Hedge Fund Glenn Greenberg just reported his Q3 portfolio at Brave Warrior Capital. Before he started Brave Warrior, he has built great performance at portfolio at Chieftain Capital. Glenn Greenberg runs a highly concentrated portfolio. Sometimes he put 40% of portfolio on one stock. 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 he typically has less than ten securities in their portfolio. The most number of securities he 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.
To learn more about how Glenn Greenberg invests, please read:
Glenn Greenberg at Columbia: How a Great Investor Thinks
Glenn Greenberg at Columbia: How a Great Investor Thinks (Part 2)
Glenn Greenberg buys Motorola Solutions, Primerica, Wells Fargo & Co., Visa, Valeant Pharmaceuticals International Inc., Aon Corp., Comcast Corp. Special, U.s. Bancorp, sells MasterCard during the 3-months ended 09/30/2011, according to the most recent filings of his investment company, Brave Warrior Capital. As of 09/30/2011, Brave Warrior Capital owns 12 stocks with a total value of $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:
These are the top 5 holdings of Glenn Greenberg
New Purchase: Motorola Solutions (MSI, Financial)
Glenn Greenberg initiated holdings in Motorola Solutions. His purchase prices were between $38.72 and $46.37, with an estimated average price of $42.56. The impact to his portfolio due to this purchase was 9.78%. His holdings were 2,399,313 shares as of 09/30/2011. Motorola Solutions is engaged in providing communication equipments, software and services. Motorola Solutions has a market cap of $15.64 billion; its shares were traded at around $45.59 with a P/E ratio of 19 and P/S ratio of 0.8. The dividend yield of Motorola Solutions stocks is 1.9%.
New Purchase: Primerica (PRI, Financial)
Glenn Greenberg initiated holdings in Primerica. His purchase prices were between $19.28 and $22.35, with an estimated average price of $20.75. The impact to his portfolio due to this purchase was 2.88%. His holdings were 1,370,503 shares as of 09/30/2011. Primerica, Inc. provides financial products and services. Primerica has a market cap of $1.7 billion; its shares were traded at around $23.01 with a P/E ratio of 9.7 and P/S ratio of 1.2. The dividend yield of Primerica stocks is 0.5%.
New Purchase: Wells Fargo & Co. (WFC, Financial)
Glenn Greenberg initiated holdings in Wells Fargo & Co.. His purchase prices were between $22.88 and $29.38, with an estimated average price of $25.85. The impact to his portfolio due to this purchase was 2.71%. His holdings were 1,153,577 shares as of 09/30/2011. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Co. has a market cap of $131.68 billion; its shares were traded at around $24.94 with a P/E ratio of 9.2 and P/S ratio of 1.4. The dividend yield of Wells Fargo & Co. stocks is 1.9%. Wells Fargo & Co. had an annual average earnings growth of 5.4% over the past 10 years.
New Purchase: Visa (V, Financial)
Glenn Greenberg initiated holdings in Visa. His purchase prices were between $79.24 and $92.84, with an estimated average price of $87.24. The impact to his portfolio due to this purchase was 2.13%. His holdings were 254,786 shares as of 09/30/2011. VISA operates the world's largest retail electronic payments network and is one of the most recognized global financial services brands. Visa has a market cap of $76.3 billion; its shares were traded at around $93.4 with a P/E ratio of 18.7 and P/S ratio of 8.3. The dividend yield of Visa stocks is 0.6%.
Added: Valeant Pharmaceuticals International Inc. (VRX, Financial)
Glenn Greenberg added to his holdings in Valeant Pharmaceuticals International Inc. by 9.15%. His purchase prices were between $36.45 and $56.73, with an estimated average price of $45.98. The impact to his portfolio due to this purchase was 1.17%. His holdings were 3,857,129 shares as of 09/30/2011. 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 $12.86 billion; its shares were traded at around $42.82 with a P/E ratio of 18.7 and P/S ratio of 10.8.
Added: Aon Corp. (AON, Financial)
Glenn Greenberg added to his holdings in Aon Corp. by 12.33%. His purchase prices were between $40 and $51.83, with an estimated average price of $46.3. The impact to his portfolio due to this purchase was 1.15%. His holdings were 2,572,423 shares as of 09/30/2011. 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 $15.19 billion; its shares were traded at around $46.5 with a P/E ratio of 14.7 and P/S ratio of 1.8. The dividend yield of Aon Corp. stocks is 1.3%. Aon Corp. had an annual average earnings growth of 3.2% over the past 10 years.
Added: Comcast Corp. Special (CMCSK, Financial)
Glenn Greenberg added to his holdings in Comcast Corp. Special by 11.93%. His purchase prices were between $19.36 and $24.87, with an estimated average price of $22.06. The impact to his portfolio due to this purchase was 1.02%. His holdings were 4,733,611 shares as of 09/30/2011. Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $60.89 billion; its shares were traded at around $22.15 with a P/E ratio of 15.3 and P/S ratio of 1.6. The dividend yield of Comcast Corp. Special stocks is 2.1%. Comcast Corp. Special had an annual average earnings growth of 16.9% over the past 10 years. GuruFocus rated Comcast Corp. Special the business predictability rank of 2.5-star.
Added: U.s. Bancorp (USB, Financial)
Glenn Greenberg added to his holdings in U.s. Bancorp by 5.65%. His purchase prices were between $20.56 and $27.01, with an estimated average price of $23.9. The impact to his portfolio due to this purchase was 0.35%. His holdings were 2,869,924 shares as of 09/30/2011. U.S. Bancorp is a financial services holding company. U.s. Bancorp has a market cap of $48.87 billion; its shares were traded at around $25.44 with a P/E ratio of 11.4 and P/S ratio of 2.4. The dividend yield of U.s. Bancorp stocks is 2%. U.s. Bancorp had an annual average earnings growth of 1.6% over the past 10 years.
Reduced: Mastercard Cl A (MA, Financial)
Glenn Greenberg reduced to his holdings in Mastercard Cl A by 33.3%. His sale prices were between $291.96 and $353.78, with an estimated average price of $321.96. The impact to his portfolio due to this sale was -3.6%. Glenn Greenberg still held 273,876 shares as of 09/30/2011. MASTERCARD INCORPORATED advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. Mastercard Cl A has a market cap of $45.87 billion; its shares were traded at around $361 with a P/E ratio of 20.2 and P/S ratio of 8.3. The dividend yield of Mastercard Cl A stocks is 0.2%.
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.
To learn more about how Glenn Greenberg invests, please read:
Glenn Greenberg at Columbia: How a Great Investor Thinks
Glenn Greenberg at Columbia: How a Great Investor Thinks (Part 2)
Glenn Greenberg buys Motorola Solutions, Primerica, Wells Fargo & Co., Visa, Valeant Pharmaceuticals International Inc., Aon Corp., Comcast Corp. Special, U.s. Bancorp, sells MasterCard during the 3-months ended 09/30/2011, according to the most recent filings of his investment company, Brave Warrior Capital. As of 09/30/2011, Brave Warrior Capital owns 12 stocks with a total value of $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:
| Financials | 30.4% |
| Health Care | 20.3% |
| Technology | 17.4% |
| Industrials | 12.6% |
| Consumer Goods | 9.8% |
| Consumer Services | 9.5% |
These are the top 5 holdings of Glenn Greenberg
- Google Inc. (GOOG) - 289,955 shares, 14.5% of the total portfolio. Shares added by 0.06%
- Valeant Pharmaceuticals International Inc. (VRX) - 3,857,129 shares, 13.9% of the total portfolio. Shares added by 9.15%
- Fiserv Inc. (FISV) - 2,552,027 shares, 12.6% of the total portfolio. Shares added by 0.04%
- AON Corp. (AON) - 2,572,423 shares, 10.5% of the total portfolio. Shares added by 12.33%
- Motorola Solutions (MSI) - 2,399,313 shares, 9.8% of the total portfolio. New Position
New Purchase: Motorola Solutions (MSI, Financial)
Glenn Greenberg initiated holdings in Motorola Solutions. His purchase prices were between $38.72 and $46.37, with an estimated average price of $42.56. The impact to his portfolio due to this purchase was 9.78%. His holdings were 2,399,313 shares as of 09/30/2011. Motorola Solutions is engaged in providing communication equipments, software and services. Motorola Solutions has a market cap of $15.64 billion; its shares were traded at around $45.59 with a P/E ratio of 19 and P/S ratio of 0.8. The dividend yield of Motorola Solutions stocks is 1.9%.
New Purchase: Primerica (PRI, Financial)
Glenn Greenberg initiated holdings in Primerica. His purchase prices were between $19.28 and $22.35, with an estimated average price of $20.75. The impact to his portfolio due to this purchase was 2.88%. His holdings were 1,370,503 shares as of 09/30/2011. Primerica, Inc. provides financial products and services. Primerica has a market cap of $1.7 billion; its shares were traded at around $23.01 with a P/E ratio of 9.7 and P/S ratio of 1.2. The dividend yield of Primerica stocks is 0.5%.
New Purchase: Wells Fargo & Co. (WFC, Financial)
Glenn Greenberg initiated holdings in Wells Fargo & Co.. His purchase prices were between $22.88 and $29.38, with an estimated average price of $25.85. The impact to his portfolio due to this purchase was 2.71%. His holdings were 1,153,577 shares as of 09/30/2011. Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through stores, its Internet site and other distribution channels across North America as well as internationally. Wells Fargo & Co. has a market cap of $131.68 billion; its shares were traded at around $24.94 with a P/E ratio of 9.2 and P/S ratio of 1.4. The dividend yield of Wells Fargo & Co. stocks is 1.9%. Wells Fargo & Co. had an annual average earnings growth of 5.4% over the past 10 years.
New Purchase: Visa (V, Financial)
Glenn Greenberg initiated holdings in Visa. His purchase prices were between $79.24 and $92.84, with an estimated average price of $87.24. The impact to his portfolio due to this purchase was 2.13%. His holdings were 254,786 shares as of 09/30/2011. VISA operates the world's largest retail electronic payments network and is one of the most recognized global financial services brands. Visa has a market cap of $76.3 billion; its shares were traded at around $93.4 with a P/E ratio of 18.7 and P/S ratio of 8.3. The dividend yield of Visa stocks is 0.6%.
Added: Valeant Pharmaceuticals International Inc. (VRX, Financial)
Glenn Greenberg added to his holdings in Valeant Pharmaceuticals International Inc. by 9.15%. His purchase prices were between $36.45 and $56.73, with an estimated average price of $45.98. The impact to his portfolio due to this purchase was 1.17%. His holdings were 3,857,129 shares as of 09/30/2011. 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 $12.86 billion; its shares were traded at around $42.82 with a P/E ratio of 18.7 and P/S ratio of 10.8.
Added: Aon Corp. (AON, Financial)
Glenn Greenberg added to his holdings in Aon Corp. by 12.33%. His purchase prices were between $40 and $51.83, with an estimated average price of $46.3. The impact to his portfolio due to this purchase was 1.15%. His holdings were 2,572,423 shares as of 09/30/2011. 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 $15.19 billion; its shares were traded at around $46.5 with a P/E ratio of 14.7 and P/S ratio of 1.8. The dividend yield of Aon Corp. stocks is 1.3%. Aon Corp. had an annual average earnings growth of 3.2% over the past 10 years.
Added: Comcast Corp. Special (CMCSK, Financial)
Glenn Greenberg added to his holdings in Comcast Corp. Special by 11.93%. His purchase prices were between $19.36 and $24.87, with an estimated average price of $22.06. The impact to his portfolio due to this purchase was 1.02%. His holdings were 4,733,611 shares as of 09/30/2011. Comcast Corporation is principally involved in the development, management and operation of broadband cable networks, and in the provision of electronic commerce and programming content. Comcast Corp. Special has a market cap of $60.89 billion; its shares were traded at around $22.15 with a P/E ratio of 15.3 and P/S ratio of 1.6. The dividend yield of Comcast Corp. Special stocks is 2.1%. Comcast Corp. Special had an annual average earnings growth of 16.9% over the past 10 years. GuruFocus rated Comcast Corp. Special the business predictability rank of 2.5-star.
Added: U.s. Bancorp (USB, Financial)
Glenn Greenberg added to his holdings in U.s. Bancorp by 5.65%. His purchase prices were between $20.56 and $27.01, with an estimated average price of $23.9. The impact to his portfolio due to this purchase was 0.35%. His holdings were 2,869,924 shares as of 09/30/2011. U.S. Bancorp is a financial services holding company. U.s. Bancorp has a market cap of $48.87 billion; its shares were traded at around $25.44 with a P/E ratio of 11.4 and P/S ratio of 2.4. The dividend yield of U.s. Bancorp stocks is 2%. U.s. Bancorp had an annual average earnings growth of 1.6% over the past 10 years.
Reduced: Mastercard Cl A (MA, Financial)
Glenn Greenberg reduced to his holdings in Mastercard Cl A by 33.3%. His sale prices were between $291.96 and $353.78, with an estimated average price of $321.96. The impact to his portfolio due to this sale was -3.6%. Glenn Greenberg still held 273,876 shares as of 09/30/2011. MASTERCARD INCORPORATED advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. Mastercard Cl A has a market cap of $45.87 billion; its shares were traded at around $361 with a P/E ratio of 20.2 and P/S ratio of 8.3. The dividend yield of Mastercard Cl A stocks is 0.2%.
