Ben Cheng Newport Inc NP-T PAST TOP PICK Jul 13, 2009

(A Top Pick Aug 7/08.) 7% bonds maturing Dec 31/12. Started seeing serious deterioration in the businesses underlying the company and sold the bonds quite some time ago.

Ben Cheng

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$0.190

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WEAK BUY

They invest in different companies in different fields. Doesn't like their diversification. If he wants to own an oil/gas he prefers buying a pure one. Earnings, multiples and cash flow are all at reasonable levels.

DON'T BUY

A more difficult trust because it is a small conglomerate of business trusts within the asset management business, insurance, etc. The asset management side is coming under pressure.

DON'T BUY

An unusual trust. Almost a venture capital firm. Invest in various businesses running from money management to manufacturing. Personally doesn’t care for multiple companies. Difficult for them to execute on all pieces.

HOLD

Have about 17 or 18 holdings in private equity, which he likes.

DON'T BUY

This is a conglomerate model. Not a big fan of conglomerates. Very dependent on the quality of management. If there is one piece in the conglomerate that isn't doing well, it will drag down the valuation on the whole thing.

DON'T BUY

Might be OK for mad money. An amalgamation of privately held businesses created a little holding company. 15.75% yield. Has above average business risks from time to time. Have increased their distributions a couple of times.

TOP PICK

Newport Partners 7% bonds maturing Dec 31/12. Probably have $150 of the asset coverage for every $100 of bonds outstanding which gives a tremendous amount of safety. Trades at a 30% discount to its par value.

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Ben Cheng Newport Inc NP-T PAST TOP PICK Jul 13, 2009

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