David Winters

David Winters

Last Update: 11-13-2015
Related: Wintergreen Fund

Number of Stocks: 12
Number of New Stocks: 1

Total Value: $486 Mil
Q/Q Turnover: 12%

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

David Winters Watch

  • David Winters: Navigating Turbulent Markets

    While the press headlines would generally lead investors to believe that the world is on the verge of ending, at Wintergreen we believe that these are times of opportunity. Our confidence comes from truly understanding the businesses that we own. Our portfolio is comprised of high quality securities that in most cases have very little borrowing, and most with exceptional management teams that are working for all long-term shareholders.


  • David Winters' Firm Accuses Consolidated-Tomoka of Further Disclosure Failings

    New York, NY – (Business Wire) ‐ Wintergreen Advisers, LLC (“Wintergreen”) sent the following letter to the board of Directors of Consolidated‐Tomoka Land Co. (CTO)(NYSE: CTO, “CTO”) to draw attention to what Wintergreen believes are continuing failures by CTO to make full disclosures to its shareholders about the financial condition of the company.

    The Wintergreen letter notes that CTO’s recent announcement of a new share repurchase program fails to mention that the company’s share count has increased since John Albright was named CEO in August 2011, depriving shareholders of the benefits typically associated with share repurchases. In fact, we believe CTO’s share repurchases are being used to make stock grants to management instead of reducing CTO’s share count and increasing each shareholder’s equity in the company. Indeed, Mr. Albright has been granted options for 314,000 shares of CTO stock, which represent over 5% of the company’s outstanding shares, since he was hired in 2011.


  • David Winters Sends Aggressive Letter to Tomoka Land's Board

    David Winters (Trades, Portfolio) of Wintergreen Advisors just sent a letter to the directors of Consolidated-Tomoka Land Company (CTO) that is extremely hostile towards management.

    CTO is a $300 million market-cap real estate company that owns and manages commercial real estate properties and owns a whole bunch of land. Mountain Lakes, New Jersey-based Wintergreen Advisers LLC owns 26% of Consolidated-Tomoka's shares and has been pushing the board to "maximize shareholder value" for a while, their preferred options being an outright sale of the company or a liquidation of its assets.


  • Wintergreen Fund Trims Stakes in 5 Companies in 3rd Quarter

    As it nears the end of its first decade of existence, Wintergreen Fund (Trades, Portfolio) had transactions in only nine companies in the third quarter – three in the U.S., three in Switzerland and one each in Malaysia, Canada and Hong Kong. That is the Fund's fewest quarterly transactions since the second quarter of 2014.

    Wintergreen Fund (Trades, Portfolio)’s most significant transaction in the quarter was its sale of nearly 19% of its eighth-most valuable stake, Franklin Resources Inc. (NYSE:BEN), a San Mateo, California-based financial services company.


  • Wintergreen Advisers Urges Consolidated‐Tomoka Land Co. to Take Steps to Maximize Shareholder Value

    New York, NY – (Business Wire) ‐ Wintergreen Advisers, LLC (“Wintergreen”), today announced that it has submitted a shareholder proposal to Consolidated‐Tomoka Land Company (CTO)(NYSE: CTO, “CTO”) recommending that the Board of Directors of CTO retain an independent financial adviser to evaluate ways to maximize shareholder value through the sale of the company or the liquidation of its assets.


  • David Winters' Wintergreen Fund Semiannual Report 2015

    Dear Fellow Wintergreen Fund (Trades, Portfolio) Shareholder,

    As we look forward to the second half of 2015, we have been very encouraged by recent news and results. While we try not to emphasize or focus on short-term news flow, it is encouraging to see that a substantial portion of the Wintergreen Fund (Trades, Portfolio) Inc.’s (the “Fund” or “Wintergreen”) holdings have reported favorable trends or positive news — including core long-term Fund holdings in Swatch Group AG (XSWX:UHRN) (“Swatch”), Altria Group Inc. (NYSE:MO), Reynolds American Inc. (NYSE:RAI) and Google Inc. (NASDAQ:GOOGL).


  • David Winters' Q2 Commentary - Global Value Investing in a Continually Changing World

    Investors and long-term observers of Wintergreen Fund (Trades, Portfolio) know that we remain disciplined when applying our investment criteria:

    First, a business that has good or improving economics, and often generates sales and profits in multiple currencies and jurisdictions;  

  • 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 (NASDAQ: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 (NASDAQ: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 (NASDAQ: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:


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