Legendary value investor Marty Whitman started his investment firm at the age of 60. He is still going strong. His shareholder letters are sharp and insightful, a very good read to those who like to learn. This is the portfolio update of his fund as of 4/30/2010.
Third Avenue Value Fund did not have new positions in the last quarter. It did eliminated a few positions. To Marty Whitman and his co-manager Ian Lapey, MBIA and Ambac now are faced to the threat of permanent impairment. Please read the shareholder letter for details.
Martin Whitman sells AVX Corp., MBIA Inc., Ambac Financial Group Inc., Omega Flex Inc. during the 3-months ended 04/30/2010, according to the most recent filings of his investment company, Third Avenue Value Fund. Martin Whitman owns 50 stocks with a total value of $5.6 billion. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
|Oil & Gas||9.8%|
These are the top 5 holdings of Martin Whitman
- CHEUNG KONG HOLDINGS (CHEUY.PK) - 53,819,000 shares, 13.36% of the total portfolio.
- TOYOTA INDUSTRIES CP (TYIDF.PK) - 17,400,700 shares, 10.22% of the total portfolio. Shares reduced by 6.33%
- POSCO (PKX) - 3,500,000 shares, 7.9% of the total portfolio.
- WHEELOCK & CO LTD HK (WHLKF.PK) - 87,069,500 shares, 5.45% of the total portfolio.
- Brookfield Asset Management Inc. Ltd. (BAM) - 10,000,000 shares, 5.1% of the total portfolio.
Reduced: Cimarex Energy Co. (NYSE:XEC)Martin Whitman reduced to his holdings in Cimarex Energy Co. by 32.56%. His sale prices were between $49.21 and $67.44, with an estimated average price of $59.57. The impact to his portfolio due to this sale was -0.6%. Martin Whitman still held 1,349,204 shares as of 04/30/2010.
Cimarex Energy is an independent oil and gas exploration and production company focused on increasing shareholder value through strategies linked to generating attractive economic returns on capital employed and profitable growth in per-share reserves, production, and cash flow. Cimarex Energy Co. has a market cap of $6.04 billion; its shares were traded at around $71.95 with a P/E ratio of 16.7 and P/S ratio of 5.9. The dividend yield of Cimarex Energy Co. stocks is 0.4%.
Sold Out: AVX Corp. (NYSE:AVX)Martin Whitman sold out his holdings in Avx Corp.. His sale prices were between $11.75 and $15.5, with an estimated average price of $13.56.
AVX Corporation is a worldwide manufacturer and supplier of a broad line of passive electronic components and related products. Avx Corp. has a market cap of $2.31 billion; its shares were traded at around $13.56 with a P/E ratio of 16.1 and P/S ratio of 1.9. The dividend yield of Avx Corp. stocks is 1.3%.
Sold Out: MBIA Inc. (NYSE:MBI)Martin Whitman sold out his holdings in Mbia Inc.. His sale prices were between $4.75 and $10.55, with an estimated average price of $6.37.
MBIA Incorporated is engaged in providing financial guaranteeinsurance and investment management and financial services to public finance clients and financial institutions on a global basis. Mbia Inc. has a market cap of $1.22 billion; its shares were traded at around $5.96 with and P/S ratio of 0.4.
Sold Out: Ambac Financial Group Inc. (ABK)Martin Whitman sold out his holdings in Ambac Financial Group Inc.. His sale prices were between $0.52 and $2.25, with an estimated average price of $0.95.
Ambac Financial Group, Inc. is a holding company whose subsidiaries provide financial guarantee products and other financial services to clients in both the public and private sectors around the world. Ambac Financial Group Inc. has a market cap of $218.9 million; its shares were traded at around $0.7591 with and P/S ratio of 0.1.
Sold Out: Omega Flex Inc. (NASDAQ:OFLX)Martin Whitman sold out his holdings in Omega Flex Inc.. His sale prices were between $10.1 and $12.09, with an estimated average price of $10.83.
Omega Flex is engaged in the manufacture and sale of flexible metal hose for applications in conveying various liquids and gases within a number of industries. Omega Flex Inc. has a market cap of $125.1 million; its shares were traded at around $12.4 with a P/E ratio of 24.9 and P/S ratio of 2.8.