Charles de Vaulx (Trades, Portfolio) of IVA Worldwide Fund looks for at least one of these characteristics – financial strength, temporarily depressed earnings or entrenched franchises – when he looks for investment opportunities. He follows the principles of Benjamin Graham and Warren Buffett (Trades, Portfolio); however, whereas Buffett’s approach is to invest in American companies, de Vaulx takes a more global posture, and his third-quarter transactions reflect that.
The guru’s most noteworthy third-quarter transaction was his purchase of a 1,674,401-share stake in Emerson Electric Co. (EMR, Financial), a Ferguson, Missouri-based electrical equipment company, for an average price of $49.17 per share. The deal had a 1.58% impact on de Vaulx’s portfolio.
Emerson Electric has a market cap of $31.18 billion and an enterprise value of $35.55 billion. It has a P/E of 13.3, a forward P/E of 15.4, a P/B of 3.9 and a P/S of 1.5. GuruFocus has given Emerson Electric a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
T Rowe Price Equity Income Fund (Trades, Portfolio), James Barrow (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Mairs and Power (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Tweedy Browne (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Arnold Van Den Berg (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Jim Simons (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Manning & Napier Advisors Inc., Murray Stahl (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), David Dreman (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Ken Fisher (Trades, Portfolio), Ruane Cunniff (Trades, Portfolio), John Hussman (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of Emerson Electric in their portfolios.
Emerson Electric sold for $47.25 per share Tuesday.
He bought an 801,229-share stake in Flowserve Corp. (FLS, Financial), an Irving, Texas-based industrial and environmental machinery company, for an average price of $45.86 per share. The transaction had a 0.7% impact on de Vaulx’s portfolio.
Flowserve has a market cap of $5.51 billion and an enterprise value of $7.13 billion. It has a P/E of 16.0, a forward P/E of 13.8, a P/B of 3.2 and a P/S of 1.2. GuruFocus has given Flowserve a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
First Eagle Investment (Trades, Portfolio), Manning & Napier Advisors Inc., Mario Gabelli (Trades, Portfolio), T Rowe Price Equity Income Fund (Trades, Portfolio), Meridian Funds (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and David Dreman (Trades, Portfolio) have shares of Flowserve in their portfolios.
On Tuesday Flowserve sold for $42 per share.
He also bought a 370,062-share stake in United Technologies Corp. (UTX, Financial), a Hartford, Connecticut-based conglomerate focused on high-technology products, for an average price of $97.82 per share. The acquisition had a 0.7% impact on de Vaulx’s portfolio.
United Technologies has a market cap of $83.92 billion and an enterprise value of $102.92 billion. It has a P/E of 14.6, a forward P/E of 14.4, a P/B of 2.8 and a P/S of 1.3. GuruFocus has given United Technologies a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
James Barrow (Trades, Portfolio), Chris Davis (Trades, Portfolio), Ken Fisher (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Mason Hawkins (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), T Rowe Price Equity Income Fund (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Manning & Napier Advisors Inc., Robert Olstein (Trades, Portfolio), Tom Gayner (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Mairs and Power (Trades, Portfolio), David Dreman (Trades, Portfolio), First Eagle Investment (Trades, Portfolio) and Chuck Royce (Trades, Portfolio) have shares of United Technologies in their portfolios.
United Technologies sold for $94.38 per share Tuesday.
The guru increased his stake in HSBC Holdings PLC (LSE:HSBA, Financial), a London-based banking and financial services company, by nearly 380% with the purchase of 7,864,958 shares for an average price of £5.42 (roughly $8.18 in U.S. currency) per share. The investment had a 1.27% impact on de Vaulx’s portfolio.
HSBC Holdings has a market cap of $101.8 billion and an enterprise value of $25.26 billion. It has a P/E of 10.5, a forward P/E of 9.4, a P/B of 0.8 and a P/S of 2.0. GuruFocus has given HSBC Holdings a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Causeway International Value (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value and IVA International Fund (Trades, Portfolio) have shares of HSBC Holdings in their portfolios.
On Tuesday HSBC Holdings sold for £5.42 (roughly $8.18 in American dollars) per share.
He also raised his stake in Antofagasta PLC (LSE:ANTO, Financial), a mining company with offices in London and Santiago, Chile, by nearly 62% with the purchase of 4,114,654 shares for an average price of £5.93 (about $8.94 in U.S. money) per share. The transaction had a 0.67% impact on de Vaulx’s portfolio.
Antofagasta has a market cap of $4.71 billion and an enterprise value of $5.14 billion. It has a P/E of 15.5, a forward P/E of 11.6, a P/B of 1.1 and a P/S of 1.6. GuruFocus has given Antofagasta a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
Tweedy Browne (Trades, Portfolio) Global Value and IVA International Fund (Trades, Portfolio) have shares of Antofagasta in their portfolios.
Antofagasta sold for £4.42 (approximately $6.67 in American money) per share Tuesday.
He reduced his stake in Net 1 Ueps Technologies Inc. (UEPS, Financial), a Johannesburg-based provider of payment solutions and transaction processing services, by almost 41%, selling 2,451,643 shares for an average price of $19 per share. The deal had a -0.89% impact on de Vaulx’s portfolio.
Net 1 has a market cap of $699.44 million and an enterprise value of $601.36 million. It has a P/E of 7.3, a forward P/E of 10.6, a P/B of 1.5 and a P/S of 1.1. GuruFocus has given Net 1 a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Charles de Vaulx (Trades, Portfolio) is Net 1’s leading shareholder among the gurus with 3,559,811 shares in his portfolio. IVA International Fund (Trades, Portfolio), Jim Simons (Trades, Portfolio), RS Investment Management (Trades, Portfolio), Chuck Royce (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Jeremy Grantham (Trades, Portfolio) also have shares in Net 1 in their portfolios.
Net 1 sold for $14.7 per share Tuesday.
He reduced his stake in Kangwon Land Inc. (XKRX:035250, Financial), a South Korean casino and resort company, by 59%, selling 1,307,261 shares for an average price of â‚©41427.3 (approximately $35.45 in American money) per share. The transaction had a -0.87% impact on de Vaulx’s portfolio.
Kangwon Land has a market cap of $8.09 trillion and an enterprise value of $6.6 trillion. It has a P/E of 20.5, a forward P/E of 17.8, a P/B of 2.8 and a P/S of 5.1. GuruFocus has given Kangwon Land a Financial Strength rating of 8/10 and a Profitability and Growth rating of 8/10.
Charles de Vaulx (Trades, Portfolio) is Kangwon Land’s leading shareholder among the gurus with 908,141 shares in his portfolio. IVA International Fund (Trades, Portfolio) also has shares of Kangwon Land in its portfolio.
On Tuesday Kangwon Land sold for â‚©39850 (roughly $34.10 in U.S. currency) per share.
The guru sold two stakes in the third quarter – Carrefour (XPAR:CA) and Liberty Interactive Corp. (LVNTA).
The most significant of the two was the sale of the 890,674-share stake in Carrefour, a French retailer, for an average price of €31.7 (roughly $34.38 in American currency) per share. The divestiture had a -0.57% impact on de Vaulx’s portfolio.
Carrefour has a market cap of $19.82 billion and an enterprise value of $31.19 billion. It has a P/E of 15.0, a forward P/E of 14.7, a P/B of 2.1 and a P/S of 0.3. GuruFocus has given Carrefour a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
Bestinfond (Trades, Portfolio) has shares of Carrefour in its portfolio.
Carrefour sold for €27.85 (about $30.21 in U.S. dollars) per share Tuesday.
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