Bottom of the Barrel: Cleaning Out the Portfolio
Last year was a pretty good one for the Bottom of the Barrel portfolio, but it's starting with a clean slate in 2003, along with a few New Year's resolutions.
First, the main purpose of this column remains the same: to expose small-cap companies that have little, if any, institutional sponsorship, but offer interesting stories to tell and opportunities to profit. I won't always be right on the investment merits -- although I'll try my best -- but I'll work tirelessly to keep current on the names in the portfolio and present both long-term and short-term perspectives on each company.
In a slightly new twist for 2003, I also aim to provide more in-depth information on the Barrel stocks. To that end, I hope to feature a few new names each month and devote other weeks to revisit stocks already in the Barrel.
With that in mind, I've decided to use the first Barrel column of 2003 to take one last look at the Barrel stocks as of 2002's close.Starting next week, the Barrel begins afresh, with 21 of the current names remaining in the portfolio. Each quarter, I'll cull the portfolio to 21 stocks, those that have the most interesting stories and/or provide the most intriguing opportunities on either the long or short side. I'm removing both winners and losers from the portfolio. In some cases, the choices were difficult, but I think the final remaining 21 stocks best represent Bottom of the Barrel, a laboratory to explore small-cap ideas across a wide range of industries.
|New Year, New Opportunities
Looking at 2003 through small-cap eyes
|Barrels||Stock/Ticker||Date of Mention||Current Price||Mention Price||Change|
|Above Average Outlook|
|Energy Partners (EPL:NYSE)||Dec. 5, 2002||$10.45||$9.40||11.17%|
|WebMD (HLTH:Nasdaq)||Oct. 30, 2002||9.74||6.51||49.54|
|Superior Industries (SUP:NYSE)||July 10, 2002||42.40||43.87||-3.35|
|Roadway (ROAD:Nasdaq)||June 19, 2002||38.30||34.03||12.55|
|Fidelity National (LION:Nasdaq)||May 8, 2002||10.20||10.58||-3.59|
|UCBH Holdings (UCBH:Nasdaq)||March 27, 2002||44.36||35.65||24.43|
|Cost Plus (CPWM:Nasdaq)||March 6, 2002||28.76||25.83||11.34|
|Coastal Bancorp (CBSA:Nasdaq)||Dec. 12, 2001||32.08||27.84||15.23|
|Huffy (HUF:NYSE)||Dec. 12, 2002||$7.00||$6.97||0.43%|
|Men's Wearhouse (MW:NYSE)||Nov. 20, 2002||15.44||16.22||-4.81|
|Chattem (CHTT:Nasdaq)||Oct. 9, 2002||17.66||20.25||-12.79|
|Oceaneering International (OII:NYSE)||Oct. 2, 2002||23.76||26.01||-8.65|
|Rollins (ROL:NYSE)||Sept. 18, 2002||27.25||19.17||42.15|
|Coachmen (COA:NYSE)||Aug. 21, 2002||16.01||15.05||6.38|
|Rare Hospitality (RARE:Nasdaq)||Feb. 20, 2002||27.97||25.72||8.75|
|NetBank (NTBK:Nasdaq)||Feb. 6, 2002||10.30||13.45||-23.42|
|Surmodics (SRDX:Nasdaq)||Dec. 19, 2001||31.00||34.60||-10.40|
|Coinstar (CSTR:Nasdaq)||Nov. 7, 2001||22.46||19.96||12.53|
|Hibbett Sports (HIBB:Nasdaq)||Oct. 24, 2001||25.34||20.04||26.45|
|Below Average Outlook|
|Trico Marine (TMAR:Nasdaq)||May 1, 2002||$2.97||$8.25||-64.00%|
|Arch Chemical (ARJ:NYSE)||April 24, 2002||19.30||22.52||-14.30|
|Goody's (GDYS:Nasdaq)||Nov. 28, 2001||4.38||4.50||-2.67|
|Bottom of the Barrel Income Portfolio|
|Ameron (AMN:NYSE)||Nov. 6, 2002||$57.80||$49.83||15.99%|
|American States Water (AWR:NYSE)||Sept. 4, 2002||23.45||23.60||-0.64|
|Hawaiian Electric (HE:NYSE)||July 31, 2002||45.04||41.86||7.60|
|UGI Corp (UGI:NYSE)||June 26, 2002||38.30||31.30||22.36|
|Acadia Realty (AKR:NYSE)||June 5, 2002||7.50||7.03||6.69|
|Capital Automotive (CARS:Nasdaq)||April 3, 2002||23.59||22.95||2.79|
|Laclede Group (LG:NYSE)||March 20, 2002||24.26||23.64||2.62|
|Alexandria Real Estate Equities (ARE:NYSE)||Feb. 13, 2002||42.01||40.25||4.37|
|Empire District Electric (EDE:NYSE)||Jan. 16, 2002||19.27||21.23||-9.23|
|Integra Bancorp (IBNK:Nasdaq)||Jan. 2, 2002||19.01||20.75||-8.39|
|Met-Pro (MPR:NYSE)||Oct. 17, 2001||13.98||11.16||25.27|
|Bottom of the Barrel Special Situations Portfolio|
|Martha Stewart Omnimedia (MSO:NYSE)||Oct. 16, 2002||$10.22||$7.20||41.94%|
|Cimarex Energy (XEC:NYSE)||Aug. 7, 2002||17.38||17.30||0.46|
|Luby's (LUB:NYSE)||Feb. 27, 2002||2.90||6.22||-53.38|
|Source: TSC research|
Above Average Outlook
(SUP - Get Report)
Below Average Outlook
Alexandria Real Estate Equities
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