Category Archives: Blog

Dual Momentum February Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

Scott’s Investments provides a free “Dual ETF Momentum” spreadsheet which was originally created in February 2013. The strategy was inspired by a paper written by Gary Antonacci and available on Optimal Momentum.  Antonacci’s book, Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk, also details Dual Momentum as a total portfolio strategy.

My Dual ETF Momentum spreadsheet is available here and the objective is to track four pairs of ETFs and provide an “Invested” signal for the ETF in each pair with the highest relative momentum. Invested signals also require positive absolute momentum, hence the term “Dual Momentum”.

Allocate Smartly Today

Relative momentum is gauged by the 12 month total returns of each ETF. The 12 month total returns of each ETF is also compared to a short-term Treasury ETF (a “cash” filter) in the form of iShares Barclays 1-3 Treasury Bond ETF (SHY). In order to have an “Invested” signal the ETF with the highest relative strength must also have 12-month total returns greater than the 12-month total returns of SHY. This is the absolute momentum filter which is detailed in depth by Antonacci, and has historically helped increase risk-adjusted returns.

An “average” return signal for each ETF is also available on the spreadsheet. The concept is the same as the 12-month relative momentum. However, the “average” return signal uses the average of the past 3, 6, and 12 (“3/6/12″) month total returns for each ETF. The “invested” signal is based on the ETF with the highest relative momentum for the past 3, 6 and 12 months. The ETF with the highest average relative strength must also have an average 3/6/12 total returns greater than the 3/6/12 total returns of the cash ETF.

Portfolio123 was used to test a similar strategy using the same portfolios and combined momentum score (“3/6/12″).  The test results were posted here.

I also posted an updated test previously using Allocate Smartly here.

Below are the four portfolios along with current signals:

Return Data Provided by Quandl

High Yield Dividend Champion Portfolio – February Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

The High Yield Dividend Champion Portfolio is a publicly tracked stock portfolio on Scott’s Investments.  The goal is to capture quality high yield stocks with a history of raising dividends.

The screening process for this portfolio starts with the “Dividend Champions” as compiled by DRIP Investing. The list is comprised of stocks that have increased their dividend payout for at least 25 consecutive years.  Stocks are then ranked on yield, P/E and 3 year dividend growth rate and assigned an overall rank.

Stocks are sold on the re-balance date (generally around the 5th of the month) when they drop out of the top 15 (to limit turnover) and are replaced with the next highest rated stock.

The top 25 stocks are below and displayed in order of their overall ranking (figures are from the end of November, “999” indicates a N/A value):

Name Symbol Yield P/E 3-yr
Altria Group Inc. MO 3.75 8.79 8.3
Target Corp. TGT 3.3 15.8 8.7
AT&T Inc. T 5.34 18 2.1
Meredith Corp. MDP 3.3 15.98 6.3
Kimberly-Clark Corp. KMB 3.42 18.28 5.6
Archer Daniels Midland ADM 2.98 20.16 10.1
Old Republic International ORI 3.54 11.25 1.4
Black Hills Corp. BKH 3.42 21.12 5.1
Universal Health Realty Trust UHT 4 20.54 1.6
Consolidated Edison ED 3.56 20.14 3.1
Realty Income Corp. O 4.94 43.6 5
Community Bank System CBU 3.75 26.39 4.5
Leggett & Platt Inc. LEG 3.1 18.83 5
United Bankshares Inc. UBSI 3.7 19.37 1
Eagle Financial Services EFSI 2.91 14.11 4.6
Sonoco Products Co. SON 2.87 19.97 6.6
National Retail Properties NNN 4.79 32.52 4.1
Computer Services Inc. CSVI 2.67 19.7 15.8
Federal Realty Inv. Trust FRT 3.31 38.47 7.1
People’s United Financial PBCT 3.51 20.28 1.5
Weyco Group Inc. WEYS 2.84 19.36 5.1
National Fuel Gas NFG 2.98 16.89 2.6
Mercury General Corp. MCY 5.11 27.35 0.4
Vectren Corp. VVC 2.97 22.37 5.4
ExxonMobil Corp. XOM 3.53 28.44 4.3

 

There is turnover in two positions this month. People’s United Financial (PBCT), a holding since July 2017, was sold for a capital gain of 7.05%.  Weyco Group (WEYS), a holding since March 2017 was sold for a capital gain of 7.08%.  The proceeds were used to purchase Meredith Corporation (MDP) and Black Hills Corp (BKH)

The current portfolio is below:

Position Shares Average Purchase Price Initial Purchase Date Cost Basis Current Value
MDP 514 56.05 2/6/2018 $28,809.70 $28,809.70
KMB 246 115.49 10/9/2017 $28,410.54 $28,078.44
ORI 1145 16.22 4/4/2014 $18,571.90 $23,701.50
ADM 762 41.95 6/6/2017 $31,965.90 $32,004.00
TGT 391 68.65 6/3/2016 $26,842.15 $28,429.61
MO 400 58.14 1/7/2016 $23,256.00 $26,612.00
SON 552 51.21 10/9/2017 $28,267.92 $28,383.84
UBSI 820 35.8 1/10/2018 $29,356.00 $28,413.00
BKH 557 51.75 2/6/2018 $28,824.75 $28,824.75
T 650 38.13 3/7/2016 $24,784.50 $23,939.50
 Cash $19,184.44
Current Portfolio Value (excluding recent dividends): $296,380.78

Momentum Portfolio February Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

In 2011 Scott’s Investments began tracking a momentum portfolio which ranks a basket of ETFs based on price momentum and volatility.  In 2014 I also introduced a pure momentum system, which ranked the same basket of ETFs based solely on price momentum.  Both strategies have undergone minor revisions over the years but the key elements remain.

Allocate Smartly Today

The strategies in their current form begin by screening a  basket of these 10 ETFs:

RWX SPDR DJ International Real Estate
PCY PowerShares Emerging Mkts Bond
EFA iShares MSCI EAFE
EEM iShares MSCI Emerging Markets
VNQ Vanguard MSCI U.S. REIT
TIP iShares Barclays TIPS
VTI Vanguard MSCI Total U.S. Stock Market
GLD SPDR Gold Shares
TLT iShares Barclays Long-Term Trsry
SHY iShares Barclays 1-3 Year Treasry Bnd Fd

 

The ETFs in the “Conservative Momentum” system are still ranked by 6 month total returns (weighted 34%), 3 month total returns (weighted 33%), and 3 month price volatility (weighted 33%). The top 3 are purchased  at the beginning of each month and if a holding drops out of the top 3 at the next month’s rebalance it is replaced.

Pure Momentum System

The pure momentum system  ranks ETFs based on 5 month price momentum. There is no cash filter in the pure momentum system, volatility ranking, or requirement to limit turnover.  The portfolio and rankings are posted on the same spreadsheet as the Conservative Momentum strategy.

A free option for backtesting these strategies is available at Portfolio Visualizer.

There is no turnover in either portfolio this month. The current portfolios are below along with the one year equity curve:

Conservative Momentum

Position Shares Avg Purchase Price Purchase Date Cost Basis Current Value Percentage Gain/Loss Excluding Dividends
EEM 107 41.63 7/3/2017 $4,454.41 $5,386.38 20.92%
EFA 70 58.09 1/3/2017 $4,066.30 $5,183.50 27.47%
VTI 34 130.2 10/2/2017 $4,426.80 $4,908.58 10.88%

 

Pure Momentum

Position Shares Purchase Price Purchase Date Cost Basis Current Value Percentage Gain/Loss Excluding Dividends
EFA 53 56.79 11/30/2016 $3,009.87 $3,924.65 30.39%
EEM 93 37.36 2/1/2017 $3,474.48 $4,681.62 34.74%
VTI 25 130.2 10/2/2017 $3,255.00 $3,609.25 10.88%

Ivy Portfolio February Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

The Ivy Portfolio spreadsheet track the 10 month moving average signals for two portfolios listed in Mebane Faber’s book The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets. Faber discusses 5, 10, and 20 security portfolios that have trading signals based on long-term moving averages.

The Ivy Portfolio spreadsheet on Scott’s Investments tracks both the 5 and 10 ETF Portfolios listed in Faber’s book. When a security is trading below its 10 month simple moving average, the position is listed as “Cash”. When the security is trading above its 10 month simple moving average the positions is listed as “Invested”.

Allocate Smartly Today

The spreadsheet signals update once daily (typically in the late evening) using dividend/split adjusted closing price from Quandl, which is a change from previous posts when I relied on Yahoo.

The “current” 10 month simple moving average is based on the most recent 10 months including the current month’s most recent daily closing price (columns C and D). This methodology may differ slightly from other sites or monthly moving average signals – every day during the current month is treated as if  it is that months closing price. This provides continuous updates throughout the month but even though the signals update daily, it is not an endorsement to check signals daily or trade based on daily updates. It simply gives the spreadsheet more versatility for users to check at his or her convenience.

The spreadsheet’s column (E) displays a cash or invested signal based on the most recent full month’s closing price.  This signal will not update throughout the month as it is based on last month’s closing price and the 10 month moving average at the end of last month. This is useful for users who want to view the signal from just the end of the month. 

The current signals based on January 2017’s adjusted closing prices are below.    At the end of January, all ETFs were above their  10 month moving averages except BND and VNQ.

The spreadsheet also provides quarterly, half year, and yearly return data courtesy of Quandl.  I made the switch to Quandl in an attempt to stabilize the portfolio; however, Finviz is still an excellent data source. The return data is useful for those interested in overlaying a momentum strategy with the 10 month SMA strategy:

I also provide a “Commission-Free” Ivy Portfolio spreadsheet as an added bonus. This document tracks the 10 month moving averages for four different portfolios designed for TD Ameritrade, Fidelity, Charles Schwab, and Vanguard commission-free ETF offers.

Recently, TD Ameritrade announced changes to their free ETF offerings so I have updated several of the ETFs on the spreadsheet.  One ETF in the Vanguard and Fidelity portfolios were also updated.  New ETFs are highlighted in blue.

Not all ETFs in each portfolio are commission free, as each broker limits the selection of commission-free ETFs and viable ETFs may not exist in each asset class. Other restrictions and limitations may apply depending on each broker.

Dual Momentum January Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

Scott’s Investments provides a free “Dual ETF Momentum” spreadsheet which was originally created in February 2013. The strategy was inspired by a paper written by Gary Antonacci and available on Optimal Momentum.  Antonacci’s book, Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk, also details Dual Momentum as a total portfolio strategy.

My Dual ETF Momentum spreadsheet is available here and the objective is to track four pairs of ETFs and provide an “Invested” signal for the ETF in each pair with the highest relative momentum. Invested signals also require positive absolute momentum, hence the term “Dual Momentum”.

Allocate Smartly Today

Relative momentum is gauged by the 12 month total returns of each ETF. The 12 month total returns of each ETF is also compared to a short-term Treasury ETF (a “cash” filter) in the form of iShares Barclays 1-3 Treasury Bond ETF (SHY). In order to have an “Invested” signal the ETF with the highest relative strength must also have 12-month total returns greater than the 12-month total returns of SHY. This is the absolute momentum filter which is detailed in depth by Antonacci, and has historically helped increase risk-adjusted returns.

An “average” return signal for each ETF is also available on the spreadsheet. The concept is the same as the 12-month relative momentum. However, the “average” return signal uses the average of the past 3, 6, and 12 (“3/6/12″) month total returns for each ETF. The “invested” signal is based on the ETF with the highest relative momentum for the past 3, 6 and 12 months. The ETF with the highest average relative strength must also have an average 3/6/12 total returns greater than the 3/6/12 total returns of the cash ETF.

Portfolio123 was used to test a similar strategy using the same portfolios and combined momentum score (“3/6/12″).  The test results were posted here.

I also posted an updated test previously using Allocate Smartly here.

Below are the four portfolios along with current signals:

Return Data Provided by Quandl

High Yield Dividend Champion Portfolio – January Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

The High Yield Dividend Champion Portfolio is a publicly tracked stock portfolio on Scott’s Investments.  The goal is to capture quality high yield stocks with a history of raising dividends.

The screening process for this portfolio starts with the “Dividend Champions” as compiled by DRIP Investing. The list is comprised of stocks that have increased their dividend payout for at least 25 consecutive years.  Stocks are then ranked on yield, P/E and 3 year dividend growth rate and assigned an overall rank.

Stocks are sold on the re-balance date (generally around the 5th of the month) when they drop out of the top 15 (to limit turnover) and are replaced with the next highest rated stock.

The top 25 stocks are below and displayed in order of their overall ranking (figures are from the end of November, “999” indicates a N/A value):

Name Symbol Yield P/E 3-yr
Target Corp. TGT 3.8 13.71 8.7
Altria Group Inc. MO 3.7 8.93 8.3
Archer Daniels Midland ADM 3.19 18.82 10.1
AT&T Inc. T 5.14 18.69 2.1
Kimberly-Clark Corp. KMB 3.22 19.91 5.6
United Bankshares Inc. UBSI 3.91 18.29 1
Old Republic International ORI 3.55 15.72 1.4
Leggett & Platt Inc. LEG 3.02 19.32 5
Weyco Group Inc. WEYS 2.96 18.58 5.1
Sonoco Products Co. SON 2.94 19.54 6.6
Realty Income Corp. O 4.47 46.74 5
People’s United Financial PBCT 3.69 20.55 1.5
Black Hills Corp. BKH 3.16 22.86 5.1
Consolidated Edison ED 3.25 21.29 3.1
National Fuel Gas NFG 3.02 16.64 2.6
National Retail Properties NNN 4.41 35.35 4.1
Computer Services Inc. CSVI 2.67 19.38 15.8
ExxonMobil Corp. XOM 3.68 27.24 4.3
Genuine Parts Co. GPC 2.84 21.3 5.3
Eagle Financial Services EFSI 2.75 14.1 4.6
Universal Health Realty Trust UHT 3.54 23.18 1.6
Coca-Cola Company KO 3.23 43.7 6.2
Community Trust Banc. CTBI 2.8 17.13 3.2
Mercury General Corp. MCY 4.68 29.85 0.4
Helmerich & Payne Inc. HP 4.33 999 2.2

 

There is turnover in one position this month. Helmerich & Payne Inc. (HP), a holding since October 2014, will be sold for a capital loss of 10.84%.  The proceeds will be used to purchase United Bankshares Inc. (UBSI).

The current portfolio is below:

Position Shares Average Purchase Price Initial Purchase Date Cost Basis Current Value
PBCT 1758 17.86 7/7/2017 $31,397.88 $33,841.50
KMB 246 115.49 10/9/2017 $28,410.54 $28,280.16
ORI 1145 16.22 4/4/2014 $18,571.90 $22,625.20
ADM 762 41.95 6/6/2017 $31,965.90 $30,411.42
TGT 391 68.65 6/3/2016 $26,842.15 $27,655.43
MO 400 58.14 1/7/2016 $23,256.00 $28,116.00
SON 552 51.21 10/9/2017 $28,267.92 $29,377.44
UBSI 820 35.8 1/10/2018 $29,356.00 $29,356.00
WEYS 1088 27.81 3/7/2017 $30,257.28 $34,032.64
T 650 38.13 3/7/2016 $24,784.50 $23,803.00
Cash $10,501.16
Current Portfolio Value (excluding recent dividends): $297,999.95

Momentum Portfolio January Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

In 2011 Scott’s Investments began tracking a momentum portfolio which ranks a basket of ETFs based on price momentum and volatility.  In 2014 I also introduced a pure momentum system, which ranked the same basket of ETFs based solely on price momentum.  Both strategies have undergone minor revisions over the years but the key elements remain.

Allocate Smartly Today

The strategies in their current form begin by screening a  basket of these 10 ETFs:

RWX SPDR DJ International Real Estate
PCY PowerShares Emerging Mkts Bond
EFA iShares MSCI EAFE
EEM iShares MSCI Emerging Markets
VNQ Vanguard MSCI U.S. REIT
TIP iShares Barclays TIPS
VTI Vanguard MSCI Total U.S. Stock Market
GLD SPDR Gold Shares
TLT iShares Barclays Long-Term Trsry
SHY iShares Barclays 1-3 Year Treasry Bnd Fd

 

The ETFs in the “Conservative Momentum” system are still ranked by 6 month total returns (weighted 34%), 3 month total returns (weighted 33%), and 3 month price volatility (weighted 33%). The top 3 are purchased  at the beginning of each month and if a holding drops out of the top 3 at the next month’s rebalance it is replaced.

Pure Momentum System

The pure momentum system  ranks ETFs based on 5 month price momentum. There is no cash filter in the pure momentum system, volatility ranking, or requirement to limit turnover.  The portfolio and rankings are posted on the same spreadsheet as the Conservative Momentum strategy.

A free option for backtesting these strategies is available at Portfolio Visualizer.

There is no turnover in either portfolio this month. The current portfolios are below along with the one year equity curve:

Conservative Momentum

Position Shares Avg Purchase Price Purchase Date Cost Basis Current Value Percentage Gain/Loss Excluding Dividends
EEM 107 41.63 7/3/2017 $4,454.41 $5,041.84 13.19%
EFA 70 58.09 1/3/2017 $4,066.30 $4,921.70 21.04%
VTI 34 130.2 10/2/2017 $4,426.80 $4,666.50 5.41%

 

Pure Momentum

Position Shares Purchase Price Purchase Date Cost Basis Current Value Percentage Gain/Loss Excluding Dividends
EFA 53 56.79 11/30/2016 $3,009.87 $3,726.43 23.81%
EEM 93 37.36 2/1/2017 $3,474.48 $4,382.16 26.12%
VTI 25 130.2 10/2/2017 $3,255.00 $3,431.25 5.41%

 

 

Ivy Portfolio 2018 Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

The Ivy Portfolio spreadsheet track the 10 month moving average signals for two portfolios listed in Mebane Faber’s book The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets. Faber discusses 5, 10, and 20 security portfolios that have trading signals based on long-term moving averages.

The Ivy Portfolio spreadsheet on Scott’s Investments tracks both the 5 and 10 ETF Portfolios listed in Faber’s book. When a security is trading below its 10 month simple moving average, the position is listed as “Cash”. When the security is trading above its 10 month simple moving average the positions is listed as “Invested”.

Allocate Smartly Today

The spreadsheet signals update once daily (typically in the late evening) using dividend/split adjusted closing price from Quandl, which is a change from previous posts when I relied on Yahoo.

The “current” 10 month simple moving average is based on the most recent 10 months including the current month’s most recent daily closing price (columns C and D). This methodology may differ slightly from other sites or monthly moving average signals – every day during the current month is treated as if  it is that months closing price. This provides continuous updates throughout the month but even though the signals update daily, it is not an endorsement to check signals daily or trade based on daily updates. It simply gives the spreadsheet more versatility for users to check at his or her convenience.

The spreadsheet’s column (E) displays a cash or invested signal based on the most recent full month’s closing price.  This signal will not update throughout the month as it is based on last month’s closing price and the 10 month moving average at the end of last month. This is useful for users who want to view the signal from just the end of the month. 

The current signals based on December 2017’s adjusted closing prices are below.    At the end of December, all ETFs were above their  10 month moving averages.

The spreadsheet also provides quarterly, half year, and yearly return data courtesy of Quandl.  I made the switch to Quandl in an attempt to stabilize the portfolio; however, Finviz is still an excellent data source. The return data is useful for those interested in overlaying a momentum strategy with the 10 month SMA strategy:

I also provide a “Commission-Free” Ivy Portfolio spreadsheet as an added bonus. This document tracks the 10 month moving averages for four different portfolios designed for TD Ameritrade, Fidelity, Charles Schwab, and Vanguard commission-free ETF offers.

Recently, TD Ameritrade announced changes to their free ETF offerings so I have updated several of the ETFs on the spreadsheet.  One ETF in the Vanguard and Fidelity portfolios were also updated.  New ETFs are highlighted in blue.

Not all ETFs in each portfolio are commission free, as each broker limits the selection of commission-free ETFs and viable ETFs may not exist in each asset class. Other restrictions and limitations may apply depending on each broker.

Dual Momentum December Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

Scott’s Investments provides a free “Dual ETF Momentum” spreadsheet which was originally created in February 2013. The strategy was inspired by a paper written by Gary Antonacci and available on Optimal Momentum.  Antonacci’s book, Dual Momentum Investing: An Innovative Strategy for Higher Returns with Lower Risk, also details Dual Momentum as a total portfolio strategy.

My Dual ETF Momentum spreadsheet is available here and the objective is to track four pairs of ETFs and provide an “Invested” signal for the ETF in each pair with the highest relative momentum. Invested signals also require positive absolute momentum, hence the term “Dual Momentum”.

Allocate Smartly Today

Relative momentum is gauged by the 12 month total returns of each ETF. The 12 month total returns of each ETF is also compared to a short-term Treasury ETF (a “cash” filter) in the form of iShares Barclays 1-3 Treasury Bond ETF (SHY). In order to have an “Invested” signal the ETF with the highest relative strength must also have 12-month total returns greater than the 12-month total returns of SHY. This is the absolute momentum filter which is detailed in depth by Antonacci, and has historically helped increase risk-adjusted returns.

An “average” return signal for each ETF is also available on the spreadsheet. The concept is the same as the 12-month relative momentum. However, the “average” return signal uses the average of the past 3, 6, and 12 (“3/6/12″) month total returns for each ETF. The “invested” signal is based on the ETF with the highest relative momentum for the past 3, 6 and 12 months. The ETF with the highest average relative strength must also have an average 3/6/12 total returns greater than the 3/6/12 total returns of the cash ETF.

Portfolio123 was used to test a similar strategy using the same portfolios and combined momentum score (“3/6/12″).  The test results were posted here.

I also posted an updated test previously using Allocate Smartly here.

Below are the four portfolios along with current signals:

Return Data Provided by Quandl

Dividend Champion Portfolio December Update

Alpha Architect Empowers Investors Through Education. Check out their newest Value, Momentum, and Trend Index. (Sponsored)

The High Yield Dividend Champion Portfolio is a publicly tracked stock portfolio on Scott’s Investments.  Its goal is to capture quality high yield stocks with a history of raising dividends.

The screening process for this portfolio starts with the “Dividend Champions” as compiled by DRIP Investing. The list is comprised of stocks that have increased their dividend payout for at least 25 consecutive years.  Stocks are then ranked on yield, P/E and 3 year dividend growth rate and assigned an overall rank.

Stocks are sold on the re-balance date (generally around the 5th of the month) when they drop out of the top 15 (to limit turnover) and are replaced with the next highest rated stock.

The top 25 stocks are below and displayed in order of their overall ranking (figures are from the end of November, “999” indicates a N/A value):

Name Symbol Yield P/E 3-yr
Target Corp. TGT 4.14 12.58 13.7
Altria Group Inc. MO 3.89 8.48 8.6
Archer Daniels Midland ADM 3.21 18.72 16.4
AT&T Inc. T 5.39 17.49 2.2
Helmerich & Payne Inc. HP 4.78 999 28.8
Kimberly-Clark Corp. KMB 3.24 19.76 6.2
Weyco Group Inc. WEYS 3.12 17.63 5.8
ExxonMobil Corp. XOM 3.7 27.13 6.6
Old Republic International ORI 3.62 15.42 1.4
United Bankshares Inc. UBSI 3.62 19.76 1.8
Sonoco Products Co. SON 2.92 19.67 5.9
People’s United Financial PBCT 3.63 20.9 1.5
Black Hills Corp. BKH 3.25 22.25 3.4
Genuine Parts Co. GPC 2.9 20.85 6.4
Leggett & Platt Inc. LEG 2.99 19.53 4.1
National Retail Properties NNN 4.63 33.66 3.6
Computer Services Inc. CSVI 2.56 20.19 20.9
Coca-Cola Company KO 3.23 43.59 7.7
PepsiCo Inc. PEP 2.76 24.07 9.1
Universal Health Realty Trust UHT 3.53 23.1 1.6
Consolidated Edison ED 3.1 22.32 2.9
Procter & Gamble Co. PG 3.07 24.06 4.1
Eagle Financial Services EFSI 2.79 15.07 2.6
Federal Realty Inv. Trust FRT 3.03 42.11 8.6
National Fuel Gas NFG 2.82 17.82 2.6

 

As like last month, there is no turnover for December.

The current portfolio is below:

 

Position Shares Average Purchase Price Initial Purchase Date Cost Basis Current Value
PBCT 1758 17.86 7/7/2017 $31,397.88 $33,208.62
KMB 246 115.49 10/9/2017 $28,410.54 $29,460.96
ORI 1145 16.22 4/4/2014 $18,571.90 $23,850.35
ADM 762 41.95 6/6/2017 $31,965.90 $31,478.22
TGT 391 68.65 6/3/2016 $26,842.15 $23,886.19
MO 400 58.14 1/7/2016 $23,256.00 $28,600.00
SON 552 51.21 10/9/2017 $28,267.92 $30,222.00
HP 390 76.57 10/6/2014 $29,862.30 $22,311.90
WEYS 1088 27.81 3/7/2017 $30,257.28 $30,659.84
T 650 38.13 3/7/2016 $24,784.50 $23,510.50
Cash $11,641.83
Current Portfolio Value (excluding recent dividends): $288,830.41