David Winters

David Winters

Last Update: 05-15-2015
Related: Wintergreen Fund

Number of Stocks: 12
Number of New Stocks: 1

Total Value: $606 Mil
Q/Q Turnover: 2%

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

David Winters Watch

  • David Winters On Wealthtrack

    David Winters, founder of Wintergreen Fund (Trades, Portfolio), recently did a interview with Wealthtrack. Mr. Winters sounded the alarmed on index funds and the risk investors are taking by investing in index funds. He discusses the widespread mania in index funds which have become a huge bubble that will burst eventually. Mr. Winters said that investors have the illusion of safety since there is a lack of diversification. Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), and Intel (NASDAQ:INTC) made up 20% of the S&P 500 total return in 2014. He said companies like Apple are a crowded trade and no one is doing fundamental analysis. Mr. Winters said that there are lots of bargins out there that no one wants since retail and institutional investors are all investing in the same trending companies. After discussing his views on index investing, he went on to lay out an investment opportunity. The first company he talked about was railroad company CSX Corporation (NYSE:CSX).


    Interview With Wealthtrack

      


  • Will Bill Ackman Go After Express Scripts Next?

    Bill Ackman (Trades, Portfolio) of Pershing Square, the second most well known activist investor only after Carl Icahn (Trades, Portfolio), just raised more money by issuing a billion worth of bonds. The NY Post reported that according to a source on an investor's call: Ackman plans to use the debt proceeds to help his $20 billion fund take on a big target. Ackman gets his fair share of headlines, and his targets usually quickly get bumped up a few notches. That makes it both fun and potentially profitable to speculate on his next target. With his fund getting bigger and bigger targets are becoming scarce which helps.


    To try and deduce what company Pershing Square will target, the first thing I did was set up a screen that excludes companies based on Ackman’s likely preferences. My screen excluded companies below $50 billion because he is going after a big target. It also excluded various industries like retail, energy and basic materials that I think he is unlikely to invest in right now based on his historic preferences and public comments he made. In addition I only included companies with a multiyear stable operating cash flow record and finally also excluded companies that analysts are extremely optimistic about because these are not logical targets for an activist. Finally, I expect Ackman will not invest outside the U.S. because of the additional legal issues and because of all the additional travel he and his team would need to do which could hurt the overall portfolio.

      


  • David Winters Sells Two-Thirds of Stake in Coca-Cola

    Wintergreen Fund (Trades, Portfolio) manager David Winters (Trades, Portfolio) is a deep value investor. Like many investors, Wintergreen struggled in 2014 – not as much as some, though, with a -1.68% return for the year – but it returned nearly 17% in 2013. Winters doesn’t make many transactions in a given quarter – his nine transactions in the first quarter of 2015 were the most he has made since the fourth quarter of 2013 – but they tend to be noteworthy.


    Most of Winters’ first-quarter activity involved selling all or part of stakes in his portfolio. He added only one – CSX Corp (NYSE:CSX), a Jacksonville, Florida-based railroad transportation company – to his portfolio. Winters paid an average price of $34.5 per share for a 292,455-share stake. The purchase had a 1.6% impact on his portfolio.

      


  • David Winters' stocks trading at Low P/E

    Established in 2005, Wintergreen is an independent global money manager. Its manager is David J. Winters, follows a global approach to investing that combines the following key elements: Activism and Arbitrage, Cash and Convertibles, Financings. All client assets are managed on a discretionary basis.


    The following are the stocks of David Winters (Trades, Portfolio)’ portfolio trading with the lowest P/E

      


  • David Winters' Highest-Growing Stocks

    Established in 2005, Wintergreen is an independent global money manager. The manager is David J. Winters, who follows a global approach to investing that combines the following key elements: Activism and Arbitrage, Cash and Convertibles, Financings. All client assets are managed on a discretionary basis. Winter’s portfolio is composed of 12 stocks and the total value is $606 million with 2% Q/Q turnover.


    These are the stocks with highest-growing EBITDA.

      


  • David Winters' Most Heavily Weighted Trades In Q1 2015

    David Winters (Trades, Portfolio) is the manager of Wintergreen Fund (Trades, Portfolio), and the former chief executive officer and chief investment officer of Franklin Mutual Advisers.


    His portfolio is composed of 12 stocks, one of which was new to the portfolio in Q1. The total value of the portfolio is $606 million with a 2% Q/Q turnover.

      


  • David Winters Initiates Position in CSX Corporation

    David Winters (Trades, Portfolio) is the founder of Wintergreen Fund (Trades, Portfolio) which began in October 2005. Before founding his own fund, he was chief executive officer and chief investment officer of Franklin Mutual Advisers. 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. Last quarter he initiated a position in CSX Corporation (NYSE:CSX) by buying 292,455 shares of the company.


    CSX Corporation is one of the nation's leading transportation companies. The company provides rail-based transportation services including traditional rail service and the transport of intermodal containers and trailers. CSX’s principal operating subsidiary, CSX Transportation, Inc., provides an important link to the transportation supply chain through its approximately 21,000 route mile rail network, which serves major population centers in 23 states east of the Mississippi River, the District of Columbia and the Canadian provinces of Ontario and Quebec. It has access to over 70 ocean, river and lake port terminals along the Atlantic and Gulf Coasts, the Mississippi River, the Great Lakes and the St. Lawrence Seaway. The Company’s intermodal business links customers to railroads via trucks and terminals.

      


  • David Winters - Index Investing Puts Americans’ Retirement Savings in Peril

    Wintergreen cites position concentration and passive stance on executive pay

      


  • David Winters' First Quarter Commentary - Thinking and Voting Like an Owner

    With another seemingly endless winter in our rearview mirror, we begin the annual spring rituals of digging our warm-weather clothes out of the closet and delving into annual reports and proxy statements. Arriving by the handful in each day’s mail, these reports provide unique insight into the inner workings of businesses, corporate boards, and their philosophy on everything from operations to compensation. For those who take the time to read them, proxy statements and annual reports can be fascinating and informative documents. The ballot that accompanies each proxy statement provides the most direct feedback mechanism from shareholders to board members and management – depending on how shareholders cast their ballots, they can send a message of approval, or can demand change at the top.

      


  • Warren Buffett Calls Out Coca-Cola Activist Investor David Winters

    "I totally disagree with the idea of putting somebody on the board who has an option on some other people's stock which is only good for two years, it's just not the way to run a business," he added."


    That was the response of Warren Buffett (Trades, Portfolio) when asked about GM and the activist investors pushing for Board representation and a share buyback.

      


  • Wintergreen's David Winters Calls Coca-Cola "Shockingly Unethical"

    In the podcast below the conversation with David Winters (Trades, Portfolio) starts at the 8:30 mark.


    Winters reflects on when he decided to call out the Coca-Cola (NYSE:KO) board on its compensation policies. It was when he was reading the annual information form and he came across the most outrageous proposed compensation he had ever seen.

      


  • Wintergreen Fund Buys 4 New International Stocks

    David Winters (Trades, Portfolio) formed Wintergreen Advisers in 2005, whose Wintergreen Fund (Trades, Portfolio) now manages $1.5 billion in assets.


    The fund follows a global approach to investing that combines strategies such as activism and arbitrage, investing in distressed companies or those at risk of bankruptcy, and hedging.

      


  • David Winters Purchases 4 International Stocks in Q4

    David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) is a global value fund that invests anywhere in the world in almost any asset class. In the fourth quarter, he bought four new stocks from three different countries. His portfolio, valued at $1.3 billion, contains 34 stock holdings. The investor has also garnered much attention recently for striking out at the management of Coca-Cola (NYSE:KO), of which he has a large holding.


    In his annual shareholder letter, Winters explained his portfolio positioning and desired stock criteria:

      


  • David Winter's Wintergreen Fund Annual Letter 2014

    New York – (BUSINESS WIRE) – Wintergreen Fund (Trades, Portfolio), Inc. today released its 2014 Annual Report. The shareholder letter appears below and is also available at http://www.wintergreenfund.com.

    Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder,   


  • David Winters' Q4 Commentary - Sizing Up Oil Prices, Volatility, and Opportunity

    The decline in oil prices took center stage in the fourth quarter, igniting a debate on its impact that will likely linger well into the New Year. The issue looms large because carbon fuels are – and will likely remain for a very long time – the lifeblood of economic activity. Every corner of the global economy feels the tremors, positive and negative, from sliding oil prices.


    From the perspective of decades of following energy markets as investors, we see more opportunity than peril. There is little doubt that significant forces are reshaping the global energy market. Gaining clout are the government-owned producers, in some cases desperate for dollars from oil sales to prop up their economies and domestic budgets. These state-owned oil companies, almost exclusively located in politically unstable countries, often fail to reinvest adequately in their oil fields, endangering future supply sources. Private energy companies find themselves locked out of these countries and their massive reserves, or required to abide by onerous financial and operational terms in order to operate in these countries.

      


  • Coca-Cola Board Member Barry Diller Calls David Winters "Just Another Blowhard"

    David Winters (Trades, Portfolio) of the Wintergreen Fund (Trades, Portfolio) has received a huge amount of publicity for his attack on the new compensation plan at Coca-Cola (NYSE:KO).


    Barry Diller thinks Winters is using terrible math in his numbers.

      


  • David Winters Coca-Cola's Fuzzy Math



  • Weekly Guru Bargains Highlights: CNQ, PBR, BHP, SLB, DVN

    According to GuruFocus updates, these stocks have declined the most since Gurus have bought.


    Canadian Natural Resources Ltd (NYSE:CNQ): Down 26% Since George Soros (Trades, Portfolio) bought in the quarter ended on 2014-09-30

      


  • David Winters Purchases 3 New Stocks in Q3

    David Winters (Trades, Portfolio)’ Wintergreen Fund (Trades, Portfolio) holds 33 stocks, three of which were reported new in the third quarter. The fund’s portfolio has a value of $1.3 billion and has allocated the greatest amount of its funds into consumer defensive stocks at 33.2%, followed by consumer cyclical stocks at 31.8% of the total portfolio.


    In his third quarter letter, Winters highlighted some of the key principles of the fund:

      


  • David Winters Reduces Position in Google in Q3

    David Winters (Trades, Portfolio) formed Wintergreen Advisors in 2005 and has been the portfolio manager of the Wintergreen Fund (Trades, Portfolio) since then. In the third quarter, the fund held 13 stocks with a total value of $772 million.


    The fund places 43.5% of its assets in consumer defensive stocks, followed by 21.4% in financial companies. In an interview with Barron’s in July, Winters said consumers are something the firm understands. A long-term result of wealth growth around the world is that consumers want more products.

      


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