We Have Added Newtek Business Services Notes to Models

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We have added shares of baby bond Newtek Business Services 7.5% notes (ticker:NEWTZ) to the 2014/2015 Short/Medium Duration Income Portfolio and to the 2015 Blended Income Portfolio.

Note that we paid above par for the shares paying $25.45/share. As always it is our preference to pay just par or less, but this is a small issue with decent demand, so we ‘paid up’ for it. Given that it only cuts our Yield to Worst by a 1/10th or 2 is sure beats holding on to too much cash which is earning us exactly zilch.

These purchases put the Short/Medium Duration Income Portfolio at 95% invested while the Blended Income Portfolio is 83% invested.


Tim McPartland

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Tim McPartland
Tim McPartland is a private investor with over 45 years of investing experience. His analysis, research and writing is devoted to the hunt for income producing securities of all types, but in particular specializing in preferred stocks, exchange traded debt and Master Limited Partnerships.
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