I look forward to investing the cash in the near future.
