Charles de Vaulx

Charles de Vaulx Premium Guru

Last Update: 12-06-2016
Related: IVA International Fund

Number of Stocks: 84
Number of New Stocks: 6

Total Value: $4,310 Mil
Q/Q Turnover: 3%

Countries: USA KOR FRA FIN JPN HKG NOR TWN CHE BEL GBR MYS DEU
Details: Top Buys | Top Sales | Top Holdings  Embed:

Charles de Vaulx' s Profile & Performance

Profile

Charles de Vaulx is the chief investment officer and portfolio manager at International Value Advisers, LLC (IVA). He joined the firm in May 2008.
Until March 2007, Charles was portfolio manager of the First Eagle Global, Overseas, U.S. Value, Gold and Variable Funds, together with a number of separately managed institutional accounts. He was solely responsible for management of the Sofire Fund Ltd. when it won an Absolute Return Award* for “Fund of the Year” in the global equity category in 2005 and 2006.
In addition to sharing Morningstar's "International Stock Manager of the Year" Award** in 2001 with his co-manager, Charles was runner-up for the same award in 2006.
Charles de Vaulx graduated from the Ecole Superieure de Commerce de Rouen in France and holds the French equivalent of a Master's degree in finance.

Web Page:https://www.ivafunds.com/us-investors/mutual-funds/worldwide-fund

Investing Philosophy

Charles de Vaulx employs a value oriented approach and will seek investments in companies of any size that typically have one or more of the following characteristics: financial strength, temporarily depressed earnings or entrenched franchises. However, the overriding attribute of such companies is that their securities offer fundamental value. He is a global investor as most of his portfolio is invested in international companies.
The portfolio we track for Charles De Vaulx is IVA Worldwide Fund.

Historical Allocation of Stock, Bonds, Cash

Total Holding History

Performance of IVA Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
2015-2.471.19-3.7
20143.213.69-10.5
201316.9332.39-15.5
3-Year Cumulative17.7 (5.6%/year)52.3 (15.1%/year)-34.6 (-9.5%/year)
20126.6316-9.4
2011-2.222.11-4.3
5-Year Cumulative22.7 (4.2%/year)80.4 (12.5%/year)-57.7 (-8.3%/year)
201017.2215.062.2
200923.0326.46-3.4

Top Ranked Articles

Charles de Vaulx Buys 2 Discount Stocks Guru unearths a South Korean gem and a major U. S. bank
Charles de Vaulx (Trades, Portfolio) (Trades, Portfolio), portfolio manager of the International Valuations Advisors (IVA) Fund, invested in two major stocks May 31: Bank of America Corp. (NYSE:BAC) and Hyundai Motor Co. (XKRX: 005380). Read more...
IVA Funds Comments on Emerson Guru stock highlight
Well, Deere (NYSE:DE) is a much finer business. They are world-class. It's much more oligopolistic. The returns of capital over a full cycle dwarf I believe what they are with other fertilizer companies. Yes, the answer is that we've looked at both. There's a clear price at which we would love to own Deere. But, in the fertilizer space, and understand there's a proposed merger going on, we have found it difficult to find one company that truly has much lower costs than the other. In a commodity business, if you can find a company that structurally has much lower cost than another, it helps assure you that they will be a survivor if and when commodity prices are low, and then the company may in fact capitalize during times of low prices to maybe increase its market share position.

So, we have not been able to identify, at least yet, a fertilizer company that really stands out in terms of quality and being lower cost than others. Read more...
IVA Funds Comments on Berkshire Hathaway Guru stock highlight
Next, Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) still sells at a discount to our estimate of its intrinsic value. We believe Buffett and his successors are likely to be able to compound at a reasonable pace, particularly due to the ability to buy listed or unlisted companies in their entirety. A few looming technological innovations, though may be tough for some of Berkshire's businesses: driverless cars would negatively impact insurance subsidiary Geico, while driverless trucks would be a large negative for the railroad business, Burlington Northern. If battery technology continues to improve, at some point the storage of electricity will make renewable energy a lot more competitive against traditional utilities, a risk for Berkshire Hathaway Energy.

This conglomerate, however, is well equipped to deal with obsolescence: after all, Berkshire is quite unique in its ability to take cash flow from mature or declining business Read more...
Value Screeners Identify Opportunities Retail and industrial companies are best buys
Several companies made multiple GuruFocus value screeners as of Aug. 2. Read more...
Charles De Vaulx Comments on DeVry Guru stock highlight
As for DeVry (NYSE:DV) (which only the Worldwide Fund owns), our intrinsic value estimate was impaired as we underestimated the extent of the decline of the BTM (Business, Technology, Management) segment. We note, however, that the overwhelming majority of DeVry’s profits come from its healthcare schools (Nursing, Veterinary, and Physicians) where student loan defaults have been negligible. Read more...
» More Charles de Vaulx Articles

Commentaries and Stories

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IVA Worldwide Fund 3rd Quarter Commentary Discussion of investing environment and holdings Charles de Vaulx - IVA Worldwide Fund 3rd Quarter Commentary
The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on September 30, 2016 with a return of 3.73% versus the MSCI All Country World Index (Net) (“Index”) return of 5.30% bringing YTD performance to 5.70% versus the Index return of 6.60% for the same period. More...

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IVA Funds Comments on Emerson Guru stock highlight
Well, Deere (NYSE:DE) is a much finer business. They are world-class. It's much more oligopolistic. The returns of capital over a full cycle dwarf I believe what they are with other fertilizer companies. Yes, the answer is that we've looked at both. There's a clear price at which we would love to own Deere. But, in the fertilizer space, and understand there's a proposed merger going on, we have found it difficult to find one company that truly has much lower costs than the other. In a commodity business, if you can find a company that structurally has much lower cost than another, it helps assure you that they will be a survivor if and when commodity prices are low, and then the company may in fact capitalize during times of low prices to maybe increase its market share position.So, we have not been able to identify, at least yet, a fertilizer company that really stands out in terms of quality and being lower cost than others. More...

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IVA Funds Comments on Emerson Guru stock highlight
Question: You hold Emerson Electric. It's always acquired a lot of companies over the years. Do you think it could be anything like a Valeant, who acquired a lot of companies over the years, or have some characteristics like that?Chuck de Lardemelle: No, not at all. Emerson (NYSE:EMR) has a very strong track record of making smart acquisitions, spending some Research and Development. Now, over the last few years, they've diversified into a business that they are now trying to spin off and making a number of acquisitions in uninterruptible power supplies/electronics. That vertical, if you will, has not worked out at all for Emerson, and they are going back to basics and spinning off or selling that division. The balance sheet is extremely strong, which is absolutely not the case of a Valeant.Emerson is in no position to hike prices and gouge clients. It's a very strong industrial company that is extremely well managed from an operational point of view, that has a More...

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IVA Funds Comments on Samsung Electronics Guru stock highlight
Moving on to another large position, Samsung Electronics (XKRX:000830) is up substantially from its lows this year, and therefore not as attractive as it used to be. However, the balance sheet is pristine, the company sells not too far from tangible book value, and we believe the semiconductor franchise is highly profitable and solid. As for the telecom handset franchise, well, I'm sure you'll remember Motorola, Nokia, Siemens, SAGEM, or Sony Ericsson handset businesses? Yes, they all went out of business.So, what do we see there? Why should it be different for Samsung Electronics? Well, SmartPhones today are computers; capital employed in the business is very low. Basically, Samsung simply assembles the mini-computers. It's a business model akin to the Dell business model, not to a Nokia. The industry has consolidated; through its scale, Samsung is able to achieve buying power and a low-cost position; and through the advanced manufacturing of display components and semiconductors, Samsung has an edge in More...

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IVA Funds Comments on Berkshire Hathaway Guru stock highlight
Next, Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) still sells at a discount to our estimate of its intrinsic value. We believe Buffett and his successors are likely to be able to compound at a reasonable pace, particularly due to the ability to buy listed or unlisted companies in their entirety. A few looming technological innovations, though may be tough for some of Berkshire's businesses: driverless cars would negatively impact insurance subsidiary Geico, while driverless trucks would be a large negative for the railroad business, Burlington Northern. If battery technology continues to improve, at some point the storage of electricity will make renewable energy a lot more competitive against traditional utilities, a risk for Berkshire Hathaway Energy.This conglomerate, however, is well equipped to deal with obsolescence: after all, Berkshire is quite unique in its ability to take cash flow from mature or declining business More...

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Charles de Vaulx's IVA Funds Semi-Annual Update Call Transcript Discussion of the fund, the markets and holdings Charles de Vaulx - Charles De Vaulx's IVA Funds Semi-Annual Update Call Transcript
Tara Hannigan: Thank you. Good afternoon, and welcome to the Semi-Annual IVA Funds Update Call. We thank you for joining us this afternoon. I'm Tara Hannigan, the Director of Mutual Fund Distribution. Our goals on this call are to update you on the funds and share our current investment thinking. Our portfolio managers, Charles De Vaulx and Chuck de Lardemelle, will give you prepared remarks explaining what they're seeing around the world today, and then we will open the call up to questions. More...

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IVA International Gains 4 in 2nd Quarter Fund acquires new holdings in European, Japanese companies IVA International Fund,Charles de Vaulx,Matthews J - IVA International Gains 4 In 2nd Quarter
IVA International Fund (Trades, Portfolio) acquired four new holdings in the second quarter. They are Fanuc Corp. (TSE:6954), Euler Hermes Group SA (XPAR:ELE), Yokogawa Electric Corp. (TSE:6841) and Jardine Lloyd Thompson Group PLC (LSE:JLT). More...

IVA, INTERNATIONAL, EUROPE, ASIA


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Charles de Vaulx Hikes Stake in Hyundai Motors Company is close to 5-year low in price Charles de Vaulx - Charles De Vaulx Hikes Stake In Hyundai Motors
Morocco native Charles de Vaulx (Trades, Portfolio) more than tripled his stake in Hyundai Motor Co. (XKRX:005380) during the second quarter. More...

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Charles de Vaulx Invests in 5 New Holdings in 2nd Quarter American Express is top acquisition Charles de Vaulx - Charles De Vaulx Invests In 5 New Holdings In 2nd Quarter
Charles de Vaulx (Trades, Portfolio), chief investment officer and portfolio manager at International Value Advisers, added five new holdings to the portfolio in the second quarter. More...

GURU, BUYS, VAULX


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Value Screeners Identify Opportunities Retail and industrial companies are best buys Charles de Vaulx,Carl Icahn - Value Screeners Identify Opportunities
Several companies made multiple GuruFocus value screeners as of Aug. 2. More...

CHARLES DE VALUX, CARL ICAHN


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IVA Worldwide Fund 2nd Quarter Commentary Review of Brexit, gold, second quarter IVA Worldwide Fund,Charles de Vaulx - IVA Worldwide Fund 2nd Quarter Commentary
The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on June 30, 2016 with a return of 0.91% versus the MSCI All Country World Index (“Index”) return of 0.99% bringing YTD performance to 1.90% versus the Index return of 1.23% for the same period. More...

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Charles De Vaulx Comments on DeVry Guru stock highlight
As for DeVry (NYSE:DV) (which only the Worldwide Fund owns), our intrinsic value estimate was impaired as we underestimated the extent of the decline of the BTM (Business, Technology, Management) segment. We note, however, that the overwhelming majority of DeVry’s profits come from its healthcare schools (Nursing, Veterinary, and Physicians) where student loan defaults have been negligible. More...

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Charles De Vaulx Comments on News Corp Guru stock highlight
News Corp. (NASDAQ:NWSA)’s value has been impaired by a continued difficult environment for their newspapers, a weaker Australian dollar and the expensive acquisitions of Move Inc. and iProperty Group Ltd. A substantial part of News Corp.’s value though resides in their ownership of a stake in REA Group Ltd, a dominant and highly profitable real estate portal in Australia. More...

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Charles De Vaulx Comments on Astellas Pharma Inc. Guru stock highlight
Finally, a word on Astellas Pharma Inc. (TSE:4503), owned by both Funds. Astellas is the perfect antithesis of Valeant: Astellas spends substantial amounts on R&D (around 17% of revenues) and develops life-saving drugs, recently in oncology with Xtandi (treatment of prostate cancer); has no financial leverage; does not engage in price gouging; has a strong pipeline and conservative accounting; allocates capital well; pays dividends; buys back shares at reasonable prices whilst maintaining a substantial net cash position: exercises restraint in compensation of senior executives; is not promotional; and trades at a single digit multiple of earnings before interest, amortization and taxes. One risk, however, is that high healthcare costs in the U.S. lead to greater regulation of drug prices in the U.S. Such a development would be a negative for Astellas. We believe that risk is more than priced in at the current stock price. More...

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Charles de Vaulx's Annual IVA Funds Letter from the Portfolio Managers Discussion of holdings and investing environment Charles de Vaulx - Charles De Vaulx's Annual IVA Funds Letter From The Portfolio Managers
May 4, 2016 More...

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Charles de Vaulx Buys 2 Discount Stocks Guru unearths a South Korean gem and a major U. S. bank Charles de Vaulx - Charles De Vaulx Buys 2 Discount Stocks
Charles de Vaulx (Trades, Portfolio) (Trades, Portfolio), portfolio manager of the International Valuations Advisors (IVA) Fund, invested in two major stocks May 31: Bank of America Corp. (NYSE:BAC) and Hyundai Motor Co. (XKRX: 005380). More...

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Charles de Vaulx Answers the Question - Is Value Investing Still Relevant? IVA Funds head also credits single analyst for keeping them out of Valeant Charles de Vaulx - Charles De Vaulx Answers The Question - Is Value Investing Still Relevant?
Charles De Vaulx answered the question during the IVA Funds conference call on March 16.  More...

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Charles de Vaulx Trims Stake in Japanese Energy Company Guru sells more than half of holdings in Microsoft Charles de Vaulx - Charles De Vaulx Trims Stake In Japanese Energy Company
Charles de Vaulx (Trades, Portfolio) of IVA Worldwide Fund made no new buys in the fourth quarter, but he made some noteworthy transactions in a variety of sectors. More...

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IVA Worldwide Fund Quarterly Review - Fourth Quarter 2015 Reflection on market and holdings Charles de Vaulx - IVA Worldwide Fund Quarterly Review - Fourth Quarter 2015
The IVA Worldwide Fund Class A (NAV) (“the Fund”) ended the quarter on December 31, 2015 with a return of 1.00% versus the MSCI All Country World Index (“Index”) return of 5.03% bringing YTD performance to -2.47% versus the Index return of -2.36% for the same period. More...

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IVA Funds: Do Low Rates Truly Justify Higher Valuations? Charles de Vaulx discusses whether interest rates should change margins of safety and multiples Charles de Vaulx - IVA Funds: Do Low Rates Truly Justify Higher Valuations?
Since the financial crisis, Central Banks around the world have launched various forms of “Quantitative Easing,” driving interest rates in developed countries to ultra-low levels, manipulating currencies worldwide and injecting massive amounts of liquidity. The growth in popularity of the “Fed Model” (a valuation model which compares the yield on 10 year Treasury bonds to the stock market’s earnings yield) over the past 30 years has led some investors to justify using higher market multiples to price securities, bidding up the price of many stocks. Some believe that even if stocks do manage to deliver returns of 3% to 5%, that would be better than holding cash which offers a negative yield after inflation. The argument that higher valuations are justifiable and that equity markets will be OK as long as rates stay low is at best a relative argument and at worst a dangerous one. We think better questions to consider are: Why are interest rates so low? Why do so many Central Banks around the world practice “Quantitative Easing” and “Financial Repression”? We believe that low rates today are symptomatic of a world where economic and financial imbalances may be bigger More...

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