Jeff Auxier Reduces More Than 100 Stakes in First Quarter

Jun 09, 2015

As manager of Auxier Focus Fund, Jeff Auxier (Trades, Portfolio) racked up an impressive record in the first decade of the 21st century, gaining more than 75% in value compared to the S&P500’s 10% loss during the same period.

In the first quarter of 2015, Auxier’s emphasis was on selling holdings rather than buying them. Auxier reduced more than 100 of his stakes in the first quarter, including each of his 20 most valuable stakes.

The transaction that had the greatest impact on his portfolio was Auxier’s sale of 179,657 shares of Molson Coors Brewing Co (TAP, Financial), a brewing company based in Denver and Auxier’s fourth-most valuable stake, for an average price of $75.36 per share. The sale had a -2.68% impact on Auxier’s portfolio.

Molson has a market cap of $13.47 billion and an enterprise value of $16.43 billion. It has a P/E of 31.4, a Price/Book of 1.9 and a Price/Sales of 3.4. Pioneer Investments (Trades, Portfolio), Jim Simons (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), John Keeley (Trades, Portfolio), Manning & Napier Advisors, Inc, George Soros (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Charles Brandes (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Molson in their portfolios. HOTCHKIS & WILEY and Steven Cohen (Trades, Portfolio) sold their stakes in the first quarter.

Auxier reduced his position in PepsiCo Inc (PEP, Financial), a New York-based food and beverage company, selling 103,510 shares for an average price of $96.75 per share. The deal had a -1.93% impact on his portfolio.

In response to increasing health consciousness among consumers and the fact that PepsiCo stock has gone down in price by nearly 2% in 2015, PepsiCo has said it intends to introduce a healthier line of sodas in the U.S. market.

Auxier sold a portion of his 10th-most valuable stake, Bank of New York Mellon Corp (BK, Financial), a Manhattan-based banking and financial services company. Auxier sold 231,125 shares for an average price of $38.95 per share. The sale had a -1.9% impact on his portfolio.

Auxier sold 122,204 shares of Kroger Co (KR, Financial), a Cincinnati-based supermarket chain and the most valuable stake in Auxier’s portfolio, for an average price of $71.38 per share. The deal had a -1.56% impact on Auxier’s portfolio.

Auxier also sold nearly two-thirds of his stake in Microsoft Corp (MSFT, Financial), a Redmond, Washington-based computer hardware and software company. Auxier sold 162,214 shares for an average price of $43.53 per share. The sale had a -1.48% impact on Auxier’s portfolio.

Auxier also sold portions of his stakes in Medtronic PLC (MDT, Financial), UnitedHealth Group Inc (UNH, Financial), America Movil SAB de CV (AMX, Financial), Philip Morris International Inc (PM, Financial), Corning Inc (GLW, Financial), Merck & Co Inc (MRK, Financial), H&R Block Inc (HRB, Financial) and Johnson & Johnson (JNJ, Financial).

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