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RS Investment Management

RS Investment Management

RS Investment Management
Last Update: 2013-05-13

Number of Stocks: 302
Number of New Stocks: 69

Total Value: $13,495 Mil
Q/Q Turnover: 16%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:
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RS Investment Management Watch

  • RS Investments Comments on AAP

    by Holly LaFon - Jul 18, 2012
    From RS Investments Value Fund's second-quarter commentary:

    Advance Auto Parts (AAP) is the second largest auto parts retailer in the U.S. operating over 3,600 stores in 39 states. The company sells primarily non-discretionary automotive parts such as car batteries, brake pads, spark plugs, and mufflers to both do-it-yourself customers as well as commercial garages via its parts-delivery truck service. Our investment in Advanced Auto Parts was predicated on the following thesis: (1) solid industry fundamentals with acyclical demand drivers, defensible competitive positioning, and reasonable reinvestments opportunities; (2) a companyspecific opportunity to meaningfully improve the Company's financial performance as measured by sales productivity, operating margins, asset turns, and overall Return on Invested Capital (ROIC) relative to its two primary competitors (AutoZone and O'Reilly); and (3) a new leadership team with a solid business plan for narrowing this performance gap.  Continue Reading »


  • RS Investments Comments on Willis Group Holdings

    by Holly LaFon - Jul 18, 2012
    From RS Investments Value Fund's second-quarter commentary:

    Willis Group Holdings (WSH) is the world's third largest insurance broker, in an industry where 78% of the market share is held by the top six players. The company operates as an intermediary in placing both insurance and reinsurance coverage. Approximately 70% of company revenues are generated through commissions and over 93% is recurring. Willis Group's is the world's largest reinsurance broker and more than half of its cash flows are generated outside the US. The company holds minority interests in Gras Savoye (31%), a French brokerage firm, and Al-Futtain (49%), a Dubai brokerage firm. CEO Joe Plumeri was the primary architect responsible for transforming the company after it was acquired by KKR Holdings in the late 1990s.  Continue Reading »


  • RS Investments Value Fund Second-Quarter Commentary

    by Holly LaFon - Jul 18, 2012
    Philosophy and Process: We believe that company-specific value creation is often mispriced in the public equity markets. As such, the RS Value Team employs an investment process that is largely predicated on business analysis, with the assumption that stock prices will track economic value creation over time. We are, therefore, interested in understanding how companies create value, which by definition means dissecting businesses into their component parts to gain insights into how and where capital is being allocated, and the cash flows and returns associated with these capital decisions. When we have identified situations where there is a visible path towards future value creation, and a management team is in place that we believe is capable of executing the business plan, a company qualifies for our "farm team." However, as value investors, we know that risk is not defined as share price volatility, but rather the permanent impairment of capital. As a result, farm team names only come into the portfolio when we can: a) clearly quantify a downside or safety net value, and b) the market provides us with an opportunity to purchase an interest in the company close to or, preferably, below that safety net price. We acknowledge that over short periods of time we may underperform a benchmark, but believe that our team structure, philosophy, and process will continue to provide us with the opportunity to generate solid risk-adjusted returns over a reasonable investment horizon.

    Returns and Attribution Detail   Continue Reading »


  • RS Investments Second-Quarter Commentary

    by Holly LaFon - Jul 18, 2012
    Philosophy and Process: We believe that company-specific value creation is often mispriced in the public equity markets. As such, the RS Value Team employs an investment process that is largely predicated on business analysis, with the assumption that stock prices will track economic value creation over time. We are, therefore, interested in understanding how companies create value, which by definition means dissecting businesses into their component parts to gain insights into how and where capital is being allocated, and the cash flows and returns associated with these capital decisions. When we have identified situations where there is a visible path towards future value creation, and a management team is in place that we believe is capable of executing the business plan, a company qualifies for our "farm team." However, as value investors, we know that risk is not defined as share price volatility, but rather the permanent impairment of capital. As a result, farm team names only come into the portfolio when we can: a) clearly quantify a downside or safety net value, and b) the market provides us with an opportunity to purchase an interest in the company close to or, preferably, below that safety net price. We acknowledge that over short periods of time we may underperform a benchmark, but believe that our team structure, philosophy, and process will continue to provide us with the opportunity to generate solid risk-adjusted returns over a reasonable investment horizon.

    Returns and Attribution Detail   Continue Reading »


  • RS Investments' Value Fund First Quarter 2012 Mutual Fund Commentary

    by Holly LaFon - Apr 17, 2012
    RS Investment Management Co. LLC is a privately owned investment manager handling separate client-focused equity and fixed income portfolios and mutual funds for its clients. This is its first-quarter commentary from its Value Funds:

    RS Value Fund  Continue Reading »


  • Low PE Stocks from RS Investment Management

    by Mara Kohn - Feb 13, 2012
    RS Investment Management Co. LLC is a privately owned investment manager handling separate client-focused equity and fixed income portfolios and mutual funds for its clients.

    Some of the firm’s operations deal with pension and profit sharing plans, investment companies, pooled investment vehicles, endowments, foundations, high net worth individuals, corporations, and banks. The firm invests in public equity and fixed income markets across the globe. It invests in growth and value stocks for small-cap, mid-cap and large-cap companies. To create its portfolio, the firm carries out fundamental analysis. It conducts in-house research.  Continue Reading »


Total Records: 3

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