Mr. Scott M. Black is the Chairman, President, Chief Investment Officer, and Chief Compliance Officer at Delphi Management, Inc. In 1978, he had joined William O'Neil Company, before managing equities for Sunkist Growers in 1979. Prior to that, Mr. Black worked at Merrill Lynch, initially in the market planning department and then rose to the Head of Corporate Development, where he was responsible for the holding company's diversification activities.
He is now holding a portfolio composed of 101 stocks (12 of them bought on Q1, 2015) and with a total value of $753 million.
On Q1, 2015 he did 110 trades, and the following are the ones that had the strongest impact on his portfolio (I am listing just trades of stocks, but he also traded even some ETF, for the full list, visit this page).
He reduced by 92.26% his stake in Wyndham Worldwide Corp (WYN) (an impact of 1.11% on his portfolio). The company operates as a hospitality company and offers individual consumers and business customers a suite of hospitality products and services across accommodation alternatives and price ranges through its portfolio of world-renowned brands.
The company has positive returns (ROE of 41.62%, ROA of 5.73%, ROC of 62.20%) and a financial strength rated 7/10. Its price rose by 21% over the last 12 months and is now trading at a P/E (ttm) ratio of 19.20. It looks overpriced by 31% according to the DCF model.
Since that sale the price of the stock declined by 2%.
He bought 139,809 shares of GATX Corp (GMT) (an impact of 1.08% on his portfolio). The company leases, operates and manages long-lived assets in the rail, marine and industrial equipment markets. It also invests in joint ventures that complement existing business activities.
The company has positive returns (ROE of 16.74%, ROA of 3.23%, ROC of 5.67%) and a financial strength rated 6/10. Its price dropped by 12% over the last 12 months and is now trading at a P/E (ttm) ratio of 11.20. It looks undervalued by 25% according to the DCF model.
Since that buy the price of the stock declined by 5%.
He bought 340,328 shares of Taiwan Semiconductor Manufacturing Co Ltd (TSM) (an impact of 1.06% on his portfolio). The Company engages in the manufacturing, selling, packaging, testing and computer-aided design of integrated circuits and other semiconductor devices, it also manufactures masks.
The company has positive returns (ROE of 27.72%, ROA of 18.83%, ROC of 35.67%) and a financial strength rated 8/10. Its price rose by 20% over the last 12 months and is now trading at a P/E (ttm) ratio of 14.70. It looks fairly valued at $25 according to the DCF model.
Since that buy the price of the stock rose by 4%.
He sold out his stake in Methanex Corp (MEOH) (an impact of 0.99% on his portfolio). The Company produces and markets methanol, a chemical that is used to make a range of industrial, consumer and energy products. The Company is the supplier of methanol to the international markets of North America, Asia Pacific and Europe and Latin America.
The company has positive returns (ROE of 17.60%, ROA of 7.12%, ROC of 17.83%) and a financial strength rated 7/10. Its price is almost flat since 12 months back and is now trading at a P/E (ttm) ratio of 18.80. MEOH looks overpriced by 17% according to the DCF model.
Since that sale the price of the stock rose by 13%.
He bought 119,485 shares of AbbVie Inc (ABBV) (an impact of 0.93% on his portfolio). The company is a research-based biopharmaceutical company with portfolio of proprietary products including a broad line of adult and pediatric pharmaceuticals. The company discovers, develops, manufactures and sells proprietary pharmaceutical products. Its products are used to treat diseases including rheumatoid arthritis, psoriasis, Crohn's disease, HIV, cystic fibrosis complications.
The company has positive returns (ROE of 51.36%, ROA of 6.47%, ROC of 89.63%) and a financial strength rated 7/10. Its price rose by 23% over the last 12 months and is now trading at a P/E (ttm) ratio of 58.70. ABBV looks heavily overpriced, by 300% according to the DCF model.
Since that buy the price of the stock rose by 9%.
He sold out his stake in Dover Corp (DOV) (an impact of 0.91% on his portfolio). The Company owns and operates a portfolio of manufacturing companies providing components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets.
The company has positive returns (ROE of 21.88%, ROA of 9.34%, ROC of 59.46%) and a financial strength rated 8/10. Its price declined by 11% over the last 12 months and is now trading at a P/E (ttm) ratio 15.30. DOV looks overpriced by 29% according to the DCF model.
Since that sale the price of the stock rose by 7%.
He increased his stake in Prudential Financial Inc (PRU) (an impact of 0.73% on his portfolio). The Company through its subsidiaries and affiliates offers financial products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management.
The company has easy returns (ROE of 5.24%, ROA of 0.29%) and a financial strength rated 7/10. Its price increased by 5% over the last 12 months and is now trading at a P/E (ttm) ratio 18.30. PRU looks overpriced by 25% according to the DCF model.
Since that buy the price of the stock rose by 6%.
He bought 137,796 shares of Iconix Brand Group Inc. (ICON) (an impact of 0.62% on his portfolio). Iconix Brand is a brand management company engaged in licensing, marketing and providing trend direction for a portfolio of consumer brands.
The company has positive returns (ROE of 17.12%, ROA of 5.40%) and a financial strength rated 6/10. Its price tanked by 37% over the last 12 months and is now trading at a P/E (ttm) ratio 9.30. ICON looks undervalued by 36% according to the DCF model.
Since that buy the price of the stock dropped by 23%.
