Every quarter, many money managers have to disclose what they've bought and sold, via "13F" filings. Their latest moves can shine a bright light on smart stock picks.
Today, let's look at Caxton Associates, founded in 1983 by Bruce Kovner (who stepped down in 2011). The investment company is known for relatively few years with negative returns, and also for average annual gains of about 20% since its inception several decades ago. That's a powerful record.
Caxton is also known for charging clients dearly for the privilege of going along for the ride. In an industry known for routinely charging 2% of assets annually while also taking 20% of profits, Caxton had long charged 3% and 30%, though that was reduced some last year.
The company's reportable stock portfolio totaled $1.6 billion�in value as of March 31, 2013.
Interesting developments
So what does Caxton Associates' latest quarterly 13F filing tell us? Here are a few interesting details:
The biggest new holdings are Assured Guaranty�and the SPDR Select Financial Sector ETF. Other new holdings of interest include Micron Technology (NASDAQ: MU ) and Level 3 Communications (NYSE: LVLT ) . The struggling PC market has hurt Micron, but bulls are hopeful that growth in tablets and smartphones will�boost demand�for memory chips. Micron's purchase of Japanese manufacturer Elpida has some investors quite optimistic, as it boosts Micron's capacity and its relationship with�Apple. Micron has been losing market share, though, and some worry about the commoditization of memory and Micron's debt levels. Several analysts increased their price targets for the stock recently.
Top 10 Information Technology Stocks To Own Right Now: Cutera Inc. (CUTR)
Cutera, Inc., a medical device company, engages in the research, design, development, manufacture, marketing, sale, and service of laser and other energy based aesthetics systems for practitioners worldwide. The company offers a range of non-invasive laser and intense pulsed light products for use in the treatment of cosmetic vascular conditions, hair removal, vascular lesions, skin rejuvenation, onychomycosis or toenail fungus, pigmented lesions, laser skin toning, tattoo removal, cutaneous lesions, fine wrinkles, diffuse redness, rosacea, skin texture, and pore size, as well as for non-invasive body contouring applications. It primarily serves plastic surgeons, dermatologists, gynecologists, primary care physicians, family practitioners, physicians offering aesthetic treatments in non-medical offices, podiatrists, and other qualified practitioners. The company sells and markets its products through its direct sales force and distributors, as well as sells hand piece refi lls through the Internet. Cutera, Inc. was founded in 1998 and is headquartered in Brisbane, California.
Advisors' Opinion:- [By John Udovich]
Large cap serial acquirer�Valeant Pharmaceuticals International Inc (NYSE: VRX) is teaming up with activist investor�Bill Ackman to pursue large cap Botox maker Allergan, Inc (NYSE: AGN), but stocks like Cutera, Inc (NASDAQ: CUTR), Cynosure, Inc (NASDAQ: CYNO), PhotoMedex Inc (NASDAQ: PHMD) and Syneron Medical Ltd (NASDAQ: ELOS)�actually offer investors more exposure to the growing anti aging and aesthetics market (Note: See my recent article: These Small Caps Seek to Treat Your Crow�� Feet and Double Chin (RVNC & KYTH)). To begin with, Valeant Pharmaceuticals International has a wide focus on neurology, dermatology and infectious diseases�but acquiring the maker of Botox won�� be its first foray into the aesthetic market�because earlier this year, the company completed its acquisition of Solta Medical Inc (NASDAQ: SLTM) -�a designer, developer, manufacturer and marketer of�energy-based medical device systems for aesthetic applications.�And while�Allergan, Inc may be most well known for Botox, its actually a pretty big�company focused on a diverse range of areas, including ophthalmic pharmaceuticals, dermatology, neuroscience, urology and cosmetics���meaning the following stocks offer investors better exposure to the aesthetics market:
Top Japanese Stocks To Own For 2014: ANADIGICS Inc.(ANAD)
ANADIGICS, Inc. provides semiconductor solutions to the broadband wireless and wireline communications markets. Its products include radio frequency (RF) power amplifiers (PAs), tuner integrated circuits, active splitters, line amplifiers, and other components. The company?s RF power amplifier products enable mobile handsets, datacards, and other devices to access third generation (3G) wireless networks utilizing international standards, including wideband code division multiple access (WCDMA), high speed packet access (HSPA), code division multiple access (CDMA), and evolution data optimized (EVDO). In addition, the company provides RF power amplifiers for the fourth generation (4G) wireless services, including long term evolution (LTE) and worldwide interoperability for microwave access (WiMAX). ANADIGICS?s WiFi products enable connectivity for wireless mobile devices and other computing devices and its cable television (CATV) products enable fixed-point, wireline broa dband communications over cable modem and set-top box products, CATV infrastructure, and fiber-to-the-premises (FTTP). The company sells its products through direct sales, as well as through independent manufacturers? representatives and distributors. ANADIGICS, Inc. was founded in 1984 and is headquartered in Warren, New Jersey.
Advisors' Opinion:- [By Tim Melvin]
CTL stock has lagged the overall market for the past year — down 9% vs. 20% gains for the S&P 500 — and it seems that those running the show do not expect that to change anytime soon.
Stocks to Sell: Anadigics (ANAD)Anadigics (ANAD) is another company that has not kept up with the market and is seeing selling near the lows. Five insiders, including the chairman, the CEO and the CFO, have been selling stock this month. All together, they have combined to sell more than 72,000 shares of the company at very low prices.
Top Japanese Stocks To Own For 2014: FutureFuel Corp. (FF)
FutureFuel Corp., through its subsidiary, FutureFuel Chemical Company, engages in the manufacture and sale of specialty chemicals and bio-based products primarily in the United States. The company operates in two segments, Chemicals and Biofuels. The Chemicals segment provides custom chemical manufacturing services for specific customers, such as bleach activators for detergent and consumer products manufacturers; proprietary herbicide and intermediates for life sciences companies; agrochemicals; and industrial and consumer products, such as cosmetics and personal care products, ink colorants, adhesion promoters, polymer additives, polymer and specialty dyes, specialty polymers, photographic and imaging chemicals, and food additives. This segment also manufactures and sells a range of performance chemicals, including a family of polymer (nylon) modifiers and small-volume specialty chemicals for various applications; a family of acetal-based solvents, consisting of diethoxy methane, dimethoxymethane, dibutoxymethane, and glycerol formal; and phenol sulfonic acid that build on sulfonations technology. Its chemical products are used in various markets and end uses, including detergents, agrochemicals, automotive, photographic imaging, coatings, nutrition, and polymer additives. The Biofuels segment produces and sells biodiesel, as well as petrodiesel in blends with or without biodiesel. This segment also operates a granary in central Arkansas that involves in the purchase and sale of agricultural commodities, primarily soybeans, rice, and corn. This segment markets its biodiesel products by truck and rail directly to customers. FutureFuel Corp. was formerly known as Viceroy Acquisition Corporation and changed its name to FutureFuel Corp. in 2006. FutureFuel Corp. was incorporated in 2005 and is based in St. Louis, Missouri.
Advisors' Opinion:- [By Brian Pacampara]
What: Shares of chemical and biofuels manufacturer FutureFuel (NYSE: FF ) soared 20% on Tuesday after its quarterly results impressed Wall Street.
- [By Maxx Chatsko]
3. Focus on efficiency
A combination of factors plays a role in efficiently producing biodiesel. FutureFuel (NYSE: FF ) , which owns an annual capacity of 59 million gallons to complement its niche chemical business, relies heavily on location. The company's two biorefineries don't have a nationwide infrastructure to aid in getting product to the market and are dependent on rail and barge access. Despite the FutureFuel's amazing progress is improving its process -- annual capacity jumped from just 35 million gallons in 2011 to 59 million gallons today -- the company admits that its relatively small operations may cease to exist given changes in feedstock prices, government mandates, and tax credits. � - [By Monica Gerson]
FutureFuel (NYSE: FF) surged 21.01% to $21.25 in the pre-market session after the company reported a rise in its fourth-quarter earnings. FutureFuel posted its quarterly profit of $0.61 per share, versus a year-ago profit of $0.15 per share.
Top Japanese Stocks To Own For 2014: Medical Marijuana Inc (MJNA)
Medical Marijuana Inc. (MJNA), incorporated on May 23, 2005, is the publicly held company vested in the medical marijuana and industrial hemp markets. The Company is comprised of a diversified portfolio of products, services, technology and businesses solely focused on the cannabis and hemp industries. These products range from patented based cannabinoid products, to whole plant or isolated high value extracts specifically manufactured and formulated for the pharmaceutical, nutraceutical and cosmeceutical industries. In March 2013, it sold certain equipment and inventory, web domain names, phone numbers, and all existing and pending agreements with hemp production and processing facilities to CannaVEST Corp.
The Company�� services are varied, ranging from medical clinic management to the capitalization and development of existing industry business and product leaders. Services include development of cannabinoid based health and wellness products, and the development of medical grade compounds. MJNA provides over 50 and patented cannabinoid delivery methods that are more socially and medically acceptable than smoking.
Advisors' Opinion:- [By Dan Burrows]
Medical Marijuana Inc. (MJNA) is up just under 100% so far this year and — get this — MJNA stock is actually the big-time laggard in the group. Next up comes Growlife (PHOT), as PHOT stock has gained “only” 150%. Indeed, when it comes to medical marijuana stock, anything less than a three-fold gain is small beer.
- [By James E. Brumley]
If it seems like the buzz surrounding marijuana stocks like Medical Marijuana Inc. (OTCMKTS:MJNA), Hemp, Inc. (OTCMKTS:HEMP), and GreenGro Technologies, Inc. (OTCMKTS:GRNH) has been a little louder than usual the last few days, you're not crazy - it has been louder, and particularly bullish. GRNH shares advanced 37% in December. HEMP is up 166% for the past two weeks. MJNA has jumped 47% in just the past couple of days. Well, as it turns out, it's not just mere coincidence that GreenGro Technologies, Hemp, Medical Marijuana, and a bunch of other cannabis-related names have perked up of late. And, odds are pretty good they'll all continue to do well (even of the pace slows a bit) in 2014.
- [By James E. Brumley]
What do you get when you cross a Coffee Holding Co., Inc. (NASDAQ:JVA) with a Medical Marijuana Inc. (OTCMKTS:MJNA) and a Kraft Foods Group Inc. (NASDAQ:KRFT)? No, it's not a setup for a punch line - there's a legitimate answer. And that answer is, Latteno Food Corp. (OTCMKTS:LATF).
Top Japanese Stocks To Own For 2014: Maui Land & Pineapple Company Inc. (MLP)
Maui Land & Pineapple Company, Inc., together with its subsidiaries, engages in the development, sale, and leasing of real estate properties. It owns approximately 23,300 acres of land on Maui. The company also offers water and waste transmission services. In addition, it manages certain resort amenities at the Kapalua Resort. The company was founded in 1909 and is based in Lahaina, Hawaii.
Advisors' Opinion:- [By Matthew Skelly]
The technology of fracturing (and the horizontal style of drilling), is changing America's needs on the energy front. At the epicenter of this infrastructure build-out is Atlas Pipeline Partners (NYSE:APL), a midstream gathering and processing company that trades as a Master Limited Partnership, (MLP). Atlas Pipeline is essentially a middle man between the drillers and long-haul transportation pipelines. It gathers mixed volumes of natural gas and natural gas liquids (NGLs) such as ethane, propane, and butanes, etc. from the thousands of wells drilled by its drilling customers, back through pipelines to its processing plants, which will separate the gas from the NGLs. Both are then sold to long-haul transportation pipelines, which take the two products downstream to the next part of the energy supply chain.
- [By Dividends4Life]
Sunoco Logistics Partners (SXL) is a master limited partnership (MLP) that was formed by Sunoco Inc. to acquire, own and operate a group of refined product and crude oil pipelines and terminal facilities.
Yield: 3.6% | Years of Dividend Growth: 11
Top Japanese Stocks To Own For 2014: Metlife Inc (MET)
MetLife, Inc. (MetLife), incorporated on August 10, 1999, is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife operates in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. It is organized into six segments: Insurance Products, Retirement Products, Corporate Benefit Funding and Auto & Home (collectively, U.S. Business), and Japan and Other International Regions (collectively, International). In addition, the Company reports certain of its results of operations in Corporate & Other, which includes MetLife Bank, National Association (MetLife Bank) and other business activities. U.S. Business provides insurance and financial services products, including life, dental, disability, auto and homeowner insurance, guaranteed interest and stable value products, and annuities through independent retail distribution channels, as well as at the workplace. Outside the U.S., it operates in Japan and over 50 countries within Latin America, Asia Pacific, Europe and the Middle East. MetLife is the life insurer in Mexico and also holds positions in Japan, Poland, Chile and Korea. This business provides life insurance, accident and health insurance, credit insurance, annuities, endowment and retirement and savings products to both individuals and groups. In August 2012, it acquired Reynolds Plantation. In January 2013, the Company completed the sale of MetLife Bank, N.A.'s deposit business. Effective July 25, 2013, MetLife Inc acquired Broadstone Laurel Highlands, from Alliance Residential Fund I. In September 2013, MetLife Inc and Thayer Lodging Group acquired the 365-room Hilton Los Cabos Beach & Golf Resort in Cabo San Lucas, Mexico in a joint venture.
Insurance Products
The Insurance Products segment offers a range of protection products and services aimed at serving the financial needs of its customers throughout their lives. These pro! ducts are sold to individuals and corporations, as well as other institutions and their respective employees. It is organized in three businesses: Group Life, Individual Life and Non-Medical Health.
The Group Life insurance products and services include variable life, universal life, and term life products. It offer group insurance products as employer-paid benefits or as voluntary benefits where all or a portion of the premiums are paid by the employee. These group products and services also include employee paid supplemental life and are offered as standard products or may be tailored to meet specific customer needs.
The Individual Life insurance products and services include variable life, universal life, term life and whole life products. Additionally, through its broker-dealer affiliates, it offers a full range of mutual funds and other securities products. The products within both Group Life and Individual Life include Variable Life, Universal Life, Term Life and Whole Life. Variable life products provide insurance coverage through a contract that gives the policyholder the policyholder flexibility in investment choices and, depending on the product, in premium payments and coverage amounts, with certain guarantees. With variable life products, premiums and account balances can be directed by the policyholder into a variety of separate account investment options or directed to the Company�� general account. In the separate account investment options, the policyholder bears the entire risk of the investment results.
Universal life products provide insurance coverage on the same basis as variable life, except that premiums, and the resulting accumulated balances, are allocated only to the Company�� general account. Universal life products may allow the insured to increase or decrease the amount of death benefit coverage over the term of the contract and the owner to adjust the frequency and amount of premium payments.
Term life products provid! e a guara! nteed benefit upon the death of the insured for a specified time period in return for the periodic payment of premiums. Specified coverage periods range from one year to 30 years, but in no event are they longer than the period over, which premiums are paid. Death benefits may be level over the period or decreasing. Decreasing coverage is used principally to provide for loan repayment in the event of death. Premiums may be guaranteed at a level amount for the coverage period or may be non-level and non-guaranteed. Term insurance products are sometimes referred to as pure protection products, in that there are typically no savings or investment elements. Term contracts expire without value at the end of the coverage period when the insured party is still living.
Whole life products provide a guaranteed benefit upon the death of the insured in return for the periodic payment of a fixed premium over a predetermined period. Premium payments may be required for the entire life of the contract period, to a specified age or period, and may be level or change in accordance with a predetermined schedule. Whole life insurance includes policies that provide a participation feature in the form of dividends. Policyholders may receive dividends in cash or apply them to increase death benefits, increase cash values available upon surrender or reduce the premiums required to maintain the contract in-force.
The Non-Medical Health products and services include dental insurance, group short- and long-term disability, individual disability income, long-term care (LTC), critical illness and accidental death & dismemberment coverage. Other products and services include employer-sponsored auto and homeowners insurance provided through the Auto & Home segment and prepaid legal plans. The Company also sells administrative services-only (ASO) arrangements to some employers. The products in this area are Dental, Disability and Long-term Care (LTC). Dental products provide insurance and ASO plans that ass! ist emplo! yees, retirees and their families in maintaining oral health while reducing out-of-pocket expenses and providing superior customer service. Dental plans include the Preferred Dentist Program and the Dental Health Maintenance Organization. Disability products provide a benefit in the event of the disability of the insured. This benefit is in the form of monthly income paid until the insured reaches age 65. In addition to income replacement, the product may be used to provide for the payment of business overhead expenses for disabled business owners or mortgage payment protection. This is offered on both a group and individual basis. LTC products provide protection against the potentially high costs of LTC services. They generally pay benefits to insureds that need assistance with activities of daily living or have a cognitive impairment.
Retirement Products
The Retirement products segment includes a variety of variable and fixed annuities that are primarily sold to individuals and employees of corporations and other institutions. The products in this area are Variable Annuities and Fixed Annuities. Variable annuities provide for both asset accumulation and asset distribution needs. Variable annuities allow the contract holder to make deposits into various investment options in a separate account, as determined by the contract holder. The risks associated with such investment options are borne entirely by the contract holder, except where guaranteed minimum benefits are involved.
Fixed annuities provide for both asset accumulation and asset distribution needs. Fixed annuities do not allow the same investment flexibility provided by variable annuities, but provide guarantees related to the preservation of principal and interest credited.
Corporate Benefit Funding
The Corporate Benefit Funding segment includes a range of annuity and investment products, including, guaranteed interest products and other stable value products, income annuitie! s, and se! parate account contracts for the investment management of defined benefit and defined contribution plan assets. This segment also includes certain products to fund postretirement benefits and company, bank or trust owned life insurance used to finance non-qualified benefit programs for executives. The products in this area are Stable Value Products, Pensions Closeouts, Torts and Settlements, Capital Markets Investment Products and other Corporate Benefit Funding Products and Services. The Company offers general account guaranteed interest contracts, separate account guaranteed interest contracts, and similar products used to support the stable value option of defined contribution plans. It also offers private floating rate funding agreements that are used for money market funds, securities lending cash collateral portfolios and short-term investment funds.
The Company offers general account and separate account annuity products, generally in connection with the termination of defined benefit pension plans, both in the United States and the United Kingdom. It also offers partial risk transfer solutions that allow for partial transfers of pension liabilities and annuity products that include single premium buyouts. It offers strategies for complex litigation settlements, primarily structured settlement annuities. Under the Capital Markets Investment Products, the products offered include funding agreements, Federal Home Loan Bank advances and funding agreement-backed commercial paper. Under the Other Corporate Benefit Funding Products and Services, it offers specialized insurance products designed specifically to provide solutions for non-qualified benefit and retiree benefit funding purposes.
Auto & Home
The Auto & Home segment includes personal lines property and casualty insurance offered directly to employees at their employer�� worksite, as well as to individuals through a variety of retail distribution channels, including independent agents, property and casu! alty spec! ialists, direct response marketing and the individual distribution sales group. Auto & Home primarily sells auto insurance, which represented 67% of Auto & Home�� total net earned premiums in 2011. Homeowners and other insurance represented 33% of Auto & Home�� total net earned premiums in 2011. The products in this area are Auto Coverages and Homeowners and Other Coverages. Auto insurance policies provide coverage for private passenger automobiles, utility automobiles and vans, motorcycles, motor homes, antique or classic automobiles and trailers. Auto & Home offers traditional coverage, such as liability, uninsured motorist, no fault or personal injury protection, as well as collision and comprehensive. Homeowners��insurance policies provide protection for homeowners, renters, condominium owners and residential landlords against losses arising out of damage to dwellings and contents from a variety of perils, as well as coverage for liability arising from ownership or occupancy. Other insurance includes personal excess liability (protection against losses in excess of amounts covered by other liability insurance policies), and coverage for recreational vehicles and boat owners. Most of Auto & Home�� homeowners��policies are traditional insurance policies for dwellings, providing protection for loss on a replacement cost basis. These policies also provide additional coverage for reasonable, normal living expenses incurred by policyholders that have been displaced from their homes.
International
International provides life insurance, accident and health insurance, credit insurance, annuities, endowment and retirement & savings products to both individuals and groups. The Company focuses on markets primarily within Japan, Latin America, Asia Pacific, Europe and the Middle East. It operates in international markets through subsidiaries and affiliates. The Company operates in 22 countries in Latin America, with operations in Mexico, Chile and Argentina. It operates in fou! r countri! es in Asia Pacific with operations in Korea, Hong Kong and Australia. It operates in 35 countries in Europe and the Middle East with operations in Poland, the United Kingdom, France, and the United Arab Emirates, as well as through a consolidated joint venture in India.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments, which is invested to optimize investment spread and to fund company initiatives and various start-up and run-off entities. Mortgage products offered by MetLife Bank include forward and reverse residential mortgage loans. Residential mortgage loans are originated through MetLife Bank�� national sales force, mortgage brokers and mortgage correspondents. The residential mortgage banking activities include the origination and servicing of mortgage loans. Mortgage loans are held-for-investment or sold primarily into Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) or Government National Mortgage Association (GNMA) securities. Deposit products include traditional savings accounts, money market savings accounts, certificates of deposit (CDs) and individual retirement accounts.
Advisors' Opinion:- [By Marc Bastow]
Of course, since it’s earnings season, Apple wasn’t the only dividend stock rewarding investors with increased payouts; utility holding company Southern (SO) also came through, as did insurance sector giant MetLife (MET).
- [By Matthew Smith]
Although we were not surprised by the move yesterday we did not take an overly aggressive stance in positioning the portfolio to benefit from the Fed not tapering. We were long, but we did not initiate any trades solely for the purpose to benefit from the announcement. We are more interested in the long-term wealth building of portfolios right now and as such believe that readers should look to our recent winners that had pullbacks yesterday as buying opportunities. Specifically, we like Ameritrade (AMTD), Charles Schwab (SCHW) and MetLife (MET) which all saw pullbacks ranging from 2.5% to a bit over 5.5% in yesterday's session. We highlighted the discount brokers as a sector to watch right before the latest takeoff and our belief is that although rates remain unchanged the brokerage business will continue to perform strongly. The next big move up will be as rates rise, but even if one has to wait for this move it will be well worth it for one's portfolio.
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