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Get ready for Fed tapering in 2014

By Yale Bock

The Covestor Long Term GARP portfolio gained 4.3% in November, better than the 3.8% advance of the S&P 500. December is typically a good month for the market, although tax considerations are going to play a part in how each investor approaches the month.

Just as important is how next year might play out. In my opinion, the Federal Reserve will taper and how much interest rates move based on economic data is going to be a factor to consider. Earnings are always crucial as well, so there is much to consider heading into 2014.

Portfolio Holdings

Liberty Interactive (LINTA) is the 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 announced on October 10, 2013, it is recapitalizing the Liberty Interactive tracking stock into two new tracking stocks.

One will be for the internet based businesses, and the other will be centered around QVC and the position in the Home Shopping Network. Owners of Liberty Interactive will receive one share of the digital tracking stock for every 10 shares of the QVC tracking stock they own.

In addition, Liberty Ventures announced it will create a new tracking stock to represent its 57% voting position (22% ownership) of TripAdvisor. Liberty Ventures also has a 18% ownership position in Expedia.com and 29% ownership of Interval Leisure Group (IILG). It also owns a variety of small percentage ownership positions in publicly traded companies like Time Warner and Time Warner Cable. Here is a link to the list of assets owned by Liberty Interactive and Liberty Ventures:

Iconix Brands (ICON) is the owner of a broad range of well known brands like OP, Mossimo, Joe Boxer, Peanuts, and Sharper Image.

Quest Diagnostics (DGX) is the largest health care diagnostic testing company in the United States.

Intuit (INTU) 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.

Liberty Media (LMCA) has a holding company structure that includes 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 companies.

VCA Antech (WOOF) is the second largest owner of animal hospitals in the United States also owns the laboratories for diagnostic testing of animals.

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.

Moneygram International (MGI) is the second largest money transfer and bill payment company behind Western Union.

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.

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.

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

Disclaimer: The investments discussed are held in client accounts as of November 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.

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