| Industry | 2009-03-31 | 2009-06-30 |
|---|---|---|
| Technology | 3.8% | 5.2% |
| Financials | 32.9% | 34% |
| Utilities | 0.2% | 0.2% |
| Telecommunications | 0.3% | 0.3% |
| Consumer Services | 2.2% | 2.4% |
| Health Care | 49% | 45.2% |
| Consumer Goods | 7.3% | 6.4% |
| Industrials | 2.8% | 5% |
| Basic Materials | 0.1% | 0.1% |
| Oil & Gas | 1.1% | 1.1% |
In terms of sector allocation, Kahn is very heavy with financials and health care. There are a couple of percentages shifts in the sector weighting, but that is really due to the fact that health care sector did not participate in the stock rally as much, not due to a change in heart of Kahn.
These are the top purchases during the quarter:
No. 1: Astec Industries Inc. (ASTE), Buy: 0.45% of the portfolio - Total: 79,000 Shares
Astec Industries Inc. designs, engineers, manufactures, markets, and finances equipment and components used primarily in road building and related construction activities. The company's products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. In addition, the company is partner in a joint venture that makes testing and sampling equipment for the asphalt mix and aggregate processing industries. Astec Industries Inc. has a market cap of $601.9 million; its shares were traded at around $26.72 with a P/E ratio of 22.2 and P/S ratio of 0.6.
No. 2: BristolMyers Squibb Company (BMY), Add: 0.81% of the portfolio - Total: 1,738,102 Shares
Bristol-Myers Squibb Company is a global leader in the research and development of innovative lifesaving and life-enhancing treatments for heart disease; high blood pressure; stroke; diabetes; cancer; HIV/AIDS and other infectious diseases; depression, schizophrenia and other mental disorders; pain; and other conditions. Bristolmyers Squibb Company has a market cap of $46.06 billion; its shares were traded at around $23.25 with a P/E ratio of 11.5 and P/S ratio of 2.2. The dividend yield of Bristolmyers Squibb Company stocks is 5.3%.
No. 3: Citigroup Inc. (C), Add: 2.42% of the portfolio - Total: 2,298,692 Shares
Citigroup Inc., the leading global financial services company, has some two hundred million customer accounts and does business in more than hundred countries, providing consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, and Banamex. Citigroup Inc. has a market cap of $95.11 billion; its shares were traded at around $4.16 with and P/S ratio of 1.8.
No. 4: New York Community Bancorp Inc. (NYB), Add: 0.5% of the portfolio - Total: 4,098,061 Shares
New York Community Bancorp, Inc. is a leading producer of multi-family loans in New York City, with an emphasis on apartment buildings that feature below-market rents. New York Community Bancorp Inc. has a market cap of $3.94 billion; its shares were traded at around $11.42 with a P/E ratio of 10.9 and P/S ratio of 2.4. The dividend yield of New York Community Bancorp Inc. stocks is 8.8%. New York Community Bancorp Inc. had an annual average earning growth of 20.5% over the past 10 years. GuruFocus rated New York Community Bancorp Inc. the business predictability rank of 2.5-star.
No. 5: Pfizer Inc (PFE), Add: 0.38% of the portfolio - Total: 2,218,062 Shares
Pfizer Inc is a research-based, global pharmaceutical company that discovers and develops innovative, value-added products that improve the quality of life of people around the world and help them enjoy longer, healthier, and more productive lives. Pfizer has three business segments: health care, animal health and consumer health care. Its products are available in numerous countries. (Company Press Release) Pfizer Inc has a market cap of $118.92 billion; its shares were traded at around $17.62 with a P/E ratio of 8.1 and P/S ratio of 2.4. The dividend yield of Pfizer Inc stocks is 3.7%. Pfizer Inc had an annual average earning growth of 11% over the past 10 years. GuruFocus rated Pfizer Inc the business predictability rank of 2.5-star.
Conclusion
Pharmaceuticals and financials, Kahn stuck to his conviction to where the value is as he bought more in the recent quarter.
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