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Leucadia’s Top Holdings: Jefferies Group; Top Purchases: GLPW and WINN

November 30, 2010 | About:

The two men at the top of Leucadia National (NYSE:LUK) – Ian Cumming and Joseph Steinberg has accomplished something amazing for their fellow investors. Since the 1978, the firm has returned 28.5% per annum. There have been little activities in the past year or two, during the financial crisis and the aftermath.

That is until this morning, before this piece from AP:

Leucadia National Corp., a holding company for a wide range of businesses, said Tuesday it has agreed to sell its remaining stake in the Cobre Las Cruces copper mining project to Canada's Inmet Mining Corp. for about $480 million.

Under the deal, Leucadia will get $150 million in cash and 5.4 million in Inmet shares which the company values at about $330 million. An affiliate of Inmet will also take on $72 million in Las Cruces debt as part of the deal.

Leucadia expects to report a gain once the deal closes of about $280 million based on Inmet's closing share price on Monday.

The $280 million gain is no trivial amount for Leucadia, a company has a market cap of $6.3 billion.

GuruFocus tracks Leucadia’s domestic US traded stock portfolio under Ian Cumming and here are the top holdings:

No. 1: Jefferies Group Inc. (JEF), Weightings: 56.2% - 48,585,385 Shares

Jefferies Group, Inc. is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc. Jefferies Group Inc. has a market cap of $4.17 billion; its shares were traded at around $24.28 with a P/E ratio of 15.8 and P/S ratio of 1.7. The dividend yield of Jefferies Group Inc. stocks is 1.2%.

And here are the top purchases of Leucadia during the third quarter of 2010:

No. 1: Global Power Equipment Group (GLPW), Buy: 0.11% of the portfolio - Total: 136,666 Shares

Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Global Power Equipment Group Inc - Common New has a market cap of $295.7 million; its shares were traded at around $19.12 with a P/E ratio of 11.4 and P/S ratio of 0.5.

No. 2: WinnDixie Stores Inc. (WINN), Buy: 0.01% of the portfolio - Total: 15,926 Shares

WINN DIXIE STORES currently operates 520 stores in 22 DMAs throughout Florida, Alabama, Louisiana, Georgia, and Mississippi. Winndixie Stores Inc. has a market cap of $354.2 million; its shares were traded at around $6.38 with a P/E ratio of 23.6.

Check out the complete stock portfolio by clicking on Ian Cumming.

Rating: 2.8/5 (4 votes)


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