Donald Smith (Trades, Portfolio)’s bottom-up investing strategy seeks out out-of-favor companies selling for reduced prices. That doesn’t necessarily exclude big-name companies – one of his third-quarter transactions concerned Citigroup (C, Financial) – but most of the companies involved in Smith’s largest deals are not household names.
Smith’s most significant third-quarter transaction was the sale of his stake in Montpelier RE Holdings Ltd. (MRH, Financial), a property and casualty insurance company. Smith sold 2,213,098 shares for an average price of $41.65 per share. The divestiture had a -1.94% impact on Smith’s portfolio.
Montpelier RE Holdings has a market cap of $1.87 billion and an enterprise value of $2.08 billion. It has a P/E of 11.3, a forward P/E of 13.1, a P/B of 1.2 and a P/S of 2.8. GuruFocus has given Montpelier RE Holdings a Financial Strength rating of 7/10 and a Profitability and Growth rating of 8/10.
Montpelier RE Holdings sold for $42.65 per share Monday.
Smith increased his stake in Citigroup, a New York-based banking and financial services company, by more than 1,708%. Smith acquired 1,184,459 shares for an average price of $54.69 per share. The deal had a 1.52% impact on Smith’s portfolio.
Citigroup has a market cap of $151.66 billion and an enterprise value of $244.62 billion. It has a P/E of 11.4, a forward P/E of 8.8, a P/B of 0.7 and a P/S of 2.0. GuruFocus has given Citigroup a Financial Strength rating of 6/10 and a Profitability and Growth rating of 5/10.
James Barrow (Trades, Portfolio), HOTCHKIS & WILEY, Ken Fisher (Trades, Portfolio), First Pacific Advisors (Trades, Portfolio), Steven Romick (Trades, Portfolio), Richard Pzena (Trades, Portfolio), Bill Nygren (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Andreas Halvorsen (Trades, Portfolio), Charles Brandes (Trades, Portfolio), Sarah Ketterer (Trades, Portfolio), Ken Heebner (Trades, Portfolio), NWQ Managers (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Bruce Berkowitz (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Pioneer Investments (Trades, Portfolio), Larry Robbins (Trades, Portfolio), Kahn Brothers (Trades, Portfolio), Julian Robertson (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Francis Chou (Trades, Portfolio), Mario Gabelli (Trades, Portfolio), Jim Simons (Trades, Portfolio), Chris Davis (Trades, Portfolio), Caxton Associates (Trades, Portfolio), Arnold Schneider (Trades, Portfolio), Manning & Napier Advisors Inc., Jeff Auxier (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), David Dreman (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio), Ray Dalio (Trades, Portfolio), Prem Watsa (Trades, Portfolio), John Keeley (Trades, Portfolio), Dodge & Cox and Ruane Cunniff (Trades, Portfolio) have shares of Citigroup in their portfolios.
On Monday Citigroup sold fr $50.93 per share.
Smith boosted his stake in Alamos Gold Inc. (AGI, Financial), a Toronto-based gold producer, by nearly 1,825%. Smith bought 14,870,968 shares for an average price of $4.01 per share. The deal had a 1.42% impact on Smith’s portfolio.
Alamos Gold has a market cap of $818.83 million and an enterprise value of $93.74 million. It has a forward P/E of 232.6, a P/B of 0.5 and a P/S of 4.8. GuruFocus has given Alamos Gold a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
Smith is Alamos Gold’s leading shareholder among the gurus with a 15,695,968-share stake in his portfolio. Jim Simons (Trades, Portfolio), Chuck Royce (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Alamos Gold in their portfolios.
Alamos Gold sold for $3.2 per share Monday.
Smith raised his stake in Aspen Insurance Holdings Ltd. (AHL, Financial), an insurance and reinsurance company with offices in London and Bermuda, by nearly 50%. Smith bought 541,310 shares for an average price of $47.57 per share. The deal had a 0.65% impact on Smith’s portfolio.
Aspen Insurance Holdings has a market cap of $2.94 billion and an enterprise value of $2.19 billion. It has a P/E of 11.3, a forward P/E of 10.8, a P/B of 0.9 and a P/S of 1.1. GuruFocus has given Aspen Insurance Holdings a Financial Strength rating of 4/10 and a Profitability and Growth rating of 6/10.
Smith is Aspen Insurance Holdings’ leading shareholder among the gurus with a 1,629,892-share stake in his portfolio. Richard Pzena (Trades, Portfolio), Jim Simons (Trades, Portfolio), David Dreman (Trades, Portfolio), HOTCHKIS & WILEY, Chuck Royce (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Mario Gabelli (Trades, Portfolio) have shares of Aspen Insurance Holdings in their portfolios.
On Monday Aspen Insurance Holdings sold for $48.31 per share.
Smith bought a 950,050-share stake in Endurance Specialty Holdings Ltd. (ENH, Financial), a Bermuda-based provider of property, casualty, professional liability and specialty insurance, for an average price of $65.25 per share. The transaction had a 1.5% impact on Smith’s portfolio.
Endurance Specialty Holdings has a market cap of $4.19 billion and an enterprise value of $3.78 billion. It has a P/E of 9.9, a P/B of 0.9 and a P/S of 1.5. GuruFocus has given Endurance Specialty Holdings a Financial Strength rating of 6/10 and a Profitability and Growth rating of 6/10.
RS Investment Management (Trades, Portfolio), Diamond Hill Capital (Trades, Portfolio), Richard Pzena (Trades, Portfolio), David Dreman (Trades, Portfolio), Jeremy Grantham (Trades, Portfolio), HOTCHKIS & WILEY, Jim Simons (Trades, Portfolio), Paul Tudor Jones (Trades, Portfolio) and Joel Greenblatt (Trades, Portfolio) have shares of Endurance Specialty Holdings in their portfolios.
Endurance Specialty Holdings sold for $62.96 per share Monday.
Smith reduced his stake in AerCap Holdings NV (AER, Financial), a Netherlands-based aircraft leasing company, by nearly 8%. Smith sold 786,268 shares for an average price of $44.2 per share. The deal had a -0.8% impact on Smith’s portfolio.
AerCap Holdings has a market cap of $7.81 billion and an enterprise value of $36.81 billion. It has a P/E of 6.9, a forward P/E of 6.7, a P/B of 1.0 and a P/S of 1.6. GuruFocus has given AerCap Holdings a Financial Strength rating of 7/10 and a Profitability and Growth rating of 7/10.
Smith is AerCap Holdings’ leading shareholder among the gurus with a 9,575,953-share stake in his portfolio. David Einhorn (Trades, Portfolio), Leon Cooperman (Trades, Portfolio), Lee Ainslie (Trades, Portfolio), Eric Mindich (Trades, Portfolio), Seth Klarman (Trades, Portfolio), Richard Perry (Trades, Portfolio), Louis Moore Bacon (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) have shares of AerCap Holdings in their portfolios.
On Monday AerCap Holdings sold for $39.52 per share.
Smith trimmed his stake in American National Insurance Company (ANAT, Financial), a Galveston, Texas-based insurance and financial services company, by nearly 19%. Smith sold 324,904 shares for an average price of $102.74 per share. The transaction had a -0.74% impact on Smith’s portfolio.
American National Insurance Company has a market cap of $2.72 billion and an enterprise value of $2.2 billion. It has a P/E of 10.9, a forward P/E of 8.8, a P/B of 0.6 and a P/S of 0.9. GuruFocus has given American National Insurance Company a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10.
Smith is American National Insurance Company’s leading shareholder among the gurus with a 1,402,952-share stake in his portfolio. Tweedy Browne (Trades, Portfolio), Jim Simons (Trades, Portfolio), Tweedy Browne (Trades, Portfolio) Global Value and Chuck Royce (Trades, Portfolio) have shares of American National Insurance Company in their portfolios.
American National Insurance Company sold for $101.22 per share Monday.
To view the portfolios of more gurus, visit the List of Gurus page. Not a premium member of GuruFocus? Try it free for 7 days.
