(GuruFocus, November 30) If it is not for 2008, David Winters would be a run-away success in the boutique mutual fund world. Look at the performance of his Wintergreen Fund since inception (10/17/2005), he still beat the S&P 500 by more than 3% per year, no small deed if you consider the Fund’s 1.91% annualize expenses’ ratio.
This year, it seems the Fund’s performance is recovering. The Fund returned 28.64% vs. S&P 500’s 21.60% through November 30, 2009.
I am not sure if S&P 500 index is a fair comparison as Winters travels around the world to find value. Watch this video with David Winters comments on some of the international opportunities:
Many of his top holdings are not domestic US stocks:
At GuruFocus, we tracks Winters’s stock portfolio that is traded in the US and here are his top holdings (the weighting is based on the $490 million domestic US portfolio):
No. 1: Berkshire Hathaway Inc. (BRK-B), Weightings: 18.39% - 27,159 Shares
Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted nationwide on a direct basis and worldwide on a reinsurance basis through a number of subsidiaries collectively referred to as the Berkshire Hathaway Insurance Group. Berkshire Hathaway Inc. Class B shares were traded at around $3353 with and P/S ratio of 0.5. Berkshire Hathaway Inc. had an annual average earning growth of 1.7% over the past 10 years.
No. 2: ConsolidatedTomoka Land Co (CTO, Financial), Weighting: 11.56% - 1,481,474 Shares
Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. ConsolidatedTomoka Land Co has a market cap of $206 million; its shares were traded at around $36 with a P/E ratio of 15.5 and P/S ratio of 11.2. The dividend yield of ConsolidatedTomoka Land Co stocks is 0.6%.
No. 3: Goldman Sachs Group Inc. (GS), Weighting: 10.48% - 278,829 Shares
Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. Goldman Sachs Group Inc. has a market cap of $86.74 billion; its shares were traded at around $169.66 with a P/E ratio of 19.7 and P/S ratio of 1.6. The dividend yield of Goldman Sachs Group Inc. stocks is 0.8%. Goldman Sachs Group Inc. had an annual average earning growth of 24.5% over the past 10 years.
No. 4: Franklin Resources Inc. (BEN), Weighting: 10.27% - 501,044 Shares
Franklin Resources provides investment advisory and related services to retail mutual funds, institutional and private accounts, and other investment products globally. The mutual funds and other products that it advise are sold to the public under three brand names: Franklin, Templeton, and Mutual Series. Franklin Resources Inc. has a market cap of $24.88 billion; its shares were traded at around $108.03 with a P/E ratio of 27.8 and P/S ratio of 5.9. The dividend yield of Franklin Resources Inc. stocks is 0.8%. Franklin Resources Inc. had an annual average earning growth of 12.4% over the past 10 years.
No. 5: Chesapeake Energy Corp. (CHK, Financial), Weightings: 9.76% - 1,686,243 Shares
Chesapeake Energy Corp. is an independent oil and gas company engaged in the development, exploration, acquisition and production of onshore natural gas and oil reserves. Chesapeake Energy Corp. has a market cap of $15.35 billion; its shares were traded at around $23.92 with a P/E ratio of 9.5 and P/S ratio of 1.3. The dividend yield of Chesapeake Energy Corp. stocks is 1.3%. Chesapeake Energy Corp. had an annual average earning growth of 19.6% over the past 5 years.
No. 6: Canadian Natural Resources Ltd. (CNQ, Financial), Weightings: 8.38% - 609,167 Shares
Canadian Natural Resources Limited is a senior independent oil and natural gas exploration, development and production company based in Calgary, Alberta. The Company's operations are focused in Western Canada, the North Sea and Offshore West Africa. Canadian Natural Resources Ltd. has a market cap of $36.4 billion; its shares were traded at around $67.14 with a P/E ratio of 14.8 and P/S ratio of 2.6. The dividend yield of Canadian Natural Resources Ltd. stocks is 0.6%. Canadian Natural Resources Ltd. had an annual average earning growth of 25.5% over the past 5 years.
In the follow Bloomberg interview, David Winters urged investors to take a long view in investing, and some of his top holdings including Berkshire Hathaway, Canadian Natural Resources and Chesapeake.
Click on the picture to watch the video, this is a different interview from the one above
GuruFocus provides real time information and insights of Investment Gurus such as Warren Buffett and David Winters for Premium Members. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.
This year, it seems the Fund’s performance is recovering. The Fund returned 28.64% vs. S&P 500’s 21.60% through November 30, 2009.
I am not sure if S&P 500 index is a fair comparison as Winters travels around the world to find value. Watch this video with David Winters comments on some of the international opportunities:
Many of his top holdings are not domestic US stocks:
| Security | Net Assets | |
|---|---|---|
| Japan Tobacco Inc. (2914) | 7.96% | |
| Jardine Matheson Hldgs Ltd (J36) | 7.93% | |
| Berkshire Hathaway Inc. B (BRK.B, Financial) | 6.19% | |
| Schindler Hldg Ag, Hergiswil | 5.56% | |
| Imperial Tobacco Group PLC (IMT) | 4.85% | |
| Anglo American PLC (AAL) | 4.35% | |
| Genting Malaysia (RESORTS) | 3.99% | |
| Goldman Sachs Group, Inc. (GS, Financial) | 3.54% | |
| The Swatch Grp Ltd (UHR) | 3.33% | |
| Franklin Resources (BEN, Financial) | 3.06% |
At GuruFocus, we tracks Winters’s stock portfolio that is traded in the US and here are his top holdings (the weighting is based on the $490 million domestic US portfolio):
No. 1: Berkshire Hathaway Inc. (BRK-B), Weightings: 18.39% - 27,159 Shares
Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities. The most important of these is the property and casualty insurance business conducted nationwide on a direct basis and worldwide on a reinsurance basis through a number of subsidiaries collectively referred to as the Berkshire Hathaway Insurance Group. Berkshire Hathaway Inc. Class B shares were traded at around $3353 with and P/S ratio of 0.5. Berkshire Hathaway Inc. had an annual average earning growth of 1.7% over the past 10 years.
No. 2: ConsolidatedTomoka Land Co (CTO, Financial), Weighting: 11.56% - 1,481,474 Shares
Consolidated-Tomoka Land Co. is primarily engaged in the real estate industry through its wholly owned subsidiaries. ConsolidatedTomoka Land Co has a market cap of $206 million; its shares were traded at around $36 with a P/E ratio of 15.5 and P/S ratio of 11.2. The dividend yield of ConsolidatedTomoka Land Co stocks is 0.6%.
No. 3: Goldman Sachs Group Inc. (GS), Weighting: 10.48% - 278,829 Shares
Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments, and high net worth individuals. Goldman Sachs Group Inc. has a market cap of $86.74 billion; its shares were traded at around $169.66 with a P/E ratio of 19.7 and P/S ratio of 1.6. The dividend yield of Goldman Sachs Group Inc. stocks is 0.8%. Goldman Sachs Group Inc. had an annual average earning growth of 24.5% over the past 10 years.
No. 4: Franklin Resources Inc. (BEN), Weighting: 10.27% - 501,044 Shares
Franklin Resources provides investment advisory and related services to retail mutual funds, institutional and private accounts, and other investment products globally. The mutual funds and other products that it advise are sold to the public under three brand names: Franklin, Templeton, and Mutual Series. Franklin Resources Inc. has a market cap of $24.88 billion; its shares were traded at around $108.03 with a P/E ratio of 27.8 and P/S ratio of 5.9. The dividend yield of Franklin Resources Inc. stocks is 0.8%. Franklin Resources Inc. had an annual average earning growth of 12.4% over the past 10 years.
No. 5: Chesapeake Energy Corp. (CHK, Financial), Weightings: 9.76% - 1,686,243 Shares
Chesapeake Energy Corp. is an independent oil and gas company engaged in the development, exploration, acquisition and production of onshore natural gas and oil reserves. Chesapeake Energy Corp. has a market cap of $15.35 billion; its shares were traded at around $23.92 with a P/E ratio of 9.5 and P/S ratio of 1.3. The dividend yield of Chesapeake Energy Corp. stocks is 1.3%. Chesapeake Energy Corp. had an annual average earning growth of 19.6% over the past 5 years.
No. 6: Canadian Natural Resources Ltd. (CNQ, Financial), Weightings: 8.38% - 609,167 Shares
Canadian Natural Resources Limited is a senior independent oil and natural gas exploration, development and production company based in Calgary, Alberta. The Company's operations are focused in Western Canada, the North Sea and Offshore West Africa. Canadian Natural Resources Ltd. has a market cap of $36.4 billion; its shares were traded at around $67.14 with a P/E ratio of 14.8 and P/S ratio of 2.6. The dividend yield of Canadian Natural Resources Ltd. stocks is 0.6%. Canadian Natural Resources Ltd. had an annual average earning growth of 25.5% over the past 5 years.
In the follow Bloomberg interview, David Winters urged investors to take a long view in investing, and some of his top holdings including Berkshire Hathaway, Canadian Natural Resources and Chesapeake.
Click on the picture to watch the video, this is a different interview from the one above
GuruFocus provides real time information and insights of Investment Gurus such as Warren Buffett and David Winters for Premium Members. If you are not a premium member, click here to sign up or upgrade. 7-Day Free Trial is available.
