Ken Fisher Reduces Stake in Toyota, Increases Position in Anheuser-Busch

Guru reduces Chevron holding, adds to stake in Exxon Mobil

Oct 20, 2015

Initially Ken Fisher (Trades, Portfolio) majored in forestry in college, but he ended up getting a degree in economics. Instead of growing plants, he grew his investment firm into one of the wealthiest in the world.

Fisher’s most significant third-quarter transactions involved stocks in an automobile company and a brewing company.

He reduced his stake in Toyota Motor Corp. (TM, Financial), a Japanese automotive manufacturer, by more than 95%, selling 4,557,172 shares for an average price of $125.39 per share. The deal had a -1.22% impact on Fisher’s portfolio.

Toyota has a market cap of $192.32 billion and an enterprise value of $313.73 billion. It has a P/E of 10.4, a forward P/E of 9.6, a P/B of 1.3 and a P/S of 0.8. GuruFocus has given Toyota a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

Donald Smith (Trades, Portfolio), Jim Simons (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Jim Chanos (Trades, Portfolio), David Dreman (Trades, Portfolio), Jeff Auxier (Trades, Portfolio) and Dodge & Cox have shares of Toyota in their portfolios.

Toyota sold for $122.21 per share Tuesday afternoon.

Fisher reduced more than 200 stakes in his portfolio in the third quarter, most with little impact on his portfolio, but there were a few exceptions. He reduced his position in Chevron Corp. (CVX, Financial), a San Ramon, Calif.-based oil and gas company, by more than 25%, selling 908,439 shares for an average price of $84.18 per share. The deal had a -0.17% impact on Fisher’s portfolio.

Chevron has a market cap of $169.24 billion and an enterprise value of $189.85 billion. It has a P/E of 13.9, a forward P/E of 21.0, a P/B of 1.1 and a P/S of 1.0. GuruFocus has given Chevron a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.

Chevron sold for $89.99 per share late Tuesday.

Fisher reduced his stake in Novo Nordisk A/S (NVO, Financial), a Danish pharmaceutical company, by more than 5%. Fisher sold 643,596 shares for an average price of $56.62 per share. The transaction had a -0.07% impact on Fisher’s portfolio.

Novo Nordisk has a market cap of $144.96 billion and an enterprise value of $143.82 billion. It has a P/E of 29.6, a forward P/E of 23.8, a P/B of 23.4 and a P/S of 9.4. GuruFocus has given Novo Nordisk a Financial Strength rating of 7/10 and a Profitability and Growth rating of 9/10.

Jim Simons (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), Murray Stahl (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Novo Nordisk in their portfolios.

Novo Nordisk sold for $54.69 per share when the final bell rang Tuesday.

Fisher added 4,721,105 shares to his existing stake in Anheuser-Busch Inbev SA (BUD, Financial), a Leuven, Belgium-based beverage and brewing company, for an average price of $116.11 per share. The purchase had a 1.07% impact on Fisher’s portfolio

Anheuser-Busch Inbev has a market cap of $186.65 billion and an enterprise value of $187.28 billion. It has a P/E of 21.2, a forward P/E of 22.5, a P/B of 4.1 and a P/S of 4.2. GuruFocus has given the company a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.

Tom Russo (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Daniel Loeb (Trades, Portfolio), Steven Romick (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Tom Gayner (Trades, Portfolio), John Burbank (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), George Soros (Trades, Portfolio), Wallace Weitz (Trades, Portfolio) and Louis Moore Bacon (Trades, Portfolio) have shares of Anheuser-Busch Inbev in their portfolios.

Anheuser-Busch Inbev sold for $116.03 when trading ended for the day Tuesday.

Fisher added to more than 200 existing stakes in the third quarter. Again, many were modest, but a few were substantial. Fisher added 983,037 shares to his stake in Exxon Mobil Corporation (XOM, Financial), an Irving, Texas-based oil and gas company, for an average price of $77.12 per share. The purchase had a 0.16% impact on Fisher’s portfolio.

Exxon Mobil has a market cap of $337.48 billion and an enterprise value of $373.3 billion. It has a P/E of 14.5, a forward P/E of 19.1, a P/B of 2.0 and a P/S of 1.0. GuruFocus has given Exxon Mobil a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.

Exxon Mobil sold for $80.83 per share late Tuesday.

Fisher acquired 138 new stakes in the third quarter. He bought a 1,344,563-share stake in Intesa Sanpaolo (ISNPY, Financial), an Italian financial services company, for an average price of $22.02 per share. The deal had a 0.06% impact on Fisher’s portfolio.

Intesa Sanpaolo has a market cap of $58.55 billion and an enterprise value of $59.54 billion. It has a P/E of 29.3, a forward P/E of 12.8, a P/B of 1.1 and a P/S of 3.7. GuruFocus has given Intesa Sanpaolo a Financial Strength rating of 7/10 and a Profitability and Growth rating of 5/10.

Intesa Sanpaolo sold for $22.18 per share when trading ended Tuesday.

Fisher also bought a 571,175-share stake in First American Financial Corp. (FAF, Financial), a Santa Ana, Calif.-based financial services company, for an average price of $39.49 per share. The transaction had a 0.05% impact on Fisher’s portfolio.

First American Financial has a market cap of $4.33 billion and an enterprise value of $3.65 billion. It has a P/E of 14.9, a forward P/E of 11.1, a P/B of 1.7 and a P/S of 0.9. GuruFocus has given First American Financial a Financial Strength rating of 7/10 and a Profitability and Growth rating of 6/10.

John Rogers (Trades, Portfolio), RS Investment Management (Trades, Portfolio), John Keeley (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of First American Financial in their portfolios.

First American Financial sold for $39.89 per share late Tuesday.

Fisher sold 34 stakes in his portfolio. Most were comparatively small, but Fisher’s stake in StanCorp Financial Group Inc. (SFG, Financial), a Portland, Ore.-based insurance and financial services group, was substantial. Fisher sold his 517,239-share stake for an average price of $104.71 per share. The sale had a -0.08% impact on Fisher’s portfolio.

StanCorp Financial has a market cap of $4.85 billion and an enterprise value of $5.08 billion. It has a P/E of 19.8, a forward P/E of 19.5, a P/B of 2.2 and a P/S of 1.8. GuruFocus has given StanCorp Financial a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.

RS Investment Management (Trades, Portfolio), Richard Pzena (Trades, Portfolio) and Jim Simons (Trades, Portfolio) have shres of StanCorp Financial in their portfolios.

StanCorp sold for $114.77 per share when trading concluded on Tuesday.

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