David Winters

David Winters

Last Update: 02-14-2017
Related: Wintergreen Fund

Number of Stocks: 8
Number of New Stocks: 0

Total Value: $269 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

David Winters' s Profile & Performance

Profile

Manager of Wintergreen Fund, David J. Winters, was formerly chief executive officer and chief investment officer of Franklin Mutual Advisers. Winters resigned from that $35 billion fund behemoth in order to found his own mutual fund. The Wintergreen Fund (WRGNX), incepted in October 2005.

Web Page:http://www.wintergreenfund.com/

Investing Philosophy

Winters is a value investor. He believes in holding solid companies for the long-term. He prefers to invest in companies that he thinks will do well in all market conditions, and avoids the current fad.

Total Holding History

Performance of Wintergreen Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
20166.6711.96-5.3
2015-6.941.38-8.3
2014-1.6813.69-15.4
3-Year Cumulative-2.4 (-0.8%/year)29 (8.9%/year)-31.4 (-9.7%/year)
201316.8132.39-15.6
20127.5116-8.5
5-Year Cumulative22.6 (4.2%/year)98.2 (14.7%/year)-75.6 (-10.5%/year)
20110.572.11-1.5
201021.0915.066.0
200932.7826.466.3
2008-39.05-37-2.0
200721.135.4915.6
10-Year Cumulative46.3 (3.9%/year)95.7 (6.9%/year)-49.4 (-3%/year)
200620.115.794.3

Top Ranked Articles

23 Questions With Mike Onghai 'There is a big difference between a favorite company and a good stock'
1. How and why did you get started investing? Read more...
Global Investor David Winters Purchases 3 New Stocks Winters said he watched for prices to come down on his wishlist
David Winters (Trades, Portfolio) manages the Wintergreen Fund (Trades, Portfolio), a long-term, global value firm that oversees $636 million. Read more...
David Winters Comments on British American Tobacco Guru stock highlight
Let’s look at some highlights for the Fund. In last year’s annual letter, we noted many virtues of Reynolds as a core portfolio investment for many years. A smart management team combined Reynolds with Lorillard, Inc. in an earnings-accretive deal, creating an even more powerful cash generating business. In the process, the company increased its appeal to British American Tobacco plc (“BAT”), its largest owner with 42% of outstanding shares, as a must-own asset to fully capture opportunities in the U.S. and benefit from Reynolds’s product innovations. Our belief that BAT (BAT) would eventually bid for the rest of the shares came to fruition last October, resulting in a surge in the value of Reynolds, the Fund’s largest holding. With an improved deal price and structure more favorable to shareholders, Reynolds agreed to the takeover in January of 2017 (closing is expected by the Adviser to occur in the third quarter of 2017). As shareholders of BAT, another top holding of the Fund, we hope to continue to collect the steady amounts of cash returned by Read more...
David Winters Comments on Baker Hughes Guru stock highlight
Like the tobacco industry, the oil and gas industry is also undergoing consolidation, and the Fund has benefited from its holding in Baker Hughes, Inc. (NYSE:BHI) (“BHI”). The Fund’s position in BHI was initiated in late 2015 as an arbitrage opportunity when Halliburton Company (“HAL”) bid for BHI, and as a proxy for an anticipated return to growth in the oil services industry. Because the outcome of the merger was uncertain, the deal was written with a breakup fee of $3.5 billion, which we viewed as an attractive safety cushion for BHI in the event that the merger agreement was terminated. The deal did indeed break around mid-2016, and HAL paid the breakup fee to BHI, which then commenced a massive buyback of its stock. Shortly thereafter, General Electric Co. made an approach to merge its own oil and gas business unit with BHI. The Board of BHI approved the transaction and the merger is scheduled to close in the middle of 2017. We highlight this arbitrage win for the Fund as an example of an investment strategy that we sometimes employ as a supplement Read more...
David Winters Comments on Birchcliff Energy Ltd. Guru stock highlight
Wintergreen Advisers believes the mark of good management in the commodity sector is a steady hand to steer the company through cycles. In Birchcliff Energy Ltd.’s (“Birchcliff”) (BIR) management, we think you have exactly that. Whereas other oil and gas drillers in North America have become unprofitable or even bankrupt due to excessive debt in the recent global downturn in the oil and gas market, Birchcliff has sustained operations in the black on a cash basis, with controlled levels of debt. Credit goes to the leaders of the company who have reduced operating costs per boe (barrel of oil equivalent) to record lows this year. This combination of profitability and balance sheet strength enabled Birchcliff to take advantage of a competitor’s need to sell assets in order to decrease its own dangerous debt burden. At the end of July, Birchcliff acquired a large tract of petroleum and natural gas properties in the Gordondale area of Alberta, Canada. The strategic rationale of the investment in these fields seems readily apparent, as the properties lie between Read more...
» More David Winters Articles

Commentaries and Stories

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Heineken Holding NV Guru stock highlight
Most investors are familiar with Heineken Holding NV (XAMS:HEIO) (“Heineken”), in particular because of its dark green premium beer bottle. Second only to Corona in U.S. imported beer, Heineken is sold virtually everywhere in the world. Growing from a single brewery in Amsterdam in 1864 to the second-largest beer company in the world today, Heineken brews more than 250 brands, with widespread name recognition of Amstel, Dos Equis, Sol and Tiger, in addition to its premium flagship brand. The company is focused on continued growth in emerging markets. Five years ago only about 20% of its profits came from developing markets. That percentage now exceeds 60%. The company has been able to combine sales growth with stable and improving margins, forming one of the pillars of our investment thesis in the company. Heineken’s management also keeps a sharp eye on efficient capital deployment, adhering to hard RONA (Return on Net Assets) metrics. In combination with well-defined executive compensation plan determinants, this properly ties management pay to performance. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Baker Hughes Guru stock highlight
Like the tobacco industry, the oil and gas industry is also undergoing consolidation, and the Fund has benefited from its holding in Baker Hughes, Inc. (NYSE:BHI) (“BHI”). The Fund’s position in BHI was initiated in late 2015 as an arbitrage opportunity when Halliburton Company (“HAL”) bid for BHI, and as a proxy for an anticipated return to growth in the oil services industry. Because the outcome of the merger was uncertain, the deal was written with a breakup fee of $3.5 billion, which we viewed as an attractive safety cushion for BHI in the event that the merger agreement was terminated. The deal did indeed break around mid-2016, and HAL paid the breakup fee to BHI, which then commenced a massive buyback of its stock. Shortly thereafter, General Electric Co. made an approach to merge its own oil and gas business unit with BHI. The Board of BHI approved the transaction and the merger is scheduled to close in the middle of 2017. We highlight this arbitrage win for the Fund as an example of an investment strategy that we sometimes employ as a supplement More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on British American Tobacco Guru stock highlight
Let’s look at some highlights for the Fund. In last year’s annual letter, we noted many virtues of Reynolds as a core portfolio investment for many years. A smart management team combined Reynolds with Lorillard, Inc. in an earnings-accretive deal, creating an even more powerful cash generating business. In the process, the company increased its appeal to British American Tobacco plc (“BAT”), its largest owner with 42% of outstanding shares, as a must-own asset to fully capture opportunities in the U.S. and benefit from Reynolds’s product innovations. Our belief that BAT (BAT) would eventually bid for the rest of the shares came to fruition last October, resulting in a surge in the value of Reynolds, the Fund’s largest holding. With an improved deal price and structure more favorable to shareholders, Reynolds agreed to the takeover in January of 2017 (closing is expected by the Adviser to occur in the third quarter of 2017). As shareholders of BAT, another top holding of the Fund, we hope to continue to collect the steady amounts of cash returned by More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters' Wintergreen Fund 4th Quarter Letter to Shareholders Winters discusses investing and holdings David Winters - David Winters' Wintergreen Fund 4th Quarter Letter To Shareholders
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Lotte Confectionery Has Been Growing With Sales South Korean candy manufacturer is expanding into emerging markets Wintergreen Fund,David Winters - Lotte Confectionery Has Been Growing With Sales
Lotte Confectionery (XKRX:004990) is a South Korean candy and food company. Sales and earnings have grown for a long time, and the stock is reasonably priced. Wintergreen Fund (Trades, Portfolio) recently bought shares. More...

CANDY, KOREA


  • Currently 3.00/5

Rating: 3.0/5 (3 votes)

David Winters Buys Israeli Defense Company One of the largest weapons makers in Israel David Winters - David Winters Buys Israeli Defense Company
Israel’s largest publicly traded arms and defense company, Elbit Systems Ltd. (XTAE:ESLT), singularly caught the eye of a manager who focuses on fundamental research but who has also tangled with public companies’ boards of late, David Winters (Trades, Portfolio). More...

  • Currently 4.00/5

Rating: 4.0/5 (3 votes)

23 Questions With Mike Onghai 'There is a big difference between a favorite company and a good stock' Warren Buffett,David Winters - 23 Questions With Mike Onghai
1. How and why did you get started investing? More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters Comments on British American Tobacco Guru stock highlight
British American Tobacco plc (“BAT”) (BTI) was one of the Fund’s first investments in 2005. The position has grown to become the Fund’s second largest stock holding, behind Reynolds American Inc. All along the way, BAT’s very capable management team has driven the operating margin up from the high 20s to mid-30s, doubled free cash flows to well over GBPii 3 billion per year, and raised the dividend by a 12% compounded annual growth rate. Shareholders of BAT have been rewarded nicely with an 18% average annual return since October 2005. BAT remains an important core holding for the Fund because it has historically been a dependable cash generator, particularly during times of uncertainty, the most prominent of which is presently unfolding in its home country. “Brexit” was a surprise to many and it is likely that in the U.K. business world there will be many winners and losers as a result of it. An immediate visible impact was the fall in the value of the pound sterling in June 2016, which could be net beneficial to BAT’s bottom line, as the company More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Birchcliff Energy Ltd. Guru stock highlight
Wintergreen Advisers believes the mark of good management in the commodity sector is a steady hand to steer the company through cycles. In Birchcliff Energy Ltd.’s (“Birchcliff”) (BIR) management, we think you have exactly that. Whereas other oil and gas drillers in North America have become unprofitable or even bankrupt due to excessive debt in the recent global downturn in the oil and gas market, Birchcliff has sustained operations in the black on a cash basis, with controlled levels of debt. Credit goes to the leaders of the company who have reduced operating costs per boe (barrel of oil equivalent) to record lows this year. This combination of profitability and balance sheet strength enabled Birchcliff to take advantage of a competitor’s need to sell assets in order to decrease its own dangerous debt burden. At the end of July, Birchcliff acquired a large tract of petroleum and natural gas properties in the Gordondale area of Alberta, Canada. The strategic rationale of the investment in these fields seems readily apparent, as the properties lie between More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Wintergreen Fund Semi-Annual Report Review of holdings and fund performance David Winters - David Winters Wintergreen Fund Semi-Annual Report
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters Sells Coca-Cola in 2nd Quarter Guru trims holdings in Reynolds American and Baker Hughes David Winters,Warren Buffett,Pioneer Investments,J - David Winters Sells Coca-Cola In 2nd Quarter
David Winters (Trades, Portfolio) of Wintergreen Advisors extended three ongoing investment trends in the second quarter, divesting a stock that had been reduced gradually for more than a year and trimming two others that had been reduced since at least the start of this year. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Wintergreen Fund Dissolves 2 Holdings in 2nd Quarter Fund sells Sun Hung Kai, Coca-Cola Wintergreen Fund,David Winters - Wintergreen Fund Dissolves 2 Holdings In 2nd Quarter
In the second quarter, the Wintergreen Fund (Trades, Portfolio) sold out of two holdings. They are Sun Hung Kai Properties Ltd. (HKSE:0016) and Coca-Cola Co. (NYSE:KO). More...

WINTERGREEN, SALES, SECOND QUARTER


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David Winters Sells Stake in Canadian Natural Resources Guru reduces positions in tobacco companies in 1st quarter David Winters - David Winters Sells Stake In Canadian Natural Resources
David Winters (Trades, Portfolio)' top eight transactions in the first quarter were partial or complete sales of stakes in his portfolio. He made only one new purchase in the quarter, and his two largest reductions were in tobacco stocks. More...

  • Currently 5.00/5

Rating: 5.0/5 (2 votes)

Global Investor David Winters Purchases 3 New Stocks Winters said he watched for prices to come down on his wishlist David Winters - Global Investor David Winters Purchases 3 New Stocks
David Winters (Trades, Portfolio) manages the Wintergreen Fund (Trades, Portfolio), a long-term, global value firm that oversees $636 million. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

David Winters Comments on Consolidated-Tomoka Land Co. Guru stock highlight
With roots that go back to the early 1900’s, Consolidated-Tomoka Land Co. (CTO) (NYSE: CTO, “CTO”) is a land company in Volusia County, Florida, that was formed as the remains of a liquidating trust from Baker, Fentress & Co. In 2006, when Wintergreen first invested in CTO, it was and still is a company with approximately 10,500 acres of largely undeveloped land near the famous Daytona International Speedway and Interstate 95, a primary north-south highway. Although CTO has sold off some acreage over the years, and it has improved the quality of its income property portfolio, in our opinion, CTO has largely not taken advantage of or participated in rising land values during the ongoing real estate recovery. We believe CTO’s stock price is significantly undervalued, and the increase in stock price over the years generally tracks the increase in value of the real estate market. Since initiating a position, Wintergreen has encouraged meaningful changes at CTO including the replacement of what we viewed as a flawed management team and the implementation More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters Comments on Reynolds Guru stock highlight
Reynolds (NYSE:RAI) has been a core Wintergreen investment for many years. The Reynolds management team utilizes a value formula that consists of wielding pricing power, generating substantial free cash flows, and returning much of that cash through raising dividends and share repurchases. The company acquired the Newport brand via the takeover of Lorillard during 2015, and traded away lower-return assets, for an attractive price. Reynolds’ market share of the U.S. cigarette market has increased from around 25% to 33% with the addition of Newport as of December 31, 2015. According to Reynolds’ management, the deal is accretive on an earnings per share basis in the first 12 months and will have “strong double-digit accretion second year and beyond.” Reynolds may execute a rapid pay-down of debt after the Lorillard deal, which will increase the prospects of accelerating stock buybacks. With our investment in British American Tobacco plc (LSE: BATS, “BAT”), the largest shareholder in Reynolds with ownership of 42% of Reynolds outstanding shares, we should further benefit from the ongoing success of Reynolds. Since BAT has acquired affiliates of More...

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Rating: 0.0/5 (0 votes)

David Winters Comments on Sika AG Guru stock highlight
Every now and then, controlling shareholders of an excellent business foolishly attempt to enrich themselves at the expense of minority shareholders. At the close of 2014, the Burkard family announced its intention to sell its controlling stake of Sika AG (XSWX:SIK)(SIX: SIK) of Switzerland to a French competitor, Cie de Saint-Gobain, which has long coveted this prize of a company. The problem in this proposed deal is that the Burkard family, which conducted negotiations away from Sika’s Board of Directors, would receive a premium in the sale and all other shareholders would not. Now held up in the judicial process due to strong and swift legal action taken by Sika’s Board of Directors, and backed by key minority shareholders, we think this brazen attempt to deprive shareholders of Sika’s full and fair value will fail. Shares of this little-known gem of a company—a maker of high value-added construction materials to satisfy growing demand for stronger, lighter, and more energy- efficient building and automobile structures – have been knocked down More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

David Winters' Wintergreen Fund 2016 Annual Letter Winters discusses top holdings and value investing values David Winters - David Winters' Wintergreen Fund 2016 Annual Letter
Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder, More...

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David Winters Sells Stake in Franklin Resources Guru reduces holdings in Coca-Cola, both of Alphabet's components and tobacco companies David Winters - David Winters Sells Stake In Franklin Resources
Most of David Winters (Trades, Portfolio)’ fourth-quarter activitiy involved reductions of existing stakes, but the guru did sell a stake in his portfolio, and it turned out to be his most noteworthy trade of the quarter. More...

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Altria, Cigna, Philip Morris Are Outperforming the S&P 500 Guru stocks with high returns Tom Russo, David Winters, Larry Robbins, Warren Bu - Altria, Cigna, Philip Morris Are Outperforming The S&P 500
The following are some of the stocks that outperformed the S&P 500 Index over the last 12 months and have been bought by gurus during the last quarter. More...

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