His return for 2009 was excellent; funds under management rebounded dramatically, yielding between 118% to 125%.
Mohnish claims to be a follower of Warren Buffett. He claimed everything he learned about investing, he learned from Buffett. Well, maybe he is a follower of young Warren Buffett. During the earlier years, Buffett tends to turn over his portfolio more frequently than nowadays, and Mohnish has a rather high turnover ratio as well.
Three month ago, we looked at his top holdings as of September 30, 2009. Back then, his top six holdings were: Ternium S.A., Harvest Natural Resources, Potash Corp. Of Saskatchewan Inc., Teck Cominco, Fairfax Financial Holdings, Brookfield Properties. Now that new data is available, we get the following new line-up for December 31, 2009. Keep in mind though, GuruFocus calculate the weighting of a stock in the portfolio using the reported equity as the denominator. Mohnish has cash, debt, and other investment in the portfolio, hence, the weightings listed blow overstate the actual weighting of the stocks in the overall portofolio.
No. 1: Potash Corp. of Saskatchewan Inc. (NYSE:POT), Weightings: 11.46% - 338,473 Shares
Potash Corporation of Saskatchewan Inc. is the world's largest potash company, the third largest phoshate producer and the second largest nitrogen producer in the world. Potash Corp. Of Saskatchewan Inc. has a market cap of $33.02 billion; its shares were traded at around $111.6 with a P/E ratio of 34.23 and P/S ratio of 8.3. The dividend yield of Potash Corp. Of Saskatchewan Inc. stocks is 0.36%. Potash Corp. Of Saskatchewan Inc. had an annual average earning growth of 12.6% over the past 10 years.
Mohnish bought 18,000 shares during 4Q08 while prices of the stock climbed.
No. 2: Teck Resources Limited (TCK), Weightings: 10.98% - 1,006,501 Shares
Teck Resources Limited, a diversified resource company committed to responsible mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy. Teck Cominco Ltd. has a market cap of $20.79 billion; its shares were traded at around $35.88 with a P/E ratio of 20.74 and P/S ratio of 2.9.
Mohnish held his position steady in the last quarter.
Harvest Natural Resources, Inc. is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia. Harvest Natural Resources Inc. has a market cap of $169.63 million; its shares were traded at around $5.11 with and P/S ratio of 15.12.
Mohnish has reduced his position slightly in the last quarter, from 5.655 million shares to 5.596 million. Premium members of GuruFocus would know that he has been cutting back of shares more aggressively since the beginning of 2010.
No. 4: Brookfield Properties Corp. (BPO), Weightings: 8.92% - 2,359,267 Shares
Brookfield Properties Corporation is focused on the ownership, management and development of premier office properties located in the downtown core of select North American markets, including: New York, Boston, Toronto, Calgary, Denver,and Minneapolis. Brookfield Properties Corp. has a market cap of $6.48 billion; its shares were traded at around $12.93 with a P/E ratio of 23.51 and P/S ratio of 2.42. The dividend yield of Brookfield Properties Corp. stocks is 4.33%. Brookfield Properties Corp. had an annual average earning growth of 12.7% over the past 5 years.
Mohnish held his position in BPO steady for the quarter.
Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property, casualty and life insurance and reinsurance, investment management and insurance claims management. Fairfax Financial Holdings Ltd. has a market cap of $6.94 billion; its shares were traded at around $0 with a P/E ratio of 9.16 and P/S ratio of 0.87. The dividend yield of Fairfax Financial Holdings Ltd. stocks is 2.81%.
Mohnish bought about 12,000 shares of Fairfax Financial Holdings in Q4, 2009.
CRESUD Inc. -ADR is involved in the Agriculture Industry. Cresud Inc. ADR has a market cap of $631.59 million; its shares were traded at around $12.72 with and P/S ratio of 1.5. The dividend yield of Cresud S.a.c.i.f. Y A. stocks is 2.33%.
Mohnish kept his holding in Cresud steady during 4Q09.
In 4Q09, Mohnish sold out Ternium, one of his top holdings in 3Q09. As a result, Cresud now takes the sixth place.
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About the author:
Mr. Huebscher is the founder and CEO of Advisor Perspectives, a web site and newsletter that provides investment strategy analysis for financial advisors and wealth managers. In 1982, he founded the investment software division of Thomson Financial, where he created the PORTIA product, a portfolio management system for institutional investors. In 1990, he founded Hub Data, a market data redistribution service, which he sold to Advent Software in 1998. He has also worked in the account aggregation field, as a consultant to both vendors and wealth managers. He is a graduate of the Harvard Business School (1982) and Connecticut College (1976).