HSL / Newsletter Sample

HSL Model Portfolio
OPEN Positions
May 2003

NB: Price paid is listed after company name, last closing price in brackets. H/B = exit 1/3 position at this level, & hedge 2/3 position via shortagainst- the-box trades, or gold futures. S/S = shortsale. M/Stop = mental stop. P/P = partial profits. ADAM = average down at mkt.

••CANADA: Agnico Eagle @ 13.42 (10.52); H/B 11.00, @ 13.79; H/B 11.00; Bonavista Pete @ 36.00 (33.10); stop: 31.00; Eldorado Gold @ 1.59 (2.07); H/B 1.59; Glamis Gold @ 12.00 (16.54); H/B 13.00; Goldcorp @ 16.50 (15.51); H/B 13.65; High River Gold @ 2.12 (1.75); H/B 1.64; Kinross Gold @ 10.40 (9.08); H/B 8.00; Leeward Bull&Bear Fund @ 1000 (1141); no stop; Lionore Mining @ 5.35 (5.36); H/B or stop at 5.00; Nevsun Resources @ 1.90 (3.60); H/B 3.00; Tan Range @ 0.91 (1.25); H/B 0.91.••CHINA: Huaneng Power @ 37.00 (37.85); stop: 33.30.••FRANCE: Lagardere (S/S) @ 36.00 (33.74); stop: 38.75; Schneider Elec. (S/S) @ 42.50 (41.60); cover 2nd ½ at 46.75; St-Gobain @ 31.00 (30.65); stop 26.40; Thales (S/S) @ 37.00 (24.08); cover at mkt; Total Fina (S/S) @ 124 (121.50); cover at mkt.••GERMANY: Fresenius @ 48.00 (44.50); stop: ½ at 42.25, ½ at 38.00; Muenchener Rueckve (S/S) @ 270 (90.40); stop: 102; Volkswagen (S/S) @ 34.00 (30.79); stop: 37.40.••LONDON: Assoc Brit Foods (S/S) @ 530 (541); stop: 583; GKN (S/S) @ 195 (206.75); cover at mkt.••NETHERLANDS: Gucci Grp (S/S) @ 87.50 (85.65); stop: 91.00; Royal Dutch (S/S) @ 38.47 (37.60); stop: 41.00.••SO. AFRICA: Afrikander Lease @ 0.72 (0.57); H/B 0.52; Durban Roodepoort @ 3.29 & 3.61 (2.40); sell at mkt & cover hedge; Gold Fields @ 11.27 (10.24); H/B 10.00, @ 11.52; H/B 10.00, @ 11.80; H/B 10.00, @ 12.62 sell at mkt & cover hedge.••SWITZERLAND: Baloise Hldgs (S/S) @ 118 (40.00); cover at mkt; Ciba Spez. (S/S) @ 92.00 (93.95); cover at mkt; Givaudan (S/S) @ 600 (530); stop: 555; Sgs Holdings @ 480 (566.50); stop 2nd ½ at 417.••USA: Advanced Neur. @ 40.00 (43.50) tale P/P at 45; stop: 36.00; Alliance Bankshares @ 11.50 (17.37) take P/P; stop: 12.80 SCO; Apache Corp @ 58.75 (58.21); stop: 52.87; Apex Silver @ 13.50 (13.62); H/B 12.00, @ 14.65 sell at mkt; Chevrontexaco (S/S) @ 64.00 (65.35); cover at mkt; Connecticut Banc. @ 35.00 (43.20); stop: 40.45; Doral Fin’l @ 32.10 (40.25) take P/P; stop: 32.10; Eastman Chemical (S/S) @ 34.00 (30.19); stop: 34.00; Expeditors Int’l @ 34.50 (36.31); stop: 32.25; Federal Nat’l Mtg (S/S) @ 69.00 (73.05); cover at mkt; Freeport McMoranCopp Pfd B @ 22.56 (33.51); H/B 31.00; Fuji Photo (S/S) @ 31.00 (27.80) take P/P; stop: 32.55; Goldcorp @ 11.28 & 11.96 (10.87); HB 9.15; Kyocera Corp (S/S) @ 62.23 (49.40); cover at mkt; Mountai Fin’l @ 26.60 (25.05); stop: 23.90; Pan Amer. Silver @ 7.03 (6.64); H/B 6.00; Patina Oil&Gas @ 33.75 (36.49) take P/P at 37.80; stop: 31.50 SCO; Port Fin’l @ 41.75 (53.75); sell at mkt; Teva Pharm. @ 38.00 (45.97) take P/P; stop: 40.00; Vivendi Universal (S/S) @ 33.25 (15.98); cover at mkt; W Hldgs @ 17.75 (19.94) take P/P: stop: 17.00; Wsfs Fin’l @ 30.93 (34.65) take P/P; stop: 30.93; XTO Energy @ 20.30 (20.03); stop: 17.85. ••MUTUAL FUNDS: ••USA: American Century Glb Gold @ 4.93 & 7.72 (8.12); H/B 6.00; AXP Precious Metals Fund @ 7.54 (7.47); H/B 6.80; Prudent Bear Fund @ 5.00 (6.55), & @ 5.76; M/stop: 5.76; Prudent Safe Harbor Fund @ 9.52 (11.87); M/stop: 10.70; Profund UltraBear Fund @ 35.83 (35.50); M/stop: 31.00; Rydex Ursa Fund @ 11.14 & 11.42 (11.85); M/stop: 10.00; Tocqueville Gold Fund @ 12.75 & 21.41 (22.32); H/B 18.50; US Global Gold Shs Fund @ 4.98 (4.68); H/B 4.20.

 

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