The stock picks by Jean-Marie Eveillard
’s First Eagle Investment Management over the past 12 months have an average 12-month return of 60.79%. As of the third quarter, the portfolio lists 361 stocks, 62 of them new, and a total value at $34.43 billion, with a quarter-over-quarter turnover of 12%. The portfolio is weighted with top three sectors: basic materials at 19%, technology at 15.2% and financial services at 13.9%.
In the third quarter of 2013, First Eagle Investment Management reduced its Berkshire Hathaway Inc.(BRK.B
) position by 99.85% and sold out two auto manufacturers, General Motors Co. (GM
) and Ford Motor Co. (F
), both up more than 50% over 12 months. The firm also reduced Lorillard Inc. (LO
) by more than 38%. The cigarette maker reported that its third quarter sales of $1.82 billion are up 10% over the third quarter a year ago. The company’s net income is down 8.8% over the same time period, coming in at $258 million (GAAP) for the third quarter of 2013. Earnings of $0.69 per diluted share are also down by 4.2% over last year’s same quarter. Continue Reading »