Glenn Greenberg (Trades, Portfolio) of Brave Warrior Advisors LLC made only 14 transactions in the third quarter, which is fewer than most of the gurus we follow tend to make in a quarter, demonstrating his dedication to his belief that a concentrated portfolio is a “defense against ignorance.” Few people, if any, would regard Greenberg as ignorant, but in his definition of ignorance, the more companies you own, the less you are likely to know about them and the more likely you are to make a mistake. Greenberg doesn't make many mistakes.
Greenberg’s most noteworthy third-quarter deal was the sale of his 1,739,482-share stake in Express Scripts Holding Co. (ESRX, Financial), a St. Louis-based health care and pharmaceutical company, for an average price of $87.1 per share. The divestiture had a -4.47% impact on Greenberg’s portfolio.
Express Scripts Holding has a market cap of $57.2 billion and an enterprise value of $72.46 billion. It has a P/E of 26.1, a forward P/E of 14.4, a P/B of 3.6 and a P/S of 0.6. GuruFocus has given Express Scripts Holding a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Dodge & Cox, Chris Davis (Trades, Portfolio), David Rolfe (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Manning & Napier Advisors Inc., Pioneer Investments (Trades, Portfolio), Charles Brandes (Trades, Portfolio), HOTCHKIS & WILEY, First Pacific Advisors (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Steven Romick (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Scott Black (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Jeff Auxier (Trades, Portfolio), John Keeley (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio) and First Eagle Investment (Trades, Portfolio) have shares of Express Scripts Holding in their portfolios.
Express Scripts Holding sold for $84.7 per share Thursday.
Greenberg increased his position in Cimpress NV (CMPR, Financial), a Dutch mass customization company, by nearly 79%. Greenberg acquired 1,791,289 shares for an average price of $74.38 per share. The transaction had a 4.33% impact on Greenberg’s portfolio.
Cimpress has a market cap of $2.78 billion and an enterprise value of $3.44 billion. It has a P/E of 38.0, a forward P/E of 37.9, a P/B of 26.1 and a P/S of 2.0. GuruFocus has given Cimpress a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Greenberg is Cimpress’ leading shareholder among the gurus with 4,060,537 shares in his portfolio. Jeremy Grantham (Trades, Portfolio) and John Hussman (Trades, Portfolio) also have shares of Cimpress in their portfolios.
On Thursday Cimpress sold for $89.26 per share.
Greenberg added 3,081,120 shares to his existing stake in Brookfield Asset Management Inc. (BAM, Financial), a Toronto-based asset management company, for an average price of $33.2 per share. The deal had a 3.08% impact on Greenberg’s portfolio.
Brookfield Asset Management has a market cap of $32.52 billion and an enterprise value of $123.78 billion. It has a P/E of 13.7, a forward P/E of 20.9, a P/B of 1.6 and a P/S of 1.7. GuruFocus has given Brookfield Asset Management a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.
Lou Simpson (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Third Avenue Management (Trades, Portfolio), Murray Stahl (Trades, Portfolio), Ron Baron (Trades, Portfolio), Jim Simons (Trades, Portfolio), Chris Davis (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) have shares of Brookfield Asset Management in their portfolios.
Brookfield Asset Management sold for $33.93 per share Thursday.
Greenberg boosted his stake in Halliburton Co. (HAL, Financial), a Houston-based oilfield services and equipment company, by more than 25%. Greenberg purchased 1,462,173 shares for an average price of $39.34 per share. The transaction had a 1.64% impact on Greenberg’s portfolio.
Halliburton has a market cap of $32.44 billion and an enterprise value of $38.11 billion. It has a P/E of 125.9, a forward P/E of 36.1, a P/B of 2.2 and a P/S of 1.2. GuruFocus has given Halliburton a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Jeff Ubben (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value, Richard Snow (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Jim Simons (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Wallace Weitz (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Ronald Muhlenkamp (Trades, Portfolio), John Buckingham (Trades, Portfolio), Ron Baron (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Ken Fisher (Trades, Portfolio), David Dreman (Trades, Portfolio), Michael Price (Trades, Portfolio) and Dodge & Cox have shares of Halliburton in their portfolios.
On Thursday Halliburton sold for $37.71 per share.
Greenberg raised his stake in Antero Resources Corp. (AR, Financial), a Denver-based oil and gas company, by more than 84% with the purchase of 1,593,280 shares for an average price of $26.67 per share. The deal had a 1.07% impact on Greenberg’s portfolio.
Antero Resources has a market cap of $5.47 billion and an enterprise value of $11.19 billion. It has a P/E of 3.8, a forward P/E of 39.1, a P/B of 0.9 and a P/S of 1.2. GuruFocus has given Antero Resources a Financial Strength rating of 6/10 and a Profitability and Growth rating of 7/10.
Seth Klarman (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Jim Simons (Trades, Portfolio), Ron Baron (Trades, Portfolio) and Paul Tudor Jones (Trades, Portfolio) have shares of Antero Resources in their portfolios.
Antero Resources sold for $19.62 per share Thursday.
Greenberg trimmed his stake in Equinix Inc. (EQIX, Financial), a Redwood City, California-based company specializing in data centers and internet exchanges, by nearly 27%. Greenberg sold 236,229 shares for an average price of $274.11 per share. The transaction had a -1.73% impact on Greenberg’s portfolio.
Equinix has a market cap of $16.9 billion and an enterprise value of $21.17 billion. It has a forward P/E of 41.3, a P/B of 11.4 and a P/S of 6.3. GuruFocus has given Equinix a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Steve Mandel (Trades, Portfolio), Ron Baron (Trades, Portfolio), Jim Simons (Trades, Portfolio), Steven Cohen (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), RS Investment Management (Trades, Portfolio) and Dodge & Cox have shares of Equinix in their portfolios.
On Thursday Equinix sold for $295.62 per share.
Greenberg made two new buys in the third quarter – Brookfield Infrastructure Partners LP (BIP, Financial) and Brookfield Property Partners LP (BPY, Financial).
Greenberg purchased a 121,773-share stake in Brookfield Infrastructure Partners, a Hamilton, Bermuda-based infrastructure asset management company, for an average price of $40.7 per share. The acquisition had a 0.14% impact on Greenberg’s portfolio.
Brookfield Infrastructure Partners has a market cap of $6.5 billion and an enterprise value of $12.2 billion. It has a P/E of 33.2, a forward P/E of 21.1, a P/B of 1.1 and a P/S of 3.3. GuruFocus has given Brookfield Infrastructure Partners a Financial Strength rating of 6/10 and a Profitability and Growth rating of 8/10.
Ron Baron (Trades, Portfolio), Jim Simons (Trades, Portfolio) and Murray Stahl (Trades, Portfolio) have shares of Brookfield Infrastructure Partners in their portfolios
Brookfield Infrastructure Partners sold for $40 per share Thursday.
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