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John Keeley Comments on Walter Investment Management
Posted by: guruhl (IP Logged)
Date: December 11, 2012 10:43AM
Another top performing position in the Fund was Walter Investment Management (WAC), which rose over 61 percent and added 70 basis points of return to the portfolio over the past year. Although the company is placed in the technology sector, we believe that this mortgage servicer would be more properly represented in the financial sector. The company continues to benefit from trends in the industry favoring smaller players, and management expects to position itself for growth via acquisitions. We continue to favor the company based on the fact that it remains in the growth phase of its business cycle and despite the rise in its stock price, the current valuation remains attractive.
From Keeley Funds’ 2012 annual report.
Guru Discussed: John Keeley: Current Portfolio, Stock Picks
Stocks Discussed: WAC,