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Challenging September For The Long Term GARP Portfolio

By Yale Bock

The Covestor Long Term GARP portfolio performed well in September in an eventful month on the macroeconomic front. The second half of the month was influenced negatively by the looming U.S. government shutdown.

Regarding specific holdings, Liberty Interactive (LINTA) CEO Greg Maffei presented at the Goldman Sachs conference and Intuit (INTU) had an investor day and reiterated their guidance.

Portfolio Holdings

Liberty Interactive (LINTA)- Owner of QVC, Bodybuilding.com, Provide Commerce, Buyseasons.com, Backcountry.com, and large passive minority positions in other large, well-known Internet based business like the Home Shopping Network.

Liberty gained a majority stake in TripAdvisor when it bought out Barry Diller's voting shares. The shares are attributed to the tracking stock of Liberty Ventures. aLiberty Interactive reported earnings on August 6, 2013.

Iconix Brands (ICON) is the owner of a broad range of well-known brands like OP, Mossimo, Joe Boxer, Peanuts, and Sharper Image. Iconix reported strong earnings on July 24, 2013 and raised guidance for the rest of the year.

Quest Diagnostics (DGX) is the largest health care diagnostic testing company in the United States. aThe company reported disappointing earnings and guidance in July, but again increased their repurchase plans for the balance of 2013.

Intuit (INTU) reported earnings on August 19, 2013. aThe company recently sold one of their divisions for about $1 billion and will use the proceeds to buy back their stock.

Starbucks (SBUX) is the largest coffee and tea company in the world. The company reported results during the last week of July.

Liberty Media's (LMCA) holding company assets include Starz Media, the Atlanta Braves, 50% ownership of Sirius Satellite (SIRI), almost 20% ownership of Live Nation (LYV), 16% ownership of Barnes & Noble, and a few other non controlling positions of small public and private.

Liberty Media reported earnings on August 6, 2013-

VCA Antech (WOOF) is the second largest owner of animal hospitals in the United States also owns the laboratories for diagnostic testing of animals. The company reported strong earnings during the last week of July.

IAC Interactive (IACI) is the owner of Ask.com, Match.com, Meetic, Service Magic, Vimeo, CollegeHumor.com, and the Daily Beast, among other web sites. The company reported strong results on July 30, 2013.

Moneygram International (MGI) is the second largest money transfer and bill payment company behind Western Union. The company reported strong growth in revenues and earnings in July-

British Petroleum (BP) is one of the five largest integrated oil companies in the world. BP has many projects in the pipeline all over the globe but the legal issues over the Macondo oil spill keep perceptions about the company's prospects muted. aThe company reported worse-than-expected results because of a higher tax rate and exchange rates as well as higher payouts for the oil spill-

Unilever (UL) is a massive food company based in the UK that gets over half of it's nearly $50 billion of sales in the emerging markets of Asia and Africa. The company pays a dividend of 3.7% and has the goal of doubling its sales by 2020. The company reported in line earnings during the last week of July.

If you would like to open a mirroring account at Covestor.com for the Y H & C Long Term GARP portfolio, please click here.

The investments discussed are held in client accounts as of September 30, 2013. These investments may or may not be currently held in client accounts. The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions we make in the future will be profitable. Past performance is no guarantee of future results.

Yale Bock

Yale Bock

Y H & C Investments is a registered investment adviser based in Nevada. Yale Bock founded the firm after 15

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