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Hedge Fund Manager Glenn Greenberg Reports Q2 Portfolio

gurufocus

gurufocus

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Hedge Fund Manager Glenn Greenberg built a great track record while he was at his former firm, Chieftain Capital Management. He split with his partner at Chieftain, and started a new firm by himself, Brave Warrior Capital. Glenn Greenberg runs a concentrated portfolio. He wants to buy companies that are deeply undervalued.

You may not know Glenn Greenberg, it is not surprising because he does not entertain investment ideas from Wall Street analysts; he does not do marketing, and he does not even speak to his clients. He only communicates with them with two written updates per year.

The most important rule for Mr. Greenberg is that if they lacked the confidence to put five percent of their portfolio in a company's stock, they would not buy any. Therefore he has a very concentrated portfolio. Due to this excess concentration Chieftain typically has less than ten securities in their portfolio. The most number of securities Chieftain has held is twelve and the least, six, while maintaining a 30% cash position.

How does he invest? He said that a person should have an approach that over the long-term will win and will not fail. Investors should not use an approach which can provide both huge returns and huge losses. An investor must figure out an approach that will allow them to be a long-term winner because this is a long-term business. Investors need to win successively because they will be taking profits and reinvesting them continuously over their lifetime.

What does he look in a company? He likes business that is predictable, it has no or few competitors, and it has high profit margins and returns on invested capital. He tries to find two or three investment ideas each year that fit its vision of a good business and then it does enough research to feel comfortable putting 8-20% of its portfolio in each idea.

Glenn Greenberg buys Google Inc., Valeant Pharmaceuticals International Inc., Aon Corp., sells Hewlettpackard Co., Broadridge Financial Solutions, Ryanair Holdings Plc, Arch Capital Group Ltd. during the 3-months ended 06/30/2011, according to the most recent filings of his investment company, Brave Warrior Capital. As of 06/30/2011, Brave Warrior Capital owns 11 stocks with a total value of $1.1 billion. These are the details of the buys and sells.

This is the portfolio chart of Glenn Greenberg. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Glenn Greenberg's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Glenn+Greenberg

This is the sector weightings of his portfolio:

Health Care 24.4%
Financials 21.3%
Consumer Services 17.3%
Industrials 14%
Technology 12.8%
Not Assigned 10.3%


These are the top 5 holdings of Glenn Greenberg

  1. Valeant Pharmaceuticals International Inc. (VRX) - 3,533,654 shares, 16.0429% of the total portfolio. Shares added by 47.77%
  2. Fiserv Inc. (FISV) - 2,551,042 shares, 13.9601% of the total portfolio. Shares reduced by 0.18%
  3. Google Inc. (GOOG) - 289,789 shares, 12.8217% of the total portfolio. Shares added by 146.85%
  4. MasterCard Cl A (MA) - 410,604 shares, 10.811% of the total portfolio. Shares reduced by 12.9%
  5. AON Corp. (AON) - 2,290,106 shares, 10.265% of the total portfolio. Shares added by 39.17%


Added: Google Inc. (GOOG)

Glenn Greenberg added to his holdings in Google Inc. by 146.85%. His purchase prices were between $474.88 and $591.8, with an estimated average price of $527.63. The impact to his portfolio due to this purchase was 7.63%. His holdings were 289,789 shares as of 06/30/2011.

Google is a public and profitable company focused on search services. Google Inc. has a market cap of $181.68 billion; its shares were traded at around $562.13 with a P/E ratio of 19.29 and P/S ratio of 6.2. Google Inc. had an annual average earnings growth of 58.4% over the past 10 years.

Added: Valeant Pharmaceuticals International Inc. (VRX)

Glenn Greenberg added to his holdings in Valeant Pharmaceuticals International Inc. by 47.77%. His purchase prices were between $48.24 and $54.05, with an estimated average price of $51.71. The impact to his portfolio due to this purchase was 5.19%. His holdings were 3,533,654 shares as of 06/30/2011.

Valeant Pharmaceuticals International, Inc. is a pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. Valeant Pharmaceuticals International Inc. has a market cap of $12.01 billion; its shares were traded at around $38.68 with a P/E ratio of 28.99 and P/S ratio of 10.17.

Added: Aon Corp. (AON)

Glenn Greenberg added to his holdings in Aon Corp. by 39.17%. His purchase prices were between $49.12 and $53.8, with an estimated average price of $51.76. The impact to his portfolio due to this purchase was 2.89%. His holdings were 2,290,106 shares as of 06/30/2011.

Aon Corporation is a holding company whose operating subsidiaries carry onbusiness in three distinct segments: insurance brokerage and other services; consulting; and insurance underwriting. Aon Corp. has a market cap of $15.02 billion; its shares were traded at around $45.55 with a P/E ratio of 14.76 and P/S ratio of 1.76. The dividend yield of Aon Corp. stocks is 1.32%. Aon Corp. had an annual average earnings growth of 3.2% over the past 10 years.

Reduced: Ryanair Holdings Plc (RYAAY)

Glenn Greenberg reduced to his holdings in Ryanair Holdings Plc by 30.28%. His sale prices were between $27.97 and $30.56, with an estimated average price of $29.58. The impact to his portfolio due to this sale was -2.46%. Glenn Greenberg still held 2,382,288 shares as of 06/30/2011.

Ryanair Holdings provides airline services for passengers for point-to-point trips between Ireland and the United Kingdom with over 100 flights a day. Ryanair Holdings Plc has a market cap of $7.85 billion; its shares were traded at around $25.78 with a P/E ratio of 14.48 and P/S ratio of 1.64. The dividend yield of Ryanair Holdings Plc stocks is 13.27%. Ryanair Holdings Plc had an annual average earnings growth of 28.1% over the past 10 years.

Reduced: Arch Capital Group Ltd. (ACGL)

Glenn Greenberg reduced to his holdings in Arch Capital Group Ltd. by 33.88%. His sale prices were between $31.99 and $34.84, with an estimated average price of $33.66. The impact to his portfolio due to this sale was -2.31%. Glenn Greenberg still held 1,597,009 shares as of 06/30/2011.

Arch Capital Group Ltd. is a diversified financial services holding company, with an emphasis on the insurance sector. Arch Capital Group Ltd. has a market cap of $4.34 billion; its shares were traded at around $32.93 with a P/E ratio of 14.81 and P/S ratio of 1.34. Arch Capital Group Ltd. had an annual average earnings growth of 20.5% over the past 10 years.

Sold Out: Hewlettpackard Co. (HPQ)

Glenn Greenberg sold out his holdings in Hewlettpackard Co.. His sale prices were between $34.26 and $41.57, with an estimated average price of $38.09.

Hewlett Packard is one of the global providers of computing and imaging solutions and services for business and home. Hewlettpackard Co. has a market cap of $67.04 billion; its shares were traded at around $31.05 with a P/E ratio of 6.45 and P/S ratio of 0.53. The dividend yield of Hewlettpackard Co. stocks is 1.49%. Hewlettpackard Co. had an annual average earnings growth of 22.5% over the past 5 years.

Sold Out: Broadridge Financial Solutions (BR)

Glenn Greenberg sold out his holdings in Broadridge Financial Solutions. His sale prices were between $21.79 and $23.96, with an estimated average price of $22.85.

Broadridge is a global provider of technology-based outsourcing solutions to the financial services industry. Broadridge Financial Solutions has a market cap of $2.66 billion; its shares were traded at around $20.96 with a P/E ratio of 15.75 and P/S ratio of 1.23. The dividend yield of Broadridge Financial Solutions stocks is 2.78%.

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gurufocus
GuruFocus - Stock Picks and Market Insight of Gurus

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