For July 2010, our portfolio returned 7.41% compared to 6.83% for the S&P500. Our portfolio outperformed the S&P500 by 0.58%.

Portfolio Movers

As we mentioned in our last post, a private equity group has made an offer of $55 for NBTY Inc (NTY). As a result, NTY was up 58% for the month. After a rough couple of months Omega Protein (OME) ended up almost 30% for the month. Aceto Corp (ACET) gained 19% and our latest purchase StarTek Inc (SRT) ended the month up 18.5%.

On the other hand, our largest holding Gilead (GILD) was down 2.8% for the month when the overall market gained quite a bit. Bank of America (BAC) was down 2.3%.

Transactions

There were only two transactions for the month of July.

Sold LACO at $1.94: We had bought Lakes Entertainment (LACO) just last month and it was probably the most risky position we were holding. We ended up selling it after it was up 35% for us in less than a month.

Bought more GILD at $32.80: GILD keeps going down and we keep buying. With this addition, GILD now makes up 20.81% of our portfolio with an average price of $36.86.

Our current cash position is 12.62% of the portfolio.

The partnership NAV for the month ending July 2010 is $10.60.