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Transaction Details

Company: Changyou.com
Ticker:CYOU
Yahoo Beta:1.42
Industry:Multimedia & graphics software

Company Description:  Changyou.com produces and operates massively multi-player online role-playing games, primarily for the Chinese market.

Purchase Date:02 Nov 2011 Sale Date:02 Feb 2013
Purchase Price:$26.79 Sale Price:$30.60
  --Split Adjusted:$26.79  --Split Adjusted:$30.60
Shares Purchased:50 Shares Sold:50
  --Split Adjusted:50  --Split Adjusted:50
Transaction Fee:$80.35 Transaction Fee:$188.00
Price Range (6 Months Prior):    Price Range (6 Months After):    
High$51.83 High$0.00
Date29 Jul 2011 Date01 Jan 1996
Low$24.28 Low$0.00
Date04 Oct 2011 Date01 Jan 1996
S&P (Purchase Date):$1,240.89 S&P (Sale Date):$1,571.01

Purchase
Timing:  We bought near the six month low.
Reason:  Changyou.com Ltd. operates one of the most popular MMORG games in China. The top game has been ranked between fourth and fifth. The game is offered for free, but players purchase prepaid cards to acquire additional "skills" to advance in the game. This is a large and growing market. The company has strong margins and a low PE.

Sale
Timing:  
Reason:  We sold this stock after the spring festival which was held on February 11, 2013, due to the expectation that, during the spring festival’s long holiday in China, younger people would spend allowances from their families on gaming products. The decision to sell the stock was also due to its poor performance compared to the market in 2012, as well as the negative customer reaction to Changyou's latest game release.

S&P Gain: 26.6 % Annualized Gain: 22.4%
Stock Gain: 14.22 % Annualized Gain: 12.07%

Dividends:$81.88
Net Holding Return ($): $4.03
Net Holding Return (%): 0.28 %