Led by investor Donald Yacktman (Trades, Portfolio), the Yacktman Fund (Trades, Portfolio)s, known for their patient and risk-averse approach to investing, expended little capital on new stocks in the fourth quarter. Patience and a willingness to hold cash are two key ways they protect their clients when undervalued opportunities are scarce, they said in their fourth-quarter letter.
“To be clear, our approach is focused on investments in individual securities, and we do not try to predict the direction of the market. We do not require market declines to put cash to work, however, it is generally more difficult to find significant new investment opportunities in a rapidly rising market.”
However, the firm was quite active during the quarter, buying a crop of micro positions which, except for the S&P 500 ETF, are traded in foreign markets. The total new buys of the Yacktman Fund (Trades, Portfolio)s of the fourth quarter totaled 11, which brings the portfolio’s total stock positions to 61, valued at $24.5 billion.
The New Buys
Goldlion Holdings Ltd. (HKSE:00533, Financial)
In their smallest new position, Yacktman bought 40,000 shares of Goldlion Holdings Ltd., reflecting less than 0.01% of the portfolio. In the fourth quarter, the stock’s average price was 3.73 Hong Kong dollars.
Goldlion Holdings Ltd. is an investment holding company. Goldlion Holdings Ltd. has a market cap of 3.57 billion Hong Kong dollars; its shares were traded at around 3.64 Hong Kong dollars with a P/E ratio of 7.10 and P/S ratio of 1.92. The dividend yield of Goldlion Holdings Ltd. stocks is 7.42%.
GES International Limited (SGX:G01, Financial)
Yacktman bought 70,000 shares of GES International Ltd., a 0.0001% portfolio weight.
The company engages in engineering and manufacturing and operates in Singapore, Malaysia, China and the U.S.
Lai Sun Development Co. Ltd. (HKSE:00488, Financial)
Yacktman bought 700,000 shares of Lai Sun Development Co. Ltd., a 0.0001% portfolio weight. The stock’s fourth quarter average price was 0.22 Hong Kong dollars.
Lai Sun Development Co. Ltd., along with its subsidiaries, is engaged in property development and investment in Hong Kong, the Mainland of China or overseas, and hotel operation and management.
Lai Sun Development Co. Ltd. has a market cap of $3.91 billion; its shares were traded at around $0.20 with a P/E ratio of 1.60 and P/S ratio of 4.00.Ă‚
Bentham IMF Ltd. (ASX:IMF, Financial)
Yacktman bought 26,000 shares of Bentham IMF Ltd., a 0.0002% portfolio weight. The stock had a fourth-quarter average price of $1.72.
IMF (Australia) Ltd. provides funding for litigation & investigations preliminary to litigation, payment of adverse costs orders, strategic planning, monitoring and managing of litigation, factual investigation including asset tracing, among others.
Bentham IMF Ltd. has a market cap of $293.419 million; its shares were traded at around $1.72 with a P/E ratio of 18.30. The dividend yield of Bentham IMF Ltd. stocks is 2.80%.Ă‚
Emeco Holdings Ltd. (ASX:EHL, Financial)
Yacktman bought 225,000 shares of Emeco Holdings Ltd., a 0.00002% portfolio weighting. The stock had an average price of $0.24 in the fourth quarter.
Emeco Holdings Ltd. supplies safe, reliable and maintained equipment rental solutions to the global mining industry. Emeco Holdings Ltd. has a market cap of $155.916 million; its shares were traded at around $0.27 with a P/E ratio of 26.00 and P/S ratio of 2.17. The dividend yield of Emeco Holdings Ltd. stocks is 9.62%. Emeco Holdings Ltd. had an annual average earnings growth of 2.80% over the past five years.
Automodular Corp. (TSX:AM)
Yacktman bought 21,000 shares of Automodular Corp., a 0.00002% portfolio weight. The fourth quarter stock price averaged $2.19.
Automodular Corp. was incorporated under the laws of the Province of Ontario. Automodular Corp. has a market cap of $47.285 million; its shares were traded at around $2.47 with a P/E ratio of 4.40 and P/S ratio of 0.55. The dividend yield of Automodular Corp. stocks is 9.84%. Automodular Corp. had an annual average earnings growth of 115.30% over the past five years.Ă‚
Maxim Power Corp. (TSX:MXG)
Yacktman bought 20,000 shares of Maxim Power Corp., a 0.0002% portfolio weight. In the fourth quarter the stock’s price averaged $3.42.
Maxim Power Corp. was formed on March 2, 2010 pursuant to the laws of Alberta upon the amalgamation of Maxim Power Corp. Maxim Power Corp. has a market cap of $154.466 million; its shares were traded at around $2.90 with a P/E ratio of 7.90 and P/S ratio of 0.81. Maxim Power Corp. had an annual average earnings growth of 4.50% over the past 10 years.Ă‚
Lamprell Plc (LSE:LAM)
Yacktman bought 31,000 shares of Lamprell Plc, a 0.0003% portfolio weight. The fourth quarter’s average share price was £1.49.
Lamprell Plc was incorporated and registered on July 4, 2006, in the Isle of Man as a public company limited by shares under the Isle of Man Companies Acts. Lamprell Plc has a market cap of ÂŁ372.970 million; its shares were traded at around ÂŁ1.43 with and P/S ratio of 0.57.Ă‚
SPDR S&P 500 ETF (SPY)
Yacktman bought 1,870 shares of the S&P 500, a 0.0014% portfolio weight. The index’s fourth quarter average price was $177 per share.
SPDR S&P 500 ETF has a market cap of $134.5 billion; its shares were traded at around $178.18. The dividend yield of SPDR S&P 500 ETF stocks is 2.00%.
Samsung Electronics Co. Ltd. (XKRX:005930)
Yacktman purchased 26,100 shares of Samsung Electronics Co. Ltd., a 0.1% portfolio weight. The fourth quarter price averaged 1,114,427 won per share.
Samsung Electronics Co. Ltd. was incorporated under the laws of the Republic of Korea in 1969. Samsung Electronics Co. Ltd. has a market cap of 167,535.83 billion won; its shares were traded at around 1,272,000.00 won with a P/E ratio of 7.70 and P/S ratio of 1.01. The dividend yield of Samsung Electronics Co. Ltd. stocks is 0.54%. Samsung Electronics Co. Ltd. had an annual average earnings growth of 23.60% over the past five years.
Aggreko Plc (LSE:AGK)
For his largest new buy, Yacktman purchased 3,981,000 shares of Aggreko Plc, a 0.46% portfolio weight. The fourth quarter’s share price averaged £16.
Aggreko Plc provides power and temperature control solutions to customers who need them either very quickly, or for a short or indeterminate length of time.
Aggreko Plc has a market cap of $4.16 billion; its shares were traded at around $15.46 with a P/E ratio of 14.90 and P/S ratio of 2.59. The dividend yield of Aggreko Plc stocks is 1.60%. Aggreko Plc had an annual average earnings growth of 26.10% over the past 10 years. GuruFocus rated Aggreko Plc the business predictability rank of 5-star.Â
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