Last Update: 12-31-1969

Number of Stocks:
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Total Value: $0 Mil
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Countries: USA
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  • FPA Capital Fund Comments on Helmerich & Payne Inc and Ensco PLC

    During the first quarter of 2015, we swapped our position in Ensco (“ESV”) for Helmerich and Payne (HP) (“H&P”) because we believe they offered similar upside but H&P has less downside risk. H&P is the country’s biggest and most profitable onshore drilling contractor. At the time of our decision, H&P’s dividend yield was smaller (4.55% vs 10.37%) but it was still substantial and more secure than ESV’s dividend. Since our swap, Ensco cut its dividend exactly 80% (as of the end of the first quarter H&P yielded 4.04% vs 2.85% for ESV). We agree with ESV’s decision to cut its dividend. The market was not valuing the company based on this large dividend and there might be better ways to use those funds today such as buying back shares or purchasing distressed assets on the cheap.

    H&P’s balance sheet is significantly stronger with a net cash position vs. a net debt position for ESV. We also like the supply/demand dynamics in H&P’s market. There were ~1,370 rigs drilling horizontal wells before the OPEC meeting, but only ~800 were highly-efficient AC16-drive rigs (as opposed to diesel-powered mechanical17 rigs or slightly more advanced SCR18 rigs). In other words, the total market opportunity for AC rigs was bigger than the current number of AC rigs from all suppliers. Another positive in H&P’s favor is that shale producers are migrating down the cost curve more quickly than other types of producers.


  • Paul Tudor Jones Adds to His United Technologies Position

    Paul Tudor Jones (Trades, Portfolio) is the president and founder of Tudor Investment Corporation. He is one of the most successful investors of current times. Last quarter, he increased his stake in United Technologies (UTX) by buying 33,053 shares. As of March 31, 2015, he was holding 50,635 shares of the company.


  • First Eagle Overseas Fund Q1 2015 Commentary

    Market Overview

    In the first quarter of 2015, the MSCI EAFE index rose 4.88%, while in Japan the Nikkei 225 index increased 10.04%, and in Europe, the German DAX and the French CAC 40 indices rose 4.56% and 7.99%, respectively. Crude oil fell 10.64% to $47.60 a barrel, and the price of gold declined -0.07% to $1,183.68 an ounce by quarter-end. The U.S. dollar rose 0.03% against the yen and 12.70% against the euro.


  • Lee Ainslie's undervalued stocks with growing earnings

    Lee Ainslie (Trades, Portfolio) is founder and CEO of Dallas based Maverick Capital. He started Maverick Capital back in 1993 with $38 million. During the last quarter he bought 90 new stocks reaching a total of 119 stock and a total value of $6,214 Mil.

    According to the overall rank of GuruFocus All-In-One Screeners, Allstate Corp (ALL), AmTrust Financial Services Inc (AFSI) and Alleghany Corp (Y) are the most undervalued companies with the most growing EPS during the last 5 years   

  • Brian Rogers Significantly Increases His Stake in Flowserve

    Brian Rogers (Trades, Portfolio) has been the portfolio manager of T. Rowe Price Equity Income Fund since its inception in 1985. Brian Rogers (Trades, Portfolio) has a conservative, value-oriented way to pursue substantial dividend income and long-term capital growth potential. He invests in common stocks of established firms that are expected to pay above-average dividends and appear to be out of favor or undervalued.

    Last quarter he significantly increased his stake in Flowserve Corporation (FLS) buying 1.75 million shares. As of March 31, 2015, he was holding 2 million shares of the company. The following chart shows his holding history in the company.  

  • First Eagle Global Fund Q1 2015 Commentary

    Market Overview

    In the first quarter of 2015, the MSCI World index rose 2.31% while in the U.S. the S&P 500 index increased 0.95% and in Japan the Nikkei 225 index increased 10.04%. In Europe, the German DAX and the French CAC 40 indices rose 4.56% and 7.99%, respectively. Crude oil fell 10.64% to $47.60 a barrel, and the price of gold declined -0.07% to $1,183.68 an ounce by quarter-end. The U.S. dollar rose 0.03% against the yen and 12.70% against the euro.


  • Joel Greenblatt Increases His Position in Xerox

    Joel Greenblatt (Trades, Portfolio) is founder and managing partner of Gotham Asset Management, LLC. He is also an adjunct professor with Columbia Business School.

    Greenblatt tries to find cheap and good companies. He looks for value with a catalyst. Greenblatt likes special situations and thinks that they are simply different places to find cheap stocks. In his own hedge fund, Greenblatt uses the basic principles in the Magic Formula: Look for high ROC and high earnings yield. He tries to figure out what "normalized earnings" will be 3-4 years into the future. Greenblatt makes sure the stock is very cheap based on normalized earnings.


  • The Fresh Market: Invest In This Grocer for Long-Term Gains

    The Fresh Market (TFM) is reaping the benefits of its investment targeted to grow its store base and customer traffics. Looking forward, the company expects to gain from its strength in its business model that focuses on eying execution, unique combination of its quality products, high-touch customer service and appealing shopping experience.

    Organic Food market looks promising….


  • Encana's Operational Improvements Will Lead to a Rebound

    Encana (ECA) has quickly resized its organizational structure by optimizing its workforce by approximately 25% and gained nearly $150 million of sustainable capital, administrative and operating expenditure savings.

    Making smart moves


  • This Real Estate Company Is Set for More Upside

    Ryland Group (RYL) closed the fiscal year 2014 on a positive notes. Significant growth in new community openings, Better unit closings and accelerated average selling price for homes during the fourth-quarter increased its revenue by 25% over the same period in 2013. Its gross profit margins improved by 40 bps leading to 210 bps growth in homebuilding pre-tax margins. These improving trends suggest better growth momentum for Ryland Group in 2015.

    Why the company will improve


  • Range Resources' Bright Prospects Make It a Good Buy in a Difficult Oil Environment

    Range Resources (RRC) released impressive results for the first quarter of fiscal 2015. The company posted good numbers on revenue and earnings beating analysts’ estimates. This mainly came in due to slight improvement in the natural gas market. With this growth, Range Resources continues to see impressive drilling results with lower cost and improved capital efficiency. Besides this, there are other bright spots that Range Resources is seeing, which we will see below. However, the company might face crisp margins due to lower price and termination costs. Let us have a detailed look at the overall market.

    A closer look at the results and the prospects


  • Occidental Petroleum: This Oil Stock Could Be a Good Buy

    Occidental Petroleum (OXY) posted mixed results in the recently reported first quarter. The overall performance was quite satisfactory as its earnings came in line with the consensus estimates. However, it failed to impress investors with its revenue. On the other hand, it has been a solid production quarter for Occidental, with its production rising by 13%.

    The way ahead


  • NovaGold Resources: An Impressive Gold Stock That Investors Should Not Ignore

    NovaGold Resources (NG) is still growing, and looking at its past performance, it can be said that it has much steam for growth in future. Despite a topsy turvy commodity market, NovaGold impressed investors with its solid gold and copper production. It has a number of bright spots, which can act as solid growth drivers for it in future, and, the investors are having an eye on them. It is because of this, the stock has always performed decently on the exchange. It is mainly counting on two of its assets, namely, Donlin Gold project and Galore Creek which are in good shape. The company is putting efforts to enhance performance on these assets to become one of the largest gold producer in the gold industry. Let us have a closer look.

    Assets to power growth


  • WWE's Pullback Provides an Opportunity for Long-Term Investors

    World Wrestling Entertainment (WWE) is an American company that deals primarily in professional wrestling, with major revenue sources also coming from film, music, product licensing and direct product sales. Although the company has multiple revenue streams, it has been struggling in 2015. The stock is down 15% YTD, however I think opportunistic investors should use this pullback as an entry point. The company’s latest quarterly report indicate that the company has better things to offer.

    For the 1st quarter FY15, World Wrestling Entertainment reported earnings per share of $0.13, beating the analyst estimate of $0.02 by a large difference of $0.11. Revenue for the quarter was $176.2 million, up $4.75 million than consensus estimate of $171.45 million.


  • Urban Outfitters Is A Buy On The Dip

    Urban Outfitters’ (URBN) lower-than-expected first-quarter fiscal 2016 results came in as a shock for investors and what followed was a knee jerk reaction. The stock tanked by 16.4% in the after-market trading session, and currently it is trading around 15% lower compared to before the results. Having said that, does this massive decline offer an opportunity to open a position? Let’s take a look.

    First-quarter recap


  • Why you Should Buy This Apple Supplier

    Qorvo (QRVO) is an American semiconductor company that designs, manufactures, and supplies radio frequency systems and solutions for applications that drive wireless and broadband communications, as well as foundry services. The company has profited from Apple’s (AAPL) iPhone 6 and has many booming opportunities going-forward. The company has recorded consistent double-digit growth over the past few quarters and this trend in expected to continue.

    In Q4 FY15, Qorvo reported earnings per share of $1.11, $0.24 enhanced than the analyst estimate of $0.87. The company stated revenue of $634.9 million versus the consensus estimate of $623.4 million. Mobile was the main driver of growth, up 61% to $493 million. IDP stated revenue of $140 million, up 10% from the previous year’s same quarter.


  • Analyst Says GlaxoSmithKline Acquisition Will Benefit Pfizer

    In a recent research note titled “Introducing PfizerKline” Deutsche Bank analyst Gregg Gilbert made a case for Pfizer (PFE) acquiring GlaxoSmithKline (GSK). According to the analyst, this acquisition will be “materially accretive” for Pfizer. It will also allow Pfizer to “unlock access to its balance sheet and improve its tax situation.” Pfizer's current tax rate is materially higher than its peers; and acquisition of GlaxoSmithKline, which is based in UK, can help it achieve tax inversion. Current low interest rate environment is also conducive for such a transaction.

    In addition to GlaxoSmithKline, analysts have come up with various other names including AstraZeneca, Shire Plc. and Mylan NV as potential acquisition target. Pfizer’s organic growth is slowing and it is natural for Pfizer to look for inorganic growth routes. Any big acquisition can act as a meaningful catalyst for the stock which has remained rangebound over the last two years.


  • Charles Brandes' Q1 2015 Commentary - Seeking Pockets of Value in Divergent Markets

  • Mairs & Power Growth Fund Comments on Target

    On the other hand, last year the market thought the retail giant Target (TGT) could do nothing right while this year it can do nothing wrong (we disagree with both views). With all of its sales in the U.S., the company sources much of its merchandise overseas so the strong dollar boosts its buying power and margins. In addition, the company’s customers have benefited from lower gasoline prices. As a result, Target’s stock is hitting all-time highs. We view the stock as generously valued currently and have been using it as a source of funds to add to our positions elsewhere.

    From Bill Frels (Trades, Portfolio)’ Mairs & Power Growth Fund Q1 2015 Commentary.  

  • Mairs & Power Growth Fund Comments on Graco Inc

    With 53% of its sales overseas and all of its costs in dollars, at year end Graco (GGG) told investors the stronger dollar will present a headwind in its ability to grow earnings in 2015. We like the company. It holds a leading market position as an industrial supplier of pumps and coating equipment. It has an experienced and focused management team with a clear, positive and executable strategy. We view the stock as cheap so we are using the current weakness to add to our position.

    From Bill Frels (Trades, Portfolio)’ Mairs & Power Growth Fund Q1 2015 Commentary.  

  • Why WhiteWave Foods has more Upside to Offer

    The WhiteWave Foods Company (WWAV) is a consumer packaged food and beverage company that manufactures, markets, distributes, and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce throughout North America and Europe. The company has been on a good run as the stock has moved over 55% in last 12 months. The stocks may look costly, it still warrants a buy as the company’s future look bright.

    In Q1 FY15, WhiteWave Foods reported earnings per share of $0.22, in line with analyst estimate of $0.22. The company stated revenue of $911 million, miss by $0.1 million compared to consensus estimate of $911.1 million. Revenue was mainly driven by continued growth in company’s Americas and Europe foods and beverages segments.


  • Mairs & Power Growth Fund Q1 2015 Commentary

    While we’ve only finished one quarter, 2015 is shaping up to be the year of the dollar, which has risen more rapidly against major foreign currencies than any time in the last 40 years. The dollar’s rapid rise and enduring strength have created significant changes in the outlook for earnings and the economy. This dynamic particularly hurts U.S. companies that do most or all of their manufacturing domestically and have a strong component of overseas sales. These companies, reporting their earnings in dollars, cannot fully offset weaker local currencies with pricing moves. As a result, many companies have reduced their outlook for earnings in 2015. Market expectations have adjusted accordingly, with earnings growth expected at just over 1% for 2015 with year-over-year declines in the first two quarters. Slow growth, along with valuations near a ten-year high, increase the likelihood of a stock market correction.

    The drop in energy and commodity prices worldwide continues to present a headwind for many companies, particularly in sectors such as industrial manufacturing, mining and agriculture. In addition, weather related factors and a labor shutdown of ports along the west coast combined to hold the first quarter back somewhat, giving a slow start to the year. We saw an illustration of this when industrial supplier Fastenal (held in the Mairs & Power Growth Fund) reported slowing sales beginning in January. Because of its broad exposure across multiple sectors, Fastenal is viewed as a “canary in the coal mine” in terms of the pace of the industrial economy.


  • What General Motors, Ford, and Volkswagen Are Doing to Spur Sales in China

    General Motors (GM) has had to slash prices of various models it sells in China to increase the sales volume in the Asian economy. Other automakers including Volkswagen (VLKAY), Ford (F) and BMW (BAMXF) have undertaken the same step to sustain profitability and support their operations in the world’s largest auto market.

    As far as General Motors is concerned, it has cut prices on 40 models. Prices cuts have been as high as 53,900 Yuan, which translates to around $8,700. What is General Motors’ strategy to spur demand in its lucrative international market? Let’s take a brief look at what the automaker and its competitors are doing to trigger healthy sales growth in China.


  • Mairs & Power Growth Fund Comments on Stratasys

    We are always on the lookout for good companies at compelling values. Sometimes that means we return to names we have held in the past. Stratasys (SSYS) is one such stock which was newly added to the Growth Fund in the quarter. The company is a market leader in the rapidly growing 3D printing/ additive manufacturing space, generating over 30% organic top-line growth annually and holding a dominant position at the high end of the market. We believe the company is just scratching the surface on a very large opportunity going forward.

    The stock once traded as high as 15 times its trailing twelve months revenue as investor euphoria followed a spate of positive news reports, allowing us to take profits in a good company but an overvalued stock. It has now dropped back below 4 times its trailing revenue, a more reasonable multiple. The retrenchment was due to two main factors. Hewlett Packard has said it intends to move into the 3D printing space, but we believe competitive concerns are overblown given Stratasys’s strong market position and momentum. In addition, the market reacted negatively to the company’s increased spending plans to add technical sales people which strengthens its vertical market presence and builds barriers to competition. While near term profits will be impacted, we see the company’s durable competitive advantage continuing to improve, offering a compelling investment in the space.


  • Mairs & Power Small Cap Fund Comments on Actuant

    In the first quarter the Fund added two new stocks to the portfolio, Actuant and Stratasys. Actuant (ATU) is a Milwaukee-based manufacturer of high end tools with a strong competitive position in tools such as hydraulic lifts and presses. Its end markets include the energy and agricultural sectors, so the company’s revenues have been under pressure driven by lower oil and commodity food prices in these cyclical businesses. As the stock price has pulled back significantly, it has created a very compelling investment opportunity due to the company’s strong cash flow generation.

    From Bill Frels (Trades, Portfolio)’ Mairs & Power Small Cap Fund Q1 2015 Commentary.  

  • Mairs & Power Small Cap Fund Comments on Gentherm

    The largest contributor to performance in the first quarter was Gentherm (THRM) which reported solid year-end results and provided a positive outlook for its core market; heating and cooling technology for automobile seats. Gentherm has been a consistent performer over the past few years as its products have become more of a standard offering as opposed to an upgrade and are now found on many mid-priced models as well as the high end segment. We continue to like Gentherm as the company broadens not only its heated/cooled products for the auto industry, but its pipeline for new products focused on other industries continues to advance and looks promising as well.

    From Bill Frels (Trades, Portfolio)’ Mairs & Power Small Cap Fund Q1 2015 Commentary.  

  • Mairs & Power Small Cap Fund Comments on Vasco Data Security

    Vasco Data Security (VDSI) has also been a strong performer for the Fund over the longer term, but in the first quarter was down. We believe the pullback was primarily due to profit taking following the stock’s phenomenal 2014 performance. While the U.S. financial industry has been slow to adopt anything other than rudimentary two-factor authentication when consumers log in to their bank and brokerage accounts (e.g. “What is your mother’s maiden name?”), multi-level authentication is widely utilized in other parts of the world where Vasco holds a leading share. Vasco’s security offering includes number code generators deployed with or without a card reader or PIN key pad. In addition, the company is now offering a system that uses a built-in camera and Quick Response (QR) codes generated on a consumer’s computer, tablet, or phone screen to increase security and simplify manual keypad entry. Longer term we remain very excited about the company’s position in online ID and transaction verification.

    From Bill Frels (Trades, Portfolio)’ Mairs & Power Small Cap Fund Q1 2015 Commentary.  

  • The TJX Companies Is A Pick In The Off-Price Retail Market

    The TJX Companies (TJX) is an off-price apparel and home fashions retailer operating in the U.S., Canada and Europe. The company posted a stellar first-quarter fiscal 2016 results, beating consensus estimates on top- and bottom-line. TJX may be one of the better retailers in the market, but does it still hold a buy sentiment among investors? Let’s take a look.

    Looking back


  • Mairs & Power Small Cap Fund Comments on Cray Inc

    We’ve discussed Cray (CRAY) in the past as having a very attractive opportunity in high performance computing as the company bolsters its offering just as its largest competitor, IBM, changes course. As the sales cycle is typically quite long for these high end systems, we expect orders to pick up in the second half of this year and into 2016 as IBM turns its Intel-based super computer business over to Lenovo. We are also watching Cray’s foray into big data with a couple of new products focused on that rapidly growing space. While the company’s fourth quarter financial release and conference call indicated only modest near term traction with both of these opportunities, longer term we believe these growth avenues for Cray remain intact.

    From Bill Frels (Trades, Portfolio)’ Mairs & Power Small Cap Fund Q1 2015 Commentary.


  • Mairs & Power Small Cap Fund Q1 2015 Commentary

    While we’ve only finished one quarter, 2015 is shaping up to be the year of the dollar, which has risen more rapidly against major foreign currencies than any time in the last 40 years. The dollar’s rapid rise and enduring strength have created significant changes in the outlook for earnings and the economy. This dynamic particularly hurts U.S. companies that do most or all of their manufacturing domestically and have a strong component of overseas sales. These companies, reporting their earnings in dollars, cannot fully offset weaker local currencies with pricing moves. As a result, many companies have reduced their outlook for earnings in 2015. Market expectations have adjusted accordingly, with earnings growth expected at just over 1% for 2015 with year-over-year declines in the first two quarters. Slow growth, along with valuations near a ten-year high, increase the likelihood of a stock market correction.

    The drop in energy and commodity prices worldwide continues to present a headwind for many companies, particularly in sectors such as industrial manufacturing, mining and agriculture. In addition, weather related factors and a labor shutdown of ports along the west coast combined to hold the first quarter back somewhat, giving a slow start to the year. We saw an illustration of this when industrial supplier Fastenal (held in the Mairs & Power Growth Fund) reported slowing sales beginning in January. Because of its broad exposure across multiple sectors, Fastenal is viewed as a “canary in the coal mine” in terms of the pace of the industrial economy.


  • Monsanto is a Good Buy, Even Without Syngenta Deal

    Monsanto (MON) is in news off late because of its bid to acquire swiss-based seed and farm chemical maker Syngenta AG. While Syngenta has rejected Monsanto’s initial bid, it is likely that Monsanto will sweeten its bid for the company. Both companies have annual revenue in the range of $15 billion. According to Monsanto, the combination of both the company’s will help realize significant synergy cost savings, enhance research and development, and offer farmers a more diverse range of products and services. If this deal goes through it will be a positive for both the companies. However, even without this deal, Monsanto’s stock looks undervalued and I believe it is a good buy. According to Gurufocus DCF calculator, the company’s stock is undervalued by 10%.


  • General Electric Lifts Its Synergy Expectations from Alstom Integration

    General Electric (GE) recently lifted its expectations of synergies from the integration of Alstom (ALSMY). The industrial conglomerate estimates to save $3 billion annually, up from its earlier expectation of $1.2 billion. It also reaffirmed that the combination would lead to an earnings accretion to the tune of $0.06-0.09 a share next year, and increase to $0.15-0.2 accretion by 2018. General Electric is presently awaiting the European regulators to give the Alstom deal a go-ahead.

    General Electric chief, Jeff Immelt, desires to speed up the process of disposing the company’s massive finance asset as targeted benefits from the acquisition of Alstom’s energy business has more than doubled. In April, the company had declared its plans to sell $200 billion worth of its financial arm, GE Capital, by 2017. But at the Electrical Products Group Investor Conference held on Wednesday, Immelt said the company now aims to mostly be done with the process by next year end. Here’s an update on the company’s plan.


  • First Pacific Advisors Purchase New Positions During 1QFY15

    First Pacific Advisors (Trades, Portfolio) added eight new positions to its portfolio during 1QFY15, according to GuruFocus Real Time Picks. The firm now owns stocks that have a total value of $12.02 billion and an 8% quarter over quarter turnover rate.

    33% of the firm's portfolio consist of stocks in the technology sector. The second largest sector is financial services, which makes up 18% of its portfolio and the third is healthcare, which is 13.2%.


  • Macy's Long-Term Growth Story Is Intact

    According to a report from Fitch Ratings:

    “Department stores are the most pressured category in domestic retail,” said Monica Aggarwal, Senior Director, Fitch Ratings.


  • Workday: Tech Stock That Can Provide Long-Term Growth

    The HCM (Human Capital Management) is anticipated to grow at a CAGR (Compound Annual Growth Rate) of 9.8% from 2014 to 2019. The market size of the HCM is anticipated to grow from $17.49 billion in 2014 to $17 billion by 2019. This market size has leveraged various Tech companies to influence its top and bottom line. Workday (WDAY) is one such company that eyes this mammoth market has been performing strong, much to the delight of its investor’s. Ever since the company went public back in Oct-2012, it has been delivering strong results.

    Strong quarter


  • Insiders keep on buying Macerich Co and Seattle Genetics

    The All-In-One Guru Screenercan be used to find out the most insider buys over the last week by clicking on the insiders tab and changing the settings for All Insider Buying “$5,000,000+” and Duration to "over the past 7 days."

    Trades by insiders of the past 7 days according to the above filters are about Macerich Co (MAC) and Seattle Genetics Inc (SGEN).


  • Masco: Upcoming Spin-off, Share Buy Backs to act as a catalyst for stock

    Last month FBR Capital analyst Alex Rygiel upgraded Masco (MAS) from Market Perform to Outperform with a price target of $35.00. In his research report, he wrote


  • Baozun Inc. Makes Its Debut On The NASDAQ

    The Chinese ecommerce services provider, Baozun Inc.(BZUN), backed by the Chinese ecommerce stalwart Alibaba (BABA) that holds almost one-fifth stake in the company, saw itself listed on the NASDAQ stock market on this Thursday. The company managed to raise around $110 million from this IPO, though the capital raised was much below expectations of the indicative range that was between $132-$154 million. Let’s take a sneak peek at what happened on May 21 when the IPO got listed on the NASDAQ.

    Why the IPO


  • Fuel Systems Solutions: A Good Bet to Profit From Alternative Fuels

    Fuel Systems Solutions (FSYS) failed to impress with a its poor first quarter results for fiscal 2015, clearly indicating the impact of continued challenges in automotive and industrial end markets, due to troll in the oil pricing, which has affected the demand. The poor performance in the first quarter disappointed many investors resulting in the loss of market share as well.

    The past stock performance for five years is also not so impressive, and, the trends in the market are indicating further drop in the market share in future. Fuel Systems has to look out for some ways to maintain profitability and hold a competitive edge in the market. It is in fact carrying out some impressive moves which are expected to help it in this in long run. Let us have a look.


  • F5 Networks: A Strong Product Range Makes This Stock a Good Bet

    F5 Networks' (FFIV) strong second quarter results for fiscal 2015 clearly indicate the happening growth in the technology industry. The company was impressive with good year over year growth in the revenue mainly due to the contribution from the rebound of total dollar deals greater than $1 million. However, F5’s sales growth in EMEA and APAC disappointed the investors with a marginal decline. The management thinks dollar fluctuation to be a key reason behind this decline. There are many other bright spots that F5 has pin pointed, and, is working to grow its performance in future. Let us have a closer look.

    The catalysts


  • Why Investors Should Be Cautious About Enerplus in the Short Run

    Enerplus (ERF) had a solid first quarter. Not on this, but the company has also maintained a solid production rate which enabled it to see a good 14% growth in the fund flow. But there is another side of the coin as well. Despite good performance in the recently reported quarter the company is continuously losing market share main due to falling oil prices. Due to this softness in the market the investors are conservative about their spending in such a market and even solid financial performance by the company failed to impress them.

    If we look at the five year share performance, the stock has been continuously falling and even now is trading close to its 52-week low. But the management thinks that it can overcome these headwinds and a strong balance sheet can help it gain market share in future. In addition, Enerplus is also having good hedging initiatives that can also support its growth. Let us have a look.


  • Autobytel Boosts Guidance Significantly; Pershing Square Capital Sees Potential In Actavis Inc. (ABTL)

    Shares of ABTL soared to near 52-week high in extended-hours trading Thursday as the company said that it has acquired Dealix Corporation and Autotegrity, Inc. for $25 million in an all-cash transaction and raised its business outlook for 2015.


  • Joel Greenblatt Increases His Position in Lam Research

    Joel Greenblatt (Trades, Portfolio) is founder and managing partner of Gotham Asset Management, LLC. He is also an adjunct professor with Columbia Business School.

    Greenblatt tries to find cheap and good companies. He looks for value with a catalyst. Greenblatt likes special situations and thinks that they are simply different places to find cheap stocks. In his own hedge fund, Greenblatt uses the basic principles in the Magic Formula: Look for high ROC and high earnings yield. He tries to figure out what "normalized earnings" will be 3-4 years into the future. Greenblatt makes sure the stock is very cheap based on normalized earnings.


  • Lightinthebox: Upside is Expected

    LightInTheBox (LITB) is a global online retail company that delivers products directly to consumers around the world. The Company offers customers a convenient way to shop for a wide selection of products at attractive prices through, and LITB’s other websites as well as mobile applications, which are available in 27 major languages and cover more than 80.0% of Internet users globally, according to Internet World Stats. It serves consumers globally without incurring the costs and complexities associated with establishing a traditional multinational retail infrastructure. The Company’s major markets are Europe and North America.

    To acquire and retain customers across diverse geographic markets, LightInTheBox has developed proprietary technologies to manage and optimize its marketing operations. In addition, the Company has established a specialized social marketing team to engage online users and provide them with a user-friendly online shopping experience to facilitate purchasing decisions.


  • UBS believes Lowe’s is still a good buy

    Lowe’s (LOW) recently reported slightly lower than expected results missing EPS estimates by a cent. The company’s US same store sales growth of 5.3% was lower than Home Depot’s (HD) 7.1%. The stock corrected post results. However, UBS analysts don’t think that investors should be worried about the miss and believes that recent correction is a buying opportunity. He said,


  • General Mills Looks Good To Go

    The dollar has gotten really stronger in the last one year. This has affected the results of many companies which operate globally. Thus, many retailers have registered lower sales because of the unfavorable currency fluctuations. The consumer food retailer, General Mills (GIS), is one such company. Its third quarter results were affected by the stronger dollar. However, the numbers were in line with the Street’s expectations. Let’s check.

    An overview of the results


  • Kroger to Grow Inorganically

    After the Albertsons-Safeway merger completed earlier this year and the recent news on potential combination of Ahold and Delhaize, Supermarket News believes that Grocery sector is set for a new round of consolidation

    “There is mounting pressure in the supermarket industry to consolidate operations to drive better purchasing power and leverage distribution and technology platforms,” Mushkin, an analyst with Wolfe Research, told Supermarket News. He added that Kroger (KR) would is a likely candidate to look for a chain to acquire.


  • 9 International Dividend Dogs With Upside Potential

    While the domestic stock market is getting hotter and hotter, internationals look cheaper.

    I've written in the past about stock opportunities from abroad and like to go forward with this theme today.


  • What Were The Major Highlights Of Hewlett Packard’s Earnings?

    The technology leader, Hewlett Packard (HPQ), announced its second quarter results for the fiscal year 2015 on this Thursday after the market’s close. The numbers were mixed as the earnings surpassed the estimates but revenue fell slightly below the expectations. However, the stock moved upwards after the earnings release and took a move northwards soon after the Q2 earnings announcement. The Palo-Alto based software company’s number mix did excite its investors as the company gave more clarity upon the separation of Hewlett Packard into two different entities which is likely towards the later part of this fiscal year. Let’s quickly have a glance upon the quarter highlights which were the major points of discussion in the earnings call.

    The quarter’s number mix


  • Ascena Retail To Buy Ann Inc. For $2.15 Billion

    Ascena Retail Inc. (ASNA) and Ann Inc. (ANN) announced a definitive merger agreement according to which Ann Inc. will be bought for $2.15 billion by Ascena retail. Ascena runs Lane Bryant and Dressbarn women’s clothing stores and Ann Inc. is mostly known for its LOFT brand.

    Ascena’s five brands sell dresses to shoppers who are often middle aged. It has made money by selling plus size clothing whereas Ann Inc targets women of broader age group from 18 to 60 years. After this merger, LOFT will become Ascena’s biggest brand and will account for 22% of the total revenue. Ann Taylor along with LOFT will account for one third of the total revenue. The plus size market in the U.S. roughly accounts for $9 billion and is expected to grow strongly till 2019.


  • Ray Dalio initiates a Position in Coca-Cola

    Ray Dalio (Trades, Portfolio) is the founder of Bridgewater Associates – one of the world's largest hedge fund with $165 billion in assets under management. Last quarter, he initiated position in The Coca-Cola Company (KO) buying 577,774 shares. Ray Dalio (Trades, Portfolio) has traded in and out of the company several times during the past few years. The following chart shows his holding history in the company.


  • Elbit Systems To Acquire NICE-Systems For $158 Million

    Elbit Systems Ltd. (ESLT) has revealed its decision to buy NICE-Systems Limited's (NICE) cyber and intelligence unit in a deal worth $157.9 million. The company has decided to go ahead with this move so as to gain a greater share in the market that is growing rapidly. Bezhalel Machlis, CEO of Elbit, said that he considers this move as significant strategy to compete with global leaders. Shares of NICE-Systems saw a fall of 0.8% after the declaration of the news. Elbit shares rose 1%.

    Deal details


  • GE Aiming Higher With Alstom Acquisition and Finance Wing Divestiture

    On 10 Apr 2015, the global market was abuzz with the announcement that General Electric Co. (GE), one of the best known and highly respected American companies, would sell $200 billion banking assets in GE Capital, in a well-thought out plan to refocus on its best-performing sectors in industrial operations and restructure the multinational by divesting its finance assets, which were limited by restrictive regulations over the next two years.

    This news was welcomed by its investors and their joy was doubled with stocks rising by 1% when in the Electrical Products Group investor conference on 20 May 15, Jeff Immelt GE’s chief executive presented encouraging sale estimates and boosted the prospects of the upcoming acquisition of the power equipment business of the French multinational, Alstom (ALO) by almost doubling the targeted benefits.


  • Top Banks Face The Heat Of Penalties

    Recent events have shown that corruption is avid in the banking sectors with top banks found guilty of manipulating foreign exchange trading. After the testing times of the financial crisis of 2008, trading in foreign currencies was looked at as ideal investments with relatively low risk and substantively higher revenues. Alas, this perfect business where trading occurs without any central supervision of any controlling authority led to a potential conspiracy between the major governing players of top global banks and active financial brokers and traders to manipulate the trading values in global financial transactions for higher benefits. With incriminating evidence of price fixing via online chats with traders, top banking firms of JPMorgan Chase (JPM) , Citigroup (C), Swiss UBS (UBS), British Barclays (BCS) and the Royal Bank of Scotland (RBS) were found to be indulging in conspiracies to rig the numbers in the trading in nearly $5.3 trillion daily, foreign exchange market.

    The landmark event


  • Why Should Facebook Acquire Mozilla?

    Facebook (FB) has spread its wide wings wide and taken instant messaging forum like Whatsapp into its ambit, which is believed to be the best purchase Facebook has made thus far. Now that its popularity is intensifying with a user base multiplying by the day, it is facing some technical concerns such as providing a good mobile interface, constraints on data-intensive features and limited features through installed applications. To crack a whip on the problems, need of the hour would be to buy a web browser which creates a magnitude of variance in the user-friendliness of the Facebook application.

    The positive usage of a browser


  • Best Buy Posts Better Than Expected Earnings But Future Worries Dampen The Party

    The Minnesota-based Best Buy Co. Inc. (BBY) posted better-than-expected-profits in the current quarter helped by improved sales in its smartphones and large-screen television and appliances section in the US market. Shares of the company went up 9% in the premarket trading.

    The profit figures


  • CVS To Buy Out Omnicare For $10.4 Billion

    Under its strategy to expand into assisted-living prescriptions and long-term care facilities, CVS Health has taken over Omnicare, which is known for its drugs for the elderly people, whose numbers are currently on a rise in the US.

    The Rhode island-based CVS Health (CVS) has bought Ohio based Omnicare (OCR) for $10.4 billion in an effort to spread into the market catering to senior patients. The deal, which is yet to get regulatory approval, is slated to close by end of this year.


  • Lenovo Posts A Rising Revenue But Falling Profits In Q4

    Lenovo Group Ltd. (LNVGY) reported its quarter reports for the period ended March 31. Net income witnessed a drop of 37% to $100 million. Sales, however, saw an increase during the quarter. Profits posted beat expectations of analysts. On trading day Wednesday, the highest value of shares traded on Nasdaq was $34.52 and the lowest was $34.30. Shares closed at $34.4 on the previous day.

    Quarterly and yearly numbers


  • Sterne Agee Analyst Sees 20% upside for CarMax

    Sterne Agee analyst Ali Faghri recently initiated coverage on CarMax (KMX) with a Buy rating and a price target of $87.00, which implies 20% upside from the current levels. Calling CarMax "only game in town," analyst Ali Faghri wrote,


  • Why Abraxas Petroleum Is Well-Positioned for Long-Term Gains

    Considering Abraxas Petroleum's (AXAS) operations in North Dakota, it lately concluded the drilling of four key wells to approximately 21,000 feet each located on the Jore Federal West pad in a record reduced cost and record time.

    Abraxas has approximately a 76% operational interest in these key wells and hence, they have a major effect on the company’s profitability. The company-captured drilling rig, Raven Rig, is shifting to middle Bakken well and one three-well Northwest pad for two Three Forks, where Abraxas is estimated to have an interest of approximately 60%. There are declining costs in North Dakota and are believed to further reduce in the near future.


  • AK Steel: This Steel Stock's Improving End-Markets Will Drive Growth

    AK Steel (AKS) had witnessed significant challenges in the first quarter of 2015 primarily due to the notable import of superior carbon steel products matching the expenditure of domestic manufacture and supply. Hence, the steel major sold fewer steel stocks at much lower price in the bulk carbon steel market against its higher expectations.

    Making the right moves


  • Iamgold's Cost Reduction Will Lead to Strong Margin Growth

    Iamgold (IAG) successfully executed upon its plan to optimize the cost structure during 2014 and lowered all-in sustaining expenditures gradually all through the year.

    The gold major gained net savings of $59 million in operating expenditures at its three major gold mines in 2014. Iamgold continues to focus on lowering its capital spending. During 2014, it spent $325 million which is approximately 51% lower compared to the previous year and 10% down compared to the outlook. In 2015, its capital budget is about $230 million which is 29% below the 2014 level.


  • Johnson & Johnson Drug Pipeline to Help it Deliver Above-Average Growth

    At a recent meeting with industry analysts, senior leaders from the pharmaceutical business of Johnson & Johnson (JNJ) said the company plans to file for regulatory approval of more than 10 new products between 2015 and 2019, each with the potential to exceed $1 billion in revenue. In addition they also plan to file more than 40 line extensions of existing and new medicines.

    Johnson & Johnson’s pharmaceutical division has launched 14 new products since 2009, seven of which already exceed or are on track to achieve sales in excess of $1 billion during 2015. These new products, coupled with core growth brands, have fueled industry-leading sales growth and contributed significantly to the earnings growth of Johnson & Johnson over the last couple of years. Robust near-term pipeline indicates that this momentum is likely to continue, and the company can sustain above-industry compound annual growth through 2019.


  • The Transformation in Alere

    Alere (ALR) delivers reliable and actionable health information through rapid diagnostic tests, resulting in better clinical and economic healthcare outcomes globally. Its high-performance diagnostics for infectious disease, cardio metabolic disease and toxicology are designed to meet the growing global demand for accurate, easy-to-use and cost-effective near-patient tests.

    The company, formerly known as Inverness Medical Innovations, Inc., was formed in 2001. Since that time, it has grown its businesses through strategic acquisitions, tactical use of its intellectual property portfolio and organic growth. In July 2010, the company changed its name to Alere Inc.


  • Tracking Guru Robert Sillerman At His Latest Venture, Viggle Inc

    Robert F. X. Sillerman, an entrepreneur who has founded companies worth over $6 billion to date, is at work again as CEO of Viggle Inc. (VGGL). With a personal net worth of approximately $1 billion, Sillerman was an early investor in American Idol, Elvis Presley's estate, Muhammad Ali Enterprises and is majority shareholder of some of the world's largest entertainment events including TomorrowLand, TomorrowWorld, Sensation, Stereosonic and Electric Zoo.

    Beyond his $6 billion in career exits, two stock market events are worth noting for GuruFocus readers, who are presumably interested in how Sillerman has rewarded his public (not just private) shareholders. "Guru followers" might consider that Sillerman was responsible for a 9,000% rally of Sports Entertainment Enterprises in 2004 and a 30,000% rally of Gateway Industries in 2011. (Sillerman remains chairman at Gateway Industries, which is now SFX Entertainment Inc [SFXE].)


  • Align Technology to Present at Upcoming Financial Conferences

  • BlackBerry Announces Proposed Common Share Purchase Program

  • Mohamed El-Erian Provides His View On What The Federal Reserve Is Thinking

    According to Mohamed El-Erian, the Federal Reserve is trying to delicately reign in the easy money policy of recent years.

    He believes that we are headed for the loosest tightening in the history of the Federal Reserve.


  • There Is No Margin Of Safety At Current Market Prices – Mario Gabelli

    Mario Gabelli (Trades, Portfolio) likes the fact that there is very easy money policy in both Japan and Europe.

    He also thinks China is going to do well.


  • Cannell Capital Takes Jim Cramer And TheStreet Inc To Task

  • Kase Capital (Tilson) - Case Study In Short Selling

  • Whitney Tilson Presentation – A Dozen Years Of Short Selling

    In its earliest version the hedge fund was exactly that ... hedged.

    As in hedged against a big market decline.


  • TreeHouse Is Not Worth Your Hard-Earned Money

    For the second time in a row, TreeHouse (THS) has disappointed its investors. The company was hit by lower and weak coffee sales, and it lowered the guidance for the full year, further driving the negativity around the stock. The company posted first-quarter fiscal 2015 results, and it was a case of mixed bag as it beat earnings but missed on revenues. Let’s recap the quarter and see what the future holds.

    Looking at first quarter


  • Tiffany Is Not A Buy As Of Now

    Tiffany (TIF) designs, manufactures and retails jewelry globally through retail sales, internet and catalog sales, business-to-business sales, and wholesale distribution. The company posted fourth-quarter fiscal 2014 results, and it was a case of a mixed bag as it beat on earnings but failed to impress on revenues.

    Fourth-quarter recap


  • Mario Gabelli: Volatity Is Here To Stay

    Mario Gabelli (Trades, Portfolio) of GAMCO did an interview with CNBC in which he discussed market volatitiy and judging traders' portfolios.

    Part 1


  • Greenblatt's Top Buys During First Quarter

    Famed investor Joel Greenblatt (Trades, Portfolio), author of The Little Book That Beats The Market and inventor of the Magic Formula, purchased 200 new stocks during the first quarter, according to GuruFocus Real Time Picks.

    Greenblatt manages Gotham Asset Management along with Robert Goldstein, who combined have more than 50 years of investment experience.


  • Jean-Marie Eveilard: Finding Value Today Is Like Looking For A Niddle In A Haystack

    Jean-Marie Eveilard did ad interview with Cris Sheridan in which he discussed value investing. Eveilard discussed how few value investor there are even after it has been proven to be one of the most successful strategies over the long term. He went on to discuss his concerns over the current market valuations in the United States and Europe. Eveilard also talked about gold and why a portion of his net worth is invested in gold.


  • Should You Invest Like Carl Icahn?

    Brian Rosenblatt of Rosenblatt Securities and Mark Hale of Hale Capital Management were both at CNBC where they debated the pros and cons of investing like Carl Icahn (Trades, Portfolio).


  • Kohl's Greatness Agenda To Drive Growth

    Kohl’s Corporation (KSS) is the country’s largest department store chain in terms of number of stores it operates and competes with the likes of JCPenney (JCP), Macy’s (M) and others. The company’s first-quarter fiscal 2015 results were a case of mixed bag. Let’s take a look at the numbers and see what the business holds for investors in the long term.

    First-quarter recap


  • Energy Bounce Back Looks Fragile

    We welcome back contributing editor Ryan Irvine who revisits some of his energy-related picks in the context of the new reality in the sector. Ryan is the CEO of KeyStone Financial and one of the country’s top experts in small cap stocks. He lives in the Vancouver area. Here is his report.

    Ryan Irvine writes:


  • What Japan’s Troubling Economics Mean to AFLAC

    In the mid 1980’s economists believed Japan would surpass the United States to become the world’s largest economy. Japan did not grow as planned. The image below shows how the Nikkei 225 (Japan’s version of the S&P 500) is down about 50% since high’s around 1989.

    Nikkei 225 Historical


  • Global Market Valuations And Expected Returns – May 21, 2015

    The US market was up more than 30% in 2013, the best year since the go-go years of the 1990s. 2014 was another strong year for the market. The S&P 500 index was up more than 13%. Since the market recovery in 2009, the US stock market has been up for 6 consecutive years. What is the situation in the other parts of the world? In April 2015, the key indexes in Europe were dynamic. Germany’s DAX index declined by 4.28% in April after continuous growth in the first quarter. France’s CAC-40 index went up by 0.26%. The FTSE 100 index went up by 2.77% after a 2.50% loss in March. Stock markets performances in Asia were strong. Japan’s NIKKEI 225 gained 1.63%. Hong Kong’s Hang Seng Index was up by 12.98% and China’s SSE Composite index surged by 18.51%.

    As indicated in my pervious article, “Which Regions and Sectors Are International Gurus Buying?”, GuruFocus international gurus tend to put most of their holdings in Europe and Asia.


  • A Year Isn’t A Year

    I recently discussed how a dollar isn’t a dollar. But I’ve also found, over time, that a year isn’t a year.

    A Dollar Isn’t A Dollar


  • A Reliable, Growing Income Stream From NRG Yield

    Recently, NRG Energy (NRG) spun off some of its properties as a separate entity called NRG Yield (NYLD) in what’s termed a “YieldCo.” These businesses are designed like the master limited partnerships in the oil and natural gas industry, aiming to deliver predictable, long-term income to investors.

    The YieldCo structure is fairly new for the electricity sector. Essentially, NRG will be “dropping down” power assets into it. A company establishing a YieldCo would initially seed it with existing, operating power or transmission assets and then grow the YieldCo portfolio through either the purchase of assets from other companies or the "drop down" of assets it has developed into the YieldCo.


  • Diamond Hill Capital Adds Stake in Google to Portfolio

    Diamond Hill Capital (Trades, Portfolio) has been quite successful serving its client base, which includes both businesses and individuals. Its return of 4.6% last year was below average for Diamond Hill; double-digit returns are more common in its asset management for others.

    In its own portfolio, Diamond Hill bought and sold stock in dozens of companies in the first quarter.  

  • Here's Why Diamond Foods Is A Good Buy

    Diamond Foods (DMND), a processed and packaged foods company operating through two segments – snacks and nuts – that processes, markets and distributes snack products and nuts. The second-quarter fiscal 2015 results were a case of mixed bag as the company failed to impress the analysts on revenue but beat the earnings estimates. Let’s recap the results and see what the business holds, going forward.

    Second-quarter recap


  • Paul Singer Adds to Six Stakes in First Quarter

    Guru Paul Singer (Trades, Portfolio) is an activist investor worth nearly $2 billion. In 1977, he founded Elliot Management, which manages more than $24 billion in assets.

    More than one-third of Elliot Management’s portfolio is in oil and gas companies. Singer has several of those in his personal portfolio, too, but most of the stakes he increased in the first quarter are in other sectors, primarily telecommunications.


  • The value investor’s tool box

    We at Gurufocus have quite a solid idea as to what a value investor is, what he does and how he approaches investing. Nevertheless, I have compiled a list of tools that I believe should be in every Value Investor’s toolbox, and as such are the key skills needed to achieve outperformance, and continue to improve as a value-investor.

    The following is my humble attempt at identifying, analyzing and synthesizing the keys to effectively and continually beat the market.


  • Larry Robbins' Glenview Capital Top New Stocks

    Top-returning fund manger of 2013 Larry Robbins (Trades, Portfolio) announced last week that he bought 11 new first-quarter stocks at his hedge fund Glenview Capital Management.

    Robbins’ portfolio ended the quarter with 79 long positions and 19% turnover. The total value of the stocks was $21.9 billion.


  • Warren Buffett Keeps Buying IBM

    Warren Buffett (Trades, Portfolio) is one of the most respected value investors of all times. He seeks to acquire great companies trading at a discount to their intrinsic value, and to hold them for a long time. Buffett only invest in businesses that he understands. This is the reason why he avoided technology stocks for a long period. He made his first investment in tech sector in the second quarter of 2012 by buying International Business Machines (IBM). While, the company has underperformed the broader markets since then, he has used it as an opportunity to increase his holdings in the company. Last quarter he bought 2,593,298 shares of the company and his total holdings as of March 31, 2015 was 79,565,115 shares (or 8.08% of outstanding shares). The following chart shows his holding history in the company.


  • Scott Black's Most Heavily Weighted Trades In Q1 2015

    Mr. Scott M. Black is the Chairman, President, Chief Investment Officer, and Chief Compliance Officer at Delphi Management, Inc. In 1978, he had joined William O'Neil Company, before managing equities for Sunkist Growers in 1979. Prior to that, Mr. Black worked at Merrill Lynch, initially in the market planning department and then rose to the Head of Corporate Development, where he was responsible for the holding company's diversification activities.


  • Wal-Mart Earnings Bogged Down by Stronger Dollar and Flat Sales

    Arkansas-based retail giant Wal-Mart (WMT) came out with the numbers of its fiscal 2015 first quarter, and the digits failed to impress the street as both top-line and bottom-line missed estimates. While several analysts were taken aback by this, for several others this was no shock. Industry experts believe the strong dollar, increase in employee wage, consumer spending habits, as well as softness in the e-commerce space resulted in the not-so-impressive numbers. Here’s a look at the quarter’s numbers and a few other noteworthy areas.

    Numbers of the quarter


  • Jeff Auxier Adds DISCA to His Portfolio During 1Q2015

    Jeff Auxier (Trades, Portfolio) of Ausier Asset Management added Discovery Communications Inc (DISCA) to his portfolio, according to GuruFocus Real Time Picks.

    Auxier purchased 59,149 shares of DISCA at an average price of $31.37 a share.


  • Scott Black Adds 12 New Positions During 1QFY15 To His Portfolio

    Scott Black (Trades, Portfolio) of Delphi Management, Inc added twelve new positions to his portfolio, according to GuruFocus Real Time Picks. His portfolio, which is valued at $753 million, now has 101 stocks and an 11% quarter over quarter turnover rate.

    The most heavily weighted sector in Black's portfolio is the consumer cyclical sector, which conists of 23.8% if his portfolio. The second most weighted sector is technology, which makes upo 17% of his portfolio and the third is financial services, which is 15.9%.


  • What Does Target Corp’s Q1 Results Say about Its Turnaround Plan?

    Target Corp. (TGT) released its first quarter earnings results on Wednesday, reporting a surge of almost 52% surge in its profit on the back of solid sales of more profitable items such as fashion and baby products. The company’s turnaround efforts, to amend for a series of costly missteps, seem to be paying off. The quarter numbers conveniently crushed Wall Street estimates on all fronts.

    After recording such a strong start to the fiscal year, the Minneapolis-based retailer lifted its annual profit outlook. Target latest earnings release suggests that the retailer might finally resume to a more solid footing. Here’s the key takeaway from the quarter.


  • Susquehanna analysts discuss Paypal’s Growth Strategy

    With Paypal’s spin-off from eBay Inc (EBAY) set to take place in the latter half of this year, analysts are now focused on understanding growth strategy of each company post separation. Susquehanna analysts recently held a meeting with PayPal CEO Dan Schulman and CFO Patrick Dupuis in order to understand the company’s long term strategy


  • PFSweb to Present at the 12th Annual Craig-Hallum Institutional Investor Conference on May 27, 2015

  • Mining Global Continues Share Buyback

  • Royce Funds Commentary - On the Road to Normal

    While conflicting signs of economic strength are, for the time being, stalling a rise in rates, Portfolio Manager Charlie Dreifus continues to believe that active stock picking remains an attractive approach in the current environment.


  • Causeway International Value Fund Commentary for the Month Ended April 30 2015

    Global equities continued to rally in the month of April, fueled by abundant liquidity and improved economic data. Emerging markets equities surged, far outpacing developed markets. The best performing developed markets in April included Norway, Portugal, Austria, Hong Kong, and Singapore. The biggest laggards included Finland, Israel, Germany, Australia, and New Zealand. From a sector perspective, the best performers were energy, telecommunication services, utilities, financials, and consumer staples, while information technology, health care, consumer discretionary, industrials, and materials underperformed. Currency proved favorable as most major currencies advanced against the US dollar during the period, thus amplifying returns on overseas assets from a US investor’s perspective.

    The Fund outperformed the MSCI EAFE Index during the month, due primarily to positive stock selection. Fund holdings in the energy, banks, telecommunication services, food beverage & tobacco, and transportation industry groups contributed to relative outperformance. Fund holdings in the materials, media, consumer services, retailing, and insurance industry groups partially offset relative outperformance versus the Index. The largest individual positive contributor to return was oil & gas exploration company, BG Group Plc (United Kingdom). Additional top contributors during the period included banking & financial services provider, HSBC Holdings Plc (HSBC) (United Kingdom), oil & gas exploration company, CNOOC Ltd. (CEO) (Hong Kong), mobile telecommunications operator, China Mobile Ltd. (CHL) (Hong Kong), and energy services firm, Technip SA (France). The largest single detractor from performance was multinational airline holding company, International Consolidated Airlines Group SA (United Kingdom). Other notable detractors included cruise ship operator, Carnival (United Kingdom), PVC pipe & silicon chip producer, Shin-Etsu Chemical Co., Ltd. (Japan), industrial gas company, Linde AG (Germany), and financial services company, Zurich Financial Services (Switzerland).

    The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.


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