International Investments Portfolio Update – March 2007


International investments need to be regularly reviewed. Last weekend we finished the international investing portion of our International Investments and Business Made EZ. During that session I shared Merri’s and my personal portfolio update.

International investments take many forms. To help everyone see what can be done we periodically look at our investment portfolio. We do not suggest that this should be your portfolio. We only hope that sharing why and how we make changes can help you direct your financial planner and affairs.

We have made numerous changes in our international investments since our last review.

We sold all our Naples, Florida real estate (just before the crash).

We sold our gold and silver holdings.

We swapped all our Jyske Invest Equity Funds into Jyske Invest Bond Funds.

The equity funds we took profits on were:

Jyske Invest Latin America Fund
USD
Jyske Invest Eastern Europe Fund
EUR
Jyske Invest German Equity Fund
EUR
Jyske Invest Japanese Stocks  
Jyske Invest CHINA  
Jyske Invest INDIA  
Jyske Invest FAR EAST  
Jyske Invest Favorite Stocks  
Jyske Invest Market Neutral Fund  
Jyske Invest Turkey Equity Fund  

Here is our March 2007 international investments portfolio breakdown.

CASH
Flex account 4.625%
US$
16%
Current acct. 4.125%
Brit Pounds
5%
Hungarian Other Curr.
1%
TOTAL CASH
22%
EQUITIES
Bank of Florida Shares
US$
1.8%
Jyske Bank Stocks
DKK
2.2%
TOTAL SHARES
4%
BONDS
Danish Bond Fund
DKK
6%
Swedish Bond Fund
SEK
2%
Spintab SWE
SEK 5.000% 18.06.2008
1%
Volkswagen Intl. Finance
NOK 5.000% 10.11.2008
1%
Rabobank NL
CAD 4.250% 05.01.2009
1%
Landwirt. Rentenbank
AUD 5.500% 16.04.2007
1%
Westpac Trust NZ
NZD 6.000% 05.03.2007
1%
Swedish Export Credit
NZD 6.250% 19.12.2007
3%
NRW Bank
NZD 6.500% 26.08.2008
1%
Nederl. Gemeenten
USD 5.000% 22.03.2007
1%
Deutsche Telekom
USD 3.875% 22.07.2008
1%
Ford Credit Canada
GBP 7.250% 07.12.2007
2%
Scandinavian Airlines
EUR 6.000% 20.06.2008
1%
Dresdner Bank Bonds
EUR 4.000% 19.01.2007
4%
European Investment BK
TRY 10.00% 28.01.2011
1%
Brazil
BRL 12.500% 05.01.2011
1%
Hungary Governm.
HUF 6.250% 12.06.2007
1%
Hungary Governm.
HUF 6.750% 12.02.2013
1%
TOTAL BONDS
30%
OTHER LOANS
US$ & Brit Pounds
3%
LOANS
Invest Loan
CZK 4.250%
-2.5%
Invest Loan
CHF 3.625%
-2.5%
TOTAL LOANS
-5%
PROPERTY
Farm Land  
18%
Commercial Property  
11%
Ecuador Property  
17%
TOTAL PROPERTY  
46%
 
June 2006
Oct 2006
March 2007
Current and CDS
15%
12%
22%
Stocks
9%
18%
4%
Bonds
33%
31%
33%
Metals
4%
3%
0
Real estate
45%
45%
46%
Loan
-12%
-10%
-5%
Breakdown by Currency
Oct 2006
March 2007
US$
49%
68%
Brit Pd.
10%
8%
Emerging
12%
5%
Euro
9%
5%
Danish kroner
7%
8%
NZ$
4%
5%
Norway kroner
3%
1%
Aust. $
2%
1%
Japan yen
2%
0
Swede kroner
1%
3%
Canada $
1%
1%
Swiss franc
-5%
-2.5%
Czech Koruna
-5%
-2.5%

Some of the changes are not what they appear to be.

For example, there is a large increase in the content of the US dollar position. This is in part because profits made in foreign currency equities have been invested in Ecuador real estate. Property holdings are all shown in US dollars, so the 68% property really represents only a 21% position in dollars. This is not because I feel the dollar is stronger but currently am holding dollars ready to buy more Ecuador property.

The loan position has not been partially paid off. We simply had some nice profits that increased the portfolio size in relation to the loans.

The emerging portion of the portfolio seems reduced but this is because profits from emerging equities is not being invested in Ecuador real estate.

The gold and silver have been sold. Normally these were held as inflation hedges but the increased property holdings fill this role.

The higher cash liquidity is also held in reserve for property purchases.

Until next message, good international investments to you!

Gary

Join us for our updated May 25 – 27, 2007 International Business and Investing Course in North Carolina. Thomas Fischer joins me to update global economics there. We will update our International investment portfolio there.


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