Despite the overall runup, the portfolio is still trading relatively cheaply at 1.8 times nest current asset value, 0.5 times sales, and 1.2 times book value. For the year to date, the portfolio is up 3.2%; beating the S&P 500 (+2%), even with the Russell 2000, and trailing the S&P Small Cap Index (+3.5%). Of course, the true test, in my view, of any deep-value portfolio is how it performs when markets are in negative territory.
We'll have to see what 2014 has in store for this crop of cheapies.
At the time of publication the author is long IM.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.